XM-Sirius: Rep. Gene Green Responds
Cramer is frustrated, to say the least, by how Congress and the Department of Justice have held up the XM - Sirius merger in hearings for over a year. They have now debated this merger longer than they did ExxonMobil, ChevronTexaco or even the Iraq War.
Perhaps the staunchest opponent to the deal is Rep. Gene Green (D-Texas), who coauthored a bipartisan letter to the DoJ last summer requesting that the deal be squashed. On Friday’s Mad Money, Rep. Green came on to explain his position.
It all boils down to the issue of choice, according to Green. When the licenses for XM and Sirius were issued years ago, the agreement was for two providers in the satellite radio space and this proposed merger directly conflicts with that agreement, he said.
Green likened the XM-Sirius deal to when DirecTV tried unsuccessfully to merge with EchoStar a few years ago. The FCC did not grant approval to that merger because it would only have allowed for only one provider in the satellite television arena. This is the exact same concept, as far as Green is concerned. Why should the regulators rule any different?
While he appreciates Rep. Green coming on Mad Money to represent the other side, Cramer isn’t through using his bully pulpit to call for this merger to pass. Stay tuned.
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