Chantel McGee: Google, Facebook are super monopolies on the scale of Standard Oil, says VC Roger McNamee

And the EC find doesn’t even include a penalty for YouTube’s monopoly…

Google shareholders won’t be phased by the EU’s $2.7 billion fine against the company for competition abuses related to its shopping business, Elevation Partners co-founder Roger McNamee told CNBC on Tuesday.

“As a shareholder of Google you’re looking at this and saying: ‘We won again,'” McNamee said.

The venture capitalist spoke hours after EU regulators fined Google a record 2.4 billion euros ($2.7 billion), ruling that the search-engine giant violated antitrust rules for its online shopping practices.

Google said it will consider appealing the decision to the highest court in Europe.

“Google, Facebook, Amazon are increasingly just super-monopolies, especially Google and Facebook. The share of the markets they operate in is literally on the same scale that Standard Oil had … more than 100 years ago — with the big differences that their reach is now global, not just within a single country,” he said on “Squawk Alley.”

The fine is not large enough to change Google’s behavior, he added. “The only thing that will change it is regulations that actually say you can or can’t do something.”

Read the post on CNBC

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