Price fixing on LCD screens
There is match fixing and there is price fixing. Game match fixing is when a team or a player does things purposely in a sports game for the his own individual benefit or compensation. It is against the law.
Then there is price fixing, which is where business entities does things purposely to fix the price of the products they all manufacture. This was the case in one of today’s top news in technology section. Three top LCD (liquid crystal display) companies – LG display, Sharp and Chinghwa Picture Tubes – have pleaded guilty for fixing price on LCD screens. Although it has hurt computer and other electronic monitor businesses like apple mac, cell phone manufacturers and dell financially, but at the end it was consumers who suffered from high retail price for LCD electronic devices.
These LCD firms have filed a plea deal with US Justice Department and agreed to cooperate in their anti trust investigation. They will pay a hefty fine of $585 millions combined.