Breaking down the Canada Bread price-fixing scandal | About That
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- Опубликовано: 21 июн 2023
- Canada Bread must pay a $50 million fine for being part of a scheme to fix the price of bread in Canada over 14 years. It's the highest fine the Competition Bureau has ever levied. Andrew Chang explains how the scheme worked, and why this may only be the beginning.
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Never mind a fine, a fine does nothing for all the ripped off consumers. Make Canada Bread sell it's products at a commensurate discount price for a period that would compensate consumers for their losses. Their bread is carp anyway.
They would mark up the price and offer discounts. After all, no one can dictate prices in a free market. It is up to the sellers
Their bread is fish?
Still not good enough. This deserves some prison time.
Heah it's junk anyway...go to your local bakery and get some good stuff.
Make your own bread....I guess most people don't have the iq's for it though lol
The fine is not big enough.
The investigation is not broad enough.
All food manufacturers need to have their input costs inspected vs profits. Frozen vegetables? How did they double in 3 years in cost?
The "kicker" is this will happen again because nobody is going to prison.
the bread scandle was just a prelude to what is going on now
It is openly and blatantly happening right now in consumer banking and communications services. A small number of companies (which are all heavily invested IN EACH OTHER) all collude to extort money for the things we can't survive without. Everyone knows its happening and it just goes on decade after decade after decade. Ask me why.
@@Barnaclebeardno body is surviving on bread, sugar and grains,seed oils and chemicals are not something to live on if you care about your health, lack of education is also a problem
@@bradzimmerman3171It's not about the product, its about the price fixing
What about “everything price-fixing” scandals? 😂
the bread scandal was just a prelude to what is happening now with the grocery prices and how much the prices are being padded.
difference is the prices now are attributed or blanketed as inflation and rising costs to produce
Same in USA but no one is complaining. So, I started baking my own bread or going to the bakery. Why should I pay high prices for supermarket bread!
Carbon tax also affects the price of food.
@@Themiddleman416 So does compounded markup; where a parent company, more so a monopolistic outfit, inflates and manufactures overhead by means of using too many of its subsidiaries unnecessarily in order to inflate the price several times; a form of hidden price gouging. The most effected products of this is bottled water, baking products, and brand name drugs. Compound markup is not only confined to subsidiaries; we see it also in transport that affects prices on the shelves. Just one of the ways to collectively disguise price gouging as “inflation”. This gimmick does create some jobs, but mostly low paying ones; and also indirectly over time devalues the earnings of the consumer.
So, the inquiry from a few months ago on grocers profiteering is over?
The grocery market in Canada is like the telecommunications industry. A few players running the entire show and in the end, screwing everyone.
$50m is nothing compared to the volume of bread sold over 15 years!
Colluding is totally worth it
Now do the massive amounts of price fixing in the dairy industry in Canada. Is it only bad when it's bread? Price cartels are bad, no matter the industry.
Can you tell us what’s not scam in Canada?
Canada itself is a scam
Walmart is charging $8.00 for gluten free bread is was $5.00 just a few months ago . I am buying less and less food every month. It's not just bread it's time we do something about all of this.
All the more reason to switch to the Carnivore Diet. It's healthier and cheaper.
As the gap between rich and poor gets ever greater. It’s never been larger in the history of mankind. Revolting.
No one is revolting, too many circuses.
You never studied history?
Why can't we have a system where the LAST CEO to come forward faces 10 or 20 years in Jail? Possible jail time would encourage CEO scammers to come forward sooner to save their skin. Why not just add this extra punishment to the system?
Life sentences
Or outlaw management bonuses and limit their salaries to something reasonable. Of course, you'd also have to tax the corporations and if they move outside the country to avoid taxes, we'd have to ban them from doing business in Canada.
Would never work. The chance of a CEO to come forward in the first place is extremely rare. It would never get to the last CEO because the collusion is so strong.
You know that this isnt the only company doing this, look at chips, look at soda prices
The Bread industry conspired to make more dough...
They knead that money
If prices keep going up like this we’re toast.
Hasn't the government been doing this with the dairy industry forever?
This is only the tip of the iceberg on price fixing and gouging. Not just bread, but almost every basic commodity in Canada - Telecom services, dairy, insurance, housing. Hopefully investigations and enforcing consequences like this is only the beginning and there is a lot more to come. Too bad Weston is immune to this because they are the whistleblower, but we got to start somewhere.
This host is fantastic!!
That scandal is not loafing around on consumers wallets
now do the rest of the products lol
They should calculate how much they profited over the years. Adjust it to inflation, then double it and make them sell at the discounted price until the numbers match up
Canadians are getting stiffed by all involved
Crooked Crooked and more Crooked. Give the benefit back to consumers. Pisses me off as a consumer
That takes care of the bread items ~ what about all the other food items that are so very overpriced thanks to price gouging!!! We are Canada, we should not have to choose between eating and rent.
Weston's... hmmm any relation to Gavin Weston and his mum the Ontario lieutenant governor???
$50million fine is just simply the cost of doing business, they made billions. This sends a message. Im sure more price fixing is happening.
