How to Profit From a Cartel Without Joining One
Adam Smith warned that people in the same trade rarely meet without the conversation turning to a scheme to raise prices. Antitrust enforcers on both sides of the Atlantic now suspect they can skip the meeting—a shared shareholder may do the job.
In May 2025, the U.S. Justice Department (DOJ) and Federal Trade Commission (FTC) backed a lawsuit alleging that BlackRock, Vanguard, and State Street used their stakes in competing coal companies to coordinate output cuts. The following month, the European Commission fined Delivery Hero and Glovo for participating in a cartel facilitated by…
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