The Federal Trade Commission announced today that they are currently looking at the boards of both Apple and Google to determine whether or not an anti-trust violation exists. This isn't particularly unexpected; Apple and Google share two directors, and a history of working together for mutual profit.
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Both media giants most recently allied to bring integrated Youtube to Snow Leopard, Apple's new OS X. This most recent collaboration may have been what attracted the FTC's attention in the first place. I highly doubt anything too ground-breaking will come of this news, however. Apple and Google both seem to get along about as well as corporations can, but they also compete on several platforms. In the realm of mobile phones, search engines, and Internet browsers both titans are still locked in conflict.
Still, it is a breach of antitrust law for corporations to share board members. We may see the FTC force some shuffling in the boards of both companies. If that happens, it'll be interesting to see which corp each board member chooses, and what it will mean for the companies that they leave behind.
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We'll see if this leads anywhere. More than likely, it will just cause Apple and Google to rein in their dreams a little bit and minimize any overt ties they may have. Industry collusion is a deadly fruit, and I hope both giants are smart enough to stay away from it.