Since none of the cable companies: Susan Crawford, “Let America’s Cities Provide Broadband to Their Citizens,” Bloomberg View, February 14, 2012 (http://www.bloombergview.com/articles/2012-02-15/the-case-for-publicly-owned-internet-service-commentary-by-susan-crawford).
By 2014, Comcast: Stephen Seufert, “Chattanooga v. Kabletown,” Philly.com, June 29, 2014 (http://www.philly.com/philly/opinion/inquirer/20140629_Chattanooga_vs__Kabletown.html).
Comcast and other cable operators: Center for Responsive Politics, “Influence and Lobbying: Lobbying: Top Spenders, 2014.” See also “Comcast Corp.: Profile for 2014 Election Cycle,” OpenSecrets.org website (https://www.opensecrets.org/orgs/summary.php?id=D000000461&lname=Comcast+Corp).
Michael Powell, who chaired the Federal Communications Commission: See “Michael Powell,” National Cable and Telecommunications Association website (https://www.ncta.com/who-we-are/leadership/bio/169).
The National Cable and Telecommunications Association: Center for Responsive Politics, “Influence and Lobbying: Lobbying: Top Spenders, 2014,” OpenSecrets.org website (https://www.opensecrets.org/lobby/top.php?indexType=s&showYear=2014).
Of its 126 lobbyists: Center for Responsive Politics, “Comcast Corp.: Lobbyists Representing Comcast Corp., 2014,” OpenSecrets.org website (http://www.opensecrets.org/lobby/clientlbs.php?id=D000000461&year=2014).
Meredith Attwell Baker: “Tying Up the Cable Business,” The Economist, October 4, 2014 (http://www.economist.com/news/business/21621777-lobbying-over-comcasts-bid-create-cable-tv-behemoth-coming-head-tying-up-cable).
Comcast’s in-house lobbyists: See Alex Rogers, “Comcast Has About 76 Lobbyists Working Washington on the Time-Warner Cable Merger. This Is Why,” Time, April 29, 2014 (http://time.com/79569/comcast-has-about-76-lobbyists-working-washington-on-cable-merger-this-is-why/).
Monsanto, the giant biotech corporation: Food and Water Watch, Monsanto: A Corporate Profile, Food and Water Watch website, April 2013 (http://documents.foodandwaterwatch.org/doc/monsantoFS.pdf#_ga=1.86340888.1292932794.1419311326).
To ensure its dominance: For the discussion of Monsanto seeds, see Donald L. Barlett and James B. Steele, “Monsanto’s Harvest of Fear,” Vanity Fair, May 2008 (http://www.vanityfair.com/politics/features/2008/05/monsanto200805).
in less than fifteen years: Ibid (http://www.vanityfair.com/politics/features/2008/05/monsanto200805).
Monsanto has more than doubled the price: See William Neuman, “Rapid Rise in Seed Prices Draws U.S. Scrutiny,” New York Times, March 11, 2010 (http://www.nytimes.com/2010/03/12/business/12seed.html?pagewanted=all).
The average cost of planting: See Center for Food Safety & Save Our Seeds, Seed Giants v. U.S. Farmers, Center for Food Safety website, 2013. See also Rachel Tepper, “Seed Giants Sue U.S. Farmers over Genetically Modified Seed Patents in Shocking Numbers: Report,” Huffington Post, February 13, 2013 (http://www.centerforfoodsafety.org/files/seed-giants_final_04424.pdf) (http://www.huffingtonpost.com/2013/02/13/genetically-modified-seed-patent-report_n_2678837.html).
This increases the risk: Richard Schiffman, “Seeds of the Future,” Truthout website, December 4, 2014. See also Center for Food Safety & Save Our Seeds, Seed Giants v. U.S. Farmers (http://truth-out.org/news/item/27760-seeds-of-the-future) (http://www.centerforfoodsafety.org/files/seed-giants_final_04424.pdf).
