The Siemens led Electronic equipment cartel

        A cartel is a group of producers that work together to protect their interests. Cartels are created when a few large producers decide to unite with respect to aspects of their market. These cartels Are able to fix the price of their products, so that price competition is avoided. They can also restrict the supply of the product onto the market affecting the consumerare able to fix the price of their products, so that price competition is avoided. They can also restrict the supply of the product onto the market affecting the consumer’s demand and supply.
       The largest fine from the European Union against a single cartel was the Siemens led electronic equipment cartel. It was a fine of 750 million euros for being guilty of fixing prices, diving market share, and rigging project bids and exchanging business information with each other. The European Union reasoned that these electrical companies had been cheating public utility companies and consumers for more than 16 years. The cartel was able to do this by cooperating when selling their heavy equipment that is used to regulate energy flows in power grids so that they were all guaranteed some of the available contracts.