Performancing Metrics

Wednesday, December 28, 2011

LCD Scandal "Resolved"

So, somehow I missed the boat on this one, but apparently there have been accusations slung around that the major manufacturers of LCD screens, on everything from cell phones to televisions, have been colluding for years to artificially drive up the cost of LCD screens in a bid to make themselves more money without actually having to work.

I found this out today as I overheard a radio broadcast suggesting to listeners to check into a settlement that may get them a partial refund on their LCD-screened product, so I decided to look into it.

So, as the story goes, in and around 1999 at least seven major LCD producing companies banded together to form an alliance to insure that they could control the price of LCD screens and charge as much as they liked (here, here, and here).  They referred to the near 60 meetings as the "Crystal Meetings" (here).  This sounds way too ridiculously spy-movie for my comfort, almost enough to make one paranoid.

In 2006, they either disbanded or got caught, I'm not sure which, the details about everything get fuzzy around here, but by 2008, there were complaints being lodged in US courts (here).

Overall, this really makes me nervous as a consumer.  I'm not really complaining that much over the price gouging, thats something that corporations are notorious for.  I'm worried over the fact that so many of the players in the industry were involved.  There were seven who settled, but there are many more that haven't, and are fighting against the system.  Things like this are definitely causes to the global recession, and we can't have any more of this.