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Robert Reich: The Worst Neo Robber Baron of Them All

Link: https://robertreich.substack.com/p/the-worst-ceo-of-all
Im tempted to give Elon Musk that title. But when it comes to greedy and irresponsible corporate behavior, one CEO is outdoing even Musk.
When the history of this sordid second Gilded Age is written, the list of neo robber barons will obviously include Musk as well as Metas (Facebooks) Mark Zuckerberg, Palantirs Alex Karp, Palantirs co-founder and board chair Peter Thiel, Oracles Larry Ellison (and his son, David), Googles Sundar Pichai, Blackstones Stephen Schwarzman, and the Trump Organizations monumentally corrupt Donald Trump, Donald Trump Jr., and Eric Trump.
But one greedy, public-be-damned CEO stands out even above Musk, Trump, and the rest. His name: Jeff Bezos. His corporation: Amazon.
It is difficult for the human mind to comprehend all the ways Bezos is shafting Americans.
Start with prices. According to a newly unsealed filing released Monday in an antitrust lawsuit brought by California Attorney General Rob Bonta, Amazon has pressured major brands like Levis and Hanes to demand that competing retailers raise prices on their products.
The New York Timess David McCabe reports on unsealed evidence that Amazon punishes sellers on its marketplace for offering lower prices on other websites, like those of Walmart or Target. When it spots a competitors lower price, Amazon tells the brands to demand that rival sites raise their prices for the products.
The filing includes an email to Hanes from Amazon, with links to Targets and Walmarts lower prices, along with Haness apologetic response that it reached out to Target and Walmart to have the prices increased. And an email to Levis from Amazon, with links to lower-priced khakis on Walmarts website, along with Levis response that Walmart had agreed to raise its price.
According to the lawsuit, Amazon has been able to exert pressure on different brands to raise their prices because of Amazons power and reach. At a time when most Americans are having trouble making ends meet, Amazons push to raise prices to enlarge its profits (and put more money into Jeff Bezoss pockets) is beyond unconscionable.
This is hardly Bezoss and Amazons first brush with antitrust law. In 2023, the Federal Trade Commission and 17 states accused Amazon of illegally maintaining a monopoly in online retail by squeezing merchants who sell on its site and prioritizing its own products, resulting in artificially higher prices.
In September, the FTC agreed to settle another lawsuit against Amazon that accused it of making it difficult for consumers to cancel its Prime subscription service. Amazon agreed to pay up to $2.5 billion including $1 billion in penalties and additional payouts to consumers but didnt admit or deny wrongdoing.
- more at link -
When the history of this sordid second Gilded Age is written, the list of neo robber barons will obviously include Musk as well as Metas (Facebooks) Mark Zuckerberg, Palantirs Alex Karp, Palantirs co-founder and board chair Peter Thiel, Oracles Larry Ellison (and his son, David), Googles Sundar Pichai, Blackstones Stephen Schwarzman, and the Trump Organizations monumentally corrupt Donald Trump, Donald Trump Jr., and Eric Trump.
But one greedy, public-be-damned CEO stands out even above Musk, Trump, and the rest. His name: Jeff Bezos. His corporation: Amazon.
It is difficult for the human mind to comprehend all the ways Bezos is shafting Americans.
Start with prices. According to a newly unsealed filing released Monday in an antitrust lawsuit brought by California Attorney General Rob Bonta, Amazon has pressured major brands like Levis and Hanes to demand that competing retailers raise prices on their products.
The New York Timess David McCabe reports on unsealed evidence that Amazon punishes sellers on its marketplace for offering lower prices on other websites, like those of Walmart or Target. When it spots a competitors lower price, Amazon tells the brands to demand that rival sites raise their prices for the products.
The filing includes an email to Hanes from Amazon, with links to Targets and Walmarts lower prices, along with Haness apologetic response that it reached out to Target and Walmart to have the prices increased. And an email to Levis from Amazon, with links to lower-priced khakis on Walmarts website, along with Levis response that Walmart had agreed to raise its price.
According to the lawsuit, Amazon has been able to exert pressure on different brands to raise their prices because of Amazons power and reach. At a time when most Americans are having trouble making ends meet, Amazons push to raise prices to enlarge its profits (and put more money into Jeff Bezoss pockets) is beyond unconscionable.
This is hardly Bezoss and Amazons first brush with antitrust law. In 2023, the Federal Trade Commission and 17 states accused Amazon of illegally maintaining a monopoly in online retail by squeezing merchants who sell on its site and prioritizing its own products, resulting in artificially higher prices.
In September, the FTC agreed to settle another lawsuit against Amazon that accused it of making it difficult for consumers to cancel its Prime subscription service. Amazon agreed to pay up to $2.5 billion including $1 billion in penalties and additional payouts to consumers but didnt admit or deny wrongdoing.
I'm not a big customer on Amazon, however I do occasionally shop there. In my case, I've turned to Amazon only when it offers an item that I couldn't find in local stores in Pittsburgh. I've always tried to patronize local merchants whenever possible, but it's getting hard to do. No retailers can afford to carry all the styles in all the sizes in inventory any more. In my own situation I cannot "boycott" Amazon, however I can pledge to put more effort into shopping with local retailers, thus denying the extra profits to Amazon.
Robert Reich brings some damning evidence against Jeff Bezos/Amazon in this article. Please read the rest on his substack (OP link.)
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Robert Reich: The Worst Neo Robber Baron of Them All (Original Post)
FakeNoose
Friday
OP
CanonRay
(16,207 posts)1. I live in a small rural town. Amazon is unavoidable.
It's a 120 mile round trip to even a small city of 100k A major city is at least an 8 hour round trip.