Apparently there will be jail time for shipping executives who have violated the anti-trust laws.
As far as I know, this is a first in the U.S. shipping industry.
Here is the press release from the Department of Justice. click here
Back in the day there were closed conferences, then there were open conferences, then there was the right to independent action, and eventually the whole anti-trust protection is going away.
Honestly,I was shocked there will be jail time. Not sure how much time, but guess there will be some.
I knew a couple of these guys who will be going to jail. I use to collude with them in conference meetings back when it was legal. I really feel bad for them and their families.
I guess it's hard for people to adjust when they change the rules of the game.
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