EU Imposes $1.9B Fine On Screen Manufacturers

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The EU has imposed the largest cartel fine ever against seven computer monitor manufacturers for price fixing.

The EU's Commission ruled that, for a decade ending in 2006, the companies — including Philips, LG Electronics and Panasonic — artificially set prices, shared markets and restricted their output at the expense of millions of consumers. EU antitrust Commissioner Joaquin Almunia said that the companies' actions "feature all the worst kinds of anticompetitive behavior that are strictly forbidden to companies doing business in Europe."
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We can all expect refund checks in...what? What's that you say? The $1.9B doesn't actually go to those affected? :rolleyes:
 
We don't live in Europe, Steve. :p

But up to 2006? What a slow investigation.
 
nah.... EU comission fines go towards their budget for the upcoming years.

I thought everybody knew that...
 
The tube was 70% of the cost of the screen. Yeah, it probably was considering it was pretty much the main part of the screen. Looks like another round of "Hey the EU needs money so let's steal it from some companies."
 
Doesn't seem to strike anyone that ..... you know ...... the companies might have been guilty of running a cartel?
 
Whoopty fucking doo. The EU just made another egregious demand of private industry in a desperate attempt to keep their crumbling infrastructure afloat.

Die, EU. Die. I look forward to Nigel Farage pissing in your ashes.
 
That will help with Spain's 40B bailout.... now to find some other companies to get more money.
 
I don't necessarily agree with fining companies like this... but at the same time, I hate price fixing, so I'm kinda indifferent :D 1.9B is probably only a fraction of what they got by price fixing.
 
And who will pay for that. Consumers. Nice move !
 
Call me when EU goes for the biggest price fixing of all which is gas.
 
Tudz said:
I don't necessarily agree with fining companies like this... but at the same time, I hate price fixing, so I'm kinda indifferent :D 1.9B is probably only a fraction of what they got by price fixing.
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I'm mixed on this too. Though, it's always the consumer that gets screwed. These companies will pay the fine and then either write it off their taxes or raise screen prices even further justifying it as necessary to cover the loss (so consumers will likely need to pay even more for the same product).
 
Monopolistic pricing schemes or democratically determined pricing?

:D
 
"restricted their output"

if thats the case then shouldnt the Debeers diamond company get a fine for restricting their diamond output just so they could raise the price of diamonds? total hipocrite
 
Typical. Spend yourself into debt and then steal money in order to bail yourselves out.

The screens are the property of the manufactures as are the factories that make them. They can damn well sell them for any price they want because it is THEIR property. They can operate their factories at whatever output they want because the factories are THEIRS. PRIVATE PROPERTY.

Taking money from these companies because they didn't sell at price you wanted is thievery, plain and simple.
 
Kenworth said:
Yeah, because suing companies for something that hurt someone else and pocketing it for themselves is super classy.
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Yeah, unlike those class action suits where everyone who was hurt gets reimbursed 30 cents and the lawyers get millions :D
 
damicatz said:
Typical. Spend yourself into debt and then steal money in order to bail yourselves out.

The screens are the property of the manufactures as are the factories that make them. They can damn well sell them for any price they want because it is THEIR property. They can operate their factories at whatever output they want because the factories are THEIRS. PRIVATE PROPERTY.

Taking money from these companies because they didn't sell at price you wanted is thievery, plain and simple.
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"Deranged meet diatribe, diatribe meet deranged"

*Hands being shaken*
 
canmanone said:
"restricted their output"

if thats the case then shouldnt the Debeers diamond company get a fine for restricting their diamond output just so they could raise the price of diamonds? total hipocrite
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If I remember correctly, Debeers is banned from doing business in the US and much of Europe. Everything goes through third party companies, which honestly isn't helping anyone out in the end.
 
I mean, EU has a pretty solid model. Fine foreign companies and use the proceeds to covertly subsidize EU companies.
 
Kenworth said:
Yeah, because suing companies for something that hurt someone else and pocketing it for themselves is super classy.
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Would you rather have them screwing the consumer over left and right for decades without any sort of punishment?

So, basically, you're in favour and condoning price-fixing and any other illegal actions.


Or you're only against it because it's the EU? Nice.
 
damicatz said:
The screens are the property of the manufactures as are the factories that make them. They can damn well sell them for any price they want because it is THEIR property. They can operate their factories at whatever output they want because the factories are THEIRS. PRIVATE PROPERTY.