We need to bring back checks and balances. Fines and punishment should equal and even surpass the benefits of said crimes. Elected officials should be forced to step down prior to their terms of office if they don’t comply with their election promises. Those caught cheating the public purse should be forced to pay a fine double or triple the amount stolen and serve time as well. All lobbying should be made illegal.
Respect and dignity should be brought back to our Canadian government, immigration, education, health ministries along with any other ministers that affects the well being of all Canadians should be brought back to federal jurisdiction. As it is now the federal government has and is giving away its jurisdictions to the point where one questions its existence, if you’re going to give everything away then why should the public be paying for a vacuum a useless void, I forgot they are the Royalty & sheriffs of days gone by … see how we have been brainwashed, those days are still here and the Public has been and is being brainwashed into thinking the way the 1% dirty swamp wants us to.
The cost of Fruits and vegetables shoukd be drastically reduced so people can cook healthy meals. Rather than opting for less expensive frozen dinners and prepared foods which are hurting people's health and putting pressure on our Healthcare system. We are all on boatd to reduce harmful pollution so lets all get on board to promote healthier eating.
How about drop the carbon and fuel taxes so it won't cost too much for producers to supply and transport said fruits and vegetables?
@@shauncameron8390 Truckers have access to carbon tax credits to offset the price of gas.
Please discuss gas prices which seems to be fixed and how we spend way too much. And alcohol and tobacco pricing.
So it was just a $50M fine but nothing about an injunction for price fixing bread in the future? It could still be going on for all we know...
bigger scandal is what is happening with beef, eggs and dairy..
Who gets the money from the fine? I find this useless...the money should go back to the people that bought the products.
The courts.
The company should be forced to maintain quality of the bread, while reverting back to the prices at the time of fixing. How else can the consumers from that time be rewarded for the injustice? Millions of us have died since that time. The only people getting anything from this mess are the lawyers. Again. I wouldn’t mind paying less money now as a retiree since I was getting gouged by their greed while I was raising my family. Sounds perfect to me.
Care to explain how millions of people died coz of this?
@@michaelyun2407 died 'since' this happened not 'because' this happened.
Cover internet and cell phone.
And we continue to pay through the nose as bread prices keep rising even more
I love this concept and your personalized videos
And what else are they price gouging?
Now Galen is telling us "Trust me, we aren't profiteering on high food prices"
Until it's jail time nothing will change. The fines don't hit the people who did it, they got their bonuses and huge salaries. Left the companies to pay the fines and to do it at other places.
what the competition Bureau should do is give a fine like they did but, also they should force them to lower their price in selling to grocery stores so all bread would become cheaper for the amount of years they where doing this for. Like this maybe future company's wont try that again
Cargill and JBS are also likely doing this. They're pretty much the only beef processors in the world now, so you think they aren't going to collude??
Bread is just the small fish.
How about the big 3 telecom companies? Don't they always *coincidentally* raise price of their exact monthly plan at the exact date time, and these plans are, again, *coincidentally* having the same minutes and data allotment?
When I worked for Bimbo foods aka Canada bread,
I heard from several people that the Cartel pretty much owns Bimbo foods!
You more or less have to be a Cartel to operate at this level nowadays and the Govt knows it, and really doesn't care if they're profiting off it.
50 million is nothing to them if they agreed to pay it.
In Canada I pay $20 for a medium sized watermelon. In Morocco I pay $2.5 for a large sized watermelon. Think about that... We're getting fooled by political agents and corporate agents.
Where the hell did you pay $20 for a watermelon? 😂
@@milhouse8166 Any Lawblaws store. When was the last time you bought one?
@@Barnaclebeard couple weeks ago at a no frills $4 kinda small though. I see them at Costco for $11 and I'm like "helllll no"
The ones I see are $10 each, but even at that price I cannot find room for that in my budget. I have not bought a watermelon this year, and buying a cabbage and a celery is considered a luxury.
Price Fixing has gone beyond the bread. Should throw the light on things that went up 25~50% or even higher across the board. My Econ knowledge can't find answers from the term of "inflation".
BOYCOTT.
There are other options to get your carbs on the cheap: Dry grains, beans etc
Cook beans in large batches, package them in smaller portions and then freeze them for future use
Get a bread maker, bake your own!
We over here in America feel you guys pain they are doing us over here the same way except our government don't care and are probably help them stiff us poor people
What other price fixings that you are not aware of? Just the tip of the iceberg!
love your videos, crystal clear explanation all the time. thanks !
We need to hold these fraudsters responsible. The CEOs of said companies should have to answer to a court of law for their crimes.
downsides of extreme capitalism
Better than extreme socialism where you'll be lucky to get any bread at all let alone at marked-up prices.
Put the CEO's and boards of directors in jail and dissolve the companies.
So you don’t eat bread eh?
@@bidenhatesamerica Please elaborate on how dissolving a select few companies will prevent new companies from forming, or prevent me from purchasing bread from other established companies that were not in on this.
50 mill is just cost of doing business. Hardly a charge.
