Mainland Europe adopts Germanic cartel business patterns

Press conference by Margrethe Vestager, Member of the European Commission in charge of Competition about maritime car carriers cartel. Date: 21/02/2018. Location: Brussels – EC/Berlaymont. © European Union, 2018 / Source: EC – Audiovisual Service / Photo: Jennifer Jacquemart.

As in VW’s diesel engines emissions scandal, in the case of Estonia’s half banking system working as mafia’s financiers, it was the Americans to unveil the wrongdoings. Is it by chance or the Europeans are looking the other way, when it comes to their own dirty laundry? Those calculated frame ups are not only meant to blind, the usually accommodating authorities, but more so to rig the consumers. Again last week it was the Americans who accused the German luxury car company BMW for rigging its diesel engines emissions exactly as VW did.

And what about the good old free market competition in Europe? All kind of public opinion leaders, mainstream politicians, economists, journalists and ideologists have been brainwashing us for centuries about that. However, when the real danger approaches for some long established companies – being theoretically competitors – like the German carmakers, they get together and untrammeled by any authority they form illegal cartels to confront an existential challenge, as it’s currently the advent of the electric car era.

German carmakers cartel

VW has invested heavily in diesel engines, and now tries to remedy this monumental blunder by teaming up with the rest of the German carmakers to face the Tesla challenge. In the latest incident that the Europeans forget what about capitalism is – free and fair completion – BMW and Daimler the largest luxury car producers, teamed up to confront the challenge of Uber, the US firm which changes the way people move in the urban environment. Cheating and forming cartels has become in Europe the standard business behavior, mainly by German multinationals.

Nobody seemed to also care less for the competition rules than in the largest German bank, the infamous – by good business standards – Deutsche Bank. Some two years ago when it had grave difficulties with the US authorities and was plagued with financial and penal litigations and huge fines, the German big business/government bosses – the joint deep state circles – rose and with one voice said they would do whatever it takes to save the bank.

Rigging competition rules

Mind you, this was not the European Central Bank, the competent authority to take any action in favor or against Deutsche bank. It was the ‘deep German state’ that knows no limits when it’s about salvaging their own and their way of doing things. This obvious breach of competition rules didn’t attract any interest from the competent authorities in Brussels and Berlin. It’s the usual European inaction, when ‘our guys’ are doing something wrong. It’s exactly as in 2008, when the Berlin government saved a number of faltering regional deposit banks with illegal subsidies of €50bn  – traditional German regional banking institutions – without even telling the Brussels competition authorities about it.

Still to this day, Deutsche Bank is in turmoil. Its CEO John Cryan, a transfer from London’s misty banking alleys, the non executive President Paul Achleitner, a real ‘deep state’ fox and the CFO James von Moltke, a strict accounting animal, are hammering each other, with accusations quite unusual for that kind and size of business and nobody tells us why or for what. The CFO accuses the CEO of wrongdoings with nothing less than half a billion dollars without elaborating and Achleitner doesn’t say a word.

Obscure practices

According to the reliable business news group Handelsblatt, it’s about “unexpected charges of half a billion dollars for the first quarter”. Again, this is not good business practice and of course it’s neither free and fair completion/capitalism. In such a grey financial environment no economic actor can make decisions in full knowledge of the terms of the game and of the possible repercussions of its action. Big business leaders work behind closed doors and usually advertise the opposite of what they have secretly decided to do. The rest of the economy is left in darkness.

Speaking of big business wrongdoings, of course the Americans have their share. Take, for example, the technology Leviathans Alphabet/Google, facebook, twitter, Apple, Amazon, Microsoft and others less knotted with people’s everyday life. They are all systemic tax evaders and data usurpers. However, they do not flagrantly breach competition rules as the Europeans do. For example the AT&T merger with Time Warner has stirred up political opposition and the American Congress is against it. At the same time, Brussels rushed to approve the monstrous acquisition of Monsanto by Bayer for €62.5 billion, before the US authorities have even said a word. This is an obvious backing by the European authorities for ‘their own’ Bayer, in order to facilitate and possibly instigate the clearance of the acquisition in the US.

