That is what Judge Posner has to say about Leegin in his new book, How Judges Think.   I’m only a few chapters in, but so far, its a fascinating read.  I’ll probably blog some more about parts of the book later.  In particular, I’ve been thinking recently about how the complexity of substantive antitrust analysis affects judicial decision-making.

Read the full piece here. 

The Financial Times reported yesterday that an embarrassed GE CEO Jeffrey Immelt had to tell GE shareholders that the 10% growth in earnings for 2008 that he had promised analysts in March was not going to be possible.  GE missed its quarterly forecasts and halved its 2008 forecast to 5% growth in earnings (as opposed to the 10% growth promised).  The Financial Times article mentioned a “sense of shock among the investor community” and noted that one analyst, after Immelt’s downward revision, “compared GE’s promise of long-term improvements to the Chicago Cubs, the US baseball club that hasn’t won a championship in 100 years.”

Read the full piece here.

On the flight back from my spring break ski trip, I had a chance to read the recent Tenth Circuit opinion reversing the insider trading conviction of former Qwest CEO, Joseph Nacchio. Mr. Nacchio had been convicted of 19 counts of insider trading, sentenced to six years in prison (plus two years’ supervised release), fined $19 million, and ordered to disgorge $52 million more. In a 2-1 decision authored by Judge McConnell, the Tenth Circuit reversed Nacchio’s conviction because of the district court’s exclusion of expert testimony by Dan Fischel (my corporations prof). The court also concluded that retrial will not constitute double jeopardy because a properly instructed jury could have found Nacchio guilty of insider trading. To reach that conclusion, the court had to delve extensively into the law of insider trading and the evidence presented at trial.

Read the full piece here. 

With all of the recent talk of the “optimal regulatory structure” and proposals about regulatory consolidation and reorganization (here is Glom Blogger David Zaring on the Big Reorg), I wonder if the discussion might carry over into antitrust and the recurring “dual enforcement” question.

Read the full piece here. 

Geoff and Paul like the result in XM/ Sirius but are puzzled by the DOJ press release, in particular as it pertains to analyzing ex ante competition, or “competition for the field,” in the form of payments to automobile manufacturers to adopt their services. Geoff thinks the DOJ’s press release contains some funny language appearing to suggest that the existence of exclusive contracts meant that there was not competition. I think the relevant language is in the second sentence of the press release…

Read the full piece here.

I can’t seem to get my comment on Geoff’s XM-Sirius post below to go through, so I’ll just post it:

I would still disagree with the DOJ when they say “there is not likely to be significant competition…through the car manufacturer channel for many years.”  As mentioned, the exclusive contract is competition.  Even though they aren’t negotiating new contracts now, the competitively agreed upon prices and rebates are still in effect through 2012.

Read the full piece here.

One last issue with respect to ex ante competition and merger analysis.  What if it could be demonstrated convincingly that XM and Sirius payments to automobile manufacturers. The DOJ hints at this possibility in the press release…

Read the full piece here. 

The Washington Post is reporting that the long-embattled Sirius/XM merger has received DOJ approval (FCC approval still pending) (HT: David Fischer).  About time, I’d say (it’s been two years).  See all of the ToTM posts on the topic here…

Read the full piece here.

I’m a bit late to the party on Jeffrey Rosen’s provocative article in the NY Times Magazine claiming that the Supreme Court is biased in favor of businesses. For readers not familiar with Rosen’s claim, the basic assertion is that…

Read the full piece here.