LCD Makers Accused of Price Fixing (Again)
LCD Makers Accused of Price Fixing (Again)
Posted 08/10/2010 at 7:09am
| by Paul Lilly
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Following an investigation into the business practices of several LCD makers, New York Attorney General Andrew Cuomo has gone and sued a number of companies on allegations of price fixing, a charge he contends has been going on for a decade.
"Our investigation shows that an illegal cartel eliminated competition in the marketplace for LCD screens, made its own secret decisions to boost prices, and then took steps to make those high prices stick," Cuomo said. "As a result, hard-pressed New York cities, towns, schools, and hospitals spent hundreds of millions of dollars on LCD screens affected by the illegal conspiracy. My office is bringing this case to get those illegal overcharges back."
The lawsuit accuses top-level executives, including CEOs, of attending secret meetings on a quarterly, and sometimes monthly basis to set minimum prices, price targets and increases, and prices to be charged to specific manufacturers. Cuomo's lawsuit also accuses LCD makers of exchanging production information to control output, and coordinating messages to cover-up the entire scheme.
Defendants listed in the suit include AU Optronics, Chi Mei Corporation, CMO Japan, Hitachi, LG, Samsung, Sharp, and Toshiba.
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Jox
August 10, 2010 at 5:26pm
I've said it before: Put ONE of these CEO's in prison for life and you won't have this problem any more.
-Jox
blkpanthr
August 10, 2010 at 10:14am
Sounds like the usual NY Attorney Generals annual witch hunt for publicity....getting a bit tired of this non-sense...
Keith E. Whisman
August 10, 2010 at 9:08am
I think they've been sued at least twice already and because they are making so much money they figure it's worth it to just pay the fines and keep the prices fixed. You pretty much have to threaten and then carry out physical punishment on these guys to get your point across. It's going to take the use of public corporal punishment. Put the CEO's and other offenders in stockades in public streets and avenues and whip them. It works.. Oh yeah we can't do that because we are a civilized society being anally raped by these repulsive fucks that don't know how to spell civilized. These guys are the bad guys. These guys are the guys that make life hard. The system as we know it only works when there is free and honest competition. Fixing prices destroys that and robs society of innovation.
Look at internet technology in the US, look at how slow it is compared to where it should be if honest competition was working. We should all have 1Gb or better connections to the internet at $30bucks a month by now.
Public flogging, at least to me, appears to be the only thing that can actually have a positive effect on the US market. People wont want to be flogged so they'll be alot more careful to not get caught or don't commit the crime at all.
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