text:
Canto XL
XL – Companion
COMPANION TO CANTO XL
Annotations in the List of Works Cited:
Contributor name. The Online Companion to The Cantos of Ezra Pound, IV: n.gloss number. The Cantos Project. Web. Date of access.
Example: Preda, Roxana. The Online Companion to The Cantos of Ezra Pound, IV: n.13. The Cantos Project. Web. 5 September 2016.
In–text references
(Contributor name, OCCEP IV: n.no).
Example: (Bressan, OCCEP IV: n.3). If no name is indicated, the gloss was written by Roxana Preda. In this case, the citation will have this format: (OCCEP IV: n.13).
References to The Cantos
As The Cantos Project is numbering the lines of The Cantos, references to cantos already glossed will be by canto number and line(s), as standard with classical works. Example: III: ll.7–17.
For cantos that are not yet glossed within the project, the references will be by canto number slash page number, as standard in the research on the poem. Example: III/12. The page number refers to the American edition of The Cantos by Ezra Pound. New York: New Directions, 1998.
©Roxana Preda. Canto XL, 20 October 2019
Terrell, Carroll F. "Canto XL." A Companion to The Cantos of Ezra Pound. Berkeley: California UP, 1993. 162-6.
Pound, Ezra. Ezra Pound's Economic Correspondence 1933-1945. Gainesville: U of Florida P, 2007.
Pound, Ezra. Selected Prose of Ezra Pound 1909-1965. Ed. W. Cookson. New York: New Directions, 1973.
Walkiewicz, E. P. and Hugh Witemeyer. "A Public Bank in Canto 40." Paideuma: A Journal Devoted to Ezra Pound Scholarship 19.3 (1990): 91-8.
YCAL
Beinecke Library, New Haven. Ezra Pound Papers YCAL MSS 43. Box no/Folder no.
esprit de corps – Fr. "group loyalty."
Pound is quoting from Jefferson's letter to Albert Gallatin, (13 December 1803) where Jefferson enumerated the advantages of the rotation of representatives in the U.S. Congress which ensured that public interest will not be forgotten or engulfed by private, or group interest:
"It breaks in upon the esprit du corps so apt to prevail in permanent bodies; it gives a chance for the public eye penetrating into the sanctuary of those proceedings and practices, which the avarice of the directors may introduce for their personal emolument, and which the resentments of excluded directors, or the honesty of those duly admitted, might betray to the public; and it gives an opportunity at the end of the year, or at other periods, of correcting a choice, which, on trial, proves to have been unfortunate; an evil of which themselves complain in their distant institutions" WTJ X: 438.
Pound first brought up the nefarious effect of esprit de corps in canto XXXVII, where Martin van Buren, arguing for political reform widely beneficial to the public sphere (universal suffrage for men, irrespective of property ownership), had to overcome loyalties and prejudices of Republican Party members, who defended the privileges they derived from limited suffrage:
"High Judges? Are, I suppose, subject to passions / as have affected other great and good men, also / subject to esprit de corps" (XXXVII: ll.6-8).
Smith, Adam – Adam Smith (1723-90), Scottish economist of the Enlightenment, one of the founding fathers of economics as a science. His major work is An Inquiry into the Nature and Causes of the Wealth of Nations (1776).
Pound shows the agreement between Adams Smith and Jefferson concerning the interference of personal and group interests in matters of public weal.
This is Smith's formulation:
"People of the same trade seldom meet together, even for merriment and diversion, but the conversation ends in a conspiracy against the publick, or in some contrivance to raise prices. It is impossible, indeed, to prevent such meetings, by any law which either could be executed, or would be consistent with liberty and justice. But though the law cannot hinder people of the same trade from sometimes assembling together, it ought to do nothing to facilitate such assemblies, much less to render them necessary" (Smith I: 145). See also W&W 98.
Independent use of money (our OWN) – Pound returns to Jefferson's letter to Gallatin (13 December 1803) which argued the case for a bank of the government holding its revenue from taxes and at the same time emitting state money on the foundation of government income, instead of gold. At the time of writing, gold was considered true money and paper money was just a promissory note. Jefferson's idea was radical not only for his time but also for Pound's. It implied that the basis for national money should not be gold (which can be bought and sold as a commodity on the market and which bankers can control and corner), but tax revenue, which is a percentage of a nation's economic production. WTJ X: 438-9
In his letter to Gallatin, Jefferson is thinking through the disadvantages of a privately-owned central bank (such as the Bank of England and the First Bank of the United States founded by Alexander Hamilton in 1791) and anticipating the conflicts that would occur in van Buren's and Lincoln's times:
"I deem no government safe which is under the vassalage of any self-constituted authorities, or any other authority than that of the nation, or its regular functionaries. What an obstruction could not this bank of the United States, with all its branch banks, be in time of war! It might dictate to us the peace we should accept, or withdraw its aids. Ought we then to give further growth to an institution so powerful, so hostile? […] The first measure would be to reduce them [branches of the Bank of the United States] to an equal footing only with other banks, as to the favors of the government. But, in order to be able to meet a general combination of the banks against us, in a critical emergency, could we not make a beginning towards an independent use of our own money, towards holding our own bank in all the deposits where it is received, and letting the treasurer give his draft or note, for payment at any particular place, which, in a well-conducted government, ought to have as much credit as any private draft, or bank note, or bill, and would give us the same facilities which we derive from the banks?" WTJ X: 438-9.
De banchis cambi tenendi… – L. "bank of exchange."
Quotation from Pietro Rota's Storia delle banche, (111) referring to the discussion in the Venetian Senate on creating what in contemporary terms would be a foreign exchange office. The quote is better understood in the context of Rota's account of medieval financial transactions and the necessity of creating banks with regular schedules and opening hours to service foreign currency transactions taking place all over Europe and the Levant. The "bank of exchange" arose out of the necessity of regulating the rates among various coins in order to make the international circulation of funds more reliable and less dangerous.
At the time of the Venetian deliberation, 1361, someone who had, say, English gold coins and wanted to transport his funds in safety to Florence, looked for a foreign exchange office ("banca di cambio") and a moneychanger ("cambisto") who had to: evaluate the coins and determine the rate of exchange; be aware of local factors that would affect money scarcity and prices, such as seasons and fairs in Florence (Pound would mention these in canto 41); determine a fee for his services and subtract it from the bill of exchange ("cambiale") which the client could take with him on his travel to Florence and cash on arrival in the local currency. The bill of exchange was non-transferable and had an expiry date approximating the duration of travel. The form of the bill was a written order directed to a corresponding moneychanger in Florence to pay a certain sum to the person carrying the document. When the bill of exchange became transferable without the necessity to exchange it into coins, it became a circulating medium, therefore paper money, much as it is known today. The origins of paper money have always been shown on the banknotes themselves, whose text spells out an order from the director of a national bank to pay to the holder of the banknote a specified amount in specie (gold or silver). See Rota 69.
Rota emphasized that the vocabulary of banking was bound to the Italian language (and to Latin, as used in official documents), as Italy at the time was the most active country in international commerce because of the Pope and the European transit of church revenue. Moreover, Italy was the portal to the Crusades and a clearing house for all the money traffic between Europe and the East. Its main centres for trade and banking were Venice, Genoa and Florence. Rota 63.
Venice 1361 – Pound is having recourse to his Italian source, Pietro Rota's Storia delle banche, to outline an early experiment with the idea of a publicly owned bank in Venice.
"Anche altra volta era sorto il pensiero di erigere un Banco pubblico. Nel 1361 ai cinque sapienti eletti per provvedere sui banchi fu dato incarico "quod debeant consulere de banchis cambi tenendi pro communi vel pro spetialibus personis sicut videbitur bonum". Sembra che quei sapienti abbiano risposto in favore dei Banchi privati, poichè si mise da parte il pensiero di erigere il Banco pubblico e più no se ne parlò fino al 1584" (Rota 111, italics in original).
[Another time, the idea emerged to create a public bank. In 1361, five elders of the Venetian Senate elected to oversee banks, were charged "to consult on a bank of exchange, either for the public or for private persons, as may seem best." It seems the elders were in favour of private banks, because the idea of founding a public bank was set aside and discussed no more until 1584.]
"In the context of Rota's survey, this note seems to identify the earliest documented appearance of the concept of a bank run for the good of the community rather than for individual gain. That was certainly how Pound read the passage. He saw in the Latin instructions a luminous detail of European economic history that Rota had salvaged from the collective amnesia of modern consciousness. And he determined to reframe and retransmit the neglected but seminal excerpt in his poem containing history" W&W 93.
Rota is careful to mention that the public bank was destined to benefit merchants and that it failed because its management was entrusted to magistrates, not bankers. Rota 112.
'62 – the draft of the canto shows Pound being uncertain about the dating of the initial Venetian deliberations concerning public banks. The date mentioned in the source is 1361. "'62" may mean that the project was no sooner discussed than dropped, which is also what Pound's source, Pietro Rota points out. YCAL MSS 43 73/3280. Rota 111.
Shelved for a couple of centuries – The first public bank was created in Venice in 1584, two centuries after the first deliberations on this topic in 1361. It was called Banco della Piazza del Rialto and belonged to the republic. In order to prevent bankruptcy or failure, its funds could not be invested but were at all times at the disposal of its depositors. Rota 111-2.
"Avvì una grande differenza fra le antiche Banche private e questa Banca pubblica. I banchieri levavano banca allo scopo di guadagno e la banca era allora un'industria; lo Stato invece non ha scopo di guadagno, facendosi banchiere. La banca non è più un'industria; ma, per così dire, un istituto di beneficenza, dallo Stato eretto, per favorire una classe di cittadini: i commercianti. È per questo che lo stato poteva imporsi l'obbligo di non usare dei denari del Banco." Rota 112
"There was a great difference between the old private banks and this public bank. The bankers pursued banking for profit and their houses were an industry; whereas the state does not aim for profit in becoming a banker. Banking is not an industry, but so to say, an institution of beneficence, erected by the state to favour a class of citizens: the merchants. This is why the state could impose on itself the obligation to not use the funds of the bank."