It won’t be an exaggeration then to assert that in mainland Europe in general and in the Germanic sphere in particular, it’s almost a tradition the authorities of whatever level to consider themselves obliged to facilitate the life of big business interests.

Advertising

Advertising

Advertising

Advertising

Advertising

the European Sting Milestones

Featured Stings

Stopping antimicrobial resistance would cost just USD 2 per person a year

The Banking Union may lead to a Germanic Europe

Youth policy in Europe not delivering for young people

IMF: Sorry Greece it was a mistake of 11% of your GDP

Why lay people don’t expect anything good from G20

Pesticides: MEPs propose blueprint to improve EU approval procedure

The Commission neglects the services sector and favours industry

South Asia can become an innovation hub. Here’s how

These 4 Nordic countries hold the secret to gender equality

China in My Suburbs

Earthquake: Monte Dei Paschi Di Siena

UK must make clear what it wants, MEPs say in Brexit debate

G7 summit: Trump Vs. G6 leaders on trade and climate change

Why a healthy planet and a healthy economy go hand-in-hand

Snowden is the “EU nomination” for this year’s Oscars

The challenge of maintaining interest in Primary Health Care in medical students

Cocaine and opium production worldwide hit ‘absolute record highs’ – major threat to public health says UN study

ECB readies itself for extraordinary monetary measures defying Germany

UK Labour Party leader Corbyn readies to change Brexit political backdrop

2019 EU Budget: Commission proposes a budget focused on continuity and delivery – for growth, solidarity, security

Online government services could change your life. But only if you have access to the internet

UN forum to bring ‘big space data’ benefits to disaster response in Africa

Use “blockchain” model to cut small firms’ costs and empower citizens, urge MEPs

Close to final agreement on the EU Banking Union

UN chief welcomes event reuniting families on the Korean Peninsula

EU-U.S. Trade Talks: European Commission presents draft negotiating mandates

Financial Transaction Tax: More money for future bank bailouts?

China, forever new adventures

MEPs agree on new rules to tax digital companies’ revenues

Ship Recycling is the Commission’s Titanic

Dreaming of China

Drought in Europe: Commission presents additional measures to support farmers

Young? You should work out the entrepreneurial heart before the mind

Quicker freezing and confiscation of criminal assets in the EU

Third Facebook-Cambridge Analytica hearing: data breach prevention and cures

Draghi’s 2018 compromise: enough money printing to revive inflation and check euro ascent

Why do medical students have to emigrate to become doctors in 2017?

Poverty data never tells the whole story

Spotlight Initiative – EU and UN fight against domestic violence in the Pacific region

Top UN political official updates Security Council on Iran nuclear deal

Stigmatized, shunned and shamed, International Widows’ Day draws attention to their unique needs

Our present and future tax payments usurped by banks

Commission caps charges on card and Internet payments and enforces competition

Greater support needed for refugees and migrants from Venezuela – UN

China’s cities are rapidly becoming more competitive. Here’s why

Fresh airstrikes kill dozens in conflict-ravaged Syria

EU Commission: The banks are not obliged to finance the real economy

Climate change is speeding up. Our response needs to be even faster

The West – the EU and the US – is writing off Turkey’s Erdogan

The New Year 2016 will not be benevolent to Europe

Everybody against Japan over yen’s devaluation

Syria: UN-backed watchdog says chemical weapon ‘likely used’ in February attack

Presentation of Juncker’s Investment Plan: Can 315 billion euros save the EU?

Brexit: the time has come for the UK to clarify its position

Here are 4 tips for governing by design in the Fourth Industrial Revolution

The Parliament paves the way for the creation of the European Banking Union

Top envoy to Yemen praises ‘flexibility’ of chief negotiators as new UN mission chief is named

Rising landmine blast toll in Afghanistan highlights long-term care needs of survivors

EU budget: Commission proposes most ambitious Research and Innovation programme yet

Capital Markets Union: Making it easier for insurers to invest in the real economy

Moves to create a Kosovo army have ‘deteriorated relations’ with Serbia: UN peacekeeping chief

More Stings?

Speak your Mind Here

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s