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Intel says it plans to pay the fine and get the money back if it wins on appeal

The largest chipmaker on the planet -- Intel -- has appealed the EU ruling that fined it $1.45 billion for antitrust allegations. The massive fine is the largest ever imposed on a company by the EU and stemmed from what the EU calls abuse of its market dominant position against AMD.

The huge charge forced Intel to report a loss for the second quarter of 2009 after posting numbers that were higher than what Wall Street expected. Intel spokesman Chuck Malloy said, "Our position is that the decision was wrong and we said that from the day it was announced. It was wrong on many levels."

Mulloy also said that Intel plans to pay the fine and if it wins on appeal, it will get the money back from the EU. A spokesman for the European Commission said that the body "is confident that its antitrust decision against Intel is legally watertight."

Reuters quotes Intel spokesman Robert Manetta saying, "We believe the European Commission misinterpreted some evidence and ignored other pieces of evidence."

The fine was levied against Intel after an eight-year investigation concluded. Some analysts believe that the EU ruling could pressure American legal agencies to take action against Intel. Reuters reports that the FTC and the New York attorney general's office are both investigating Intel.



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RE: Give up, Intel
By porkpie on 7/22/2009 9:28:07 PM , Rating: 2
Actually, it could be quite a bit higher than 70%, depending on your situation. If you're a small business owner, Obama's healthcare plan tacks on a whopping 8% surcharge if you fail to provide insurance for all your employees.

You're also wrong about property taxes (not that I counted them). Someone making $1M a year in NYC likely owns a apt or house worth around $10M. The tax bite on that is around $90K a year, which is another 9% alone. Don't forget the sales tax rate of 8.3% either. The total bite could hit 80% for some people. That's just sickening.

quote:
you lumped in Social Security which is not applicable over ~100k
Wrong again. Obama's new plan includes raising the cap on Social Security earnings. His original proposal was for people to pay up to $102K, then pay nothing from $102-$250K, then start paying again for everything above that.


RE: Give up, Intel
By Lifted on 7/22/2009 10:14:50 PM , Rating: 2
quote:
Someone making $1M a year in NYC likely owns a apt or house worth around $10M. The tax bite on that is around $90K a year, which is another 9% alone.


Sorry, I was actually taking you seriously there for a while.


RE: Give up, Intel
By porkpie on 7/22/2009 10:27:20 PM , Rating: 2
Sad to see someone resort to sarcasm when they can't offer a reasonable rebuttal.

Do you actually think someone making that much can't afford a residence costing 10X their annual salary?


RE: Give up, Intel
By thepalinator on 7/22/2009 11:22:51 PM , Rating: 2
I think your estimate is low if anything. A ten million dollar property in NYC city limits is going to cost more than 90 thousand a year in taxes.


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