The FTC has opened an investigation into whether the close ties between Apple (AAPL) and Google (GOOG) constitute a violation of anti-trust laws. The companies share a director, Arthur Levinson, the former CEO of Genentech, but it is likely Eric Schmidt's presence on Apple's board that is raising the FTC's hackles. The NYT: The Clayton Antitrust Act of 1914 prohibits a person’s presence on the board of two rival companies when it would reduce competition between them.

More info: Silicon Alley Insider