Beef Industry “Mafia” Accused Of Price Fixing Scheme

According to a new class action lawsuit, the
beef industry led partially by Tyson Foods is acting like a mafia and that’s actually,
according to this particular lawsuit. The lawsuit says that Tyson, along with several
other beef producers have been kind of colluding with one another in a price fixing scheme
so that none of them get screwed out of a good deal and that they all keep their prices
relatively the same to make them all remain competitive. This type of scheme is 100% illegal and I
have Scott Hardy from Top Class Actions with me now to explain more about what’s going
on. Scott, hugely interesting story to me here,
especially when in the filing they talk about this as essentially acting like some kind
of beef mafia. Mafia is the word they used. So tell us who this beef mafia is and what
they’re doing. Sure. So the beef mafia, we’re waiting for a whole
Rico conspiracy act, I don’t know. But anyways, the, the, the beef mafia allegedly
consist of Tyson Foods, Cargill, JBS USA, and the National Beef Company who controls
70% of the beef packing industry. And what this class action points to is that
usually the price of beef goes up and down along with the price of cows. That makes sense. Cows get more expensive, beef gets more expensive,
price of cows go down, beef gets less expensive. But what this class action is alleging is
that the, the meat packers both colluded together to get the price of cattle down and then instead
of the price of beef going down, they colluded together to keep the pricing up. So instead of seeing that natural up and down
of the beef price, when the cows were cheap, the beef was still pricey. And that seems like a pretty easy recipe to
take a look at and take a look right there and say, hey, something’s not right. You know, it’s interesting because things
like this are actually indexed. And in fact, these beef companies, according
to the lawsuit, are actually using the indexes and the forecasts to see when they think,
you know, the market thinks whatever it is that the price of beef is going to go down. And that’s when they all get together and
say, hey, we’re looking at a drop over here. What should we do? Cause the price of cattle is going to drop
in, in three months. Should we lower our prices? Should we raise our prices? What’s going to happen here? The lawsuit basically spells that out for
us as part of this scheme as well. And so when we look at this and we know that
these forecasts exist, we can go back historically cause all these things are documented and
see what the price of cattle was versus what the price of a steak at the grocery store
was. Seems like something that’s fairly easy to
verify and go ahead and pop these companies for, doesn’t it? Yeah, it really does. You know, from the reports we’re seeing that
this hundred billion dollar industry made billions of dollars in extra profits while
consumers paid far more for beef than they should have. That’s according to the one of the statements,
but that’s included by Law360. And so you’ve got this huge amount of profit
that’s taken place all at the, on the backs of consumers. And the, the law firms that are actually handling
this, these are, these are big, big dogs that, you know, go ahead against the biggest companies
in the world. And so I think that you’re going to see, this
is going to be a battle it’s going to be waged and ideally, you know, pretty much every single
American out there, that’s not a Vegan, is going to be able to benefit from any settlement
that comes out of this. Because this settlement will likely be in
the hundreds of millions of dollars if the class action continues along and we, we get
that process, you know, actually make that step because if they’re making billions of
dollars from profits, then some of that, a big chunk of it should get right back into
our pockets. It would be great in situations like this,
if all of these ill gotten gains, you know, to be returned. But it, to me what this represents is just
the fact that you can find corruption anywhere. You know, assuming everything in this complaint
is accurate and, you know, ends up being proven, there, there’s no industry in this country,
and I think you and I both know this, there really is no industry that’s, that’s immune
to, to corruption. You know, the beef industry, the pharmaceutical
industry, fossil fuels, you know, the, the supplement industry, other food manufacturers,
it just, it’s so widespread and without these class action lawsuits, it would be so much
worse than it is today. And I know, you know, you’ve got people out
there who say, oh well these ambulance chasers, they just want to sue everybody. No. The point is if these lawsuits are not filed,
you know, whether or not you agree with them or you think lawyers are all ambulance chasers,
let me tell you, if they weren’t out there fighting these fights, things would be so
much worse for American consumers. You would be getting ripped off with every
product that you buy because these lawsuits are the only, you know, gatekeeper between
corrupt industries and the American consumer. Exactly. These, these folks, these, these good men
and women are actually out there litigating and they’re finding these problems. They’re finding where you’ve got these meat
that are pocketing billions of dollars in profits all on the backs of consumers. And they’re saying, hey, this isn’t right. You’re screwing over people. You’re screwing over the farmer because you’re
keeping the price of the meat down. So that’s hurting the individual farmer. You’re screwing over the individual consumers
because you’re raising up the price that people are paying. You need to one, stop it. And two, put that money back into the pockets
of those that were hurt by your collusion. If anybody needs more information on this
issue, I encourage you, follow the link in the description of this video. Go to Top Class Actions, and while you’re
there, sign up for their weekly newsletter. It is the best tool available for consumers
to arm themselves with all the knowledge needed to be a good honest, and you know, basically
more informed American consumer. Scott Hardy with Top Class Actions. I always enjoy talking with you. Thank you very much. You’re welcome. Thanks for your time Farron.

60 thoughts on “Beef Industry “Mafia” Accused Of Price Fixing Scheme

  1. All Americas corporations are run mafia style from the top dog down. With the governments blessings and subsidies to boot.

  2. It’s sad to say😳, but why am I not surprised over corruption and collution scam anymore 🤯🤦‍♀️🤦‍♂️⚖️

  3. Maybe it's time we started using the Rico Act against Corporate America. If you want to act like Organized Crime we'll treat you as such.

  4. I went to get a 4lb chuck roast the other day. It was almost 30 bucks.
    I took a pass on that.

    I went back last night and found the same size chuck roast for 12. I bought that. Haha. The meat industry is a racket. Same store same cut of meat. Both freshly packaged that day.

