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Google, Amazon, Apple and Facebook due to attend congressional hearing

MikeMike Screen addict 🎮LondonPosts: 2,661 Community Manager
edited July 9 in Politics & Debate
The CEOs of the world's biggest tech companies - Google, Amazon, Apple and Facebook - are due to attend a congressional hearing on July 27th. According to Business Insider, this is part of a wider investigation by the US government into the dominance of large tech companies. This will be an antitrust hearing, which means they're looking at ways to prevent these firms gaining a monopoly in their industries or too much control over their markets.

What do you guys think about this? Do tech companies have too much influence and control right now? Should we be regulating them more than we are? How much of a problem is corporate consolidation?
All behaviour is a need trying to be met.

Avatar credit: Jim Cooke

Comments

  • RileyRiley Posts: 544 Super Moderator
    Personally I think it's impossible to ignore how much money and power these companies have at the moment, Amazon especially just seems to keep growing and growing with no end. Tech companies are a relatively new industry which is why they haven't had proper oversight until now, if they were regulated and treated like any other business by the government they absolutely wouldn't be so out of control. They also really need to start paying their taxes! :rage:
    Mikechubbydumpling
  • SkiveSkive No discipline. No morality. No respect. New ForestPosts: 15,131 Skive's The Limit
    Amazon is huge. The reason they don't pay much in tax is because they are not a very profitable company. Amazon intentionally posts low profits because it takes the vast majority of the money it earns and invests it right back into the company so that it will profit all the more in the future.

    It's a very successfull business model.
    Yesterday is history
    Tomorrow is a mystery
    But today is a gift
    That’s why it’s call the present
    Mike
  • MikeMike Screen addict 🎮 LondonPosts: 2,661 Community Manager
    Skive said:
    Amazon intentionally posts low profits because it takes the vast majority of the money it earns and invests it right back into the company so that it will profit all the more in the future.
    Interesting @Skive - I didn't know about that but just did some research. I suppose that gives Amazon a pretty bulletproof legal defense against not paying a lot of tax. Obviously that's not to say they're on good ethical ground by any means, but it could be a sign the laws need updating.
    All behaviour is a need trying to be met.

    Avatar credit: Jim Cooke
  • SkiveSkive No discipline. No morality. No respect. New ForestPosts: 15,131 Skive's The Limit
    Mike said:
    Skive said:
    Amazon intentionally posts low profits because it takes the vast majority of the money it earns and invests it right back into the company so that it will profit all the more in the future.
    Interesting @Skive - I didn't know about that but just did some research. I suppose that gives Amazon a pretty bulletproof legal defense against not paying a lot of tax. Obviously that's not to say they're on good ethical ground by any means, but it could be a sign the laws need updating.
    It's funny.
    I'm a leftie with concerns over globalisation, the unchecked power and influence of largle multi national corpoartions, and economic inequality.
    I'm also an an Azure AWS SysOps Admin who spends several hundred thousand pounds of public money with Microsoft and Amazon every year,
    Yesterday is history
    Tomorrow is a mystery
    But today is a gift
    That’s why it’s call the present
  • MikeMike Screen addict 🎮 LondonPosts: 2,661 Community Manager
    @Skive said:
    It's funny.
    I'm a leftie with concerns over globalisation, the unchecked power and influence of largle multi national corpoartions, and economic inequality.
    I'm also an an Azure AWS SysOps Admin who spends several hundred thousand pounds of public money with Microsoft and Amazon every year,
    It's difficult to escape, right? In some ways you can't fight against the tide, especially when it's your livelihood. And arguably using these companies' services doesn't necessarily mean you support everything they do and stand for. Regulation can happen alongside, although some people lean more towards a full boycott for things they don't support. Tempted to say there are merits to both. Do you ever feel conflicted?
    All behaviour is a need trying to be met.

    Avatar credit: Jim Cooke
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