In the months leading up to Wednesday’s tech giant hearing, the U.S. federal government was buying millions in tech giant debt. Through BlackRock, an intermediary, the Federal Reserve picked up $25 million in Apple bonds, another $4 million in Amazon, and about $18 million in Microsoft.
The buying spree took place amid a much larger fed program aimed at keeping the bond market active. But it was telling that the tech giants—on solid financial footing—were included. These companies are now pillars of the stock market, underpinning retirement accounts and general economic confidence across the country. Their failure would devastate the economy. So today the U.S. government is more likely to buy their debt than break them up.
“If the tech giants get regulated, people’s 401(k) accounts are going to get blown up,” one concerned tech giant employee told Big Technology. “That’s a conflict.”…[ ]