RSSHitachi pleads guilty in US LCD price-fixing bust
By Scott M. Fulton, III | Published March 10, 2009, 2:45 PM
This afternoon, the US Justice Dept. announced that Hitachi would be the fourth company to plead guilty in a TFT-LCD price fixing investigation that has already seen LG, Sharp (now becoming part of Panasonic), and Chunghwa pay collectively over half a billion dollars in fines.
Hitachi would pay the least of the four companies thus far: $31 million. In turn, the Antitrust Division said today, it will agree that it participated in meetings with representatives of its competitors in which they conspired to set the price that Dell Computer would be charged for TFT-LCD displays. From April 2001 through March 2004, Hitachi then quoted Dell the agreed upon prices, the DoJ said, and then reported its progress back to other cartel members.
The plea agreement is subject to court approval. However, the company that so far has paid the least in monetary penalties -- Chunghwa, at $65 million -- is paying the most in terms of hard time. Three Chunghwa executives were ordered to prison and to pay personal fines, including the former CEO, who was sentenced to nine months and a $50,000 fine.
arn't we hypocrites?
ever seen how one credit card company jacks up your interest rate only to see the other companies excercise the right to automatically jack up their rates on your cards too.
sounds like "rate fixing" and we would like to know when are we going to see executives of credit card companies and banks pay a fine and "go to jail"
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|Only if they actually collaborate on them. If they do not, it's simple reacting to market circumstances.
If the guy across the street lowers or raises his prices and I do the same, that isn't price fixing, that's competition.
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|well, you can justify all you want.
but in the end, it is basically organized crime.
while the credit card companies compete for your money, they all act in unisone as a industry.
one would get better rates from uncle vinnie at your local pizza joint.
the mafia might break your leg. but at least they won't leave you homeless or sabotage your credit history and employment opportunities that use the credit reports.
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|oh ya, ben lets just let these guys go because we can't get them all (i.e. credit card companies). don't complain about a good thing
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|"sabotage your credit history"
No, that'd be *you* and your lousy spending habits. :)
It's always so much easier to blame someone else, so you can play the "victim", isn't it? Sucks when it all falls down and you actually have to take responsibility for your own actions...
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|I love it.
"Why don't *I* get my money back!??"
*laughing*
Because you apparently thought it worth the price when you paid for it, genius. Same reason I thought the iPhone rebates were absurd. *you* made an investment, however ill-conceived. Your buyer's remorse is your problem, not theirs.
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|"why doesn't the consumer see any of this cash?"
As Shakespeare so aptly put it, "The fault, dear Brutus, lies not in the stars, but in ourselves."
Or, for a more tech-centric answer, have a look at this:
http://www.youtube.com/watch?v=8AyVh1_vWYQ
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|Because we don't know how to get it. I paid $600 for my 20" Dell monitor a few years ago, refurbished. That was a hell of a deal when they where $900. Would be nice to get some money back.
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|why doesn't the consumer see any of this cash?
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|"why doesn't the consumer see any of this cash?
It's their contribution to help pay for the stimulus craziness!
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