Taking money from these companies because they didn't sell at price you wanted is thievery, plain and simple.
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And no one is arguing against that. The fine is for price fixing across all manufacturers.

An example: if you alone increase the price of let's say salt from your company, you won't get fined, you just lose your market share. But if you get every salt producer in whole world to increase their prices to a specific price level you choose collectively, then that is price fixing and that is why you will get a huge fine.

And those saying "bad EU punshing non-EU companies" - there is a bunch of these cartels punished by fine including EU only countries. Hell, it pretty much destroyed a local chemical company here in Slovakia, because they simply couldn't afford to pay the fine.

http://ec.europa.eu/competition/cartels/cases/cases.html
 
Raudulfr said:
Would you rather have them screwing the consumer over left and right for decades without any sort of punishment?

So, basically, you're in favour and condoning price-fixing and any other illegal actions.


Or you're only against it because it's the EU? Nice.
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I wasn't condoning anything. I was questioning why you think the "bashing" of the EU was just to do so as if we are trendy EU bashers. Just because you find justification for the EU to sue at will for things that happen to consumers and then take the proceeds for whatever they would like doesn't make it right. EU bashing, as you like to call it, didn't just happen. They will sue for anything and everything but if you would like to overlook that they are NOW in economic turmoil and it took them another half a decade to come to this fine after the fact, then go ahead and believe that. The EU couldn't come up with something more pro consumer other than just "Gimme money!"?
 
Kenworth said:
I wasn't condoning anything. I was questioning why you think the "bashing" of the EU was just to do so as if we are trendy EU bashers. Just because you find justification for the EU to sue at will for things that happen to consumers and then take the proceeds for whatever they would like doesn't make it right. EU bashing, as you like to call it, didn't just happen. They will sue for anything and everything but if you would like to overlook that they are NOW in economic turmoil and it took them another half a decade to come to this fine after the fact, then go ahead and believe that. The EU couldn't come up with something more pro consumer other than just "Gimme money!"?
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You know as the governing body it is their job so they don't really need any justification. And nice to add hyperbole all this reasoning for the cash grab I don't think it means what you think it means.

Companies ripped off consumers, companies got punished in EU and USA. All this other crap (them pocketing the proceeds, them being out of money) is just that crap. One thing has absolutely nothing to do with the other. Now go back to Faux News and suck on the tit of the far right wingers a lil more.
 
Stiletto said:
Yeah, it's totally a deranged diatribe to argue in favor of a free market.

No wonder the world is going to hell.
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I... uhm...

Wow.

So price fixing is 'free market' to you?

I hope I'm mistaken and somewhere I've lost your intent with that post. It's understandable that fines and litigations are taking place given the fact that price fixing went on for years (nearly a decade?) and the company's involved pleaded guilty, thus admitting to it. I don't think anyone doubts that the EU should be compensating the people who bought these products and the companies who were forced to pay higher prices (think OEMs), but how in the flying fuck price fixing is 'free market' to you, or anybody else, is absolutely unbelievable.

Like I said, I hope I'm mistaken and you either didn't clarify or I misinterpreted yours, and his, posts, but holyfuckingcheet, y'know?
 
Stiletto said:
So criticism of the EU...a government body...is now "not classy"?

Good little subject. You've been trained well.
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Except you their is no criticism at all. It's just a couple of people bashing on EU. It is truly ignorant to say that "the EU is just using this as a cash grab" is criticism. You fear the EU and the fear causes you to lash out we get it. At least be honest and admit you fear the Europeans cause you are afraid they will come to the US and steal our women.
 
pelo said:
I... uhm...

Wow.

So price fixing is 'free market' to you?
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Yep. There's always a price you pay for freedom, and that includes recognizing that businesses should be able to charge whatever they want for their products. The only activities that businesses engage in that government should be able to react to is when you have deception involved in representing a product or service. Someone sells you a car that has a cheapass 3-cylinder engine in it when you were told it was a 4? You should be able to file a grievance with the courts to recoup damages.

Someone is selling something at a price you don't like? Don't buy it. Freedom of choice, and I'm not really interested in hearing about how screens are critical to every consumer. Nobody forces you to buy an IPad.
 
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