The Envelope Cartel Has Finally, Finally Been Brought To Justice

December 12, 2014 in Daily Bulletin

Hanna Kozlowska wrote about the European Commission’s tireless efforts to protect consumers:

  • Bong, GPV, Hamelin, Mayer Kuvert and Tompla are five envelope makers who illegally coordinated prices and divided up markets between them.
  • They have been fined $24 million for price gouging Europeans at their local holiday card stores.
  • The price fixing happened during meetings that the participants called “golfing”.
  • The European Commission has handed out $2 billion in cartel fines in 2014, including a $953 million fine for “automotive bearings” price fixing.

Read about some of the other quirky cartels that the Commission has targeted, the puns that the EC’s Commissioner used to describe the fine, and more over here.

Source: Quartz