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Archer Daniels Midland:Price Fixer To The World

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Author Info
John M. Connor () (Department of Agricultural Economics, College of Agriculture, Purdue University)

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Abstract

Both market structure and corporate practices of Archer Daniels Midland fostered the implementation of the largest price-fixing conspiracies seen in modern times. The overcharges imposed on U.S. buyers of lysine and citric acid during 1994-1995 by ADM and its co-conspirators amounted to at least $250 million, and the total amount of public penalties, private damages, and legal costs exceeds $666 million. Perpetrators of price-fixing now face monetary exposures that are five times the amount of the harm caused to buyers. These events have spurred renewed attention by U.S. antitrust authorities in prosecuting international cartels.

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File URL: http://ageconsearch.umn.edu/bitstream/28664/1/sp00-11.pdf
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Publisher Info
Paper provided by Purdue University, College of Agriculture, Department of Agricultural Economics in its series Working Papers with number 00-11.

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Length: 367 pages
Date of creation: 2000
Date of revision:
Handle: RePEc:pae:wpaper:00-11

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Related research
Keywords: Price fixing; lysine; citric acid; sweeteners; wet-corn milling; starch industry; Archer Daniels Midland; market structure; monopoly overcharge; antitrust law; legal damages; U.S. Department of Justice.;

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  1. John M. Connor, 2002. "THE FOOD AND AGRICULTURAL GLOBAL CARTELS OF THE 1990s: OVERVIEW AND UPDATE," Working Papers 02-04, Purdue University, College of Agriculture, Department of Agricultural Economics. [Downloadable!]
  2. Bolotova, Yuliya & Connor, John M. & Miller, Douglas J., 2005. "The Impact of Collusion on Price Behavior: Empirical Results from Two Recent Cases," 2005 Annual meeting, July 24-27, Providence, RI 19164, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association). [Downloadable!]
    Other versions:
  3. John Connor, 2001. "Preface – Forensic Economics in Action: The Lysine Cartel," Review of Industrial Organization, Springer, vol. 18(1), pages 1-4, February. [Downloadable!] (restricted)
  4. Lawrence J. White, 1999. "Lysine and Price Fixing: How Long? How Severe?," Working Papers 99-02, New York University, Leonard N. Stern School of Business, Department of Economics. [Downloadable!]
  5. Lawrence White, 2001. "Lysine and Price Fixing: How Long? How Severe?," Review of Industrial Organization, Springer, vol. 18(1), pages 23-31, February. [Downloadable!] (restricted)
  6. C. Taylor, 2001. "Indirect Damages from Price Fixing: The Alabama Lysine Case," Review of Industrial Organization, Springer, vol. 18(1), pages 33-43, February. [Downloadable!] (restricted)
  7. Joseph E Harrington Jr, 2002. "Post-Cartel Pricing during Litigation," Economics Working Paper Archive 488, The Johns Hopkins University,Department of Economics, revised Jun 2003. [Downloadable!]
    Other versions:
  8. John Connor, 2001. "“Our Customers Are Our Enemies”: The Lysine Cartel of 1992–1995," Review of Industrial Organization, Springer, vol. 18(1), pages 5-21, February. [Downloadable!] (restricted)
  9. Catherine Roux & Thomas von Ungern-Sternberg, 2007. "Leniency Programs in a Multimarket Setting: Amnesty Plus and Penalty Plus," CESifo Working Paper Series CESifo Working Paper No. , CESifo Group Munich. [Downloadable!]
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