Hitachi-LG venture admits price fixing

woofy

woofy

The Master of Disaster
Staff member
Hitachi-LG Data Storage has admitted bid-rigging and price fixing over optical disk drives used in Dell, HP and Microsoft computers.


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The company - a joint venture between Hitachi and LG Electronics - pled guilty to 14 counts of bid-rigging and one of fraud, and agreed to pay a $21.1 million criminal fine.


"The bid-rigging and price-fixing conspiracies involving optical disk drives undermined competition and innovation in the high tech industry," says Sharis A Pozen, acting assistant attorney general in charge of the Department of Justice
 
Price Fixing?? Conspiracy?? Ah, say it ain't so. Damn shame that not a single Gov't. in the world, will enact laws that they enforce, that would hold these corporate thieves personally accountable for. Start throwing these greedy pigs, in prison, for some major time. Tuck a serious number of them away for 15 to 20 years, strip them of their ill gotten assets and ban them from ever being involved in finance again. These corporate bums make bank robbers look like amateurs
 
Compared to them bank robbers are amateurs. Imagine a $21.1 fine, a very small fraction on the profits obtained in the deals. I wonder who the judge is working for?
 
That is as much a problem, musicmanitou, as the crime itself. When the company is fined 21 million dollars, I would like someone to prove that this is 3 times the amount earned from the crime. As long as the amount of the fine is less than or equal to money made, there is no incentive to stop. There needs to be third party analysis to determine how much was made from the crime and then set the fine at 3 times that amount. Only when these thieves are actually hurt will they stop this and try to move on to something else. Unfortunately, the courts and judges are more corrupt than some of these corporate thieves
 
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