Word: antitrusters
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After years of denying any wrongdoing, the company pleaded guilty to conspiring to fix prices for the livestock feed-supplement lysine and for citric acid, an additive found in products from cosmetics to soft drinks. The $100 million fine, the largest ever levied in a criminal antitrust case, was more than six times the amount of the previous record settlement. Further, ADM will pay an additional $90 million to settle civil suits. "In essence, greed, simple greed, replaced any sense of corporate decency or integrity" at ADM, said Joel Klein, the acting Assistant Attorney General for antitrust...
...approval of the Turner merger.) This was a blow to Murdoch's hopes of expansion, since it means he will be blocked from Time Warner's almost 12 million cable homes--most crucially those in New York City, where Fox is based. Last week Murdoch filed a $2 billion antitrust suit and enlisted Mayor Rudolph Giuliani to help pressure Time Warner. Company executives are standing firm; they point out that Fox is just one of many cable programmers that have been denied a spot on the crowded cable dial in New York. On Friday Time Warner won a temporary restraining...
...used in soft drinks and detergents. In exchange for the plea agreement, ADM gains immunity against charges of alleged collusion in the sale of high-fructose corn syrup, according to reports the Wall Street Journal. The corn-syrup case was thought to be the most significant of the antitrust inquiries because it is a $3 billion market and accounts for about 30 percent of ADM's profits. ADM will also gain immunity in another inquiry: the possible theft of technology and trade secrets by ADM from other companies. In July, published reports confirmed that prosecutors had told vice president Michael...
...something similar." AT&T isn't the only phone company whose stock is under pressure (see chart). Share prices of the Baby Bells have also lagged the market. Next year new federal legislation will allow the Baby Bells--regional phone companies spun off from AT&T under a 1984 antitrust decree--to start muscling in on the long-distance market too. Some analysts think that over time the Baby Bells might win a 20% share, part of which would come out of Ma Bell's hide...
...keep from losing his supper, Barksdale has retained Gary Reback, a Silicon Valley lawyer who has built a reputation for bashing Microsoft. In early August, Reback mailed a legal letter bomb to the Justice Department's Antitrust Division on Netscape's behalf, accusing Microsoft of every anticompetitive behavior short of kidnapping programmers. The charges infuriated Gates, who has already battled Justice on antitrust issues. Worse, Reback's letter played right into the media's general portrayal of Netscape as a lonely underdog facing off against a cheating giant...