Chairman Leibowitz has been a vocal critic of online advertising practices, warning Internet companies earlier this year that "a day of reckoning may be fast approaching" and, according to Ars Technica, "he suggested that the FTC may have to use its subpoena authority to force companies to cough up information requested by the agency."
With the regulatory environment looking increasingly hostile, one can understand why Valley denizens might gasp with disbelief at the president's proposal to impose U.S. taxes on overseas profits.
"It would be like an earthquake for high tech," said Carl Guardino, chief executive of the Silicon Valley Leadership Group.
Aiming a tax grab at productive companies growing international markets while bailing out decrepit industries at home doesn't make a lot of sense. Silicon Valley entrepreneur and investor Peter Thiel put it this way: "With its massive wealth transfers to the unproductive sectors of the economy, the government is becoming an increasingly reactionary force in American society."
Sonia Arrison makes the case that "President Obama's appointments of Silicon Valley outsiders were only the first indications that his administration would be less than friendly to the high-tech industry, despite campaign promises. Since then, it has shown an inclination toward tight regulatory practices and away from transparency."