Word: cartelizing
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...European Consumer Association. Also, one man's junk food is another man's job - expect to hear a lot in coming months about the health benefits of chips and chocolate. - By Joe Kirwin Chemical Brothers European Commission antitrust police fined three chemical firms €217 million for running a cartel in the market for a widely-used chemical between 1984 and 1999. Dutch firm Akzo Nobel, France's Atofina - now Arkema - and Germany's Hoechst colluded to fix the price of MCAA, used to make food and cosmetics...
...ARRESTED. DAGOBERTO FLOREZ, 47, an alleged leader of the largest Colombian drug cartel and one of the most wanted alleged drug traffickers in the U.S., which offered a $5 million bounty for his capture; outside Medellin, Colombia. Florez is reputed to be one of nine capos of the Norte del Valle drug cartel, an organization accused by American authorities of exporting some $10 billion worth of cocaine to the U.S. over the past 15 years, half of the country's cocaine supply...
...this latest fight, Spitzer is again crusading against the system. Last week's suit outlines Marsh's deals with several big insurers, suggesting that price fixing and kickbacks may be widespread in the industry. "When you corrupt a market as the insurance carriers and brokers have by permitting cartel-like behavior, prices go up," says Spitzer. He has issued dozens of subpoenas targeting companies like Aon, Willis Group Holdings and, as was disclosed last week, MetLife. Two executives at AIG and one from insurance company Ace, which were mentioned in the Marsh suit, pleaded guilty to charges last week...
...ARRESTED. GILBERTO HIGUERA "EL GILILLO" GUERRERO, 34, alleged narcotics capo said to be responsible for up to half of the illegal drugs smuggled into the U.S.; in Mexicali, Mexico. One of Mexico's most wanted men, authorities say Guerrero is the principal operative of a drug cartel allegedly run by kingpin Ismael Zambada. "This man's fame is practically one of the legends of drug trafficking," said Mexican Attorney General Rafael Macedo de la Concha following the arrest...
Americans should be watching too. Venezuela, which sits atop 78 billion bbl. of oil--and as much as 270 billion bbl. of extra-heavy crude--is the world's fifth largest oil exporter. It's also a founding member of the OPEC oil cartel (the 11-nation Organization of Petroleum Exporting Countries). In past decades, to please consumers in the U.S.--PDVSA's biggest market, which buys two-thirds of its exports--Venezuela often ignored OPEC's guidelines, stepping up production even when oil prices hit rock bottom in the late 1990s. But Chavez, a harsh critic...