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Amazon’s Jay Carney Criticizes the Trump Administration

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Top Amazon (AMZN) executive Jay Carney has criticized President Donald Trump and his administration on several issues. During the GeekWire Summit tech conference, Carney reportedly lashed out at the Trump administration on issues related to patriotism and honesty. He also said he thinks Trump’s views on the Federal Reserve are unprecedented. On antitrust issues, Carney believes Amazon is also not viewed fairly.

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Amazon’s Carney lashes out

According to a CNBC report, Carney said, “Virtually with no exception, everyone I dealt with in [previous] administrations, whether I personally agreed or disagreed with what they thought were the right policy decisions or the right way to approach things, I never doubted that they were patriots.” He added, “I don’t feel that way now.”

On Trump’s response the Fed’s actions, Carney said that during his tenure at the White House, he was told, “Never ever talk about the Fed or interest rates.” He also said, “I never lied.”

Carney served as the White House press secretary under the Obama administration after completing a two-decade journalism career. He now serves as Amazon’s senior vice president of global corporate affairs.

Moreover, on Amazon’s growing market power, he said that the company’s retail market share stands at less than 4% in the US and less than 1% globally. He feels that because leading retailers have both offline and online presences, Amazon’s US e-commerce market share of 40% is immaterial.

On growing market power

Amazon is reportedly facing an FTC (Federal Trade Commission) probe. The FTC is trying to figure out whether the company is thwarting market competition. FTC officials are also investigating the revenue mix of sellers on Amazon.

Not only Amazon but also its peers Facebook (FB), Apple (AAPL), and Google (GOOG) (GOOGL) are under a constant regulatory scanner. To learn more, read Amazon Stock Is Down on FTC Probe.

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Amazon: The center point of political criticism

Carney’s views on the Trump administration follow long and grueling political criticism of the company. Amazon has been attacked not only by Trump but also by other politicians such as Bernie Sanders and Elizabeth Warren. Trump has criticized the company on several fronts, such as post office losses and the Washington Post’s coverage.

Sanders has attacked Jeff Bezos, Amazon’s founder and CEO, for the Post’s coverage. He’s also criticized the company for a lack of tax payment. Last year, Sanders criticized Amazon for its wage policy. To learn more, read Are Politicians Targeting Amazon Stock?

Peers face the heat

Political criticism has time and again hit Amazon stock. Carney’s views could add fuel to the fire. In October so far, Amazon stock has fallen 0.8%, but Facebook and Apple have risen 1.0% and 1.4%, respectively. Alphabet is flat month-to-date.

Alphabet, Facebook, and Apple have also faced heat from politicians. Trump has blamed Google for manipulating votes in the 2016 election. Further, Sanders has criticized Facebook and Google for controlling 60% of the digital advertising market.

Similarly, Warren isn’t an advocate of big tech companies. She believes these large corporations should be broken down. Warren also wants regulators to undo some of the big tech mergers of recent.

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