This transcript has been automatically generated and may not be 100% accurate.  ... on Thursday AbbVie Pharmaceuticals fifty four billion dollar merger with strong pharmaceutical wireline collapsed this was under pressure from the Obama Treasury Department ... which has moved against the so-called tax inversions ... well if there had been one big market moving event on Thursday possibly the AbbVie collapse of the net ... the talk about with that with with me is Business World Columnist home and Jenkins ... concealment ... so aam what impact do you think that the AbbVie's story had on the market that Thursday was pretty big guy and an up to that point unexpected collapse ... yes the the Journal's ... reporting on Wednesday morning ... said the traders were all talking about the anti deal coming apart ... as a big reason to sparking the selloff and that it's not that reason it is not just one deal that ... American businesses have accused overseas operations ... as long as we have these two different ... systems in which you know if these come in and owned an American private archives ivory ... we have the prom is in the ... buying and selling of these foreign businesses so a lot of deals that are even on the ... radar yet ... upwards scorched by this the ... the ruling body at the reaction was one of the market probably ... talk a little bit about that I mean ... when you have a big deal like this to keep happening our plan their lot of players to start moving and ... that friends the arbitraged community ... had made apparently some big bets on on the verge of taking place and to pull the rug out ... I like this so had to have had some effect ... these are the adventures to stand anyone believe the long-term shareholder took the risk that none of these deals this candy ... and ... at the management insisted even after the Obama tax law changes that the deal was still ... going ahead of are still committed to it ... then suddenly overnight ... it was a recall on the happy part of me know what that is ... based in Chicago Law bits of board members are close to you bought ministrations ... Tiburon manual ... Sen J Durbin of Illinois has been very Artemis deal has already killed one Walgreens deal ... so you know the work around the investors is that it was political for the clothes that PETA backed out of this ... well that means that or stop what the status quo which was current corporate tax law which ... is not having a positive effect ... no one is another goaltender for Americans this is the Indian sell their overseas operations ... and ... all the overseas jurisdictions will collect the taxes and that ... these companies that were killed by American shareholders in the improbable under their control on and and and and someone else just to avoid ... high U S tax rate which has the highest and roll ... on our income and its unique in the world tries to tax offshore
Business World Columnist Holman Jenkins Jr. on what’s behind AbbVie’s decision not to merge with Dublin-based Shire. Photo: Getty Images