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Corporate Criminals
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On this Page:
Zoe Ball on Monsanto
Sharlene Spiteri on Merril Lynch
Samantha Janus on Sears
Melinda Messenger on Coopers
Claire Goose on News International
Denise Van Outen on South West Water
Martine McCutcheon on Telefonica
Contact information for the Lobster Party
Zoe Ball on Monsanto
Zoe loves Monsanto - not just for its crimes! (Recently, a measly £17,000 fine for "genetic pollution."). She also admits a sneaking admiration for a company that can develop Agent Orange then a couple of decades later get US courts to ban supermarkets from labelling food as genetically modified!
Sharlene Spiteri on Merril Lynch
"Copper load of this!" says Sharlene. In 1999, Merril Lynch agreed to fines totalling more than 25 million dollars for its role in the Sumitomo Copper scandal of four years earlier. (6.5 million pounds fine to the London Metal Exchange and a 9.5 pounds penalty to the Washington-based Commodity Futures Trading Commission.)
Samantha Janus on Sears
In 1998, says, Samantha, several US states announced settlements with Sears Roebuck and Co. that required the retailer to pay $40 million for improperly collecting money from customers whose debts were erased by bankruptcy filings.
The settlements affected an estimated 146,000 consumers nationwide, and stemmed from Sears obtaining agreements from customers in bankruptcy that call for debtors to pay debts that would be otherwise discharged. The agreements can be valid when they are voluntary and filed with the bankruptcy court for review. But an investigation by the Massachusetts Attorney General found Sears never filed them with the court.
Sears picked up a fine of $60 million.
Melinda Messenger on Coopers
Melinda plumped for a firm that turned a blind eye. Coopers, now part of Price WaterhouseCoopers, was auditor to Maxwell Communication Corporation. In 1999, the firm was fined 1.9m Dollars for comprehensive failings in the audit of the Maxwell empire.
Claire Goose on News International
In May 1999, Rupert Murdoch's News International was found guilty of deliberately selling The Times at a loss, after an investigation into predatory pricing by the Office of Fair Trading. Sadly, the OFT did not have powers to fine the company, but Claire was delighted to find a way to include the ruthless and unscrupulous Murdoch as her choice.
Denise Van Outen on South West Water
Denise plumped for a straigntforward case of a company we need to trust betraying that trust. South West Water PLC has been fined 10,000 pounds after pleading guilty at Truro Magistrates Court to supplying water unfit for human consumption.
Martine McCutcheon on Telefonica
Martine enjoyed the irony when a Spanish restrictive practices court fined Telefonica, the Spanish telecommunications group Pta 580 million for abuse of a dominant position, setting "predatory" prices and discriminating against a competitor, British Telecom. We all know that BT has abused its position shamelessly, so it was good to see it had been getting a taste of its own medicine.
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Last Revised: 17 December 1999