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☆ The Biden administration wants to completely ban the hidden fees that make your plane and concert tickets unexpectedly expensive
▼ + stars: | 2023-10-11 | by ( Ayelet Sheffey | Juliana Kaplan | ) www.businessinsider.com time to read: +5 min

The FTC proposed a rule on Wednesday that would ban all hidden and misleading fees. Businesses who use hidden fees might have to give consumers refunds, per the rule. AdvertisementAdvertisementThe Biden administration has been trying to crack down on the hidden fees that pop up when you try to book a plane or a concert ticket or even just order food — and now wants to outright ban them. Those junk fees "plague" Americans across all sorts of transactions. The CFPB's Wednesday guidance clarified that provision to ensure every American knows they do not need to pay junk fees to get basic information from their bank.

Persons: —, Biden, Lina Khan, Khan, that's, Vicki Morwitz, Morwitz, Rohit Chopra, Lael Brainard Organizations: FTC, Service, Federal Trade Commission, Columbia Business School, Consumer Financial, —, Economic Locations: America, United States

WASHINGTON (AP) — The Federal Trade Commission on Wednesday proposed a rule to ban any hidden and bogus junk fees, which can mask the total cost of concert tickets, hotel rooms and utility bills. President Joe Biden has made the removal of these fees a priority of his administration. The Democrat's effort has led to a legislative push and a spate of initiatives aimed at helping consumers. The FTC estimates that consumers waste 50 million hours each year searching for the total price for tickets and lodging. After Biden discussed junk fees at a February meeting with aides, the U.S. Chamber of Commerce issued a statement that the “Washington-knows-best approach” would lead to fewer choices for consumers and make the economy less competitive.

Persons: Joe Biden, “, Lina Kahn, Biden, Lael Brainard Organizations: WASHINGTON, Federal Trade Commission, Administration, FTC, Consumer Financial, Bureau, White, National Economic Council, U.S . Chamber of Commerce Locations: U.S, Washington

☆ Here's a rapid-fire update on all 36 stocks in our portfolio, including our latest addition
▼ + stars: | 2023-10-11 | by ( Kevin Stankiewicz | In Kevinstankiewicz | ) www.cnbc.com time to read: +16 min

Here's a rapid-fire update on all stocks in Jim Cramer's Charitable Trust, the portfolio we use for the CNBC Investing Club. After reducing expenses to improve margins on its retail business, Jim said it's on the right track. Costco Wholesale (COST): Costco remains one of Jim's favorite stocks in the entire our entire portfolio. Ford Motor (F): Jim expressed confidence in Ford CEO Jim Farley, as the targeted United Auto Workers strike approaches the one-month mark. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio.

Persons: Jim Cramer's, Jim, there's, it's, Bausch, we're, We've, Coterra, Dupont, We're, Nelson Peltz, Peltz, Estee Lauder, Patience, Fabrizio Freda, Emerson, Jim Farley, Ford, Locker, Mary Dillon, GEHC, Vimal Kapur, Bruce Broussard, Broussard, he's, Eli Lilly, Lilly, Mark Zuckerberg, Morgan Stanley, Morgan Stanley's, James Gorman, Laxman Narasimhan, Elliott, Stanley Black, Decker, Piper, Wells Fargo, Wells, Jim Cramer, Jim Cramer Rob Kim Organizations: Jim Cramer's Charitable Trust, CNBC, Club, Apple, Federal Trade, Broadcom, VMWare, Bausch Health, Caterpillar, Costco Wholesale, Costco, Coterra Energy, Exxon Mobil, Natural Resources, Disney, ESPN, Hulu, Comcast, Emerson, National Instruments, Ford, United Auto Workers, Nike, GE Healthcare, Electric, GE, Honeywell International, Honeywell, Humana, Linde, LIN, Microsoft, Nvidia, Oracle, Alto Networks, cyberattacks, Palo Alto Networks, Procter & Gamble, Pioneer, Exxon, Constellation Brands, Elliott Management, FactSet, TJX, Marshalls, Wynn Resorts, WYNN, Jim Cramer's Charitable Locations: China, U.S, Maxx, Las Vegas, Boston, Macau, Asia