A third consequence: Center for Food Safety & Save Our Seeds, Seed Giants v. U.S. Farmers, p. 5 (http://www.centerforfoodsafety.org/files/seed-giants_final_04424.pdf).
the Plant Variety Protection Act of 1970: Kristina Hubbard, “Monsanto’s Growing Monopoly,” Salon, May 30, 2013 (http://www.salon.com/2013/05/30/monsantos_patent_lawyers_get_a_gift_from_the_supreme_court).
It has successfully fought off: Mina Nasseri and Daniel J. Herling, “Ho Ho Ho GMO! The 2014 GMO Legislation Scorecard,” National Law Review, December 23, 2014. See also Connor Adams Sheets, “GMO Labeling Debate Headed to Congressional Committee,” International Business Times, December 4, 2014 (http://www.natlawreview.com/article/ho-ho-ho-gmo-2014-gmo-legislation-scorecard) (http://www.ibtimes.com/gmo-labeling-debate-headed-congressional-committee-1734922).
They’ve sued other companies: See Barlett and Steele, “Monsanto’s Harvest of Fear.” (http://www.vanityfair.com/politics/features/2008/05/monsanto200805)
Monsanto’s lawyers: See Union of Concerned Scientists, “Eight Ways Monsanto Fails at Sustainable Agriculture,” no. 7, “Suppressing Research,” Union of Concerned Scientists website (http://www.ucsusa.org/food_and_agriculture/our-failing-food-system/genetic-engineering/suppressing-research.html#.VJo5o14AKY).
it succeeded in putting an end: See Monsanto, “Monsanto Notified That U.S. Department of Justice Has Concluded Its Inquiry,” Monsanto website, November 16, 2012. See also Tom Philpott, “DOJ Mysteriously Quits Monsanto Antitrust Investigation,” Mother Jones, December 1, 2012 (http://www.monsanto.com/newsviews/pages/monsanto-notified-that-us-department-of-justice-has-concluded-its-inquiry.aspx) (http://www.motherjones.com/tom-philpott/2012/11/dojs-monsantoseed-industry-investigation-ends-thud).
Monsanto has the distinction: Center for Responsive Politics, “Agricultural Services/Products: Summary, 2012,” OpenSecrets.org website (https://www.opensecrets.org/lobby/indusclient.php?id=A07&year=2012).
Monsanto’s former (and future) employees: See Center for Responsive Politics, “Monsanto Co.: Lobbyists Representing Monsanto Co., 2014,” OpenSecrets.org website (https://www.opensecrets.org/lobby/clientlbs.php?id=D000000055&year=2014), and Janie Boschma, “Monsanto: Big Guy on the Block When It Comes to Friends in Washington,” OpenSecrets.org website, February 19, 2013. See also Food and Water Watch, Monsanto: A Corporate Profile, figure 3, p. 10, and Janice Person, “I Heard Monsanto Employees Control USDA, FDA, etc.,” Beyond the Rows blog, February 15, 2012 (https://www.opensecrets.org/news/2013/02/monsanto/) (http://documents.foodandwaterwatch.org/doc/MonsantoReport.pdf) (http://monsantoblog.com/2012/02/15/monsanto-employees-control-usda-fda-government/).
Apple says it wants: Apple says its “business strategy leverages its unique ability to design and develop its own operating systems, hardware, application software and services to provide its customers products and solutions with innovative design, superior ease-of-use and seamless integration.” See U.S. Securities and Exchange Commission, Apple Inc. Proxy Statement, part 1, item 1, “Business Strategy,” p. 1 (http://files.shareholder.com/downloads/AAPL/3750879716x0x789040/ed3853da-2e3f-448d-adb4-34816c375f5d/2014_Form_10_K_As_Filed.PDF).
Microsoft settled the case: United States v. Microsoft Corporation, U.S. District Court for the District of Columbia, civil action no. 98-1232 (CKK), 2002 (http://www.justice.gov/atr/cases/f200400/200457.htm).
Apple spent $3,370,000 on lobbying: Center for Responsive Politics, “Client Profiles: Summary, 2013,” for Apple, Amazon, Facebook, Microsoft, and Google, and “Influence and Lobbying: Lobbying: Top Spenders, 2013,” OpenSecrets.org website (https://www.opensecrets.org/lobby/top.php?showYear=2013&indexType=s).
