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Home / Mike Norman Economics / Reversing 30 Years of Damage from the Clintons, the DOJ Closes A Price-Fixing Loophole Wide Enough to Drive a Truck Through — Conor Gallagher

Reversing 30 Years of Damage from the Clintons, the DOJ Closes A Price-Fixing Loophole Wide Enough to Drive a Truck Through — Conor Gallagher

Summary:
Between 1993 and 2011 the Department of Justice Antitrust Division issued a trio of policy statements (two during the Clinton administration and one under Obama) regarding the sharing of information in the healthcare industry. These rules provided wiggle room around the Sherman Antitrust Act, which “sets forth the basic antitrust prohibition against contracts, combinations, and conspiracies in restraint of trade or commerce.”And it wasn’t just in healthcare. The rules were interpreted to apply to all industries. To say it has been a disaster would be an understatement. Companies increasingly turned to data firms offering software that “exchanges information” at lightning speed with competitors in order to keep wages low and prices high – effectively creating national cartels....Naked

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Between 1993 and 2011 the Department of Justice Antitrust Division issued a trio of policy statements (two during the Clinton administration and one under Obama) regarding the sharing of information in the healthcare industry. These rules provided wiggle room around the Sherman Antitrust Act, which “sets forth the basic antitrust prohibition against contracts, combinations, and conspiracies in restraint of trade or commerce.”

And it wasn’t just in healthcare. The rules were interpreted to apply to all industries. To say it has been a disaster would be an understatement. Companies increasingly turned to data firms offering software that “exchanges information” at lightning speed with competitors in order to keep wages low and prices high – effectively creating national cartels....

Naked Capitalism
Reversing 30 Years of Damage from the Clintons, the DOJ Closes A Price-Fixing Loophole Wide Enough to Drive a Truck Through
Conor Gallagher
Mike Norman
Mike Norman is an economist and veteran trader whose career has spanned over 30 years on Wall Street. He is a former member and trader on the CME, NYMEX, COMEX and NYFE and he managed money for one of the largest hedge funds and ran a prop trading desk for Credit Suisse.

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