That same year, Amazon unsuccessfully sought to get her recused from agency probes against the company, arguing she was too biased. The District of Columbia also tried to sue Amazon on antitrust grounds before, but its lawsuit was dismissed by a federal judge last year. Experts say the FTC faces a few hurdles in its own case, including convincing the court which slice of the market Amazon is allegedly monopolizing. In a blog post responding to the lawsuit, Amazon General Counsel David Zapolsky accused the FTC of attempting to “gerrymander alleged market” to portray Amazon as something it’s not. The FTC also alleges Amazon keeps sellers dependent on services that have allowed it to collect billions in revenue every year.

Persons: Lina Khan, hasn’t, Khan, Joe Biden, ” Khan, David Zapolsky, “ gerrymander, ”, Neil Saunders, Maurice Stucke, Stucke, Sean Sullivan, they’re Organizations: Federal Trade, Activision Blizzard, FTC, Microsoft, Yale Law, Amazon, of, Walmart, GlobalData, Google, Department of Justice, University of Tennessee, University of Iowa College of Law Locations: California, of Columbia, U.S, monopolization

Ruckel had to make a choice: Lower the price on Amazon or ask Chewy to raise the price of his product. The company also invests in tools to help sellers offer “competitive prices,” he said. Scott Needham, who sells on Amazon and runs a product-finder tool for other Amazon sellers, said he was “surprised by some of the points that the FTC selected.”watch now“I have over the years been very critical of Amazon,” Needham told CNBC. Competitors like Shopify and Walmart are increasingly viable alternatives for many categories of sellers, Needham said, not to mention rapidly growing Chinese e=commerce companies like Temu. Among those is a greater ability for Amazon sellers to communicate with buyers, offering select customers certain promotions.

Persons: Watchara, Fred Ruckel, Ruckel, Chewy, Fred Ruckel's, that’s, David Zapolsky, ”, ” Zapolsky, “, ” “, I'm, commenter, Scott Needham, ” Needham, “ I’ve, Needham, I’m, ” Scott Moller, Moller, ” Moller, ecommerce, he’s, Molson Hart, Hart Organizations: MediaNews, Riverside Press, Enterprise, Getty, Amazon, CNBC, Federal Trade Commission, FTC, Walmart Locations: Eastvale , California, Amazon’s

☆ Tech stocks are still sliding after closing out their worst month of 2023
▼ + stars: | 2023-10-03 | by ( Ari Levy | ) www.cnbc.com time to read: +2 min

Tech stocks are following up their worst month of the year with a rough start to October as a spike in interest rates pushes investors out of risky assets. Like most tech stocks that were viewed as growth engines during the Covid-19 pandemic, Airbnb rallied in 2021 — just after its Nasdaq debut — and then sank last year. It has bounced back in 2023 but rising interest rates and ongoing concerns about high energy prices and the potential for a recession have investors rotating out of the stock of late. Among mega-cap tech stocks, Amazon suffered the steepest drop, falling 3.7% to $124.72. Amazon is coming off its worst month since February as the company faces the potential of a disappointing holiday shopping season and a massive antitrust lawsuit from the Federal Trade Commission.

Persons: it's, Airbnb, — Organizations: Nasdaq, KeyBanc, Treasury, Federal Reserve, Amazon, Federal Trade Commission, Microsoft, Meta

In our view, the companies in the regulators' sights — Alphabet 's (GOOGL) Google, Amazon (AMZN) and Microsoft (MSFT) — are not engaged in anti-competitive behavior. In January, the DOJ filed a second, separate antitrust lawsuit against Alphabet in the U.S. District Court for the Eastern District of Virginia. MSFT YTD mountain Microsoft YTD U.K. regulators have also hounded the Big Tech name, aiming to block Microsoft's acquisition of Activision over cloud gaming concerns. In a showdown years in the making, the FTC last month filed a highly-anticipated antitrust lawsuit against e-commerce giant Amazon. The logos of Google, Apple, Facebook, Amazon and Microsoft displayed on a mobile phone and a laptop screen.

