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FBI, DOJ Officials Brief Congress on Efforts to Combat Price Fixing, Bid Rigging

FBI Assistant Director Ronald Hosko—along with Department of Justice Assistant Attorney General William Baer—testified before members of a Senate Judiciary subcommittee on recent FBI and DOJ efforts aimed at uncovering and prosecuting domestic and international cartels engaged in price fixing, bid rigging, and other criminal antitrust crimes.

Nov 14, 2013 04:00 PM

FBI, DOJ Officials Brief Congress on Efforts to Combat Price Fixing, Bid Rigging


FBI Assistant Director Ronald Hosko—along with Department of Justice (DOJ) Assistant Attorney General William Baer—testified before members of a Senate Judiciary subcommittee on recent FBI and DOJ efforts aimed at uncovering and prosecuting domestic and international cartels engaged in price fixing, bid rigging, and other criminal antitrust crimes. According to the two executives, an enhanced focus on antitrust crimes in recent years has resulted in a dramatic increase in criminal fines, more prosecutions for individuals involved in cartel activities, and longer jail time. They highlighted recent price-fixing investigative successes, including prosecutions of cartels involving air transportation (more than $1.8 billion in criminal fines), liquid crystal displays, or LCDs (more than $1.39 billion), and auto parts (so far, more than $1.6 billion)….as well as a recent investigation into bid rigging in municipal bonds markets that has so far resulted in the convictions/guilty pleas of 19 individuals who defrauded municipalities across the country.

“At the end of the day,” said Hosko and Baer, “our enforcement actions result in lower prices for consumer goods and services, including computers, televisions, automobiles, shipping, hospital services, and financial services.”

Full testimony | Automotive parts price fixing | LCD price fixing conspiracy