Sunday, May 15, 2011

On May 15

On this day in ...
... 1911 (100 years ago today) , the U.S. Supreme Court issued its judgment in Standard Oil Co. of New Jersey v. United States, in which it held that the oil conglomerate, founded by magnate John D. Rockefeller in 1870, violated the ban on monopolies established by Congress in the Sherman Antitrust Act of 1890. (photo of Supreme Court building: CC-BY-SA-3.0/Matt H. Wade at Wikipedia) As reported by The New York Times, the 8-1 decision reversed an earlier interpretation of the Act's ban on "unreasonable" restraint of trade, and approved a lower-court order breaking up the company into separate units.

(Prior May 15 posts are here, here, here, and here.)

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