Preface	6
	Acknowledgements	10
	Contents	11
	Chapter 1: Introduction	15
	Purpose and Scope	15
	Importance of the Cases	17
	Sources	26
	Chapter 2: The Economics of Price Fixing	30
	Basic Concepts	30
	Price Fixing Conduct Defined	37
	Conditions Facilitating Collusion	45
	Effects of Collusion	55
	Cartel Histories	58
	Chapter 3: Anticartel Laws and Enforcement	66
	Market Power	66
	Anti-cartel Laws	68
	Prosecuting International Price Fixing	80
	Cartel Sanctions	108
	Chapter 4: The Citric Acid Industry	125
	The Product	125
	Technology and Early Development	125
	Market Size and Growth	127
	The Structure of Production	129
	Members of the Cartel	135
	International Trade Patterns	143
	Costs of Production	145
	Selling Practices	147
	Chapter 5: The Citric Acid Conspiracy	149
	Introduction	149
	Triggering Events	150
	Meeting and Methods	153
	Citric Acid Price Movements	157
	The Role of Cargill	159
	The China Problem	161
	The Cartel Is Unmasked	163
	Chapter 6: Economic Impacts of the Citric Acid Cartel	166
	Price Effects	167
	Effects on Production	170
	Effects on International Trade	172
	The Customer Overcharge	174
	Conclusions	176
	Chapter 7: The World Lysine Industry1	178
	The Product and Its Uses	178
	Technology of Production	180
	History of the Industry	181
	Market Size and Growth	189
	Structure of Supply in the 1990s	191
	M embers of the Cartel	194
	Selling Practices	198
	Chapter 8: The Lysine Conspiracy	200
	The Price War of 1991-1992	201
	Meetings and Methods	204
	The Cartel Is Unmasked	227
	Chapter 9: Economic Effects of the Lysine Cartel	229
	Price Effects	229
	Production Effects	234
	Effects on International Trade	235
	Effects on Profits	239
	The Customer Overcharge	241
	Conclusions	245
	Chapter 10: The Global Vitamins Industries	247
	Introduction	247
	Industry Origins5	249
	Market Structure	261
	Companies	272
	Market Size and Growth	278
	Trade and Location of Production	281
	Chapter 11: The Vitamins Conspiracies	283
	Collusion Begins	283
	Cartel Organization and Methods	287
	The Roche Cartels	290
	Cartels without Roche	316
	Meeting Challenges to Collusion	324
	Endgame: The Conspiracies Unravel	327
	Chapter 12: Effects of the Vitamins Cartels	333
	Duration	333
	Price Effects	334
	Profits	345
	Customer Overcharges	346
	Chapter 13: U.S. Government Prosecutions	350
	The Antitrust Division	350
	The Biggest Mole Ever Seen	352
	Enter the FBI	356
	Grand Juries	358
	The FBI Raids	359
	Lysine Guilty Pleas	360
	The Citric Acid Prosecutions	366
	Prosecution of the Vitamins Cartels	369
	Impact on Civil Cases	383
	Chapter 14: Antitrust Prosecutions Outside the United States	386
	Lysine	387
	Citric Acid	391
	Vitamins	392
	Other Jurisdictions	398
	Chapter 15: The Civil Suits	401
	Introduction	401
	The Federal Lysine Case2	402
	The Federal Citric Acid Case	407
	The Federal Corn Sweeteners Cases	410
	The Vitamins Cases	412
	Indirect Purchasers’ Cases	416
	Effectiveness of Civil Penalties	418
	Chapter 16: The Business of Fighting Cartels	422
	A Boon for Law Firms	422
	Can the Antitrust Agencies Cope?	426
	Were the Fines High Enough?	431
	Are New Laws Needed?	440
	Conclusions	444
	Chapter 17: Global Price Fixing: Summing Up	447
	Market Structure Matters	447
	Escalating Antitrust Sanctions and Deterrence	453
	Assessing Antitrust Sanctions	457
	Financial Impacts of Antitrust Sanctions	461
	Corporate Governance Structures	465
	The Fate of Individual Conspirators	470
	The Social Costs of Global Cartels	472
	Antitrust Prosecutors: Methods and Reputations	474
	References	480
	Index	498