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Vancouver Off-Topic / Current Events The off-topic forum for Vancouver, funnies, non-auto centered discussions, WORK SAFE. While the rules are more relaxed here, there are still rules. Please refer to sticky thread in this forum.

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Old 09-26-2013, 12:49 PM   #1
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9Japanese auto parts makers to pay $740,000,000.00 fine

Japanese auto parts makers to plead guilty, pay $740M in price-fixing plea | CTV News | Autos

Mitsubishi Parts Price-Fixing Targets Ford, GM, U.S. Says - Bloomberg

U.S. fines 9 Japanese auto parts makers in price-fixing probe

The Associated Press
Published Thursday, September 26, 2013 1:48PM EDT
WASHINGTON -- Nine Japanese auto parts manufacturers and two of their executives will plead guilty and pay $740 million in criminal fines for conspiring to fix the prices of more than 30 products sold to many of the world's largest automakers operating in the U.S., the Justice Department announced Thursday.
The action is the latest development in the largest criminal investigation the Justice Department's criminal division has ever carried out. To date, it has resulted in charges against 20 companies and 21 executives, and the companies have agreed to pay $1.6 billion in criminal fines.
From steering assemblies to seat belts, the price-fixing conspiracies went on for more than a decade and affected more than $5 billion in auto parts sold to U.S. car manufacturers and installed in cars sold in the United States and elsewhere. In all, more than 25 million cars purchased by American consumers have been affected by the illegal conduct.
"As a result of these conspiracies, Americans paid more for their cars," Attorney General Eric Holder told a news conference. Holder said American companies such as Chrysler Group LLC, Ford Motor Co. and General Motors Corp. were affected, as were U.S. subsidiaries of Honda Motor Co., Mazda Motor Corp., Mitsubishi, Nissan Motor Co., Subaru and Toyota Motor Corp.
The government will continue to "check every hood and kick every tire" to end the price fixing, said Holder.
Company executives used code names and met face to face in remote locations in the U.S. and Japan to rig bids, fix prices and allocate the supply of auto parts, the government alleged.
Seventeen of the 21 executives charged so far have been sentenced to serve prison terms in the U.S. or have plea agreements calling for significant time behind bars.
The companies charged Thursday are Hitachi Automotive Systems; Mitsubishi Electric and Mitsubishi Heavy Industries; Mitsuba; Jtekt; NSK; T.RAD; Valeo Japan and Yamashita Rubber.
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Old 09-26-2013, 12:55 PM   #2
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Couldn't have just put it as $740 million in your title? lol
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Old 09-26-2013, 01:18 PM   #3
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I wonder if they'll also be charged in Canada, based on the Competition Act.
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Old 09-26-2013, 01:29 PM   #4
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Quote:
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Couldn't have just put it as $740 million in your title? lol
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Because Timpo.
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Old 09-26-2013, 02:44 PM   #5
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hey guys maybe he wasnt sure how many zero's it takes to make a million
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Old 09-26-2013, 02:53 PM   #6
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The zeros make the fine look WAY more harsh. LOL!
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Old 09-26-2013, 05:22 PM   #7
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Lol I seriously thought it was 740 billion!damn I felt stupid for a second haha
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Old 09-26-2013, 05:27 PM   #8
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i like how no one gives a shit about the post/content.. just the title! hahahah

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Old 09-27-2013, 02:32 AM   #9
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Damn.... Just a bit mind blown to realize how much 1 billion is.

It's bigger amount than the thread title, and to think there are people that can easily pay off that sum cause they are billionaires.

You often see the words billion this, billion that.

Put that in digits... It's like
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Old 09-27-2013, 07:24 AM   #10
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I wonder what the other companies are as the article notes 20 companies
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Old 09-27-2013, 08:09 AM   #11
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So when will the US go after Chinese companies for.......... oh wait, China owns the US, LOLOLOLOLOL.
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Old 09-27-2013, 11:19 AM   #12
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so harsh on timpo...he didn't even mention gt-r yet..

but yeh the zeroes do make a point though
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Old 10-12-2013, 03:20 PM   #13
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Holy....that's a very, very big fine!
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