Persons: Satya Nadella, —, Nadella, Bing, Jim Cramer, Activision Blizzard, ChatGPT, Morgan Stanley, Joe Biden, Lina Khan, Khan, Jim, Jim Cramer's, Justin Tallis Organizations: Big Tech, Google, Microsoft, Washington D.C, Justice, District of Columbia, DOJ, Eastern, of, Activision, Federal Trade Commission, FTC, Ubisoft, U.K, Markets Authority, Yale Law, Amazon, CNBC, Apple, Facebook, Getty Locations: Washington, U.S, of Virginia, Virginia, Amazon

☆ Biden’s pro-competition agenda put to the test as net neutrality, tech trials take shape
▼ + stars: | 2023-09-29 | by ( Lauren Feiner | ) www.cnbc.com time to read: +4 min

Shortly after that, the Federal Communications Commission chair announced a proposal to reinstate net neutrality rules, which prohibit internet service providers from favoring certain websites over others. It included appointing strong enforcers and starting the White House Competition Council. Even as several prongs of competition policy take shape, the Biden administration is up against the clock. That timeline may be particularly concerning for the ability to implement and uphold net neutrality rules, given that the FCC didn't have a Democratic majority able to advance the rulemaking until just this week. Wu and other net neutrality advocates have blamed the telecom industry for opposing Biden's initial FCC nominee, Gigi Sohn, holding up her nomination for well over a year until she ultimately withdrew.

Persons: Joe Biden, Department's, Anna Gomez, Biden, Tim Wu, Wu, Hannah Garden, Gigi Sohn Organizations: White, Federal Trade Commission, Amazon, Federal Communications Commission, Department of Justice, Google, Washington , D.C, FCC, Antitrust, Biden, Competition Council, FTC, Competition, Democratic, CNBC, Comcast Locations: Washington U.S, Washington ,

☆ Five takeaways from the FTC's 172-page antitrust lawsuit against Amazon
▼ + stars: | 2023-09-28 | by ( Brian Fung | ) edition.cnn.com time to read: +10 min

Washington CNN —An antitrust lawsuit from 17 states and the Federal Trade Commission this week against Amazon represents the US government’s biggest regulatory challenge yet against the e-commerce juggernaut. The landmark case targets Amazon’s retail platform, alleging that it’s harmed shoppers and sellers alike on a massive scale. Here are five of the biggest highlights and takeaways from the plaintiffs’ 172-page lawsuit. Just this month, the FTC added three Amazon officials to a separate consumer protection case dealing with Amazon Prime. Instead, the plaintiffs have to show that Amazon is part of a well-defined geographic and economic market that it dominates.

Persons: Lina Khan, Amazon, David Zapolsky, ” Khan, Khan, Douglas Farrar, ” Farrar, superstores, ” What’s, Jeff Bezos, “, ” Organizations: Washington CNN, Federal Trade Commission, Amazon, US, Walmart, Target, eBay, Amazon Music, Bloomberg News, CNN, Amazon Prime, FTC Locations: Seattle, United States

☆ Yelp sues Texas to defend its labeling of crisis pregnancy centers
▼ + stars: | 2023-09-28 | by ( Brian Fung | ) edition.cnn.com time to read: +3 min

Washington CNN —Yelp is suing Texas to ensure it can continue to tell users that crisis pregnancy centers listed on its site do not provide abortions or abortion referrals, opening a new front in the fight between states and the tech industry over abortion restrictions. Yelp said it currently applies the following label to crisis pregnancy center listings: “This is a Crisis Pregnancy Center. Crisis Pregnancy Centers do not offer abortions or referrals to abortion providers.”Yelp’s complaint said its labels are based on a manual evaluation of “thousands of business pages” on its site and reflect truthful statements. But Paxton’s impending lawsuit threatens to silence Yelp and infringe on the company’s First Amendment rights, the complaint alleges. Yelp argues that its labels for crisis pregnancy centers are not deceptive and that Paxton himself had publicly commended the disclosures as “accurate” in a February press release.