See the continuation of the story of public banking in cantos 42-43 with the establishment of the first public bank in Siena, the Monte dei Paschi in 1624.
Whether by privates or public – Pound seems to be returning to the Venetian Senate deliberations of 1361: de banchis cambi tenendi vel pro communi vel pro spetialibus personis sicut videbitur bonum [bank of exchange benefitting the community or special persons] (Rota 111). See nn. 4-5.
Seven marlin – The source of this statement may be Ernest Hemingway's article about big game fishing off the coast of Havana in Esquire, September 1933. One of the photos in the article showed seven marlin which had been fished in one day. Esquire. After fishing big game in Cuba in July 1933, Hemingway sailed to Europe to embark on an African safari.
This bit of information showcases the difference between a project for the public good (say fishing for food, or banking for the good of the community, or an expedition to faraway lands to stimulate trade) and what happens when private persons get to use such a project for their own benefit. The benefit may be a trophy of seven dead marlin fished in a single day to show to the world; or deer parks and domestic frippery; or else, gorilla skins to hang in the temple. See ll. 132-6.
if Peabody wd. quit business – George Peabody (1795-1869), American businessman and banker. He was a railroad pioneer and president of the Eastern railroad before becoming full time international banker specialized in channelling British investment in American economic development. Peabody competed with the Rothschilds and the Barings for American financial contracts. Pound refers to a crisis in 1857 when the Bank of England tried to push Peabody out of business by refusing a lifesaving loan. Corey 48-9.
d'Arcy – William Knox D'Arcy (1849-1917), British businessman who invested in prospecting and extracting oil in Persia in 1902 and found oil in 1908. He created the Anglo-Persian Oil Company, which was very successful in exploiting Iranian oil for the British government, who acquired a majority of shares. See OCCEP XXXVIII: n.13, for more detail.
Pound may have included D'Arcy here because his onerous oil contract with the Persian government and the Bank of England's pressure on George Peabody were symptoms of British colonialism, entitled "by God" and directed at forcing British economic advantage in parts of the world which were rich in resources and relatively easy to exploit.
Note that D'Arcy's efforts in Persia look like a modern avatar of Hanno the Navigator's purpose in his expedition to Africa, a Phoenician colonization project Pound introduced in the second part of the canto. Hanno's goal was to find gold, establish trade colonies, and exploit local resources, all in the name of his gods. This analogy is also suggested by Pound's use of caps to introduce both.
'62, report of committee – In the next section of the poem, Pound showcases the conflict between public and private interest in the starkest of circumstances, namely in times of war. He uses the case of J. P. Morgan as example of how a private individual hijacks a national emergency for his own ambition and greed.
During the American civil war, all manners of fraud, corruption and wild speculation sought to profit from the situation. In 1862, a committee of the House of Representatives "reported frauds in 104 cases and refused payment of $17,000,000 out of $50,000,000 on contracts. J. Pierpont Morgan appeared in a case as financing the sale to the government of the government's own arms at an extortionate profit. The facts are in the Congressional Reports, "Case No.97. J. Pierpont Morgan. Claim for payment of ordnance stores… Referred by special direction of the Secretary of War… Claimed, $58,175." Corey 58-61.
Morgan – John Pierpont Morgan (1837-1913), American financier and banker.
In the canto, Pound focuses on two cases where Morgan swindled the government during the civil war and speculated against the public interest. The first case was selling the government its own arms (Corey 58-61); the second was his involvement in cornering gold to force up its price (Corey 64-9).
Pound commented:
"The Great Morgan, during the Civil War, bought on credit a certain quantity of damaged rifles from the War Department in Washington, and sold them to a Military Command in Texas, and was paid by the latter before he had to pay the former. He made 75,000.00 profit. Later he was even tried and convicted, but that did not prevent his becoming the great Mahatma of Wall Street, and a world politico-economical power. Such is the material of which the economic and human history of the United States is made (SP 171)
160 thousand – Pound refers to the profits Morgan made by "cornering" gold in 1863 by buying a large quantity secretly at a relatively lower price after the Union victory at Vicksburg and shipping half of it to Britain. Due to the scarcity, the price of gold went up, so when the time felt right to sell, Morgan made a very substantial profit. Corey 66.
After Gettysburg – The price of gold was intimately related to the success of the Union army in the war. Whenever the Union army was winning, the price went down, and whenever the Confederates did, the price went up. After the battle of Gettysburg in July 1863 in which the Union army was able to stop the Confederates from pushing north at great loss of life on the battlefield, the price of gold went down five points. Corey 67.
bulls on gold and bears on Union –
This is a very concise formulation that Pound found in his source, Lewis Corey's House of Morgan,about the way the stock exchange reflected the civil war situation. The price of gold went up when the Union was losing and down when it was winning. The speculators were shorting the nation, gambling on the Confederate victory. Corey 69.
"A bull market is a market that is on the rise and is economically sound, while a bear market is a market that is receding, where most stocks are declining in value. The actual origins of these expressions are unclear, but one reason could be that bulls attack by bringing their horns upward, while bears attack by swiping their paws downward." Investopedia.
Boutwell – George S. Boutwell (1818-1905), American politician from Massachusetts. He was Secretary of the Treasury during the Ulysses Grant administration (1869-73). In 1873, the Treasury needed a new loan ($300 million) and considered the possibility of selling the bonds directly to the public. This however, did not happen, the loan was divided equally between the Morgan-Morton syndicate and the Cooke syndicate (including the Rothschilds) and the money came from Europe. The loan was not a success, bond subscriptions both in the U.S. and Europe were meagre. In a few months' time an economic crisis erupted in the U.S. which lasted for five years (Corey 119-23).
Beecher's church – Henry Ward Beecher (1813-87) Congregational minister preaching in Plymouth Church in Brooklyn, New York. He was the brother of Harriet Beecher Stowe.
"Henry Ward Beecher, himself the recipient of $20,000 a year and whose church had been organised as a profit-making enterprise by real-estate speculators, sermonized against labor amid the applause of Plymouth's congregation: 'Is the great working class oppressed? Yes, undoubtedly it is. God has intended the great to be great and the little to be little… The trade union, originated under the [124] European system, destroys liberty… I do not say that a dollar a day is enough to support a workingman. But it is enough to support a man! Not enough to support a man and five children if a man insist on smoking and drinking beer…. But the man who cannot live on bread and water is not fit to live'" Corey 123-4.
Belmont representing the Rothschilds – August Belmont (1816-90) financier and politician of
Jewish descent. Born in Germany, he was apprenticed to the Rothschild bank in Frankfurt. Sent by the Rothschilds to represent their financial interests in the U.S., Belmont arrived in New York during the panic of 1837 and founded the investment company Belmont & Co, which proved to be very successful. Belmont had a strong participation in the Democratic Party, which at the time of the Civil War represented Southern interests. Wikipedia. After the war, Belmont competed with J. P. Morgan for contracts but was also part of alliances in larger syndicates for the larger state loans.
specie payment's resumption – During the Civil War, the Secretary of the Treasury, S. Chase, had severed the dollar from its gold backing, took new loans and increased taxes. To finance the Union effort, he also decided to issue treasury notes, called "greenbacks," which were legal tender but had a few restrictions which made them vulnerable.
After the war, the new treasurer, John Sherman, wanted to withdraw the greenbacks from the market and resume the old system whereby new dollars were state bonds with gold backing. Especially rich bondholders wanted to resume the gold standard and have the depreciated wartime bonds (debts of the state) paid back in gold. This amounted to roughly 35% increase in servicing the debt and a serious deflation as the Treasury was retiring the greenbacks. The specie payment resumption act was passed in 1875. There were national protests that argued that greenbacks should be used to pay the war debt. However, banking interests prevailed. Lewis Corey gives details on the state loans that Morgan and Belmont mediated so that the gold standard could be resumed.
When Pound wrote in the canto: "Currency OF (O F of the nation)" he had in mind such money as the greenbacks, which were treasury notes emitted by the state and benefitting the public at large. They had no gold backing and were not the expression of a loan. Bankers could not profit from their emission.
stock subscription… 30 percent – Pound is now focussing on the situation of American railroads, specifically the relation between government and private business in their construction, management and funding. Corey is painting a bleak situation created by the fragmentation of investment, the speculation and corruption in what could have been a nationally coordinated activity for the public good:
"Plundering usually started with securing government aid by bribery […] Most of the railroad promoters were flagrant speculators with little money [144] of their own, money being raised by selling bonds to the public, often at heavy discounts, disastrously piling up fixed charges. Promoters appropriated most of the stock as bonus, cash subscription from stock seldom exceeding 30 per cent of the railroad's construction costs and frequently almost nothing. Land grants were another source of speculative profit for promoters and directors. Still another means of making illegitimate profit was construction of the railroad, usually undertaken by promoters and directors organized in a separate construction company charging enormously high prices. […] Every mile of Western railroads cost 35 per cent to 50 per cent more than legitimate construction costs" Corey 143-4.
in '76 default – railroad investments were subject to predatory practices of speculators and marred by corruption and greed. They were thus highly unstable and most likely to damage investors:
"Demoralisation made railway investment unsafe and unprofitable. The buccaneers [Jay Gould and Jim Fisk] plundered investors as much as they plundered business and the public. In spite of most railroad bonds offering 7 per cent, the average interest in 1886 was 4.7 per cent, while the average yield on stock was only 2 per cent (including "watered" stock). In 1876 railroad bonds in default represented 39 per cent of the total, and in 1879 sixty-five roads capitalized at $234,000,000 were sold under foreclosure. One year later bankrupt railroads represented 20 per cent of total mileage and capitalization" Corey 145.
Mr Corey – Pound is referring the reader to his source, Lewis Corey's book, The House of Morgan. See Sources.
