EU - a display of good governance

Europe Fines Electronics Makers $1.92 Billion - NYTimes.com: " For a decade, senior managers at some of the world’s largest electronics companies met at golf courses, mostly in Asia, for what they called “greens meetings.”

Besides golf, the business at hand was a price-fixing scheme that affected millions of consumers, the top European antitrust regulator said on Wednesday.

Joaquín Almunia, the European competition commissioner, imposed fines totaling almost 1.5 billion euros, or $1.96 billion, on seven companies involved in two cartels that fixed the price of picture and display tubes for televisions and computer screens.

Combined, the fines amount to the largest single penalty for price fixing ever imposed by the commission, which said the cartels had engaged in the most organized market manipulation it had ever investigated. In addition to price fixing, the cartels’ conspiracies included market sharing, customer allocation and exchanges of important commercial information."

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