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re: What industry “secret” do you know that most people don’t?
Posted on 3/9/24 at 12:34 pm to LAblues
Posted on 3/9/24 at 12:34 pm to LAblues
Catfish processors were coordinating to fix prices in the 90s. Several plants got fined millions for it on fixing prices for large contracts to Chicago companies.
What was never known is they did it for government contracts too and one guy steered the investigation by the feds toward the fixing on private companies and was able to hide the govt contract fixing. Had they found out about the govt contracts it would have been much worse. Guy is dead now and the biggest offenders (delta pride before they sold, farm fresh, southfresh and southern pride) are no longer in business so doesn’t matter now
What was never known is they did it for government contracts too and one guy steered the investigation by the feds toward the fixing on private companies and was able to hide the govt contract fixing. Had they found out about the govt contracts it would have been much worse. Guy is dead now and the biggest offenders (delta pride before they sold, farm fresh, southfresh and southern pride) are no longer in business so doesn’t matter now
3
Posted on 3/9/24 at 4:02 pm to deltaland
quote:
Guy is dead now
Initials JA
Those DP guys back in the day would vote themselves a higher pond bank price than the co-op could sustain, thus draining the company dry and leaving them upside down on a $100mm line of credit with Chemical Bank in Chicago.
When it came time for them to put more equity back into the company (margin call!) they simply BK DP and formed Southfresh.
The guys in Chicago never could figure out how they let these redneck fish farmers leave them holding the bag.
Good times, the 1990s.
Posted on 3/9/24 at 7:16 pm to deltaland
quote:
Catfish processors were coordinating to fix prices in the 90s. Several plants got fined millions for it on fixing prices for large contracts to Chicago companies.
You sure they aren’t doing it again? Catfish price hikes are starting to be as bad as crawfish.
Posted on 3/11/24 at 12:15 pm to deltaland
quote:
Catfish processors were coordinating to fix prices in the 90s. Several plants got fined millions for it on fixing prices for large contracts to Chicago companies.
What was never known is they did it for government contracts too and one guy steered the investigation by the feds toward the fixing on private companies and was able to hide the govt contract fixing. Had they found out about the govt contracts it would have been much worse. Guy is dead now and the biggest offenders (delta pride before they sold, farm fresh, southfresh and southern pride) are no longer in business so doesn’t matter now
replace catfish with crawfish
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