No central institution – Pound is referring to the financial crisis of 1907, a crisis that was instrumental in the setting up of the Federal Reserve six years later. J. P. Morgan had come to play the role a director of the central bank may have played, had the role existed in the U.S. at the time. Corey criticized the Independent Treasury System that had been set up after Andrew Jackson's Bank War of 1833:
"Government accepted the Morgan dictatorship – an inescapable decision. There was no central banking institution under government control to mobilize the banks' resources in the crisis. In spite of financial centralization by Morgan and others, the nation's banking system was incompletely co-ordinated, reserves being scattered in the vaults of thousands of banks which distrusted each other and did not or could not effectively cooperate. There was a scramble for money by the banks and no central institution to provide and distribute the money. Co-operation and centralized organization had to be improvised in the midst of the panic, while [342] banks crashed, necessarily by the House of Morgan, the most powerful of financial institutions and under control of the only man with sufficient financial authority, J. Pierpont Morgan. What a properly organized banking system would have done automatically Morgan had to do in an improvised and dictatorial style" Corey 341-2.
Pujo investigation – Arsène Paulin Pujo (1861-39) American lawyer, Representative from Louisiana, was tasked to lead a subcommittee of the House Committee on Banking and Currency (1911-3) charged with investigating a community of Wall Street bankers and financiers amid concern over the power exerted by powerful bankers and monopolies. Its findings concluded that financial leaders had gained control of manufacturing, transportation, mining, telecommunications, and financial markets. Several major corporations were held by Morgan, George F. Baker, and James Stillman. These findings lent support for ratification of the 16th Amendment, Federal Reserve Act and Clayton Antitrust Act. History.com.
never sold short in my life – When he appeared in front of the Pujo Committee, J. P. Morgan made much of his age (he was 75) and consistently denied that he had any financial or industrial power. The prosecutor, Untermyer asked him: "Do you approve of short selling? Morgan: I never did it in my life, that I know of… I do not like it–not that I wish to criticize it at all, because I do not see how you can get along without it." Corey 405.
High degree of liquidity… panic – During the panic of 1907, Morgan was called to coordinate all financial and industrial resources to meet the crisis. His House was in an excellent condition to meet it because it had maintained a high degree of liquidity (available cash) to meet demands. His trusted collaborators Baker and Stillman accepted Morgan's authority. Corey 342-3.
Mr Baker – George F. Baker, president of the First National Bank. Corey considered him Morgan's "lieutenant." See also preceding note.
government arms – Pound returns to the event when Morgan financed the sale of useless and dangerous carbines to the Union army, weapons that the government owned already. See nn.12-13.
Ionides – Probably Luke Ionides, whom Pound met in London before WWI.
"Note when I got to London the men who were old enough were all right. Col. Jackson, Luke Ionides represented something hearty, pre-Victorian, they had something that Palmerston night have recognized as appertaining to men" GK 227; C n.26.
Palladio – Andrea Palladio (1518-1580), architect born in Padua who worked in Venice and the Veneto. He is known to have revived Greek and Roman classical design for his time and was enormously influential in pre-modernist architecture.
AGALMA – H. ornament, beautiful object.
haberdashery – men's clothing and accessories.
ormoulu – gilded brass used in ornamentation, for instance, furniture fitting and decoration.
brocatelle – stiff decorated material with decoration in relief.
tree calf – A form of cover decoration consisting of a smooth, light-colored calfskin treated with chemicals in such a manner as to represent a tree trunk with branches. In the usual manner, a dual design appears on upper and lower covers. Bookbinding dictionary.
morocco – luxury leather bookbinding, imported from the Levant. Traditionally made of goatskin, it was prized for its flexibility, smoothness and strength. Wikipedia.
tooled edges – decorated borders of materials.
farthingales – hoop worn underneath a skirt to give it shape.
fichus – light triangular scarf that is draped over the shoulders and fastened in front or worn to fill in a low neckline.
seeking an exit – Transition to the second part of the canto, dedicated to Hanno the Navigator's voyage to West Africa. See also cantos 24 and 28 for accounts of voyages, and cantos 15 (beginning of 16) for exits out of the contemporary hell of capitalism.
Daniel Pearlman commented on this passage:
"The poet fittingly continues his voyage by identifying his own journey with the 'periplum' or 'voyaging around' of Hanno, whose world is mythic, heroic, Odyssean, a world of brutally direct confrontation of man with nature. In this world 'folk wear the hides of wild beasts' rather than flaps and farthingales. 'The clocks,' included in Pound's list of useless, stuffy, Victorian fripperies and equally transient ladies' fashions, symbolize the wasted lives and the meaningless stream of experience in the modern world. In Hanno's world, the measure of time is days of purposive sailing; time is a process of continual discovery and creation (colonization)" (165).
CARTHEGENIANS – from Carthage, Phoenician city on the North African coast nearest Sicily. Its ruins are now in a suburb of Tunis. Carthage, like Greece, was a maritime empire and sought to gain economic advantage on the sea-routes of the (Western) Mediterranean. The city was destroyed by the Romans in the three Punic wars (264-146 BC).
"by 600 B.C. Carthage was the most important power in the western Mediterranean, not excluding the Etruscans. The latter, so far as we know, were content to control the Italian peninsula north of Cumae, with perhaps Corsica besides, and to leave the rest of the western Mediterranean to Carthage. The way was thus clear for Carthaginians to push as far as their adventurous spirit would allow in a western direction. Not only that. By this time also Carthage controlled the land routes southwards into the Sahara, for Egyptian domination never spread far to the west of the Nile valley, and the Greeks at Cyrene and elsewhere were content to stick to the coastlands" (Harden 141).
Hanno – Carthaginian explorer who around 470 BC made an expedition along the northern and western coast of Africa. He sailed through the strait of Gibraltar and from there headed south, along the West African coast towards the equator. He founded seven towns on the shore of Morocco.
The integrity of the Greek manuscript in which it has been preserved, the chronology of the voyage, the mileage and distances, and the African landmarks are still being disputed among scholars. Find it in Sources.
"Hanno who, though not the earliest of the travellers provides us with the fullest and the only true Carthaginian source we now possess. His voyage, which is normally dated c. 525-500 B.C. for reasons which I will not set out in detail, was an official expedition, the main purpose of which was to found colonies and/or to repopulate existing trading-stations. We know his story at first remove, i.e. in a Greek translation of the short description of his journey set up in the temple of Saturn (Baal Hammon) at Carthage on his return. It is important to remember that it is in a Greek translation, and that our only MS., Codex Heidelbergensis 398, dates from the 10th century A.D., for this must put us on our guard against expecting complete verbal accuracy, especially in figures of distances, which are very liable to error in transcription by scribes. We must also remember that the story is very short and terse, no more than 600 Greek words in all" (Harden 145). See map.
ply – ply the waves.
Though not explicitly stated, Hanno's voyage, like that of Odysseus, is what Victor Bérard called "periplus," a voyage along a coast where the navigator is guided by the lay of the land, the sun and the stars. Bérard compared the Odyssey with Hanno's narrative (566-9) – his book could arguably be the origin of Pound's idea of introducing Hanno into the Cantos. Pound had read Bérard on location in Terracina in 1930 and used his book for canto 39. See Calendar.
A periplus lists ports or landmarks, and to sail by periplus is to navigate using coastal landmarks, to find one's way visually along the coast. Pound used the term in the accusative case, as "periplum," and defined it in canto LIX: "Periplum, not as land looks on a map / But as sea bord seen by men sailing" (LIX/324). See also LXXIV, where the word occurs several times. See map.
pillars of Herakles – ancient Greek name of the 13 km wide straits of Gibraltar separating Europe from Africa and the Mediterranean from the Atlantic Ocean. (See also Gibel Tara below). One of the "pillars" is considered to be the Calpe, or the Rock of Gibraltar on the European side, the other is Jebel Musa in Morocco, or in Monte Hacho in the Spanish enclave of Ceuta on the north African shore. See also Livius.org.
Thumiatehion – H. Θυμιατήριον [Thumiaterion] L. Thymiaterium. The first colony Hanno founded, identified as contemporary Mehdya at the mouth of Sebou river. See map.
The spelling error is Pound's, as evidenced by a draft in YCAL 72/3280.
Solois – Greek name of contemporary Cape Beddouza [older Cape Cantin], an African promontory on the Atlantic coast of Morocco, at 32º32'24. See Schoff 2; Terrell 229. See also map.
Entha hieron Poseidonos – H. ἔνθα Ποσειδωνος ίερὸν ("there a sanctuary to Poseidon").
It is probable that on the Solois promontory, Hanno erected an altar to the Phoenician god of the sea, Yamm. In the translations which have come down to us, the Greek mediation assimilated Yamm to Poseidon, the Latin versions to Neptune. Cape Solois is a landmark to a marshland in the interior of the continent, which Hanno briefly explored by going east for half a day. Note the similarity of this point in Hanno's journey to the geography of Circeo and Terracina in canto 39. See Schoff 2; Terrell 229.
against the sun – sailing east, going against the sun's movement from east to west.
Karikon, Gutta, Akra, Meli, Arambo – H. "Καρικόν [τε τειχος] καὶ Γύττην καὶ Ἄκραν καὶ Μέλιτταν, καὶ Ἄραμβυν" cities founded by Hanno on the African coast. See Schoff 2; Terrell 229.
"The first is generally accepted now to have been at or near Mogador; the third name is thought to represent modern Agadir; the other three are unidentifiable, though clearly in the same general neighbourhood" (Harden 145).
Lixos – ancient name of contemporary Draa River, at 1,100 km, the longest in Morocco. It springs from the Atlas Mountains and flows into the Atlantic at Tantan. Due to a dam built in 1971, the lower region of the Draa is now dry most of the year. Wikipedia.
Men of Lixtae – In Hanno's narrative, it is mentioned that by the shores of the Lixus, the expedition found that a "wandering people, the Lixitae, were pasturing their flocks; with whom we remained some time, becoming friends." See Schoff 2; Terrell 229.
aethiopians – in ancient times "aethiopians" was a generic name for black people.
Lixtus mountain – the Atlas mountains in north Africa.
Cyrne – H. Κέρνην. There is significant disagreement concerning the location of Cyrne in Hanno's itinerary. Some scholars identify it as Herne, or Dragon Island, near contemporary Dakhla. Others locate it in the bay of Arguin further south on the West African coast. This is Hanno's last colony and its location is essential not only for what Hanno does short term, but also for the rest of his journey.
