Panasonic Corp. & Whirlpool Corp. subsidiary agree to Plead Guilty for

[Land Shark]

Source: Department of Justice

Companies Agree to Pay a Total of $140.9 Million in Criminal Fines

WASHINGTON — Panasonic Corporation and a Whirlpool Corporation subsidiary, Embraco North America Inc., have agreed to plead guilty and to pay a total of $140.9 million in criminal fines for their role in an international conspiracy to fix the prices of refrigerant compressors, which are used in refrigerators and freezers in homes and businesses, the Department of Justice announced today.

According to separate one-count felony charges filed today in U.S. District Court in Detroit, Panasonic, a Japanese corporation, and Embraco, a Delaware-based refrigerant compressor producer and seller, participated in a conspiracy to fix the prices of refrigerant compressors sold in the United States and elsewhere. The department said the conspiracy took place from at least as early as Oct. 14, 2004, until on or about Dec. 31, 2007. According to the plea agreements, which are subject to court approval, both companies have agreed to cooperate with the department's ongoing refrigerant compressor investigation. Embraco has agreed to pay a $91.8 million criminal fine and Panasonic has agreed to pay a $49.1 million criminal fine.

{...} Both Panasonic and Embraco are charged with price fixing in violation of the Sherman Act, which carries a maximum fine of $100 million for corporations. The maximum fine may be increased to twice the gain derived from the crime or twice the loss suffered by the victims of the crime, if either of those amounts is greater than the statutory maximum fine.

Read more: http://www.justice.gov/atr/public/press_releases/2010/262783.htm

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Who would have thunk that corporations would engage in international criminal conspiracies just to make more bucks?

[Cal Carpenter]

1. The only thing that makes this surprising

is that they actually got busted and are paying real fines (well, time will tell on that I s'pose).

This activity is the norm. This is how capitalism works.

[Poll_Blind]

2. Whoa. n/t

PB

[Mimosa]

3. I wonder if the profits were worth the fines? n/t

[defendandprotect]

4. How about the "Anti-Trust" laws re monopoly -- ????

[Land Shark]

7. The price fixing laws are part of the Sherman Antitrust act, as amended... nt

[defendandprotect]

8. Sherman-anti-trust is also anti-monopoly ... isn't it ? And being ignored ... ???

Well, looks like we've had a bit of hanky-panky and deform with this act ... ???

"Although the language forbids all monopolies ... the courts have held that the act ONLY applies...


:crazy:


Sherman Antitrust Act and monopolies
The Sherman Antitrust Act of 1890 was the first measure passed by the U.S. Congress to prohibit abusive monopolies, and in some ways it remains the most important.
www.linfo.org/sherman.html - Cached


Sherman Anti-Trust Act legal definition of Sherman Anti-Trust ...
Although the language of the Sherman Act forbids all monopolies, the courts have held that the act only applies to those monopolies ... Sherman Anti-Trust Act
legal-dictionary.thefreedictionary.com/​Sherman+Anti... - Cached

[givemebackmycountry]

5. And in tonights "future news that's bound to happen"

Lawmakers repeal the "Sherman Act".

[defendandprotect]

10. Well, if it were up to Repukes ... it would be gone!!

Seems like it's intent has been somewhat distorted at any rate!!

Sherman Antitrust Act and monopolies
The Sherman Antitrust Act of 1890 was the first measure passed by the U.S. Congress to prohibit abusive monopolies, and in some ways it remains the most important.
www.linfo.org/sherman.html - Cached


Sherman Anti-Trust Act legal definition of Sherman Anti-Trust ...
Although the language of the Sherman Act forbids all monopolies, the courts have held that the act only applies to those monopolies ... Sherman Anti-Trust Act
legal-dictionary.thefreedictionary.com/​Sherman+Anti... - Cached
http://legal-dictionary.thefreedictionary.com/Sherman+Anti-Trust+Act



:crazy:

[chollybocker]

6. A pal of mine was laid-off from Whirpool.

This should be of great interest to him. Many thanks for the post.

[Javaman]

11. Didn't Whirlpool just move their last US factory to Mexico? nt

[2 Much Tribulation]

9. How many Friday newspapers will cover this DOJ press release?