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.

the sting Milestone

Featured Stings

Can we feed everyone without unleashing disaster? Read on

These campaigners want to give a quarter of the UK back to nature

How to build a more resilient and inclusive global system

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

EU-China Leaders’ Meeting: Upholding EU values and interests at the highest level

The benefits of exercise in the midst of the Covid-19 pandemic

How to fix our planet: the pioneers fighting to bring nature back

Call to revitalize ‘language of the ancestors’ for survival of future generations: Indigenous chief

Serious concerns over Sahel, require ‘urgent action’: Senior UN Africa official

Agreement reached on digital copyright rules

European Commission increases support for the EU’s beekeeping sector

Capital markets selloff: The financial moguls send messages to monetary authorities

10 predictions for the global economy in 2019

UNICEF urges governments to repatriate thousands of foreign children stranded in northeast Syria

Manufacturers Get Smarter for Industry 4.0

Ebola: EU announces new funds to strengthen preparedness in Burundi

A Sting Exclusive live from Brussels: Solheim’s consequential visit leading the world and the UN

A Sting Exclusive: “Paris and beyond: EU action and what COP21 should deliver”, Green MEP Keith Taylor discusses from Brussels 

Amazon, a pair of shoes and my Data Privacy walks away

EU budget: Commission proposes €1.26 billion to reinforce the European Solidarity Corps

Entrepreneurship’s key to success showcased by a serial young entrepreneur

As children freeze to death in Syria, aid officials call for major cross-border delivery boost

‘InvestEU’ programme: big boost for jobs, growth and investment

These are the world’s best cities to be a cyclist

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

Pandemic and quarantine: What can we do for our mental health?

‘Our goal is to democratize the air.’ How aerial transportation will shape cities of the future

The ECB accuses the politicians of inaction, continues injecting billions to banks

Providing mental health during pandemic times

Mental distress during the pandemic: is there a way out?

China-EU Special Report: Chinese Premier Li Keqiang endorses China’s big investment on Juncker’s plan at 10th China-EU Business Summit

The EU accuses Russia of bullying Ukraine to change sides

DR Congo: Ebola response resumes despite ‘risky environment’

‘Wind blowing in the direction of peace’ in Africa: UN Secretary-General

Humanitarian Aid: additional €50 million to tackle drought in the Horn of Africa

CO2 emissions around the world

How to survive the COVID-19 lockdown with a newborn baby

“Beating pollution for our planet”, a Sting Exclusive by Mr Erik Solheim, the Executive Director of the United Nations Environment

Progress on gender equality is too slow, says OECD on International Women’s Day

This is what’s happening to the Amazon, according to NASA

Member States’ compliance with EU law in 2018: efforts are paying off, but improvements still needed

What are plastics and why do they matter? An explainer

Europe’s richest regions actively seek investment from China’s biggest banks

A roadmap for destination management in the digital economy

We need greater protection for our oceans. We can’t let politics stand in the way

A brief history of cryptography and why it matters

Poland: €676 million worth of EU investments in better rails and roads

‘Digital divide’ will worsen inequalities, without better global cooperation

Global aid appeal targets more than 93 million most in need next year

Resisting EU budget cuts

What just happened? 5 themes from the COP24 climate talks in Poland

A Union that strives for more: the first 100 days

Safer roads: EU lawmakers agree on life-saving technologies for new vehicles

The Covid-19 pandemic: how to take care of mental health?

The Great Reset requires FinTechs – and FinTechs require a common approach to cybersecurity

Aid stepped up to Syria camp; new arrivals say terrorists blocked their escape

COP21 Breaking News_10 December: the final sprint of the Final Agreement Negotiations

This man swam under the East Antarctic ice sheet to highlight the impact of climate change

Can the EU afford a trade war with China?

‘Passport to dignity’ that schools represent may expire fast, without emergency funding warns UN Palestine refugee agency

Margrethe Vestager, EU Commissioner in charge of competition policy, during a recent press conference in Brussels / Berlaymont. (Copyright: EU, 2018 / Source: EC - Audiovisual Service / Photo: Jennifer Jacquemart)

EU opens investigation into Qatar Petroleum over potentially restrictive gas contracts

The ‘ASEAN way’: what it is, how it must change for the future

€2 billion to fast forward the creation of the European Innovation Council

Member states jeopardising the rule of law will risk losing EU funds

More Stings?

Advertising

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