Hanno asserts that the island has a circumference of 5 stadia (H. "σταδίων πέντε," see Schoff 4: §8) (0.9 km) which would approximately correspond to the island of St. Louis at the mouth of the Senegal river (1.2 km long and 400 m wide). It is interesting to note that the English version of Hanno's text has 15 stadia and Pound approximates this to 15 miles. He may have uncharacteristically adopted the wrong English translation without checking the Greek.
Here is D. B. Harden's argument about the location of Cyrne:
"these places [contemporary Dakhla and/or Bay of Arguin] are on the Saharan coast and are therefore unlikely places for the establishment of a flourishing mart for trading with a populous hinterland. If we accept Cerne as a site at or near the Senegal, the whole story, both Hanno's and that of pseudo-Scylax, falls into place and what Hanno did was to sail up one branch of the Senegal (Chretes) to a lake and down another branch (the river swarming with crocodiles and hippopotamuses). This secondary trip was not, in fact, a coasting voyage at all; if it had been would not Hanno have told us why he turned back, especially if, having reached the Senegal, he went all the way back to Herne or even Arguin?" (Harden 144).
Xrestes… three islands – H. Χρέτης. Xrestes is most likely the Senegal River.
In pre-modern times, the Senegal was overflowing into the Lake Guiers, which has indeed several islands in it. At present, the lake is connected to the river by a canal, so as to prevent saltwater from the Senegal Delta from flowing into it. Wikipedia.
a lagoon – Here Pound diverges significantly from his source and his choice of words suggests that he assumed Hanno to have described the coast, not an inland journey on the river.
"From here, sailing through the mouth of a big river named Chretes we came to a lake. The lake had three islands bigger than Cerne in it. Completing a day's sail from there, we reached the inner recess of the lake, above which some very high mountains rose up crowded with savages wearing skins of wild beasts, who stoned us and beat us off and prevented us from disembarking. Sailing from there we came to another big wide river full of crocodiles and hippopotamuses. We then turned again and came back to Cerne" (Hanno quoted in Harden 144).
river wide – probably the southern part of Lake Guiers in Senegal. Hanno states that he returned from the lake to Cyrne, arguably, St. Louis island at the mouth of the Senegal.
woody mountain – sailing south for twelve days from the Senegal delta along the coast, Hanno reached the Cape Verde, a promontory jutting into the Atlantic, the westernmost part of Africa. This is the location of contemporary Dakar, the capital of Senegal.
wide bayou – probably the mouth of the Gambia river.
"Up to this point, apart from the Cerne problem, the commentators are not too much at variance in their identification of Hanno's sites. From now on, however, differences in identification become acute, and we get, in effect, a long view and a short view of what Hanno accomplished. The latter stops Hanno at Sierra Leone, the former brings him to Camerun, or even Gabun" (Harden 145).
West Horn – The bay called Horn of the West reaches from 12。to 11。N. and the islands are the modern Bissagos (Terrell 228).
gods' carroch – I. chariot of the gods.
Commentators disagree about Hanno's itinerary after the stop in Cyrne. Traditionally, the "gods' carroch" is Mount Kakoulima in Guinea. Other scholars, who think that Hanno sailed much closer to the equator, identify it to Mount Cameroon, much further south.
South Horn – this name is not found in modern African geography, but according to scholarship it is the Sherbro and Macauley islands.
"The island enclosed within the bay called Horn of the South, it is now agreed by all commentators, is the modern Sherboro Sound in the British colony of Sierra Leone" (Terrell 228).
cd. not take – It is not evident why Hanno thought necessary that he and his men were supposed to "take" gorillas, apart from displaying them as trophies when they got home. Pound's epitome of Hanno narrative climaxes with this act of arbitrary violence, showing the Carthaginian expedition to have been not noble and civilizing, but a display of plunder and barbarism, the very bluprint of the impulse to collect "wealth," unnecessary trophies and luxuries in modern age. Rightly, Pound is seeking an exit out of Hanno's world as well.
Out of which things seeking and exit – This line is a repetition of l.69, signalling the parallelism between the American financial corruption during the Gilded Age and Hanno's expedition of colonialism and plunder. The exit is an exit from hell, similar to the one Pound had sought in canto 15.
"Canto 40 brings together modern tales of commercial chicanery with a condensation of Hanno's Periplus—a collocation worthy of the Cantos. Both the modern tales and Hanno's account are followed by the line, 'Out of which things seeking an exit'. The 'things' are the brutality, dishonesty, and violence of commercial exploitation, as old as Carthage, and as new as tomorrow. The exit is to be found in Italy, in its paideuma–now represented by the Monte dei Paschi and Benito Mussolini" (Surette 140-1).
Empyrean – derived from H. ἔμπυρος (empyros)"in fire." The highest part of heaven, the abode of God, the mystic Rose where celestial beings are of pure light and fire. See Dante's Paradiso XXXI.
baily – the enclosed court of a castle.
Nous – realm of pure ideas in the Neoplatonic philosophy. The nous is the perfect matrix of reality, not accessible to the senses. The Neoplatonic philosopher Plotinus is Pound's most effective help in exiting hell in canto 15. See OCCEP XV: nn. 21-22.
ineffable crystal – In view of its purity and immutability, Pound chose crystal as metaphor for the experience of the divine. See the finale of canto XXIII where Anchises beholds Aphrodite:
"and saw then, as of waves taking form,
As the sea, hard, a glitter of crystal,
And the waves rising but formed, holding their form.
No light reaching through them." (XXIII ll. 95-8)
Karxedonion Basileos – H. "[of the] King of Carthaginians." As Achilles Fang pointed out, "Karxedonion Basileos" is derived from the title of Hanno's narrative ("ΑΝΝΩΝΟΣ ΚΑΡΧΗΔΟΝΙΩΝ ΒΑΣΙΛΕΩΣ ΠΕΡΙΠΛΟΥΣ" - "the periplus of Hanno, the king of Carthaginians"). "Basileos" is a genitive and should be replaced by "Basileus", a nominative (Fang I: 61-2).
temple – The Phoenician temple to Baal in Carthage (Terrell 224).
Canto XXXI
Canto XXXII
Canto XXXIII
Canto XXXIV
Canto XXXV
Canto XXXVI
Canto XXXVII
Canto XXXVIII
Canto XXXIX
XL - Sources
XL - References
Canto XLI
The Fifth Decad


RECHTER, Member. Doug Burkhart appeals from the April 26, 2018 Opinion, Award and Order and the June 11, 2018 Order on Reconsideration rendered by Hon. John H. McCracken, Administrative Law Judge ("ALJ"). The ALJ determined Burkhart suffered work-related hearing loss, low back and right shoulder injuries. The ALJ dismissed Burkhart's claim for a psychological injury. On appeal, Burkhart argues the evidence establishes a work-related psychological injury, and that he is entitled to permanent total disability benefits. For the reasons set forth herein, we affirm.
Burkhart worked for Nally & Hamilton Enterprises, Inc. as a coal miner. He holds a foreman certification and worked both underground and on the surface of the coal mine. On May 17, 2016, Burkhart slipped while prying a pipe. He fell and landed on his right shoulder. A second work injury occurred on January 10, 2017, when he was preparing coal for a portable crusher. He lifted a rock and felt his back "pop". He experienced immediate pain and was unable to stand straight or walk.
The medical evidence in this claim consists of independent medical examination ("IME") reports. Dr. Ronald Dubin examined Burkhart on March 28, 2017 and April 27, 2017. Burkhart reported low back pain, which Dr. Dubin diagnosed as moderate lumbar pain. He reviewed prior MRI scans, CT scans and medical history. He placed Burkhart at maximum medical improvement for his low back condition on March 28, 2017 and assigned a 5% whole person impairment rating pursuant to the American Medical Association, Guides to the Evaluation of Permanent Impairment, 5th Edition ("AMA Guides"). Dr. Dubin opined Burkhart is not able to return to work as a coal miner.
Dr. David Jenkinson examined Burkhart on August 28, 2017. Dr. Jenkinson recorded Burkhart's complaints of constant low back pain which radiates into his hips and legs. He also reported limited range of motion and pain in his right shoulder. After a physical examination and records review, Dr. Jenkinson found no specific abnormality to support any structural injury in the right shoulder or low back. Instead, he suspected a sprain or strain injury to the low back and a right shoulder contusion, both of which had resolved. He found no basis upon which to assign a permanent impairment rating, and challenged Dr. Dubin's rating as based solely on subjective complaints of pain. He opined Burkhart could return to his employment as a coal miner. Later, Dr. Jenkinson was provided a July 25, 2017 MRI of the low back. He interpreted the MRI to indicate age-appropriate degenerative changes. He again opined the January 10, 2017 work accident caused only a temporary sprain or strain.
Dr. David Muffly examined Burkhart on October 4, 2017. Burkhart reported his low back and right shoulder injuries, and denied any prior problems. Dr. Muffly diagnosed lumbar disc protrusions at L4-5 and L5-S1, and a partial right rotator cuff tear. He concluded both injuries are work-related. He assessed a 7% whole person impairment for the lumbar injury, and a 3% impairment for the right shoulder injury. Dr. Muffly placed Burkhart at maximum medical improvement on October 4, 2017 and opined he does not retain the physical capacity to return to his prior employment.
Dr. Daniel Primm conducted an IME on November 17, 2017. Dr. Primm conducted a physical exam and medical records review. He diagnosed a lumbar strain and mild right shoulder tendinosis with impingement syndrome. He found no permanent impairment to the lumbar spine, but assigned a 1% whole person impairment rating for the right shoulder condition pursuant to the AMA Guides. He further opined Burkhart could return to his pre-injury employment.
Dr. Stephen Lamb conducted an independent psychological evaluation on September 6, 2017. Burkhart reported feelings of irritability, racing thoughts, excessive worry and panic attacks since the work injuries. These feelings impacted his ability to sleep and function in groups of people. Burkhart also reported feelings of worthlessness over the fact he is physically unable to work, and therefore cannot provide for his family. Dr. Lamb diagnosed adjustment disorder with mixed emotional features. He assigned a 26% whole person impairment using the American Medical Association Guides to the Evaluation of Permanent Impairment, 4th Edition.
