Banks make billions in profits charging excessive late fees.

Now a single Trump-appointed judge sided with bank lobbyists to block the Biden administration’s new rule capping these junk fees.

consumerfinance.gov is fighting to close a loophole that will save people $10 billion a year.

I wrote a piece on a rare feat in D.C., which is how airline lobbyists just got humiliated in Congress. It turns out there's a multi-racial bipartisan coalition that hates the airlines.

thebignewsletter.com/p/how-airline-…

great thread

If this is true, it says a lot about crypto that this is where the talent scarcity lies.

We learned something very important about the airline industry this week.

Stealing your money is a huge part of the business model.

Selling you flights that arrive at your destination is only one piece of the model. Selling you flights that never lift off is the other.

An excellent rundown on how Amazon works.

In all the whining about Spirit Airlines doing badly, it turns out the airline has cut fares by 16% since the JetBlue-Spirit merger was blocked. reuters.com/business/aeros…

Keep this in your back pocket when the Chamber of Commerce asserts that the FTC’s non-compete ban caused employers to cut back training (tldr the cut backs in training pre-date the rule)

Another day, another Trump-appointed judge decides to let banks rob people. Would be nice if Biden had a campaign. washingtonpost.com/business/2024/…

As I pay attention to more antitrust cases and the pricing games these firms play, I increasingly think marginalism is silly.

The top six stories on the NYT front page are about Israel or anti-semitism. Laziness is fun!

Thread

Metropolis Technologies/SP Plus: DOJ Set to Allow Parking Merger to Close $FUN $SIX $SP $UNH

h/t Hanqing Chen & Saniya Rao

library.thecapitolforum.com/docs/7nm6gm1x7…

I don't condone his imprisonment but it's time to ask why a bunch of US law enforcement professionals went to work for a lawless crypto exchange that just paid the biggest fine in US corporate history and whose founder is due to report to federal prison. They didn't know?

This is a bad sign in terms of Trump’s instincts. SBF was one of the biggest stories of the year, normies associate crypto with corruption. politico.com/news/2024/05/1…

A judge just stayed the consumerfinance.gov credit card late fees rule that would save consumers $10 billion a year.

The case has been mired in judicial conflicts of interests.

accountable.us/watchdog-judge…

If you’ve ever experienced the sheer joy of having a flight canceled & sitting on the floor of a terminal while on hold with customer service, listening to upbeat elevator music for hours in order to receive a refund in the form of a measly voucher, I’ve got great news for you:

Yup, not working.

Judge interrupts direct: 'You're telling me that of the thousand people were involved [in pricing committee process], and not a single person said we should consider the cost of [payment processing] to a developer'?

According to this anonymous post:

CVS starts making its own Humira, forces a switch, and now patients report the CVS Humira leaves injection site wounds.

Vertical integration. Synergy. Omnilane. Economies of scale.

#TwitteRx #Pharmacy

At the heart of the automatic airline refund fight is a secret number: The amount of other people's money US airlines are lobbying to keep as their own. How much $ in unpaid refunds? We don't know. The Lever summed it up very well. I was glad to assist.
levernews.com/the-airlines-s…