- A U.S. House of Representatives panel looking into abuses of market power by four big technology companies found they used “killer acquisitions” to smite rivals, charged exorbitant fees and forced small businesses into “oppressive” contracts in the name of profit.
“To put it simply, companies that once were scrappy, underdog startups that challenged the status quo have become the kinds of monopolies we last saw in the era of oil barons and railroad tycoons,” the report said. Apple said, “Scrutiny is reasonable and appropriate but we vehemently disagree with the conclusions.” The company also defended its commission rates and said it would issue a more extensive response in the coming days.
That said, Congress is unlikely to act on the findings this year. Since the report reflects the views of the Democratic majority in the House, it sends a clear signal that should Joe Biden win the White House, the pressure on the companies could well continue.
Can we then look at how their Covid allocations also went to the big companies and all but ignored Main Street USA?
Just like the mob boss waking in the streets of Chicago in the 1920 exorting small businesses owners paying for protection from themselves. Trump did this yesterday cancelling talks for Covid19 stimulus plans.
That's Corporate AmeriKKKa in a nutshell.
Is this really surprising anyone? Since when “free market” is about friendship, mutual support and respect for others?
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Source: BusinessInsider - 🏆 729. / 51 Read more »