Wink wisely

It’s a scandal and a shame. Virgin Atlantic joined British Airways in robbing passengers through price-fixing. Not to mention Korean Air Lines. They’re all getting off cheap with $850m of fines. It’s an easy way to explain Wednesday’s announcement of regulatory action in the US and UK. But it is basically wrong. Take BA. Willie Walsh, the chief executive, says that passengers did not suffer from the «anti-competitive conduct». That looks about right. The price-fixing took place mostly in the fi...