Dr. David Shraberg conducted an independent psychological evaluation on January 15, 2018. Burkhart again reported racing thoughts, anxiety, and excessive worry. Upon evaluation, Dr. Shraberg found Burkhart to be highly irritable and defensive, though his thought process was lucid and unimpeded, with normal memory and comprehension. Dr. Shraberg concluded Burkhart was essentially "disabling himself" by exaggerating the impact of his injuries. He described Burkhart's claims of catastrophic and global inability to perform any task inconsistent with the physicians' assessment of his physical condition. In essence, Burkhart had adopted an unrealistic assessment of his symptoms and impairment. Dr. Shraberg diagnosed a temporary adjustment disorder that requires no psychiatric treatment and does not preclude Burkhart from returning to work. He assigned no permanent impairment rating.
Additional proof was submitted concerning Burkhart's claim for hearing loss. That portion of the ALJ's award has not been specifically appealed and therefore a detailed recitation of the proof is unnecessary. The university evaluator, Brittany Brose, concluded Burkhart suffers work-related hearing loss resulting in a 6% whole person impairment. Burkhart was examined by Dr. Samir Guindi, who assigned a 3% whole person impairment for work-related hearing loss. Dr. Kara Kratzer also evaluated Burkhart, and found evidence of work-related hearing loss. She assigned a 4% whole person impairment rating for the condition.
The ALJ first considered Burkhart's claim for work-related hearing loss, and found no proof to rebut the report of the university evaluator. He concluded Burkhart suffers work-related hearing loss which does not reach the 8% threshold set forth in KRS 342.7505. The ALJ awarded medical benefits for this condition.
The ALJ next determined Burkhart suffered a work-related right shoulder injury as a result of the May 17, 2016 incident. He noted several concerns with Burkhart's claim of a right shoulder injury, including the fact Burkhart received no treatment until a year after the alleged incident and also Dr. Jenkinson's belief he exaggerated his right shoulder complaints. Nonetheless, the ALJ concluded an injury had occurred and relied upon Dr. Primm's report to assign a 1% impairment rating for the right shoulder condition.
Turning to the low back injury, the ALJ again noted Dr. Jenkinson's concern about symptom magnification. However, he found Burkhart's report of a work accident credible. The ALJ relied upon Dr. Muffly to conclude a work-related low back injury had occurred, and relied upon Dr. Dubin's assigned impairment rating of 5%.
The ALJ dismissed Burkhart's claim of a psychological injury. In thoroughly weighing the opinions of Drs. Lamb and Shraberg, the ALJ was persuaded by the evidence of symptom magnification which Dr. Shraberg noted. Dr. Shraberg concluded Burkhart has convinced himself his physical conditions are worse than they are, a conclusion supported by the fact no physician has recommended any further treatment for either the low back or right shoulder. The ALJ was also persuaded by Dr. Shraberg's critique of Dr. Lamb's assessment.
Finally, the ALJ addressed the extent of Burkhart's disability, noting the analysis required by Ira A. Watson Dep't Store v. Hamilton, 34 S.W.3d 48 (Ky. 2000) to determine whether a claimant is permanently totally disabled. He noted Burkhart's age of fifty-four, and his limited education and work history. He weighed these factors against the fact Drs. Jenkinson and Primm found no significant structural abnormalities as a result of the work incidents, and assigned no restrictions. Both physicians opined Burkhart could return to his usual employment, which the ALJ found persuasive. He concluded Burkhart is not permanently totally disabled.
Burkhart filed a petition for reconsideration, making the same arguments now raised on appeal. The ALJ denied the petition. On appeal, Burkhart argues the ALJ erred in relying upon Drs. Shraberg, Jenkinson and Primm. He claims the opinions of Drs. Dubin, Muffly and Lamb more accurately reflect his condition and establish he suffered severely debilitating work injuries that render him permanently totally disabled.
As the claimant in a workers' compensation proceeding, Burkhart bore the burden of proving each of the essential elements of his cause of action. Snawder v. Stice, 576 S.W.2d 276 (Ky. App. 1979). Because he was unsuccessful in establishing a psychological injury and permanent total disability, the question on appeal is whether the evidence compels a different result. Wolf Creek Collieries v. Crum, 673 S.W.2d 735 (Ky. App. 1984). "Compelling evidence" is defined as evidence that is so overwhelming, no reasonable person could reach the same conclusion as the ALJ. REO Mechanical v. Barnes, 691 S.W.2d 224 (Ky. App. 1985). The function of the Board in reviewing the ALJ's decision is limited to a determination of whether the findings made by the ALJ are so unreasonable under the evidence they must be reversed as a matter of law. Ira A. Watson Department Store v. Hamilton, 34 S.W.3d 48 (Ky. 2000).
As the fact-finder, the ALJ has the sole authority to determine the weight, credibility and substance of the evidence. Square D Co. v. Tipton, 862 S.W.2d 308 (Ky. 1993). Similarly, the ALJ has the discretion to determine all reasonable inferences to be drawn from the evidence. Miller v. East Kentucky Beverage/ Pepsico, Inc., 951 S.W.2d 329 (Ky. 1997); Jackson v. General Refractories Co., 581 S.W.2d 10 (Ky. 1979). The ALJ may reject any testimony and believe or disbelieve various parts of the evidence, regardless of whether it comes from the same witness or the same adversary party's total proof. Magic Coal Co. v. Fox, 19 S.W.3d 88 (Ky. 2000).
In arguing the ALJ erred in dismissing his claim of a psychological injury and rejecting his claim for permanent total disability benefits, Burkhart essentially asks this Board to reweigh the proof. He points to evidence which tends to undermine the conclusions of Drs. Shraberg, Jenkinson and Primm. Despite the right shoulder injury, Burkhart continued to work and did not seek medical attention, reflecting his determination to work rather than the insignificance of the injury. Similarly, Burkhart argues, his failure to specifically report his right shoulder condition to Dr. Jenkinson reflects a lack of understanding of the IME process. With respect to the psychological injury, Burkhart argues his testimony comports with Dr. Lamb's conclusions, and undermines the credibility of Dr. Shraberg's opinion. Though Dr. Shraberg characterizes him as bitter with an exaggerated, resentful view of his physical condition, Burkhart argues these exact symptoms actually reflect the opinions of a depressed man robbed of his ability to labor.
Burkhart has emphasized proof which could establish he suffered a work-related psychological injury and is permanently totally disabled. However, substantial evidence also exists to support the conclusion he is partially disabled. Specifically, the opinions of Drs. Shraberg, Primm and Jenkinson constitute the requisite substantial evidence upon which the ALJ may base his ultimate conclusions. Though Burkhart has offered alternate interpretations of the proof which would tend to support his claim, these arguments go to the weight of the evidence. He has identified no deficiency in the reports of Drs. Shraberg, Primm or Jenkinson, which would render these opinions unreliable or insufficient.
The ALJ thoroughly and comprehensively reviewed the evidence. He cited and applied the proper legal standards to evaluate whether Burkhart is permanently totally disabled. He articulated the reasons he was more persuaded by the opinions of Drs. Jenkinson, Primm and Shraberg. Accordingly, it is not the province of this Board to reweigh the proof and reach an alternate result.
Accordingly, the April 26, 2018 Opinion, Award and Order and the June 11, 2018 Order on Reconsideration rendered by Hon. John H. McCracken, Administrative Law Judge, are hereby AFFIRMED.


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DOJ and FTC Issue Warning on Anticompetitive Conduct Affecting Labor Markets During the COVID-19 Pandemic
Joseph J. Bial
Andrew C. Finch
Jacqueline P. Rubin
Charles F. (Rick) Rule
Aidan Synnott
April 17, 2020 Download PDF
For additional guidance in navigating this crisis, visit our Coronavirus (COVID-19) Resource Center.
To download a compendium of our recent advisories and alerts related to the outbreak, click here.
A new DOJ-FTC Joint Antitrust Statement Regarding COVID-19 and Competition in Labor Markets is an important reminder that anticompetitive labor practices may lead to civil or even criminal liability in certain circumstances.
Companies should ensure that relevant personnel, including those working in human resources, receive antitrust training; and should review antitrust compliance policies to ensure they are up-to-date, thoughtful, comprehensive and effective.
On April 13, the Department of Justice (DOJ) and Federal Trade Commission (FTC) issued a Joint Antitrust Statement Regarding COVID-19 and Competition in Labor Markets. The Statement follows several recent pronouncements from the agencies related to their enforcement efforts in this area and serves as an important reminder that, as the agencies wrote: "Companies and individuals involved in the hiring, recruiting, retention, or placement of workers should be aware that anticompetitive conduct runs the risk of civil and/or criminal liability."
In the Statement, the agencies say that they "wish to make clear to the public that although there are many permissible ways that firms can engage in procompetitive collaboration, COVID-19 does not provide a reason to tolerate anticompetitive conduct that harms workers, including doctors, nurses, first responders, and those who work in grocery stores, pharmacies, and warehouses, among other essential service providers on the front lines of addressing the crisis." In particular, the agencies "are on alert for employers, staffing companies (including medical travel and locum agencies), and recruiters, among others, who engage in collusion or other anticompetitive conduct in labor markets, such as agreements to lower wages or to reduce salaries or hours worked." Several past agency enforcement actions have involved allegations of anticompetitive labor practices in the health care industry.
The statement highlights key areas of potential concern.
Naked wage-fixing and no-poach agreements, which the DOJ may prosecute criminally: According to the DOJ, a "wage-fixing agreement is an agreement between employers not to compete on employee salary, benefits, or other terms of compensation, either at specific levels or within a range;" and a "no-poach agreement is an agreement between two or more employers—or their third-party agents or intermediaries (e.g., recruiters)—not to cold-call, solicit, recruit, hire, or otherwise compete for each other's employees."