Persons: Washington CNN — Yelp, Yelp, Ken Paxton preemptively, Roe, Wade, Paxton Organizations: Washington CNN, Democratic, Federal Trade Commission Locations: Texas, San Francisco federal

☆ Insider Today: Finance's next generation
▼ + stars: | 2023-09-27 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +8 min

This post originally appeared in the Insider Today newsletter. Tech: An Amazon exec told employees the tech giant's RTO plans could take up to three years. An Amazon exec told employees the tech giant's RTO plans could take up to three years. Insider is again highlighting some of the brightest young minds in finance with our annual list of Wall Street's rising stars. The Insider Today team: Dan DeFrancesco, senior editor and anchor, in New York City.

Persons: —, Harrison, Alyssa Powell, Michelle Abrego, Luna McKeon, Michael Dunn Goekjian, Anne, Victoire Auriault, Goldman Sachs, Jack Dillon didn't, Thom Browne, Dillon, Patrick McGoldrick, Pat, Liu Jie, That'll, Jeffrey Epstein, Jes Staley, Epstein, Bill Tompkins, Donald Trump, it's, Austin Harris, Chris Pizzello, Ron DeSantis, Mike Pence, Vivek Ramaswamy, Mark Zuckerberg, Lil Wayne, Avril Lavigne, Jenna Ortega, Gwyneth Paltrow, Dan DeFrancesco, Naga Siu, Hallam Bullock, Lisa Ryan Organizations: Service, Tech, Amazon, Jack Dillon didn't nab, Vista Equity Partners, New England Patriots, Morgan Asset Management, Getty, Verizon, JPMorgan, US Virgin Islands, SVP, Microsoft, FTC, Federal Trade Commission, AP, Fox Business, Florida Gov, Meta, Publishing Locations: Xinhua, Delta, Northern California, San Francisco, Florida, New York City, San Diego, London, New York

☆ Jeff Bezos' net worth slumped by $5 billion in a single day after the FTC sued Amazon
▼ + stars: | 2023-09-27 | by ( Joseph Wilkins | ) www.businessinsider.com time to read: +3 min

Amazon founder Jeff Bezos saw his personal fortune drop by $5 billion on Tuesday. Bezos' net worth has still jumped by over $40 billion this year to around $150 billion. AdvertisementAdvertisementJeff Bezos saw a hefty $5 billion wiped from his personal fortune in a single day, after the Federal Trade Commission filed a lawsuit against Amazon. Despite the eye-watering drop, Bezos's net worth remains up $43 billion this year at $150 billion thanks to Amazon's stock price rally, according to the Bloomberg Billionaires Index. Nine of the 10 billionaires who have added the most to their net wealth are from the tech sector.

Persons: Jeff Bezos, —, Ford, Bezos, Lina Khan Organizations: FTC, Amazon, Service, Federal Trade Commission, Bloomberg

☆ Trump’s Michigan trip, a Black Sea commander mystery and Amazon’s antitrust fight
▼ + stars: | 2023-09-27 | by ( ) www.reuters.com time to read: +1 min

A New York judge finds Donald Trump and his adult sons liable for fraud. The ruling comes ahead of the former president’s trip to Detroit to woo striking autoworkers. A fire at a wedding hall in Iraq kills more than 100 people. Plus, we look at why the federal trade commission is suing Amazon and how investors are preparing for a possible U.S. shutdown. Visit the Thomson Reuters Privacy Statement for information on our privacy and data protection practices.

