The Briefing Room
General Category => National/Breaking News => Topic started by: Wingnut on September 14, 2018, 02:34:58 am
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by James Langford
| September 13, 2018 08:07 PM
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Amazon's business model, in which it competes with merchants who are also customers, merits a technology industry version of Glass-Steagall, the Depression-era law that split consumer and investment banks, Sen. Elizabeth Warren, D-Mass., said Thursday.
Her perspective mirrors the stance of antitrust activists who argue that tech giants, including the e-commerce firm founded by Jeff Bezos, have created monopolies by building and controlling platforms on which they vie for business with their users.
Amazon needs to decide whether it wants to be a merchant selling products or a tech firm offering a platform to retailers, Warren said in a discussion on the 2008 financial crisis at the Newseum in D.C.
"Pick one business or the other," the Massachusetts Democrat told event moderator Andrew Ross Sorkin, a New York Times columnist. "You can't be in both."
When Sorkin pointed out that President Trump, with whom she has often disagreed, also has a problem with Amazon, Warren acknowledged the irony with a chuckle: "We're twins," she said.
https://www.washingtonexaminer.com/business/amazon-needs-a-glass-steagall-act-elizabeth-warren-suggests (https://www.washingtonexaminer.com/business/amazon-needs-a-glass-steagall-act-elizabeth-warren-suggests)