Word: antitrusters
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...focused on ticket prices and fuel surcharges levied on flights to and from the U.K. American Airlines, United Airlines and Virgin Atlantic have confirmed that they are cooperating with investigators. If found guilty, BA could be fined up to $1.6 billion. The airline said it complies with all antitrust regulations, and declined to comment on the executives' leave of absence...
...were becoming dominated by behemoths like John D. Rockefeller's Standard Oil, which marketed 84% of all the petroleum products in the U.S. As large companies gobbled up smaller ones, McKinley did nothing to spoil the feeding frenzy, though it often meant higher prices and lower wages. The Sherman Antitrust Act, passed in 1890, was a feeble weapon to begin with--the Supreme Court had restricted how it could be used--but McKinley didn't even take the trouble...
...that was fine to men like Rockefeller. "The day of combination is here to stay," he once said. "Individualism is gone. Never to return." He hadn't reckoned on Roosevelt. Five months into his presidency, T.R. took Wall Street by surprise. He launched an antitrust suit that demanded the breakup of Northern Securities, a holding company organized to consolidate three railroads in the Pacific Northwest. By targeting that company, Roosevelt had also chosen to move against the man who epitomized the empire of money, New York financier J. Pierpont Morgan...
Though Roosevelt's Justice Department went on to bring 44 more antitrust suits in the course of his presidency, he never attacked any other of Morgan's interests. He even used Morgan as a mediator to help settle a Pennsylvania miners' strike that threatened to create a winter scarcity of coal for heating. And when he ran for President in 1904, Roosevelt was not above accepting campaign contributions from the very businesses he was pressuring, though he was so careful not to show them any favor in his second term that Henry C. Frick, one of Rockefeller's lieutenants...
...suit against Northern Securities eventually landed at the Supreme Court, and Roosevelt won a narrow but crucial victory that opened the way for more aggressive use of the Sherman Antitrust Act in other cases. He also established a Department of Commerce and Labor, which included a Bureau of Corporations to monitor the budding monopolies. Roosevelt endlessly reassured Big Business that he intended merely to keep an eye on its conduct. But he let it be known that he meant business too. Only "the corporation that shrinks from the light" would have anything to fear from government, he once said. Then...