As a veteran of Fortune 500 companies, I can tell you price
fixing goes on all the time. If you are shocked at this then
you are probably also shocked that large global multinational
“American” companies have avoided almost all of the taxes
Today, In the U.S., consumers are paying twice the price for
telecom services as Europe, and 5 times higher than Asia.
For prescription drugs, they are paying 10 times the price
of Switzerland or Canada. Instead of going after oligarch firms
with links into the political system, Americans are milked for
what money they have left after taxes.
China has started to get tough to ensure a full and free marketplace.
Something that we have not seen in the U.S. in decades.
China’s top economic planner and price watchdog will extend its
anti-trust probes into six other major industries, Xinhua reported.
The National Development and Reform Commission will extend probes
into price fixing in sectors including airlines, daily consumer
goods, vehicles, telecoms, pharmaceuticals, and household appliances
in the next step, the state-run media quoted an official as saying.
China has played strong hands so far this year in cracking down on
illegal activities including price fixing, targeting baby formula
brands, drug makers, jeweler distributors and others.
Earlier this year, the NDRC fined six liquid crystal display
manufacturers a total of 353 million yuan for their participation
in a cartel to fix the price of LCD panels on the Chinese mainland
between 2001 and 2006. This was the first time for China to punish
foreign companies in China for price fixing.