Amazon Had a Campaign to Destroy Competitors “the Way a Cheetah Would Pursue a Sickly Giselle”
Amazon Had a Campaign to Destroy Competitors “the Way a Cheetah Would Pursue a Sickly Giselle” By Pam Martens and Russ Martens for Wall Street on Parade
The CEOs of four of the most valuable technology companies in the world — Google’s Sundar Pichai, Amazon’s Jeff Bezos, Facebook’s Mark Zuckerberg and Apple’s Tim Cook — testified remotely on Wednesday in a House investigation into whether they are exercising monopoly power in violation of antitrust law in the United States and need to be broken up or more tightly regulated.
Amazon and Facebook came out of the hearing the most severely damaged with evidence obtained by the House Judiciary’s Subcommittee on Antitrust, Commercial and Administrative Law that strongly suggests they have engaged in illegal, predatory behavior.
There was also significant evidence that Google and Apple are engaging in practices that stifle competition and harm America.
Fines and new regulatory legislation are going to be needed to rein in the abuses.
What was missing from the hearing, unfortunately, was the critical role that Wall Street and the Securities and Exchange Commission have played behind the scenes that has enabled these tech firms to grow so powerful. We’ll get to that shortly, but first let’s get to what the hearing did cover.
Committee Chair David Cicilline (D-RI) opened the hearing with a detailed statement that explained that the hearing was called after a year-long investigation in which “millions of pages of evidence,” were collected that included internal emails that were read later in the hearing, suggesting egregious predatory behavior against would-be competitors. Cicilline also said that the Subcommittee had conducted “hundreds of hours of interviews.”
Cicilline set the tone for the hearing with this explanation of each of the four tech giants:
“Amazon runs the largest online marketplace in America, capturing 70% of all online marketplace sales. It operates across a vast array of businesses—from cloud computing and movie production to transportation logistics and small business lending. Amazon’s market valuation recently hit $1.5 trillion, more than that of Walmart, Target, SalesForce, IBM, eBay, and Etsy combined.