  5. Waiting for the meat made in laboratory go to supermarkets by then the cruelty y suffering of animal is going to stop, because we love to eat animales .

  6. Farron, I really like your interviews and investigative journalism. You’re actually great at it. But I CANNOT watch you when you rant. I know you’re not doing it on purpose, because I do the same thing w people in my life, but when you rant you’re voice is grating and it seems like you’re yelling at the viewers rather than the situation you’re fighting against.

    The calmer demeanor in this video is much appreciated. Please let this carry over to your rants. I’ll start watching those again. I have enough people yelling at me, I don’t want you to yell at me too, especially when I think what you have to say is valuable. You almost always make great points, but the shouting is too much. Reign in your passion my friend. Feel it but don’t be so demonstrative.

  7. I eat pork 95% of the time since it's half the price and no cut of pork is tough. High prices limit consumption.

  8. What kind of beef is this, dead cattle beef or dead human beef? I heard human beef is tastier than cow beef. It is being used plentifully on the market to keep prices down, only thing is we dont know it’s human meat we’re eating.

  9. You need at least 26 providers of a product for free-market competition to work. Below that you always get price fixing, sometimes implicit. Yet the government nearly always OKs mergers, even when it leaves only two players. Money buys improper permission to merge.

  10. Let's understand something. It is not just the beef industry, but every corporation out there. Who do price fixing and more. Every corporation is a mafia and all are doing robbery on a grand scale. If you pay attention, we can see the simple criminal scam of protection rackets. In every thing we buy or get so called service for. Add to this the monopoly angle and the protection to be able to grow that monopoly. And make the prices whatever they wish it to be and always at greater cost to the public. Especially when the income is dropping or remaing stagnate. Then how long before there are only the well off. Who can afford to pay. And the vast majority must take desparate actions to stay alive. All of which brings only violence as a solution and protectionism and isolation for most. Where danger is bioled down to who you know personally. And strangers are enemies!

  11. Almost makes me think of the 1930's antitrust lawsuits that occurred cause of certain entities were trying to maintain prices to keep control of an industry

  12. This industry work is the definition of 'cartel':

  13. If you care about the environment eat less Beef and eat more chicken , you can raise 30.000 chickens in the same area that would not even raise ten cows.
    You need one and a half acres to two acres per cow , i worked on a 30.000 head Chicken farm that was around 4 acres .
    I stopped buying their expensive destructive beef years ago .
    I still buy the occasional hamburger but Beef was my main meat but not anymore.
    Sorry vegans i still like my meat but i eat the ones that do the less damage to our earth.

  14. No wonder is a total LUXURY, to eat a nice peace of beef. An excellent and quality, piece of beef is priced in $ 20.00 dollars and up. Our beef industry is controlled by, a powerful MAFIA. Both Republicans and Democrats : are the CORPORATE PARTY. They don't care about, our working class population. Peace and love brothers.

  15. With the tariffs China instituted months ago there should have been a surplus of meat in America. I believe they destroyed it rather than sell it at a cheaper price

  16. What else can we expect when Corruption is coming from the very top of Government… All pieces are just going down following a pattern…. A very CORRUPT PATTERN..

  17. 🤠🎻😉👌Now isn't the Mafia officially now apart of our USDA-Value packed programs sold off and onto the highest bidders for the best prime cuts towards lawlessness profits practicesd✍😶😳🤑🤝☻👍
    🚬🐓BS🎪🤲🐂Foh 💩💥💬yep

  18. Donald's cheeks (upper and lower sets) are bulging with hamburders. His puckered orifice (upper and lower) opens slightly and food falls out while he's talking to a news reporter. When Donald is asked if he's concerned about how the high tariffs on everything and price fixing by the beef industry is affecting American workers, consumers, and the poor, Donald replies, "Let them eat scoops of frozen maggots."

  19. Stop saying back into our pockets! We never get any benefit of a fine placed on price fixing. If maybe when the price of cattle goes down we get lower prices for the meat, nice, but why no kickback of that fine to use consumers?

  20. The meat industry is very corrupt. This is actually just the tip of the iceberg. It’s all about profits and they’ll do anything to protect them. They pay for manipulated medical research to hide how dangerous meat is to health. It’s driving climate change denial because animal agriculture is the biggest polluters of the environment. Its just shocking that these companies are killing us and the environment just for profit.

  21. As contaminated as the beef has been, they have a lot of nerve… Boycott beef and they will have to lower their prices…what we have to realize if we hit their pockets, they will do something different…

  22. Kleptocracy and the Corporate corruption it allows is brought to you by the Mob Boss in Chief and the RepubiCONs.

  23. I'm anti red-meat and I don't consume them but, aviation is fixing prices, beef, fuels, apts rentals in communities, all are fixing. Is almost impossible to resolve the problem unless u have more than 20 companies competing in the same field. That's why when I see monsters like Amazon I'm really concerned because ultimately, ultimately, that damages all of us.

  24. Their whole business model is the killing of sentinent beings. No surprise that they engage in other immoral action on top of that.

  25. Today is the last day. Please donate to help get Mike Gravel on the Democratic debate stage. We need all true Progressives to be heard. 💪🏽💪🏽💪🏽💪🏽💪🏽

  26. Once test-tube grown meat and leather becomes economical the commercial fishing and factory farming industries will become obsolete overnight.

    And if advances in hydroponics and aeroponics becomes widely available, then the big fertilizer industry will become obsolete.

  27. This comes up every few years, and they've still not shut it down.It's not just that they set prices for retail beef but that they keep the price of slaughter far depressed. I say that we stop fining the companies. I say it's time we start executing the CEOs. And not just in the beef industry.

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