Thursday, October 13

Company Owned By Rich Guys Pleads Guilty 

The AP tells us of a rich company that, well, you know... is criminal.
"Samsung, the world's largest maker of memory chips for computers and other electronic gadgets, has agreed to plead guilty to price fixing and pay a $300 million fine, U.S. officials said Thursday.

The penalty is the second-largest criminal antitrust fine ever and caps a three-year investigation into the largest makers of dynamic random access memory computer chips, a $7.7 billion market in the United States."

Second largest? They can do better than that, can't they? Their competition is trying:
Samsung's top competitor, Seoul-based Hynix, agreed earlier this year to plead guilty to price fixing and pay a $185 million fine. Last September, rival Infineon Technologies AG of Germany agreed to a $160 million fine. Another competitor, Micron Technology Inc. of Boise, Idaho, has been cooperating with prosecutors and was not expected to face charges.

The government accused the companies of conspiring in e-mails, telephone calls and face-to-face meetings to fix prices of memory chips between April 1999 and June 2002. The chips are used in digital recorders, personal computers, printers, video recorders, mobile phones and many other electronics.

Ahh, price fixing. Screwing people by overcharging them on little things they can't really see. How nice. And these companies are racing to be the worst.

  (0) comments

This page is powered by Blogger. Isn't yours?