Organized Crime: Bid Rigging And Price Fixing (9/28/24)

The Epstein Chronicles

Bid rigging and price fixing are two insidious corporate crimes where companies conspire to manipulate competition and inflate prices, robbing governments, businesses, and consumers of billions. In bid rigging, conspirators secretly agree on who will win contracts, using tactics like cover bidding, bid rotation, and subcontracting to maintain the illusion of competition. Price fixing involves competitors agreeing to set artificially high prices for products or services, removing natural market forces. These practices are difficult to detect and prove, often uncovered by whistleblowers who risk their careers to expose the schemes. Despite legal battles and harsh penalties, bid rigging and price fixing remain prevalent, evolving with globalization and modern technology, leaving the public to pay the hidden costs.
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