Amazon had a secret algorithm to raise prices

Amazon Made $1 Billion in Extra Revenue With Secret Price-Raising

Nothing surprises me anymore...greed is the bottom line.

Amazon.com Inc. (AMZN.O) engaged in a range of unlawful tactics to increase its online retail profits, as revealed by a U.S. Federal Trade Commission (FTC) court document on Thursday, which included the implementation of an algorithm that inflated U.S. consumers' prices, resulting in over $1 billion in extra charges.

Previously filed in September, the FTC's lawsuit had numerous details concealed until this Thursday, when a less redacted version was disclosed in the U.S. District Court in Seattle.

Amazon, boasting a colossal selection of 1 billion products in its digital marketplace, developed a "secret algorithm internally code named 'Project Nessie' to identify specific products for which it predicts other online stores will follow Amazon's price increases. ... Amazon used Project Nessie to extract more than a billion dollars directly from Americans' pocketbooks," according to the FTC. [thinkamericana.com]

Jeff Bezos doesn't have enough money!