The Worst Neo Robber Baron of Them All

It is difficult for the human mind to comprehend all the ways Bezos is shafting Americans.

By Robert Reich, Substack

I’m 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 Meta’s (Facebook’s) Mark Zuckerberg, Palantir’s Alex Karp, Palantir’s co-founder and board chair Peter Thiel, Oracle’s Larry Ellison (and his son, David), Google’s Sundar Pichai, Blackstone’s Stephen Schwarzman, and the Trump Organization’s 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 Levi’s and Hanes to demand that competing retailers raise prices on their products.

The New York Times’s 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 competitor’s 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 Target’s and Walmart’s lower prices, along with Hanes’s apologetic response that it “reached out to Target and Walmart to have the prices increased.” And an email to Levi’s from Amazon, with links to lower-priced khakis on Walmart’s website, along with Levi’s 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 Amazon’s power and reach.

At a time when most Americans are having trouble making ends meet, Amazon’s push to raise prices — to enlarge its profits (and put more money into Jeff Bezos’s pockets) — is beyond unconscionable.

This is hardly Bezos’s and Amazon’s 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 didn’t admit or deny wrongdoing.