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What is the legal basis for modern U.S. antitrust law? The Supreme Court has long rested its doctrinal stewardship of the Sherman Act on the notion that it is a “common-law statute,” with an implicit delegation to the Court to tinker with the metes and bounds of antitrust law as prudence requires. This Article interrogates the foundations of the “common-law statute” concept—and finds it lacking a solid foundation. Instead, this Article proposes that the Supreme Court’s Article III equity power is the better basis for understanding what has happened with antitrust—and what might happen with it in the future. [ABSTRACT FROM AUTHOR]