“conduct…that will result in real harm”: Brody Mullins, Rolfe Winkler, and Brent Kendall, “Inside the U.S. Antitrust Probe of Google,” Wall Street Journal, March 19, 2015.
Google’s increasing political clout: Tom Hamburger and Matea Gold, “Google, Once Disdainful of Lobbying, Now a Master of Washington Influence,” Washington Post, April 12, 2014.
Google and Facebook were the first stops: See, for example, Frédéric Filloux, “Do the Media Really Have an Alternative to Distribution via Facebook and Google?” Quartz, October 20, 2014 (http://qz.com/283602/do-the-media-really-have-an-alternative-to-distribution-via-facebook-and-google/).
The newer the media company: Ibid (http://qz.com/283602/do-the-
media-really-have-an-alternative-to-distribution-via-facebook-and-google/).
Amazon has become the first stop: “Fifty Favorite Retailers (2013),” National Retail Federation website (https://nrf.com/resources/annual-retailer-lists/favorite-50-retailers/favorite-50-retailers-2013).
the top ten websites: See Astra Taylor, The People’s Platform: Taking Back Power and Culture in the Digital Age (Toronto: Random House Canada, 2014), p. 37.
In 2014, Amazon: Nick Statt, “Amazon Facing United Front of Authors in Hachette E-book Dispute,” CNET, July 25, 2014 (http://www.cnet.com/news/amazon-facing-united-front-of-900-authors-in-hachette-e-book-dispute/).
Amazon said this was only fair: David Streitfeld, “Amazon, a Friendly Giant as Long as It’s Fed,” New York Times, July 12, 2014 (http://www.nytimes.com/2014/07/13/technology/amazon-a-friendly-giant-as-long-as-its-fed.html).
Amazon eventually agreed: David Streitfeld, “Amazon and Hachette Resolve Dispute,” New York Times, November 13, 2014 (http://www.nytimes.com/2014/11/14/technology/amazon-hachette-ebook-dispute.html).
Large retailers including Borders: Jeremy Greenfield, “How the Amazon-Hachette Fight Could Shape the Future of Ideas,” The Atlantic, May 28, 2014 (http://www.theatlantic.com/business/archive/2014/05/how-the-amazon-hachette-fight-could-shape-the-future-of-ideas/371756/?single_page=true).
Perhaps it was pure coincidence: David Streitfeld, “Amazon Is Not Holding Back on Paul Ryan,” New York Times, September 30, 2014 (http://bits.blogs.nytimes.com/2014/09/30/amazon-is-not-holding-back-on-paul-ryan/).
In France, for example: Elaine Sciolino, “The French Still Flock to Bookstores,” New York Times, June 10, 2012 (http://www.nytimes.com/2012/06/21/books/french-bookstores-are-still-prospering.html).
The French government classifies books: Pamela Druckerman, “The French Do Buy Books. Real Books,” New York Times, July 9, 2014 (http://www.nytimes.com/2014/07/10/opinion/pamela-druckerman-the-french-do-buy-books-real-books.html).
The firm’s annual lobbying expenditures: Center for Responsive Politics, “Amazon.com, Client Profile: Summary, 2008,” OpenSecrets.org website (https://www.opensecrets.org/lobby/clientsum.php?id=D000023883&year=2008), and “Summary, 2012,” OpenSecrets.org website (https://www.opensecrets.org/lobby/clientsum.php?id=D000023883&year=2012).
the firm beefed up its presence: Paul Farhi, “Washington Post Closes Sale to Amazon Founder Jeff Bezos,” Washington Post, October 1, 2013 (http://www.washingtonpost.com/business/economy/washington-post-closes-sale-to-amazon-founder-jeff-bezos/2013/10/01/fca3b16a-2acf-11e3-97a3-ff2758228523_story.html).
