On Thursday, the US Department of Justice declared that it will investigate and penalize companies found guilty of violating its laws. “exploiting supply chain disruptions for illicit profit,”The White House blames rising prices for the increase in inflation “corporate greed.”
According to the DOJ, it was working in accordance with its stated mission. “deter, detect and prosecute those who would exploit supply chain disruptions to engage in collusive conduct.”DOJ said that priority would be given to other cases. “any existing investigations where competitors may be exploiting supply chain disruptions for illicit profit.”
“While many individuals and businesses across various sectors in the economy have responded and will continue to respond to supply chain disruptions caused by the pandemic with laudable ingenuity,”According to the department, “others may seek to use supply chain disruptions as a cover for collusive schemes.”
The Antitrust Division will work with the FBI to investigate and prosecute those seeking supply chain disruptions as a means of illicit profit.
The evidence of people or companies conspiring “fix prices or wages, rig bids or allocate markets”The DOJ warns that prosecution will be possible and asks members of the general public to report any suspected criminal activity.
Jonathan Kanter, assistant attorney general, said that he had made his own statement. “temporary supply chain disruptions”Should not be permitted “to conceal illegal conduct.”
“The Antitrust Division will not allow companies to collude in order to overcharge consumers under the guise of supply chain disruptions,”He stated.
Luis Quesada (FBI Assistant Director) also mentioned that the US has given criminals an opportunity to plan. “fix prices and overcharge customers,”The intelligence agency promised to crackdown on the people involved in this practice.
Biden’s administration repeatedly blamed the US price rises on “corporate greed,” and in December, White House Press Secretary Jen Psaki claimed “the greed of meat conglomerates”The dramatic rise in meat prices was attributable to this.
However, meat is not the only product that has seen a huge price increase since Biden’s inauguration last year.
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Costs of food, shelter & fuel in US continue to soar
According to Bureau of Labor Statistics gasoline prices increased by 58.1% in November 2020 and November 2021 while used and new cars rose by 11.1% and 31.4%, respectively. Prices of food increased 6.1%.
Conservatives criticize the Biden administration’s insistence on blaming rising costs on corporate greed. They point out that these levels were absent under Trump, who was also affected the Covid-19 pandemic.
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