Persons: Donald Trump, Reading Donald Trump Organizations: Apple, Google, Reuters, Amazon, Thomson, Reading Locations: York, Detroit, Ukraine, Iraq, New York, Nagorno, Karabakh

☆ Yelp has recorded every restaurant and business with suspicious reviews. See if your favorite spot is on the list.
▼ + stars: | 2023-09-27 | by ( Sarah Jackson | ) www.businessinsider.com time to read: +3 min

In a Yelp survey, 9 out of 10 people said they read online reviews to inform their buying decisions. Previously, these alerts have been only temporarily listed on the the businesses' Yelp pages. Seventy percent of respondents said it's rare for them to visit a new business without looking at online reviews firstYelp has been plagued with fake or manipulated reviews for years. A 2013 study found that 20% of all Yelp reviews at the time were fake. AdvertisementAdvertisementCheck out Yelp's index of flagged businesses here to see if your favorite establishment made the list.

Persons: — Organizations: Service, Federal Trade Commission, Apple, Facebook, Walmart, Target, FTC

☆ FTC Chair Lina Khan: Amazon lawsuit is about protecting free and fair competition
▼ + stars: | 2023-09-27 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFTC Chair Lina Khan: Amazon lawsuit is about protecting free and fair competitionFTC Chair Lina Khan joins 'Squawk Box' to discuss the Federal Trade Commission's antitrust lawsuit against Amazon, accusing the company of illegally using market power to raise prices and exclude competition, the antitrust landscape, and more.

Persons: Lina Khan Organizations: Trade, Amazon

☆ FTC Chair Lina Khan: We only bring cases when we believe there's a law violation
▼ + stars: | 2023-09-27 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFTC Chair Lina Khan: We only bring cases when we believe there's a law violationFTC Chair Lina Khan joins 'Squawk Box' to discuss the Federal Trade Commission's antitrust lawsuit against Amazon, accusing the company of illegally using market power to raise prices and exclude competition, the antitrust landscape, and more.

Persons: Lina Khan Organizations: Trade, Amazon

☆ Stocks making the biggest moves midday: Costco, Paramount, MillerKnoll, ChargePoint and more
▼ + stars: | 2023-09-27 | by ( Samantha Subin | ) www.cnbc.com time to read: +3 min

Media stocks — A handful of media and studio stocks rose Wednesday after the nearly 150-day writer strike ended. ChargePoint , Blink Charging — Shares of ChargePoint and Blink Charging gained 4.1% and 5.5%, respectively after UBS initiated coverage of the electric charging stocks with buy ratings. XPO — Shares added roughly 2% after XPO stock was upgraded to outperform from Evercore ISI, with analyst Jonathan Chappell highlighting margin growth potential and stronger pricing power. Mattel — Shares of the toymaker rose more than 4% after Morgan Stanley initiated coverage of Mattel with an overweight rating. AAR Corp — Shares of the aircraft services company rose 2.3% on the back of its quarterly earnings report.

Persons: MillerKnoll, XPO, Jonathan Chappell, Morgan Stanley, Levi Strauss, TD Cowen, Levi's, Piper Sandler, Kosmos, — CNBC's Brian Evans, Alex Harring, Jesse Pound, Hakyung Kim Organizations: Media, Warner Bros . Discovery, Paramount Global, Comcast, Disney, Netflix, UBS, Costco —, Costco, Evercore ISI, Mattel —, Mattel, Federal Trade Commission, AAR, Kosmos Energy, Bank of America

TOKYO (AP) — Shares in Asia were mostly higher on Wednesday, shrugging off a sharp decline on Wall Street that took benchmarks back to where they were in June. That pushed the Fed last week to say it will likely cut interest rates by less next year than earlier expected. Besides high interest rates, a long list of other worries is also tugging at Wall Street. On Wall Street, the vast majority of stocks fell Tuesday under such pressures, including 90% of those within the S&P 500. Big Tech stocks tend to be among the hardest hit by high rates, and they were the heaviest weights on the index.