The DOJ and FTC Antitrust Guidance for Human Resource Professionals, released in October 2016, states that naked agreements between firms not to "poach" or solicit each-others' employees are "per se" violations of the antitrust law. In early 2018, the DOJ said that it intends to prosecute these agreements as crimes if the unlawful agreement was continued or entered into after October 2016. While the DOJ has not yet publicly announced any criminal charges in this area, officials have on numerous occasions reiterated the DOJ's enforcement intentions and have indicated that there are active criminal investigations. We note that the Antitrust Division's leniency program is available to companies and individuals who report these types of violations and meet the requirements of the program, and have written previously about the benefits of antitrust compliance programs in relation to DOJ enforcement policy.
It should be noted that, as explained by the FTC, if a "firm collaborates with other firms as part of a legitimate collaborative activity, no-poaching agreements or other restraints on recruiting workers may be reasonably necessary to that undertaking" and therefore fall outside the category of per se illegality. However, as the FTC recently explained, "restrictions on soliciting employees must be narrowly tailored to protect the value to the business of the personnel at issue; they should not act as a de facto no-poach agreement."
Anticompetitive non-compete agreements: While non-compete agreements which limit the ability of employees to join competitors may be defensible, they may in certain contexts attract scrutiny from enforcers. For example, in 2012 the FTC required a provider of acute care hospital services to release its staff cardiologists from non-compete agreements where the FTC determined, among other things, that the market for the provision of adult cardiology services was highly concentrated and the provider employed 88 percent of the cardiologists in the local area. Many factors contribute to the legal analysis of non-compete agreements; and, beyond federal enforcement agency considerations, various state laws are particularly relevant.
The unlawful exchange of competitively sensitive employee compensation information, such as salary, wages and benefits: According to the FTC, "exchanging competitively sensitive information about your company's compensation rates or other terms of employment can raise antitrust concerns if it has an anticompetitive effect on compensation – even if the exchange does not result in an agreement on wages or other terms of employment." In the mid-1990s, the DOJ entered into a consent decree with hospitals, a hospital association and a hospital human resources professional association in Utah. This matter involved allegations that the defendants "exchange[d] nonpublic prospective and current information about overall budgets, nursing budgets, and registered-nurse entry wages with the purpose and effect of stabilizing registered-nurse entry wages and limiting the amount and frequency of registered-nurse entry wage increases."
Invitations to collude, which the FTC may pursue as civil enforcement matters: The agencies' guidance for human resource professionals states that if one company approaches a competing company and suggests that the two firms "agree[] not to recruit or hire each other's employees," this "amounts to a solicitation to engage in serious criminal conduct." While the element of an actual agreement necessary for a per se violation of the antitrust laws may not be present, the FTC may seek to establish civil liability for a so-called invitation to collude. In the past, the FTC has brought enforcement actions against such conduct under Section 5 of the FTC Act, which prohibits unfair methods of competition. For example, in 2018, the FTC settled charges that owners of competing companies providing therapist staffing services to home health agencies "agreed to lower their therapist pay rates to the same level and also invited several of their competitors to lower their rates in an attempt to keep therapists from switching to staffing companies that paid more."
Unilateral conduct by an employer using monopsony power to harm competition in a labor market: In the past, courts have entertained claims against companies allegedly misusing monopsony power – that is, their power as dominant buyers of goods or services. Increasingly, the enforcement agencies are alert to possible anticompetitive effects of monopsony power in labor markets. For example, in the context of evaluating proposed mergers, both agencies have said they will examine the potential effects of a transaction on labor issues, including whether a transaction could result in a firm with increased buyer power for individuals' labor. Last autumn, a DOJ official testified before Congress that "[i]t is well-founded that mergers of competing employers can enhance buy-side market power, just as mergers of competing sellers can enhance sell-side market power. Because labor is an input that merging parties buy, [DOJ] staff assess whether a proposed transaction would allow the merged firm to reduce competition substantially in a labor market and use its enhanced bargaining power to depress workers' wages and benefits, including salary, commissions, and reimbursements." The FTC has similarly said it examines labor issues in evaluating transactions.
The labor market antitrust statement follows the agencies' recent DOJ-FTC Joint Antitrust Statement Regarding COVID-19, which provides, among other things, guidance for collaborations between businesses working to advance health and safety during the COVID-19 pandemic. (We discussed that statement in a prior memorandum.) The statements, taken together, are important reminders that any collaborative activity among competitors should be thoughtfully analyzed for antitrust risk, which may arise in a variety of contexts and not only in the sale of goods or services, but also in the purchase of labor.
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DOJ Issues Expedited Antitrust Guidance Regarding COVID-19 Equipment and Medication Distribution Collaboration
The DOJ issued a business review letter pursuant to the recently announced expedited procedures for reviewing collaborations between businesses working to advance health and safety during the COVID-19 pandemic.
An Update on Merger Review During the COVID-19 Coronavirus Outbreak: Early Terminations to Resume
U.S. antitrust agencies are now resuming the practice of granting early terminations of HSR waiting periods in merger reviews. As we discussed in our memorandum last week, the FTC and DOJ temporarily suspended the practice while the…
Antitrust Guidance for Business Collaborations to Combat COVID-19
On March 24, the FTC's Bureau of Competition and the DOJ's Antitrust Division issued a Joint Statement providing guidance and expedited procedures for reviewing collaborations between businesses working to advance health and safety…
Antitrust Month in Review – February 2020
February was a particularly active month for the Federal Trade Commission, which sued to block three mergers and settled a matter involving issues of market allocation and board interlocks. The Department of Justice also had an active …
Merger Review During the COVID-19 Coronavirus Outbreak
U.S. and E.U. competition agencies have announced temporary changes in their merger review procedures as a result of the COVID-19 pandemic. Significantly, the U.S. antitrust agencies will not grant any requests for early termination.…
Sen. Klobuchar Introduces Exclusionary Conduct Bill That Would Significantly Alter U.S. Antitrust Law
On March 10, Sen. Amy Klobuchar (D-MN) introduced in the Senate the Anticompetitive Exclusionary Conduct Prevention Act of 2020. The bill would shift the burden to defendants with market shares of greater than 50% (or that "otherwise…
State AGs Respond to COVID-19-Related "Price Gouging" and DOJ Antitrust Enforcement to Focus on Public Health Products
Attorneys general in California, New York and Washington have announced they will take action against "price gouging," while the Antitrust Division said it will watch for collusive practices in the sale of critical public health…
Antitrust Month in Review – January 2020
The year began with several notable developments. As we discussed in recent Client Memoranda, the Department of Justice (DOJ) and Federal Trade Commission (FTC) issued draft vertical merger guidelines, and the FTC announced new…
FTC and FDA Collaborating to Promote Biologic Competition
Today, the Federal Trade Commission (FTC) and Food and Drug Administration (FDA) issued a statement describing their efforts to "work together to promote competitive markets for biological products."
FTC Announces New Hart-Scott-Rodino and Clayton Act Section 8 Thresholds
The Federal Trade Commission (the "FTC") has revised the jurisdictional and filing fee thresholds of the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (the "HSR Act") and the Premerger Notification Rules (the "Rules"), based on …
Dan Howley to Participate in Webcast on Antitrust Merger Enforcement
Litigation counsel Dan Howley will participate in a live webcast produced by The Knowledge Group.
Andrew Finch to Participate in NYSBA Antitrust Section Annual Meeting
Antitrust partner Andrew Finch will participate in a panel at the annual meeting of the New York State Bar Association Antitrust Section.
DOJ and FTC Issue Draft Vertical Merger Guidelines
Late Friday, the Department of Justice (DOJ) and Federal Trade Commission (FTC) issued draft vertical merger guidelines for public comment. The guidelines provide important insight for business people and their advisors into how the…
Andrew Finch to Participate in the GCR Annual Antitrust Law Leaders Forum
Litigation partner and Co-chair of the Antitrust Group Andrew Finch will participate in a panel, "Antitrust: Recent trends in antitrust and IP enforcement," at the Global Competition Review Annual Antitrust Law Leaders Forum.
Antitrust Month in Review – December 2019
The U.S. federal antitrust enforcement agencies had an active month in December.
A F/RAND Commitment Does Not Bar Injunctive Relief According to New DOJ, USPTO and NIST Policy Statement on Remedies for Standards-Essential Patents
In a new joint policy statement, the DOJ, USPTO and the National Institute of Standards and Technology (NIST) set forth the view that a patent holder's commitment to offer a fair, reasonable and non-discriminatory license for a…
Antitrust Month in Review – November 2019
In November, there were several significant developments at the U.S. federal antitrust enforcement agencies.
Rick Rule, Andrew Forman and Dan Howley Contribute Chapter on Structural Remedies to Global Competition Review
Litigation partners Rick Rule and Andy Forman and counsel Dan Howley contributed the "Structural Remedies" chapter for the "Merger Remedies Guide – Second Edition," published by Global Competition Review.
Andrew Finch Featured in Law360
Litigation partner Andrew Finch was featured in a Q&A in Law360.
DOJ Business Review Letter Provides Insights into Appropriate Safeguards for Standard-Setting Organizations
A recent DOJ business review letter is an important reminder that members of standard-setting organizations (SSOs) should be vigilant in ensuring that their SSOs do not engage in anticompetitive behavior.
Antitrust Month in Review – October 2019
In October, a court in New York dismissed claims in an antitrust suit involving patent settlement agreements and a court in Northern California denied a motion to certify a damages class in a suit alleging unlawful tying of hospital…
Andrew Finch to Participate in Panel Discussion on Antitrust in the Modern Economy
Litigation partner Andrew Finch will speak on a panel, "Antitrust in the Modern Economy," at the Benjamin N. Cardozo School of Law.
DOJ Announces Government Procurement Collusion Strike Force
U.S. Department of Justice announced that it and several other federal agencies are forming a "Procurement Collusion Strike Force" to investigate and prosecute collusion, including bid rigging, among companies and individuals involved …
Andrew Finch and Nicholas Groombridge Participate in the 63rd Annual Intellectual Property Law Conference
Litigation partners Andrew Finch and Nicholas Groombridge participated in the 63rd Annual Intellectual Property Law Conference.
Andrew Forman to Participate on Webcast Panel on Antitrust Trends in the Pharma and Life Sciences Sector
Litigation partner Andrew Forman will discuss emerging antitrust issues in the pharmaceuticals and life sciences sectors in a live webcast panel produced by The Knowledge Group.