By 2014, Wall Street’s five largest banks: Federal Deposit Insurance Corporation, “Top 100 Banks and Thrifts, Nationally by Asset Size,” December 31, 2000, and September 30, 2014, and “FDIC—Statistics on Depository Institutions Report,” Assets and Liabilities, December 31, 2000, and September 30, 2014.
the financial sector grew six times as fast: Thomas M. Hoenig, “Statement by Thomas M. Hoenig, Vice Chairman, FDIC on the Credibility of the 2013 Living Wills Submitted by First Wave Filers,” Federal Deposit Insurance Corporation website, August 4, 2014 (https://www.fdic.gov/news/news/speeches/spaug0514a.html).
In the 2008 presidential campaign: Center for Responsive Politics, Contributions to Presidential Candidates, “Barack Obama (D): Top Industries, 2008,” OpenSecrets.org website (https://www.opensecrets.org/pres08/indus.php?cycle=2008&cid=N00009638).
John McCain, at $9.3 million: Center for Responsive Politics, Contributions to Presidential Candidates, “John McCain (R): Top Industries, 2008.” OpenSecrets.org website (https://www.opensecrets.org/pres08/indus.php?cycle=2008&cid=N00006424).
The employees of Goldman Sachs: Center for Responsive Politics, Contributions to Presidential Candidates, “Barack Obama (D): Top Contributors, 2008.” OpenSecrets.org website (https://www.opensecrets.org/pres08/contrib.php?cycle=2008&cid=N00009638).
In the presidential campaign of 2012: Center for Responsive Politics, Contributions to Presidential Candidates, “Mitt Romney (R): Top Industries, 2012,” OpenSecrets.org website (https://www.opensecrets.org/pres12/indus.php?cycle=2012&id=N00000286).
The Treasury secretaries under Bill Clinton: CBS Investigates, “Goldman Sachs’ Revolving Door,” CBS News website, April 8, 2010. See also Eric Dash and Louise Story, “Rubin Leaving Citigroup; Smith Barney for Sale,” New York Times, January 9, 2009 (http://www.cbsnews.com/news/goldman-sachs-revolving-door/) (http://www.nytimes.com/2009/01/10/business/10rubin.html?_r=1&hp).
Timothy Geithner had been handpicked: Center for Responsive Politics, Employment History, “Geithner, Timothy, Bio,” OpenSecrets.org website (http://www.opensecrets.org/revolving/rev_summary.php?id=78265).
As a member of the House Financial Services Committee: Josh Israel, “After 30 Years of Fighting for Wall Street, Eric Cantor Will Make Millions at an Investment Bank,” ThinkProgress, September 2, 2014 (http://thinkprogress.org/politics/2014/09/02/3477786/eric-cantor-wall-street/).
Cantor joined the Wall Street investment bank: See U.S. Securities and Exchange Commission, Moelis & Company, Form 8-K, September 2, 2014, Item 5.02 (d) (http://www.sec.gov/Archives/edgar/data/1596967/000110465914064087/a14-20284_18k.htm).
Cantor would run: Dana Cimilluca and Patrick O’Connor, “Eric Cantor to Join Wall Street Investment Bank,” Wall Street Journal, September 2, 2014 (http://www.wsj.com/articles/eric-cantor-to-join-wall-street-investment-bank-1409630638).
“I have known Ken”: Moelis & Company, “Moelis & Company Announces the Appointment of Eric Cantor as Vice Chairman and Member of the Board of Directors,” press release, September 2, 2014 (http://www.moelis.com/News/SitePages/news-feed-details.aspx?feedId=248).
three leading private-equity firms: William Alden, “K.K.R., Blackstone and TPG Private Equity Firms Agree to Settle Lawsuit on Collusion,” New York Times, August 7, 2014 (http://dealbook.nytimes.com/2014/08/07/k-k-r-agrees-to-settle-lawsuit-on-private-equity-collusion/).
Evidence showed: Ibid (http://dealbook.nytimes.com/2014/08/07/k-k-r-agrees-to-settle-lawsuit-on-private-equity-collusion/).
Libor (short for “London interbank offered rate”): Halah Touryalai, “Libor Explained: How Manipulated Rates Could Be Hurting (Or Helping) You,” Forbes, July 9, 2012 (http://www.forbes.com/sites/halahtouryalai/2012/07/09/libor-explained-how-manipulated-rates-could-be-hurting-or-helping-you/).
