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ARCHER DANIELS MIDLAND:PRICE FIXER TO THE WORLD (Third Edition)

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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 $740 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/28680/1/sp98-10.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 98-10.

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Length: 85 pages
Date of creation: 1998
Date of revision:
Handle: RePEc:pae:wpaper:98-10

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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, 1998. "What Can We Learn From The Adm Global Price Conspiracies?," Working Papers 98-14, Purdue University, College of Agriculture, Department of Agricultural Economics. [Downloadable!]
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