Persons: shrugging, Hui Ka Yan, Australia's, ” Stephen Innes, Brent Organizations: TOKYO, Tokyo's Nikkei, Hang Seng, Bloomberg, Garden Holdings, Dow Jones, Nasdaq, Federal Reserve, Treasury, Fed, U.S, Management, Big Tech, Apple, Microsoft, Federal Trade Commission Locations: Asia, Hong Kong, Shanghai, China, Seoul, Maryland, Carolinas

☆ Lina Khan vs. Amazon - The New York Times
▼ + stars: | 2023-09-27 | by ( Cory Doctorow | ) www.nytimes.com time to read: +1 min

The Federal Trade Commission’s chair, Lina Khan, has brought her long-awaited, audacious case against Amazon, signaling the Biden administration’s determination to restore an approach to competition law that has been in decline since the Carter administration. But Amazon is precisely the kind of company that Congress had in mind in enacting America’s many antitrust laws. The robber barons of that era hijacked the economy and politics, but they also faced the constraints of empires grounded in physical goods. Today’s tech barons at huge platforms like Amazon, Google and Meta can deploy anticompetitive, deceptive and unfair tactics with the agility and speed of a digital system. And Amazon is the apex predator of our platform era.

Persons: Lina Khan, Carter Organizations: Federal Trade, Google, Amazon

Here is a list of attempts by regulators to split up big companies:Standard Oil (1911)- Regulators alleged John Rockefeller's Standard Oil held the monopoly in the oil business by using aggressive pricing to eliminate competition. Standard Oil was broken up into 34 companies. Aluminum Company of America (Alcoa) (1945)- The Justice Department charged Alcoa (AA.N) with illegally monopolizing the aluminum market and demanded the company be dissolved. Paramount Pictures (1948) - The U.S. Supreme Court ruled in a landmark antitrust case, also known as "Paramount case" or the "Hollywood antitrust case," that film studios could not legally own their own theaters, hitting the vertical integration of companies. AT&T (1984) - In 1974, the U.S. government filed an antitrust lawsuit against AT&T (T.N) because it had a monopoly on telephone lines.

Persons: Andrew Kelly, Big, John Rockefeller's, District Judge, Jaspreet Singh, Zaheer Kachwala, Sriraj Kalluvila, Josie Kao Organizations: Federal Trade Commission, Washington , D.C, REUTERS, Amazon.com, Standard Oil, Big Tech, Google, Facebook, Standard, Oil, ExxonMobil, Chevron, Aluminum Company of America, Alcoa, Justice Department, Reynolds, Paramount Pictures, U.S, Supreme, Paramount, IBM, AT, Microsoft, District, Meta, FTC, Thomson Locations: Washington ,, U.S, Bengaluru

☆ What Cramer thinks a potential government shutdown, auto strike mean for equities
▼ + stars: | 2023-09-27 | by ( Jeff Marks | ) www.cnbc.com time to read: +3 min

Every weekday the CNBC Investing Club with Jim Cramer holds a Morning Meeting livestream at 10:20 a.m. Equities give up gains Stocks lost steam in midmorning trading Wednesday, with the S & P 500 down 0.07%, as equities gave up early gains and bond yields again strengthened. However, Jim Cramer said Wednesday that a potential shutdown of the federal government , in conjunction with an escalating strike by the United Auto Workers union, could "take out a big chunk of economic activity." As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER .

Persons: Jim Cramer, Jim, we'll, Jim Cramer's Organizations: CNBC, Costco, Treasury, United Auto Workers, West Texas, Costco Wholesale, Federal Trade Commission, Citigroup, Walmart Locations: U.S

☆ Cramer says Amazon and Google stocks are still buys, despite antitrust lawsuits
▼ + stars: | 2023-09-26 | by ( Julie Coleman | ) www.cnbc.com time to read: +2 min

CNBC's Jim Cramer on Tuesday shared his opinions on two antitrust lawsuits involving tech giants Amazon and Alphabet -owned Google, contending that neither company is a true monopoly. "I'm sure Google and Amazon would love to be actual monopolies, and they may have been real tough competitors, but neither of them has that kind of scale," Cramer said. Cramer argued that Google has a powerful contender in Microsoft and its search engine Bing. He added that Apple agreed to the deal with Google because consumers prefer its search engine. Correction: Jim Cramer shared his opinions about the Big Tech antitrust cases on Tuesday.

Persons: CNBC's Jim Cramer, Cramer, Bing, Eddy Cue, Jim Cramer, Jim Cramer's Organizations: Google, Justice, Apple, Microsoft, Federal Trade Commission, Amazon, Amazon Prime, Big Tech, CNBC, Club, Club Charitable Trust Locations: Amazon

☆ Stock Market Today: Dow Falls More Than 400 Points; Bond Yields Hold Around 4.5%
▼ + stars: | 2023-09-26 | by ( ) www.wsj.com time to read: +1 min

Worries about rising bond yields and a strengthening dollar dragged down stocks Monday. Rising yields have hurt stocks recently, stoking concerns that they could slow the economy by increasing borrowing costs for businesses and consumers. All three major indexes were down more than 1%, with the blue-chip Dow shedding nearly 400 points. The 10-year Treasury yield settled at 4.558%, its highest level since Oct. 16, 2007. The WSJ Dollar Index edged up, extending recent gains that have brought it to its highest level since last November.

Persons: ”, Michael Antonelli, Baird, Brent Organizations: Treasury, Moody's, Amazon, Federal Trade Commission Locations: U.S, Europe

The Federal Trade Commission has filed its long-anticipated antitrust lawsuit against Amazon . In a sweeping complaint unveiled Tuesday, the FTC and attorneys general from 17 states accused Amazon of wielding its "monopoly power" to inflate prices, degrade quality for shoppers and unlawfully exclude rivals, thereby undermining competition. David Zapolsky, Amazon's general counsel and senior vice president of global public policy, said in a statement that the FTC's complaint is "wrong on the facts and the law." The lawsuit is a major milestone for FTC Chair Lina Khan, who rose to prominence for her 2017 Yale Law Journal note, "Amazon's Antitrust Paradox." Through her work at the FTC, Khan has sought to reset that framework and push the boundaries of antitrust law through risky legal battles.

Persons: Andy Jassy, David Zapolsky, Amazon's, Zapolsky, Lina Khan, Khan Organizations: New York Times DealBook, Jazz At Lincoln Center, Federal Trade Commission, Amazon, FTC, Yale Locations: New York City

☆ For Amazon’s Andy Jassy, a Cleanup Job Just Got a Lot Bigger
▼ + stars: | 2023-09-26 | by ( Karen Weise | More About Karen Weise | ) www.nytimes.com time to read: +1 min

In the two years since Andy Jassy replaced Jeff Bezos as Amazon’s chief executive, he has been cleaning up after his company’s aggressive pandemic expansion and after Mr. Bezos. Mr. Jassy has reined in Amazon’s voracious warehouse growth, culled from the company’s sprawl of products and laid off thousands of employees on several of Mr. Bezos’ pet projects. The suit focused on parts of the business that took off before Mr. Jassy gained control over the retail division. The redacted complaint mentions Mr. Bezos 16 times, and Mr. Jassy only twice. Mr. Jassy joins other big tech chief executives who have taken control of enormous businesses from idiosyncratic founders at difficult moments.

Persons: Andy Jassy, Jeff Bezos, Bezos, Jassy, ”, Sucharita Kodali Organizations: Federal Trade Commission, Amazon, Street, Forrester Research Locations: Washington

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