EU Targets Another American Company – Because They Are American

from IBD:

The European Union has once again kicked a giant U.S. tech firm in the shins in yet another pathetic fit of jealous pique. Last time, it was Apple (AAPL), supposedly because it didn’t pay enough taxes. This time, it’s Google, largely because, well, European companies just can’t compete.

The EU’s so-called Competition Commission — whose name suggests the same level of irony as the Ministry of Truth did in George Orwell’s “1984” — says that Alphabet(GOOGL) subsidiary Google must cough up a record fine of $2.7 billion because Europe’s homegrown firms can’t compete.

“Google abused its market dominance as a search engine by promoting its own comparison shopping service in its search results, and demoting those of competitors,” said the EU’s top antitrust bureaucrat, Margrethe Vestager. “What Google has done is illegal under EU rules.” read more