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[Funky Papa]

Today on "what has the EU ever done for us" and "greedy EC targeting glorious American companies"...

The European Commission has found that MAN, Volvo/Renault, Daimler, Iveco, and DAF broke EU antitrust rules. These truck makers colluded for 14 years on truck pricing and on passing on the costs of compliance with stricter emission rules. The Commission has imposed a record fine of € 2 926 499 000.

MAN was not fined as it revealed the existence of the cartel to the Commission. All companies acknowledged their involvement and agreed to settle the case.
Commissioner for competition, Margrethe Vestager, said: “We have today put down a marker by imposing record fines for a serious infringement. In all, there are over 30 million trucks on European roads, which account for around three quarters of inland transport of goods in Europe and play a vital role for the European economy. It is not acceptable that MAN, Volvo/Renault, Daimler, Iveco and DAF, which together account for around 9 out of every 10 medium and heavy trucks produced in Europe, were part of a cartel instead of competing with each other. For 14 years they colluded on the pricing and on passing on the costs for meeting environmental standards to customers. This is also a clear message to companies that cartels are not accepted."

coordinating prices at "gross list" level for medium and heavy trucks in the European Economic Area (EEA). The "gross list" price level relates to the factory price of trucks, as set by each manufacturer. Generally, these gross list prices are the basis for pricing in the trucks industry. The final price paid by buyers is then based on further adjustments, done at national and local level, to these gross list prices.
the timing for the introduction of emission technologies for medium and heavy trucks to comply with the increasingly strict European emissions standards (from Euro III through to the currently applicable Euro VI)
the passing on to customers of the costs for the emissions technologies required to comply with the increasingly strict European emissions standards (from Euro III through to the currently applicable Euro VI).

Margrethe Vestager on a warpath.

From the New York Times.

The previous record penalty imposed on a group of companies by the commission was in 2012, when television and computer screen makers like Philips and LG Electronics were fined nearly 1.5 billion euros for fixing prices. That fine was later reduced by the courts to 1.4 billion euros, but it still represented a record at the time.

 

[Aureon]

EU is practically the only force left even trying to fight crony capitalism.

 

[Funky Papa]

EU is practically the only force left even trying to fight crony capitalism.

There's plenty of it in the EU. But as a consumer I thank the EC each day for putting a stop to so much fuckery.

 

[Dennis]

Can't wait for Euro Truck Cartel Simulator.

 

[Joni]

This is clearly unfair. If it was bad for the market, they wouldn't have had a monopoly.

 

[Plum]

Another example of the Dictatorship EU imposing fines and restrictions on honest, hard-working businesses. Now we've left the place we can collude on prices and create cartels in peace!

 

[El Topo]

This is an outrageous fine, aimed solely at harming the American industry. They're European? Nevermind.

 

[Dennis]

This is an outrageous fine, aimed solely at harming the American industry. They're European? Nevermind.

lol hahaha perfect

 

[Familienoberhauptvogel]

This is clearly unfair. If it was bad for the market, they wouldn't have had a monopoly.

/s?

 

[oti]

This is an outrageous fine, aimed solely at harming the American industry. They're European? Nevermind.

When will the #FightOnAmericanExceptionalism finally stooh wait.

 

[Joni]

/s?

I just abbreviated the Google faces EU fine topic.

 

[Kabouter]

This is an outrageous fine, aimed solely at harming the American industry. They're European? Nevermind.

Excellent.

 

[Familienoberhauptvogel]

I just abbreviated the Google faces EU fine topic.

that was a fun thread

 

[ClosingADoor]

Good, cartels like this should be fined huge amounts. Good job from the EU here.

 

[Frankfurter]

But GAF told me EU only fines American corporations!?

 

[Nikodemos]

Tomorrow's headline: "MAN representatives slain in mysterious hit&run by black unmarked truck".

 

[PjotrStroganov]

Do liberalists believe that a true free market can prevent these things?

 

[Zaph]

EC continuining to do work

This is an outrageous fine, aimed solely at harming the American industry. They're European? Nevermind.

