1991: Microsoft Corp. confirms that it is the subject of an investigation by the Federal Trade Commission. Rick Sherlund of Goldman Sachs, the top Microsoft analyst on Wall Street, pooh-poohs the investigation into whether Microsoft is engaging in illegal monopolistic practices. "Mr. Sherlund," reports The Wall Street Journal, "said he doesn't think the FTC can mount much of a case against Microsoft because he thinks the company has ample competition in system software — from American Telephone & Telegraph, Apple and Digital Research Inc." Over the coming years, evidence of Microsoft's monopolistic behavior mounts until U.S. District Judge Thomas Penfield Jackson issues a final ruling on April 3, 2000, finding that Microsoft Corp. has violated Federal antitrust law. That day, Microsoft stock plunges 14.5%, shedding $80 billion in market value.

The Wall Street Journal, March 12, 1991, p. A3;April 4, 2000, pp. A1, A12, C1, C22.