kscarbel2 Posted February 25, 2015 Share Posted February 25, 2015 Reuters / February 23, 2015Top European truckmakers face a fine of up to 4 billion euros ($4.5 billion) for operating a cartel, German daily Handelsblatt reported, citing industry sources.In November, the European Union Commission said it had sent formal charge sheets to several truck manufacturers it suspected of price fixing.Handelsblatt said the companies could be fined this year.Swedish truck maker Scania, Netherlands-based DAF and Italy's Iveco face steep fines while German truckmakers Daimler and Sweden's Volvo Trucks can hope for more lenient treatment because they cooperated with investigators, Handelsblatt said.Volkswagen-controlled MAN may even escape prosecution because it had whistleblower status in the cartel investigation, the German newspaper said.European Commission spokesman Ricardo Cardoso, MAN and Daimler declined to comment. The other companies were not immediately available to comment on the Handelsblatt report.Companies can be fined up to 10 percent of their annual revenue if the Commission concludes there is sufficient evidence of an infringement of EU rules barring cartels and the abuse of market dominance. Quote Link to comment Share on other sites More sharing options...
kscarbel2 Posted February 25, 2015 Author Share Posted February 25, 2015 Now the question is, what will the US government do about the truck price fixing that occurred here in America ???Does anyone for even a moment believe that two of the guilty parties, Volvo and Daimler, the two truckmakers that dominate the North American market, were not together price fixing in America as just as they were in Europe ???And throw in Paccar as well, whose DAF unit was found guilty by the European Union Commission.I'm guessing that Ustian decided against Navistar participating, but in knowing of the illegal U.S. truck pricing cartel and not telling the feds......he is still guilty.In summary, let's see how the feds proceed with this.............This is one of those rare moments when the veil is lifted..........albeit briefly. Quote Link to comment Share on other sites More sharing options...
MackMann85 Posted February 25, 2015 Share Posted February 25, 2015 Tell me how you think price fixing is going on in the USA. I'm interested in how it happens and what is considered price fixing. Quote Link to comment Share on other sites More sharing options...
TeamsterGrrrl Posted February 25, 2015 Share Posted February 25, 2015 When a market is controlled by only 3 or 4 suppliers, they start to act like a monopoly of one supplier. For example, when Hostess had most of the market for bread and snack cake, every few weeks they'd do a small price increase, then see if the other couple of wholesale bakers would follow. If the "competitors" matched Hostess' price increase, it stood; If the competitors didn't match the price increase, Hostess cancelled theirs. Entirely legal, and worked as well as a back room meeting between "competitors" to manipulate the market.Volvo did something similar with a $7500 price increase in 2007 and a further $7500 increase in 2010, reputedly to cover the cost of the tightened emission standards. It probably cost much less to meet the new standards, but it was a great excuse for a price increase. 1 Quote Link to comment Share on other sites More sharing options...
kscarbel2 Posted February 26, 2015 Author Share Posted February 26, 2015 Tell me how you think price fixing is going on in the USA. I'm interested in how it happens and what is considered price fixing. My friend, it's good to catch up with you again. If you have a moment, I still have those two questions to ask you.Do you feel that the acquisition of Mack Trucks by a foreign truckmaker was good for America? Do you feel the dominance of America's truck industry by foreign truckmakers is in the best interest of the United States? Quote Link to comment Share on other sites More sharing options...
maint1 Posted February 26, 2015 Share Posted February 26, 2015 Do any of the fines go back to purchasers? By the way always enjoy your posts. Thank you for keeping us up to date. Dave Quote Link to comment Share on other sites More sharing options...
kscarbel2 Posted February 26, 2015 Author Share Posted February 26, 2015 Do any of the fines go back to purchasers? By the way always enjoy your posts. Thank you for keeping us up to date. DaveThank you very much Dave. My pleasure.To date, I have not read of discussion on purchaser refunds. This has been going on for 14 years, which would complicate a refund scheme. 1 Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.