backtop


Print 59 comment(s) - last by overcast.. on Jan 21 at 1:58 PM

Executives involved in the case get fines and prison terms of up to nine months

The LCD industry was rocked by a scandal in late 2008 when executives from some of the largest panel makers in the world pled guilty to conspiring to fix prices. The price fixing led to inflated costs for displays used by firms like Dell in its notebook computers.

In November of 2008, executives from Sharp, LG, and Chunghwa Picture Tubes all pled guilty to price fixing. The largest fine imposed was placed on LG and totaled $400 million with Sharp said to be paying $85 million in fines.

Today reports are coming in that in addition to the fines levied against the corporations; the executives that participated in the scheme are being individually fined and sentenced to prison time here in America.

DigitalTrends reports that the former Chairman and CEO of Chunghwa, Chieng-Hon Lin was hit with an individual fine of $50,000 and a sentence of 9-months in an American prison. The other executives involved in the scandal received prison terms ranging from six to nine months each.

Deborah A. Garza, Acting Assistant Attorney General for Antitrust, said in a statement, "These cases involve the first Taiwanese nationals to face imprisonment in the United States for an antitrust offense. The Department of Justice is committed to holding accountable all conspirators who harm American consumers, no matter where they live or where they commit the crime."



Comments     Threshold


This article is over a month old, voting and posting comments is disabled

RE: Regional cable monopolies
By mdogs444 on 1/20/2009 7:15:43 PM , Rating: 2
quote:
Gasoline going from $4/gal to $1.50/gal solely based on supply and demand is pure bullsch1dt.

Actually - its quite the opposite. Going from $1.50/gal to $4.00/gal was pure "bullsch1dt". It was all speculation from wars in the middle east, tension with Iran, offline refineries, etc. Whats happening now is the market is readjusting to where it should be based on supply and demand - or haven't you noticed that rounds of OPEC supply cuts haven't worked?
quote:
At the time of $4 barrel it did not cost the Oil companies any more or any less to produce.

No one claimed it did. They production costs remain roughly stationary, and so does their profit margin of 8%. On $1.00/gal they make $.08, but on $4.00/gal, they make $.32. Good reason for their profits quadrupling.
quote:
So where did the money go?

They money went to the oil producing nations. Haven't you noticed that Iran and Venezuela are in big trouble because their entire budgets are based on $80+ per barrel oil?


RE: Regional cable monopolies
By foolsgambit11 on 1/20/2009 7:39:01 PM , Rating: 2
You can't deny, though, that global demand has been reduced in the past six months, as well. I'm not saying there wasn't speculation, but there's a good reason for prices to drop. And remember that the relation between supply/demand and price isn't linear. If demand only slightly exceeds supply, people will pay whatever it takes to get the gas they need. Who here reduced their gas use when it was $3.00? I didn't. That's part of why it went to $4.00. The price will continue to rise until demand equals supply - and China's demand, among others, has (or had) been steadily increasing for the past decade.


RE: Regional cable monopolies
By codeThug on 1/20/2009 7:46:47 PM , Rating: 2
quote:
They money went to the oil producing nations.


Not all of it. And please don't blame it on off-line refineries. That gig is so lame. Every time a refinery goes off line it's usually due to scheduled preventative maintenance. In other words it's a planned outage. Occasionally it's storm related. And since there was no spike in gas consumption at that time the refinery argument is just fluff.

The drop in oil is the "news" here. It was merely the larger speculators (ponzi artists) dumping their paper barrels on the market and cashing in.

quote:
Whats happening now is the market is readjusting to where it should be based on supply and demand

No it's not. The huge drop was due to an artificial supply problem brought on by the speculators. We've cut our gasoline consumption by what, 5%. So oil drops from $150/bbl to $32/bbl or roughly 80% based on normal supply and demand. I don't think so.


RE: Regional cable monopolies
By mdogs444 on 1/20/2009 8:01:20 PM , Rating: 1
quote:
No it's not. The huge drop was due to an artificial supply problem brought on by the speculators.

Thats merely what I was saying. I did say that the original increase was due to speculation, so the drop is a readjustment to where we are supposed to be.

quote:
Not all of it. And please don't blame it on off-line refineries. That gig is so lame.

I didnt, I linked it to the likeness of speculation.


By StevoLincolnite on 1/21/2009 5:28:13 AM , Rating: 2
Not sure what the U.S was like, but here every time there was a "Petrol Issue" Prices would increase INSTANTLY, however when the reversed happened... They took there time to lower the prices, Now the price of petrol is sitting at a comfortable $1.09 per Litre, or $4.10 per Gallon here in Australia.
(Better than the $1.80 per litre I saw at one stage, which ends up as $6.86 per gallon).
However that is in a rural part of Australia where the costs were higher than the city areas.


"The whole principle [of censorship] is wrong. It's like demanding that grown men live on skim milk because the baby can't have steak." -- Robert Heinlein











botimage
Copyright 2014 DailyTech LLC. - RSS Feed | Advertise | About Us | Ethics | FAQ | Terms, Conditions & Privacy Information | Kristopher Kubicki