Well done. But watch this thread go by barely noticed - doesn't fit the agenda.

 

[Funky Papa]

Tomorrow's headline: "MAN representatives slain in mysterious hit&run by black unmarked truck".

I'm kind of wondering why MAN decided to rat on them.

Maybe somebody thought "hey, we've already made some sweet cash from this racket, maybe it's time to bail before getting Stringer Bell'd".

 

[Zepp Twofist]

So everyone was working together except Scania?

 

[Lime]

but the free market? the invisible hand?

I cannot see why anyone can be for laissez-faire capitalism or libertarian government when we have clear cases like this

 

[Xun]

EU is practically the only force left even trying to fight crony capitalism.

Yeah, countries would be stupid to leave...

Spoiler

 

[Kabouter]

but the free market? the invisible hand?

I cannot see why anyone can be for laissez-faire capitalism or libertarian government when we have clear cases like this

They think all monopolies and cartels are caused by government intervention for some reason, it's bizarre.

 

[la_briola]

This thread is boring if no one is complaining and/or trying to defend these poor companies.

 

[GrantDaNasty]

FUCKING EU, GOOD FOR NOTHING ANTI-PROGRESS...wait, they're doing what they're supposed to be doing.

 

[Ardenyal]

Gee, thanks EU!

 

[AbsolutBro]

I have been critical of the EU Antitrust panels, but this is good work.

Trying to compare this to the Google situation though is laughably stupid.

 

[BlueTsunami]

But shouldn't the market have been able to work this all out?!?!?! /s

 

[Calabi]

Yeah, countries would be stupid to leave...

Spoiler

No one is that stupid.

Spoiler

Yet

There seems to be a few cartels lately. I wonder how many more hidden there are. It's the best strategy after all.

 

[Roude Leiw]

I'm kind of wondering why MAN decided to rat on them.

Maybe somebody thought "hey, we've already made some sweet cash from this racket, maybe it's time to bail before getting Stringer Bell'd".

MAN is owned my Volkswagen. And Volkwagen needs their cash to pay the fines in the USA ;P

 

[FStop7]

Euro Truck Simulator DLC prices to triple

 

[CadetMahoney]

Every time I hear cartel I think drug cartels, oh and banks. . . nevermind then.

 

[exmachina64]

Euro Truck Simulator DLC prices to triple

If anything, they should lower the price of trucks in-game.

 

[AbsolutBro]

I'm kind of wondering why MAN decided to rat on them.

Maybe somebody thought "hey, we've already made some sweet cash from this racket, maybe it's time to bail before getting Stringer Bell'd".

If it's anything like the US, the first person/group willing to flip and testify against the rway gets their penalty reduced or even eliminated. If you check Bank of America's record in the US, they are almost always the firat one to flip when it starts coming down around their head.

 

[Dingens]

They think all monopolies and cartels are caused by government intervention for some reason, it's bizarre.

well you could probably argue that they are... I'm sure Adam Smith didn't plan for patents... without patents, monopolies would be pretty much impossible.
but even the most dedicated liberal and laissez-faire capitalist would never dream of abolishing them, they are just way to beneficial for their corporate bottom line


also nice how this thread didn't even make it to page 2, should've sued Ford too, just for laughs and giggles

 

[AbsolutBro]

also nice how this thread didn't even make it to page 2, should've sued Ford too, just for laughs and giggles

To be fair, this particular case is very cut and dry. The companies admit to breaking international law and agreed to the fine amount. You could argue it's not a large enough fine, however record breaking, to stop them doing it again.

I can devil advocate/off topic it and point out the blatant bias for hitting Google solo with the same 3B euro fine that multiple companies are splitting for 14 years of actual illegal activity.

(what's the unicode for the euro symbol anyway?)

 

[YourMaster]

I'm kind of wondering why MAN decided to rat on them.

Maybe somebody thought "hey, we've already made some sweet cash from this racket, maybe it's time to bail before getting Stringer Bell'd".

I want to have fate in humanity and believe that at some point somebody with both balls and a conscience suddenly found himself at a position of power at that company and with knowledge of the cartel.