I knew it!!

[vurbano]

Just heard on the radio that Sharp, LG, and others have been found guilty of price fixing and collusion of LCD panels sent to the US!!!

http://www.engadgethd.com/2008/11/12/lg-sharp-plead-guilty-to-lcd-price-fixing-take-585m-fine/

 

[RandallA]

Yep, read it here:

LCD makers Sharp, LG and Chunghwa plead guilty: Price fixing - Nov. 12, 2008

 

[toddna]

This is from LG's website under Code of Ethics.

Chapter 2. Fair Competition
All business transactions will occur based on the principles of fair competition with equal opportunities guaranteed for all entities to participate. We build trust and cooperative relationships through fair and transparent transactions. Such relationships are built with a long-term perspective for mutual growth.


1. Pursuit of Free Competition
We uphold the principle of free market economic system. Therefore, we pursue free competition and earn our customers' trust through top quality products and services. We compete fairly with our competitors, but do not intrude upon their interests or exploit their weaknesses.


2. Compliance with Laws and Regulations
We conduct our domestic and overseas business activities in strict accordance with local laws and regulations and with respect for local business customs.

Apparently not!

 

[primestar31]

So, the gov/ment fines them, and the money goes down the ole black hole they have hidden somewhere. How about kicking that money back to the people who bought this stuff? The companies stealing from the people via price-fixing + the gov/ment stealing via the fine, instead of kicking it back to the people, = Us buyers being screwed yet again!

Or better yet: $585 million is equal to a more than 1/2 the chunk of the bail-out money the hacks in congress just printed up with their old printing press. Use that fine money for that, and save the tax payer a little dough.

Oh wait, right, that's just too simple a solution..... They can counterfit money all they want, and everythings just fine!

Ever wonder where this government "fine" money goes? yeah, somebody has to pay for our "servants" to live like kings.

yeah, I'm bitter!

 

[Hemi 6.1]

Or better yet: $585 million is equal to a more than 1/2 the chunk of the bail-out money the hacks in congress just printed up with their old printing press. Use that fine money for that, and save the tax payer a little dough.

The bail Out wasn't that 700 Billion? 585 Million is peanuts ,not half.
585 is only about 59% of 1 billion dollars, and about 5% of 100 billion. my guess LG fine is less the 1 % of the USA bail out money.

 

[Zookster]

It shouldn't be any different than a class-action lawsuit, where any consumers that are part of the "class" get a share of the pie (fine). In this case any registered buyers of the products in question or those who can provide documentation. Though in this case, it looked like major companies (Dell, Apple, Motorola) also got bitten and may be making their own claims or filing lawsuits in the future.

 

[primestar31]

The bail Out wasn't that 700 Billion? 585 Million is peanuts ,not half.
585 is only about 59% of 1 billion dollars, and about 5% of 100 billion. my guess LG fine is less the 1 % of the USA bail out money.

Oops, you are right, I mistook Million for Billion!

Maybe that qualifies me for Treasury Secretary! I don't think they can count either

 

[Hemi 6.1]

Oops, you are right, I mistook Million for Billion!

Maybe that qualifies me for Treasury Secretary! I don't think they can count either

No they can't count,They just spend.

 

[bhelms]

No they can't count,They just spend.

And when the balance hits -0- they just appropriate/print/tax more...!