“But if the FCC will no longer approve mergers without Congressional blessing, why does it even need to exist?” So asks the Wall Street Journal, and so ask the good boys and girls—shareholders—who are tired of this charade.
The Wall Street Journal wondered aloud yesterday just why it has taken 450 days since the merger was first proposed for it to given the thumbs up or down. The Iran hostage crisis, where lives were at stake, was wrapped up in less time.
Like, if the Justice Department has already decided that there’s nothing wrong with the merger, just what is taking the FCC so long?
Oh, you know, politics. Apparently the FCC chairman, Kevin Martin, is looking for political cover, and has asked both XM and Sirius to find support on Capitol Hill.
What?! But… it’s already been given the OK by Justice, why do they need political cover?
Never mind the $4 billion in limbo, investment in both companies currently frozen in its tracks.
Basically, the FCC is run by people with zero political courage. Big surprise.