TV and Computer Monitor Manufacturers fined 1.92 Billion Dollars for "Price Fixing"

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  12 December 2012
TV and Computer Monitor Manufacturers fined 1.92 Billion Dollars for "Price Fixing"

This is some really strange & interesting news:

http://www.bbc.co.uk/news/business-20608949

Apparently, for about a decade (1996 - 2006), the biggest CRT TV and Computer Monitor manufacturers got together and "fixed prices" on their products, so as to make "maximum profit".

They got together and made sure that the "minimum price" for TVs and Computer Monitors would never fall under a certain cutoff price.

They even deliberately restricted ( = lowered) manufacturing capacity at TV and Computer Monitor manufacturing plants, so as to keep TV/Monitor prices "as high as possible".

The European Commission has just fined Phillips, LG, Panasonic, Samsung, Toshiba, and Technicolor a total of 1.92 Billion Dollars for "forming and operating an illegal Price Fixing Cartel".

The question now, of course, is do the "Big Boys" of electronics manufacturing illegally fix prices for current generation LCD, LED, OLED, Plasma screens as well?
 
  12 December 2012
Im sure they dont.
/sarcasm
 
  12 December 2012
it took them 10 years to figure this out WITH the help of a whistle blower.. on the ball eh?

So if YOU purchased a tv or monitor from 1996 to 2006, and since YOU were the most effected by this and had to pay higher VAT, do YOU get a pro-rata refund?

Write to your EU rep and ask, thats unless they're playing golf too...
 
  12 December 2012
Doesn't surprise me, but I don't get it. Does it really make a difference?

Sony, Viewsonic, Mitsubishi, Sharp, etc... all weren't involved, and their products weren't significantly cheaper than these, were they?

This whole price fixing thing doesn't really work unless EVERY SINGLE player is involved, or does it?

Last edited by th3ta : 12 December 2012 at 07:34 PM.
 
  12 December 2012
Sooo... what then? Have the Government come in and make them make more?
 
  12 December 2012
Originally Posted by redbellpeppers: Sooo... what then? Have the Government come in and make them make more?


Er...no. They fine them 1.92 billion dollars and drag them through the mud. The free market only works properly when it's free from private collusion as well as undue government interference.

Anyway, if they're still price fixing they're not very good at it
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  12 December 2012
Originally Posted by th3ta: Doesn't surprise me, but I don't get it. Does it really make a difference?

Sony, Viewsonic, Mitsubishi, Sharp, etc... all weren't involved, and their products weren't significantly cheaper than these, were they?

This whole price fixing thing doesn't really work unless EVERY SINGLE player is involved, or does it?


They might not of been part of it, but doesn't mean they can't piggy back on it.
 
  12 December 2012
Originally Posted by cojam: it took them 10 years to figure this out WITH the help of a whistle blower.. on the ball eh?

So if YOU purchased a tv or monitor from 1996 to 2006, and since YOU were the most effected by this and had to pay higher VAT, do YOU get a pro-rata refund?

Write to your EU rep and ask, thats unless they're playing golf too...


Good question, the obvious next one is will the EU give out refunds from the fines money?

My Dad once gave me an old 19" LG monitor he bought around the late 90s. It cost IR£1200 which he says would have been about $1700 at the time. 19" monitors now are very cheap compared to those days.
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  12 December 2012
Originally Posted by Dillster: My Dad once gave me an old 19" LG monitor he bought around the late 90s. It cost IR£1200 which he says would have been about $1700 at the time. 19" monitors now are very cheap compared to those days.


Early LCD TVs and LCD Monitors used to be damn expensive. A 32" 720HD LCD TV cost almost 5,000 Dollars at one point.

Then, with the global financial crisis, prices on all this stuff suddenly came down "magically".

I guess industry kept their "Price Fixing Cartel" running until around 2008, when it made no financial sense anymore - the economic crisis pushed sales down, so they had to - finally - drop their prices, whether they like it or not.

This sort of stuff is sickening...

Makes me wonder whether Intel/AMD are also "price fixing", or beyond that, also "speed fixing".

I.e. A gentleman's agreement that nobody makes a CPU/GPU that is more than 10% faster than the previous top CPU/GPU.

I guess we'll have to wait another decade for current "Price Cartels" to finally be outed and fined...
 
  12 December 2012
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