AG Holder to Label Auto Parts Companies 'Criminals'
by Tom McGregor
Sun, May 25, 2014, 08:02 PM
U.S. Attorney General Eric Holder has launched a massive criminal investigation on auto parts companies.
The Houston Chronicle reports that, "An investigation into price-fixing and bid-rigging in the auto parts industry has mushroomed into the 's largest criminal antitrust probe ever, and it's not over yet. The investigation, made public four years ago with FBI raids in the Detroit area, has led to criminal charges against dozens of people and companies, stretched across continents and reverberated through an industry responsible for supplying critical car components."
Brent Snyder, deputy asistant attorney general in the antitrust division, is quoted as saying that, "It's a very, very safe assumption that U.S. consumers paid more, and sometimes significantly more, for their automobiles as a result of this conspiracy."
According to the Houston Chronicle, "So far, 34 individuals have been charged and 27 companies have pleaded guilty or agreed to do so, the Justice Department says. Collectively, they have agreed to pay more than $2.3 billion in fines. New cases have arisen with regularity, with Attorney General promising last September that investigators "would check under every hood and kick every tire."
Holder pledged to "check under every hood and kick every tire" to bust alleged auto companies.
To read the entire article from the Houston Chronicle, link here: