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The Egg Bandits Made a Thousand Times the Fine They Just Paid for Price Fixing

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Re: The Egg Bandits Made a Thousand Times the Fine They Just Paid for Price Fixing

#31

Post by devilbunny »

Henchman21 wrote: post #30
declan_roberts wrote: post #21

We really need to bring back corporal punishment, both for petty crimes and white collar crimes. The prison sentences don't make sense for the petty crimes, and the fines don't make sense for the white collar crimes. We need to legalize public caning and the stocks.

Along with this we need the revocation of corporate charters and the liquidation of all assets belonging to the owners of any corp that is dissolved in this manner. The penalty for fucking over the public in general should be a lifetime of poverty.

The owners of corporations are mostly pension funds and the like.

Re: The Egg Bandits Made a Thousand Times the Fine They Just Paid for Price Fixing

#32

Post by saghm »

mrguyorama wrote: post #14
readthenotes1 wrote: post #6

Earlier quoted context omitted.

"naked conspiracy to manipulate the price of eggs from 2022-2025. " Who was in charge during this time period?

People always overlook how crappy our courts are. They have been absurdly pro corporate for decades. They will bend over backwards to accept an absurd legal arguments from corporate attorneys, yet they never seem to have that level of credulity for people like you and me. That famous McDonalds hot coffee case, McDonalds had caused serious injuries to hundreds of people previously and demonstrated serious negligence a…

> That famous McDonalds hot coffee case, McDonalds had caused serious injuries to hundreds of people previously and demonstrated serious negligence and a willing disregard for the safety of their customers and the courts, and yet when the jury came back with a couple million dollars in punitive damages, the judge still massively reduced that penalty!

And then in the aftermath of that, the media turned the most well-known victim into a punchline and an oft-cited example of absurd litigation by people who don't know any better.

Re: The Egg Bandits Made a Thousand Times the Fine They Just Paid for Price Fixing

#33

Post by throw10920 »

TimorousBestie wrote: post #18
onetimeusename wrote: post #12

Earlier quoted context omitted.

Do you have any evidence the settlement terms are corrupt? There were 17 states involved. Many of those states have governors that are not in the same party as the president. https://apnews.com/article/egg-prices-collusion-settlement-d...

It’s not only Republicans getting contributions from Big Egg.

xkcd (2130) continues to be unreasonably poignant, as usual.

Re: The Egg Bandits Made a Thousand Times the Fine They Just Paid for Price Fixing

#34

Post by croes »

Business as usual.

BP, Shell etc. make more profit from ignoring safety and environmental standards than they have to pay in fines for oil spills.

Same is true for FB & Co.

How about the possibility of a death penalty for companies like for people because companies are people, aren’t they?

Re: The Egg Bandits Made a Thousand Times the Fine They Just Paid for Price Fixing

#35

Post by treis »

smokefoot wrote: post #19
vikingerik wrote: post #13

Earlier quoted context omitted.

Consumers don't want to understand it because they don't want to consume less.

I mean no. The LIBOR analogy is appropriate. Large, long-term egg supply contracts are fixed to an index and that index was manipulated. That's criminal conspiracy and price fixing, not just a liquid market. That's notably different from say the current scrum for HBM where the demand truly came as a surprise and scarce supply gets bid up. Micron's windfall is justified and natural as these things go. The egg windfall…

LIBOR didn't triple the rate. I don't doubt that they screwed around at the margins but the extreme volatility in egg prices were predominantly caused by the underlying economic factors.

Re: The Egg Bandits Made a Thousand Times the Fine They Just Paid for Price Fixing

#37

Post by mlsu »

devilbunny wrote: post #31
Henchman21 wrote: post #30

Earlier quoted context omitted.

Along with this we need the revocation of corporate charters and the liquidation of all assets belonging to the owners of any corp that is dissolved in this manner. The penalty for fucking over the public in general should be a lifetime of poverty.

The owners of corporations are mostly pension funds and the like.

Arguably that is worse. If a criminal misuses his own resources to commit crimes and then you take that away from them, it only affects him.

The companies should be liquidated still. That would put the incentives in the correct order.

Re: The Egg Bandits Made a Thousand Times the Fine They Just Paid for Price Fixing

#38

Post by john_strinlai »

declan_roberts wrote: post #21

We really need to bring back corporal punishment, both for petty crimes and white collar crimes. The prison sentences don't make sense for the petty crimes, and the fines don't make sense for the white collar crimes. We need to legalize public caning and the stocks.

>the fines don't make sense for the white collar crimes.

why do we need to jump to caning instead of increasing the fines to something more than an operating expense?

in this case, if the fine was 1000x the profits instead of the other way around, the problem would be solved, right?

Re: The Egg Bandits Made a Thousand Times the Fine They Just Paid for Price Fixing

#39

Post by tancop »

declan_roberts wrote: post #21

We really need to bring back corporal punishment, both for petty crimes and white collar crimes. The prison sentences don't make sense for the petty crimes, and the fines don't make sense for the white collar crimes. We need to legalize public caning and the stocks.

we dont need new punishments, the system is just backwards. for things like shoplifting and vandalism it should be double or triple damages with no prison. corporate fraud, cartels, pollution, big time tax evasion has to come with 20+ year sentences and fines based on your income like a traffic violation in norway. flat fines just dont work when the criminal is rich.

in general we should be a lot more strict on sexual crimes (sa, trafficking, child abuse but not voluntary prostitution) and white collar/economic ones including wage theft, but less strict on drugs and property. drug possession and non commercial digital piracy should be decriminalized.

violent crimes are mostly in the right place, the big problem there is racist prosecutors and ineffective anti gang programs not the laws themselves but we need to remove death penalty/life without parole everywhere they still exist.

the point is we need a rebalance not a whole new untested mechanic.

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