Craig Benson to Participate in Webcast on Key Antitrust Issues and Trends
Litigation partner Craig Benson will participate in a live webcast produced by The Knowledge Group.
Antitrust Month in Review – September 2019
September was another active month in antitrust enforcement and litigation.
Class Certification Developments (September 2019)
In this installment of our client alerts focused on class certification decisions, we discuss recent cases evaluating the impact on class certification of economic models that sweep in uninjured class members.
Andrew Finch to Participate in ABA Panel on Inbound Investment Regulatory Scrutiny
Litigation partner Andrew Finch will speak on a panel at the American Bar Association's annual Business Law Section meeting.
William Michael to Participate in Fordham Antitrust Economics Panel
Litigation partner William Michael will speak on a panel, "Economic and Legal Issues in Indirect Purchaser Class Actions," at Fordham University School of Law's Antitrust Economics Workshop.
Senior DOJ Antitrust Official Rejoins Paul, Weiss
Andrew Finch has returned to the firm as Co-Chair of the Antitrust Practice Group.
Antitrust Month in Review – August 2019
In August, there were several developments in private litigation cases, including notable decisions at both the district and circuit court levels denying class certification because of the presence of uninjured class members.
DOJ Announces First-Time Use of Arbitration to Resolve Merger Challenge
Today, the Antitrust Division of the United States Department of Justice (DOJ) announced that it has agreed with the parties to a proposed acquisition to use binding arbitration "to resolve the dispositive issue" of product market…
D.C. Circuit Upholds Denial of Class Certification Where Plaintiffs' Economic Model Showed Uninjured Members
On August 16, 2019, the United States Court of Appeals for the District of Columbia Circuit affirmed the denial of class certification in In re Rail Freight Fuel Surcharge Antitrust Litigation.
Rick Rule and Andrew Forman Contribute USA Chapter in ICLG's Vertical Agreements and Dominant Firms 2019
Litigation partners Rick Rule and Andrew Forman contributed the "USA" chapter in The International Comparative Legal Guide to: Vertical Agreements and Dominant Firms 2019, published by the Global Legal Group Ltd., London.
Antitrust Month in Review – July 2019
In July, the Antitrust Division of the Department of Justice (DOJ) announced a significant change in how it will treat corporate antitrust compliance programs.
Bill Michael to Participate in Webcast on Antitrust Treatment of Loyalty Discounts in Europe and the U.S.
Litigation partner Bill Michael will take part in a live webcast produced by The Knowledge Group.
Class Certification Case Developments (August 2019)
In our first in a series of occasional alerts on updates on class certification decisions, we present two recent court decisions of potential interest.
Department of Justice Antitrust Division Announces Important New Policy Regarding Compliance Programs
On July 11, Assistant Attorney General for the Antitrust Division Makan Delrahim made a significant and important announcement regarding a change to the Division's criminal antitrust prosecutorial policy: unlike in the past, corporate …
Antitrust Month in Review – June 2019
In June, the United States Department of Justice (DOJ) and the European Commission (EC) both announced fines for violations of the agencies' respective merger reporting-and-waiting requirements for transactions which resulted in Canon …
Antitrust Month in Review – May 2019
In May, the United States Supreme Court handed down its decision in Apple v. Pepper, holding that the Court's 1977 decision in the Illinois Brick case did not bar app purchasers from suing Apple because, according to the Court, app…
Aidan Synnott and William Michael Contribute Chapter on U.S. Antitrust Law to The Public Competition Enforcement Review
Litigation partners Aidan Synnott and Bill Michael wrote the "United States" chapter in the 11th edition of The Public Competition Enforcement Review.
Robust Compliance Programs May Provide Significant New Benefits to Companies Facing Criminal Antitrust Exposure
In a recent speech, Makan Delrahim, Assistant Attorney General for the Antitrust Division of the United States Department of Justice, discussed the Division's ongoing evaluation of whether and how corporate antitrust compliance…
Antitrust Month in Review – April 2019
In April, the multi-venue merger litigation between the Federal Trade Commission (FTC) and paint pigment suppliers Tronox Limited and Cristal moved toward a resolution: the deal parties agreed with the FTC to divest pigment…
Antitrust Month in Review – March 2019
In March, there were several developments in private antitrust litigation, including several notable cases in which defendants succeeded in winning dismissal.
Craig Benson to Participate in Webcast on Antitrust Trends
Litigation partner Craig Benson will take part in a live webcast produced by The Knowledge Group, "2019 Antitrust Trends, Developments and Legal Issues: Everything You Need to Know."
In February, the much-anticipated decision in the AT&T-Time Warner merger appeal was handed down. The appeals court found that the district court did not err in denying the Department of Justice's (DOJ) request to enjoin the…
Joseph Bial to Participate in Webcast on Cartel Immunity and Leniency Program
Litigation partner Joseph Bial will take part in a live webcast, "The Cartel Immunity and Leniency Program: What You Need to Know," discussing fundamentals of the program and recent trends and issues related to cartel immunity and…
D.C. Circuit Affirms District Court's Denial of DOJ's Request for Injunction in AT&T-Time Warner Merger
On February 26, 2019, the United States Court of Appeals for the District of Columbia Circuit held that the U.S. Department of Justice (DOJ) failed to show that the district court clearly erred in denying the government's request for…
In January, there was a notable scarcity of news from the Antitrust Division of the Department of Justice (DOJ) and the Federal Trade Commission (FTC) because of the U.S. federal government's lapse in appropriations.
Rick Rule and Joe Bial Co-Author USA Chapter of Cartels & Leniency
Litigation partners Rick Rule and Joe Bial co-authored the "USA" chapter in the 2019 edition of The International Comparative Legal Guide to Cartels & Leniency, published by the Global Legal Group Ltd.
In our December Antitrust Month in Review, we discuss, among other things: the impact of the federal government shutdown on the work of the FTC and the Antitrust Division of the DOJ and more.
In November, the Antitrust Division of the Department of Justice (DOJ) published its previously announced model voluntary request letter and model timing agreement to be used in connection with merger investigations it conducts. The…
DOJ Announces New Standards for Corporate Cooperation
The Department of Justice announced last week significant changes to its policies for granting corporations credit for cooperating with criminal investigations.
Rick Rule and Joseph Bial to Participate in Joint Seminar
Litigation partners Rick Rule and Joseph Bial, together with lawyers from Slaughter and May, will present a seminar on "M&A in the Age of Protectionism: Antitrust and Foreign Investment Developments."
Joseph Bial to Speak at Annual Conference on Technology and Antitrust
Litigation partner Joseph Bial is a panelist at the Fourth Annual Conference on Technology and Antitrust.
This past month, U.S. federal antitrust agencies required divestiture remedies in several deals before allowing them to proceed without an enforcement challenge. Remedies generally involved the divestiture of standalone business…
Antitrust Partners Author Article on Senate Antitrust Oversight Hearing
Craig Benson, Joseph Bial, Andrew Forman, Ken Gallo, William Michael, Rick Rule and Aidan Synnott co-authored an article, "Takeaways From Senate Antitrust Enforcement Hearing," that appeared in the Expert Analysis section of Law360.
Rick Rule to Speak at IBRAC International Seminar on Competition Law
Litigation partner Rick Rule will speak at The Brazilian Institute of Studies on Competition, Consumer Affairs and International Trade's (IBRAC) 24th Annual International Seminar on Competition Law, which takes place from October 24…
News from Senate Antitrust Enforcement Oversight Hearing
On October 3, 2018, Federal Trade Commission Chairman Joseph J. Simons and Assistant Attorney General in charge of the Department of Justice Antitrust Division Makan Delrahim testified at an antitrust enforcement oversight hearing…
Department of Justice Announces Reforms to Merger Review Process, Aims to Resolve Most Investigations within Six Months
In a speech delivered on September 25, 2018 at the 2018 Global Antitrust Enforcement Symposium at Georgetown University, Assistant Attorney General Makan Delrahim announced that the Department of Justice (DOJ) Antitrust Division "will …
Craig Benson to Participate in Webcast on Cartels and Anti-Competitive Agreements in 2018
Litigation partner Craig Benson will participate in The Knowledge Group's webcast, "Anti-Competitive Agreements in 2018: The Evolving Regulatory Landscape Explored."
Federal Trade Commission Begins Hearings on Competition and Consumer Protection in the 21st Century
On September 13, 2018 the Federal Trade Commission ("FTC") opened a series of hearings on Competition and Consumer Protection with a full day of panel discussions held at Georgetown University Law Center.
Rick Rule and Andrew Forman Co-Author USA Chapter in ICLG's Vertical Agreements and Dominant Firms 2018
Litigation partners Rick Rule and Andrew Forman co-authored the "USA" chapter in The International Comparative Legal Guide to: Vertical Agreements and Dominant Firms 2018, published by the Global Legal Group Ltd., London.
FTC Seeks Public Input in Advance of Hearings on the Future of Competition and Consumer Protection Enforcement
The United States Federal Trade Commission recently announced that it will hold a series of wide-ranging public hearings on a number of important competition- and consumer protection-related topics.
Rick Rule Speaks at Conference on Robert Bork's The Antitrust Paradox
Litigation partner Rick Rule spoke on a panel at The Antitrust Paradox Conference on June 22.
Supreme Court Rules that U.S. Courts Not Bound to Defer to Foreign Governments' Interpretations of Their Own Laws
The Supreme Court recently reversed a Second Circuit dismissal of a $147 million antitrust judgment against a Chinese vitamin C producer that was based on China's interpretation of its own laws. The Second Circuit had held in In re…
Joseph Simons Is Sworn In as FTC Chairman
On May 1, former Paul, Weiss partner and co-chair of the Antitrust Group Joseph Simons (Litigation, 2003 – 2018) was sworn in as chairman of the Federal Trade Commission, after being confirmed by the U.S. Senate on April 26.
FTC Gets New Leadership
Less than a week after the U.S. Senate voted to approve a full slate of new commissioners to the Federal Trade Commission (FTC), four of those appointees were sworn in to their new positions.
Craig Benson to Participate in Webcast on Antitrust Laws in the U.S.
