Power and the Greed

Most events are held at coliseums, venues, and clubs. The biggest distributor on ticket sales for these places is Ticketmaster. There is no doubt many of you have bought tickets from this company. When purchasing tickets, you are always charged extra for a "processing fee." Who got the "processing fee" money? The company did not claim it was profiting from these fees, but in fact they were.

Due to a class action settlement, Ticketmaster will have to refund $1.50 credit, per ticket, to anyone who purchased tickets from Oct. 21, 1999 to Oct. 19, 2011 (this is over a decade) from their website. The refunds will be limited to 17 orders. This will not be implemented until there is a final approval of the settlement, which is scheduled on May 29, 2012.

However, even though they are being forced to refund they could still charge processing fees for profit. They will just have to inform the consumer on their website or in some other form.


Story paraphrased from Business Insider

There is a song by the Partisans called Power and the Greed that suits this quite well. Since Ticketmaster neglected to tell the consumers and the government that they were making a profit off the "processing fees." . Although the song is talking about England, the lyrics "power and the greed" can be easily applied here.

Enjoy!