Yesterday, the heads of Ticketmaster and Live Nation went to Congress to try to convince the anti-trust committee that their proposed merger wasn't the case of two evil forces joining up together to special fee concertgoers to death, and instead was two lowly companies looking to stave of recession by working together.
That didn't go so well, it seems, since the senators on the committee, as they have been doing lately, took the opportunity to strike out against corporate greed.
"It seems to be monopolistic, plain and simple," Sen. Charles E. Schumer (D-N.Y.) said. "This is not the American dream, as the companies' witnesses might have you believe."
The senators also took special time to hit Ticketmaster over the recent Bruce Springsteen ticket mark-up fiasco (in which buyers were immediately bounced to ticket auction sites, and were asked to pay more than double face value), which Ticketmaster settled on Monday in anticipation for the hearing Tuesday.
It should be noted that the Senate can't actually prevent the merger from happening--that falls on the Justice Department, who have not released a statement on the merger as of yet. The merger still might (probably) happen. [L.A. Times]
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