Litigation partner Craig Benson will participate in The Knowledge Group's webcast, "Antitrust Laws in the United States: Framework, Trends and Regulatory Issues."
The Federal Trade Commission ("FTC") has revised the jurisdictional and filing fee thresholds of the Hart-Scott-Rodino Antitrust Improvements Act of 1976.
Daniel Levi to Speak at Mexican Bar Association Conference on Class Action Litigation
Litigation counsel Daniel Levi will participate in a conference focusing on class action litigation presented by the Mexican Bar Association.
Rick Rule to Participate in Panel Discussion at Competition Counsel Day
Litigation partner Rick Rule will speak on a panel, "Enforcement Priorities for the Year Ahead," at the Competition Counsel Day conference hosted by Slaughter and May.
Ross Fieldston to Speak at Business-Government Relations Council's Annual Meeting
Corporate partner Ross Fieldston will speak on the topic of M&A in regulated industries at the Business-Government Relations Council's 2017 Annual Meeting.
Recent Guilty Pleas for Price-Fixing Conspiracy Show Commitment to Scrutinizing Social Media and e-Commerce in Criminal Antitrust Prosecutions
In what is believed to be the first prosecution of an antitrust conspiracy furthered through the use of encrypted messaging services, the Antitrust Division recently announced that an e-commerce company and its president agreed to…
Aidan Synnott and Bill Michael Co-Author Chapter on U.S. Antitrust Law in The Public Competition Enforcement Review
Litigation partners Aidan Synnott and Bill Michael have co-authored the "United States" chapter in the ninth edition of The Public Competition Enforcement Review.
Client Alert: Tenth Circuit Affirms Dismissal of Antitrust Tying and Bundling Claims
The U.S. Court of Appeals for the Tenth Circuit recently affirmed the dismissal of claims by a medical products distributor that two competitors violated antitrust laws by using tying and bundling contracts. The Court's opinion in…
Rick Rule to Participate at the Institute for Energy Law's Mergers, Acquisitions & Divestitures Conference
Litigation partner Rick Rule will speak at the Institute for Energy Law's Mergers, Acquisitions & Divestitures conference.
Craig Benson to Participate in Webcast on Antitrust Policy and Enforcement Under Trump Administration
Litigation partner Craig Benson will take part in a live webcast produced by The Knowledge Group.
Andrew Forman Discusses Antitrust Law and Working For the FTC in GCR Q&A
In a Q&A for Global Competition Review (GCR), litigation partner Andrew Forman touches on his time at the Federal Trade Commission's Bureau of Competition; his experience in private practice; the most important issues in antitrust …
FTC Releases Study Examining Merger Remedies Between 2006 and 2012
On February 3, 2017, the Federal Trade Commission released a report on an internal staff study examining the success of the Commission's merger remedies from 2006 to 2012.
Rick Rule Discusses Antitrust Regulatory Policy at Global Competition Forum
Litigation partner Rick Rule will speak at the Global Competition Review Live's sixth annual Antitrust Law Leaders Forum.
The Federal Trade Commission has revised upwards the jurisdictional and filing fee thresholds of the Hart-Scott-Rodino Antitrust Improvements Act and the Premerger Notification Rules. The new minimum size of transaction threshold will …
Rick Rule and Joseph Bial Co-Author USA Chapter of Cartels & Leniency
Litigation partners Rick Rule and Joseph Bial co-authored the "USA" chapter in the 2017 edition of The International Comparative Legal Guide to Cartels & Leniency, published by the Global Legal Group Ltd., London.
Client Alert: Department of Justice and FTC Release Antitrust Guidance for Employee Hiring and Compensation
The DOJ's Antitrust Division and the FTC recently published the agencies' first official guidance on antitrust issues in hiring and employment practices. The White House Council of Economic Advisors recently also…
Craig Benson to Participate in Webcast on Global Anti-Cartel Enforcement
Client Alert: Deferring to China's Interpretation of Its Own Regulation, Second Circuit Throws Out $147 Million Antitrust Judgment
On September 20, 2016, the Second Circuit reversed a $147 million antitrust judgment against two Chinese companies on international comity grounds in the long-running In re Vitamin C Antitrust Litigation in the Eastern District…
Client Alert: Amendments to the HSR Rules Including Allowing Submission of HSR Filings via DVD
On August 26, 2016, the Federal Trade Commission ("FTC") approved several final amendments to the Hart-Scott-Rodino Premerger Notification Rules ("HSR Rules"), the most notable of which permits the submission of HSR Notification…
Recent Developments in Government Antitrust Enforcement: Aidan Synnott and Andrew Finch Author "United States" Chapter
Antitrust partners Aidan Synnott and Andrew C. Finch have authored a chapter surveying recent developments in antitrust-related enforcement actions of the United States Department of Justice and Federal Trade Commission.
U.S. Justice Department Requires Restructuring of Transaction Involving Foreign Entities to Address Section 8 Interlocking Directorates Concern
On July 14, 2016, the United States Department of Justice announced that it had concerns that a transaction involving two foreign electronic trading platforms would have, as originally structured, violated Section 8 of the…
Aidan Synnott and Andrew Finch Co-Author Chapter on U.S. Antitrust Law in The Public Competition Enforcement Review
Litigation partners Aidan Synnott and Andrew Finch have co-authored the "United States" chapter in the recently published eighth edition of The Public Competition Enforcement Review.
Client Alert: Federal Court Blocks Staples-Office Depot Merger, Finding Sale of Office Supplies to Large Business Customers to Be a Distinct Relevant Market
On May 10, 2016, the United States District Court for the District of Columbia ruled that the Federal Trade Commission successfully established a prima facie case that the proposed merger of Staples and Office Depot was "likely to…
Client Alert: Second Circuit Affirms Dismissal of Sherman Act Claims Based on Failure to Allege a Plausible Geographic Market Definition
In Concord Associates, L.P., et al. v. Entertainment Properties Trust, et al., No. 13-3933-cv (2d Cir. 2016), the United States Court of Appeals for the Second Circuit affirmed the dismissal of a complaint asserting claims under …
Client Alert: FTC Announces New Hart-Scott-Rodino and Clayton Act Section 8 Thresholds
The Federal Trade Commission (the "FTC") has revised the jurisdictional and filing fee thresholds of the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (the "HSR Act") and the Premerger Notification Rules (the "Rules").
Bill Isaacson Named "Litigation Trailblazer" by The National Law Journal
Litigation partner Bill Isaacson was named a "Litigation Trailblazer" by The National Law Journal, which recognizes professionals who have moved the needle in the legal industry.
Three Paul, Weiss Partners Featured in Variety's Legal Impact Report
Corporate partner Robert Schumer, litigation partner Jay Cohen and entertainment/intellectual property partner Chuck Googe were featured in Variety's 2019 Legal Impact Report.
Scott Barshay and Rick Rule Recognized as "Dealmakers of the Year" by The American Lawyer
Corporate partner Scott Barshay and litigation partner Rick Rule have been named American Lawyer "Dealmakers of the Year."
The Deal Names Paul, Weiss Transaction "Deal of the Year" at European Awards
Paul, Weiss's work advising on the antitrust aspects of Monsanto's pending $66 billion acquisition by Bayer has been recognized by The Deal as a "Deal of the Year" at its inaugural European awards.
Robert Atkins Is American Lawyer's Litigator of the Week
Litigation partner Robert Atkins was named "Litigator of the Week" by The Am Law Litigation Daily following a landmark antitrust appellate ruling for Paul, Weiss client Becton Dickinson & Co.
Benchmark Litigation Names Four Paul, Weiss Partners "Top 10 Practitioners"
Four Paul, Weiss partners were selected by Benchmark Litigation for its inaugural list of "Top 10 Practitioners" across 10 areas of practice.
ABA Appoints Andrew Finch as Vice Chair of Books and Treatises Committee
The incoming Chair of the ABA's Section of Antitrust Law has appointed litigation partner Andrew Finch to serve a third consecutive term as Vice Chair of the Section's Books and Treatises Committee during the 2016-2017 ABA year.
David Bernick Named Chambers USA's Top Business Trial Lawyer
Litigation partner David Bernick was named the winner in the "Litigation: Business Trial Lawyers" category of the 2016 Chambers USA Awards.

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Chelsea confirm signing of Wesley Fofana from Leicester
Leicester City's French defender Wesley Fofana gestures during the English Premier League football match between Arsenal and Leicester City at the Emirates Stadium in London on August 13, 2022. (File photo: AFP)
LONDON — Chelsea have completed the signing of France U-21 international central defender Wesley Fofana from Leicester City, the two clubs announced on Wednesday.اضافة اعلان
Fofana, 21, has signed a seven-year deal at Stamford Bridge, the London outfit said.
The transfer fee is undisclosed but reports in the UK said Chelsea would pay their Premier League rivals £70 million plus bonuses for the former Saint-Etienne player.
"Wesley is a hugely promising defender who has already proven his quality in the Premier League at a young age," said Chelsea chairman Todd Boehly.
"We are delighted we were able to bring one of Europe's most exciting talents to Chelsea and further strengthen that area of our squad, both for this season and many more to come."
Fofana is the latest player signed in this transfer window to bolster Chelsea's defense, following the arrivals of Kalidou Koulibaly from Napoli and Marc Cucurella from Brighton and Hove Albion.
Thomas Tuchel's side have also added England forward Raheem Sterling from Manchester City in the transfer window, which closes on Thursday.
"I trained this morning with the team and it's a dream for me. I'm very excited to start playing games for the fans and the club," Fofana said.
Fofana made 52 appearances for Leicester after moving to the Foxes in October 2020 for a reported £32 million from Saint-Etienne, winning the FA Cup in 2021 when they beat Chelsea.
He made his Saint-Etienne debut as an 18-year-old and played alongside current Arsenal and France center-back William Saliba for Les Verts.
Fofana follows goalkeeper Kasper Schmeichel in leaving Leicester this summer, with the Foxes yet to make any major new signings.
"He departs with the thanks of everyone at Leicester City and the Club's best wishes for the next phase of his career," Leicester said in a statement.
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