Evidence shows that bankers: “Timeline: Libor-Fixing Scandal,” BBC News website, February 6, 2013 (http://www.bbc.com/news/business-18671255).
The scandal initially focused: Ibid (http://www.bbc.com/news/business-18671255).
The health care sector: It is estimated that health care expenditures are 17.9 percent of GDP. See Global Health Observatory Data Repository, “United States of America Statistics Summary (2002–present),” World Health Organization website (http://apps.who.int/gho/data/?theme=country&vid=20800).
In 1945, they wangled from Congress: McCarran-Ferguson Act of 1945, 15 U.S.C. §§ 1011–1015 (2011) (http://www.gpo.gov/fdsys/pkg/USCODE-2011-title15/pdf/USCODE-2011-title15-chap20-sec1011.pdf).
“What do I care about the law?”: H. W. Brands, American Colossus: The Triumph of Capitalism, 1865–1900 (New York: Anchor Books, 2011), p. 8.
Forty-eight of the seventy-three men: Jack Beatty, Age of Betrayal: The Triumph of Money in America, 1865–1900 (New York: Vintage Books, 2008), p. 192.
“The enterprises of the country”: Chief Justice Edward G. Ryan quoted in James Truslow Adams, The Epic of America (New York: Triangle Books, 1931), pp. 297–98.
“Wall Street owns the country”: Mary K. Lease, quoted in Bruce Levine, Who Built America? (New York: Harper & Bros., 1947), p.
147.
“Liberty produces wealth”: Henry Demarest Lloyd, Wealth Against Commonwealth (New York: Harper & Bros., 1902), pp. 2, 494.
“If we will not endure a king”: Winfield Scott Kerr, John Sherman: His Life and Public Services, vol. 2 (Boston: Sherman, French & Co., 1908), p. 215.
Sherman’s Antitrust Act passed the Senate: Sherman Antitrust Act, 15 U.S.C. §§ 1–7 (1890). See also Kerr, John Sherman, p. 204.
“malefactors of great wealth”: Kathleen Dalton, Theodore Roosevelt: A Strenuous Life (New York: Vintage Books, 2004), pp. 208, 224–26, 253.
As Roosevelt later recounted: Doris Kearns Goodwin, The Bully Pulpit: Theodore Roosevelt, William Howard Taft, and the Golden Age of Journalism (New York: Simon & Schuster, 2013), p. 299.
Antitrust lawsuits were also brought: Marc Winerman, “The Origins of the FTC: Concentration, Cooperation, Control, and Competition,” Antitrust Law Journal 71, no. 1 (2003): 1–97.
President William Howard Taft broke up: Ibid., p. 12.
President Woodrow Wilson explained: Woodrow Wilson, The New Freedom (BiblioBazaar, 2007).
even Franklin D. Roosevelt encouraged businesses to cooperate: See Spencer Weber Waller, Thurman Arnold: A Biography (New York: New York University Press, 2005), ch. 6.
The giant AT&T Bell System monopoly: “AT&T Breakup II: Highlights in the History of a Telecommunications Giant,” Los Angeles Times, September 21, 1995 (http://articles.latimes.com/1995-09-21/business/fi-48462_1_system-breakup).
6 THE NEW CONTRACTS
Sales of organs are banned: The National Organ Transplant Act of 1984, 1984 Pub. L. 98–507; see Title III—Prohibition of Organ Purchases, sec. 301 (http://www.gpo.gov/fdsys/pkg/STATUTE-98/pdf/STATUTE-98-Pg2339.pdf).
The ban dates back to 1984: Laura Meckler, “Kidney Shortage Inspires a Radical Idea: Organ Sales,” Wall Street Journal, November 13, 2007 (http://www.wsj.com/articles/SB119490273908090431).
you can sell your blood: U.S. Food and Drug Administration, “CPG Sec. 230.150 Blood Donor Classification Statement, Paid or Volunteer Donor,” U.S. Food and Drug Administration website, last updated September 18, 2014 (http://www.fda.gov/ICECI/ComplianceManuals/CompliancePolicyGuidanceManual/ucm122798.htm).
Saving Capitalism Page 24