Canada always has been a price fixing paradise.
nooo i think we should cut the cost of bread by 2$ and including the forced lower price, thats how they should pay back what they, till that equals 50 million in losses, then its even
It is expensive for not only low-income families but all those people that are struggling with today's income. I'm a driver for people that phone me to drive them to Superstore so they can shop. Gas prices, food prices, and everything have gone up in prices. Two years ago or more when I drove people to Superstore for shopping, they shopped up to 500.00 plus for two weeks until their next pay cheque. Today when I drive people to Superstore for shopping, they shop for up to 200.00 dollars and usually less. Things are getting worse for people, especially when pay cheques stay the same and do not go up.
How does a measly $50m fine set right what is wrong? $50m, 100m, 500m, 1b fine makes no difference if bread prices stay at its currently orchestrated price. They should be forced to cut prices by XX%, enough to reduce their profits significantly but not make them to bankrupt.
Let’s talk about the price of eggs .
its very clearly still going on...only across the board this time. not just bread.
No wonder my bread is so expensive , Consumers need relief. I never got a 25 dollar gift card and I have a optimum card which means they know where to send it lol.
I've been buying Dempsters 100% whole grain bread excusively for years, currently $5.00+ a loaf at supermarkets here near Winnipes. So whoe's getting my share. Who's actaully going to pocket that $50 mill. They ripped "Us " the custmer off. Gauranteed we'll never see justice.
I recall choosing not to take the $25 gift card from Loblaws, because I was hoping for something better to come my way.
I believe the Proper term for this anomaly in economic and social markets is, "Money Talks, Bullshit Walks"...
Haven't they been caught doing this before? What a joke
Forget bread price fixing, we need to fix out of control tipping. Get rid of tips.
$50 million. What’s in it for Canadians?
This whole scenario is just kind of mind-boggling.
Thanks for the good reporting
I don't shop in those big 3,,, Mayrand (quebec) and Costco.,,. but you have to buy in volume.,.. hard for a lot of people.
They might have gotten fined but they still got the bread lmaooooooooooo
How about internet and cell phone plan prices Canada is the most expensive country in the world when comes to this kind of services
Guaranteed no price-fixing between Bell in Rogers. All is good here folks nothing to see. But hey, we got the big bread caper.
Ok so there are two companies, say A and B. they commit a crime of price fixing and get away with it. But suddenly A comes out and confesses to that crime and provides all the evidence… and now A is immune to all charges but B has to pay fine… 🤔 shouldn’t both A and B be held accountable for this ? Its not like A was a witness to the crime, it actually participated in it…. Isn’t it🤔
They might pay it- but the consumer won't benefit. As usual. Whenever possible I bake my own. That won't get rid of the poisoned wheat, but- you do you can, right?
Beef , and 200 more products are 3 times higher than it used to be.
Have we not been through this before?
Hey what about the rental pricing fixing scheme?😅
Weston should be shut down
Nice investigation. Do Rogers Bell Telus next. Guarantee you won’t because the CRTC regulates higher prices.
Buy local whenever you can, even if it's more than buying from these corporations.
Let’s talk about Trudeau’s scandals.
When is the public inquiry for Trudeau?
So who exactly is going to get the $50 million? Nothing was said about that. Not only that, but THIS DIDN'T FIX ANYTHING! Pricing hasn't dropped for a loaf of bread so what good did it do?
Is this type of price fixing also happening with fuel?
Where is the 50,000,000.00 going? Will us costumers receive some of it?
Allow more competition
Break the bread company up into smaller ones. It is obvious that they have a monopoly and need to be broken into smaller different companies.
How much did they make over the years out of their price fixing scheme; less than $50 million? Not a chance. And Are their obliged to roll the prices down tomorrow? Not a chance? So what kind of "good news" is this for us ????
prison time ! Send a message or else nothing will happen
I love this news format! Also that graph at 4:48 is missing the x-axis title. Graphs absolutely must have have labeled axes.
its the year
@@TGP_LIVE Yeah I know, I figured. But graphs with missing information on them shows incompetency, which may make the graph less reliable if the same amount of quality and effort was put into the data collection process.
@@Lexyvil We need to see Reliability Graphs! Then, logically, we need a Reliability Graph on those Reliability Graphs. I'd be surprised if someone in some bureaucracy isn't doing this already.
What about the smog smoke across Canada?
No Frlls and the superstore group do this a lot more than we think.
Andrew Chang is incredible. Thank you for this
We buy our bread directly from the farmers.
50 million is a drop in the bucket compare the amount of money they made in the last century and a half
I think Canada Bread makes donuts and bread for Tim Hortons as well. At least, they used to.
$50m fine, plus discounted bread for the same period they did this and to top it off... prison time for those involved.
it's a good litmus test for understanding the economy
you can get a bread maker online for $30
Shhhh! They'll start price gouging more on bread makers ; )
Anyone else watch hia stories at 2x speed? I feel like it's ironically a more natural speed to listen to him
Let them fight.
So why are interest rates increased to stop inflation?
Higher interest rates are suppose to encourage saving and discourage borrowing and, in turn, spending, but that doesn't work that well when big companies and corporations can price gouge and hide profits by means of accounting gimmicks and schemes, which used to be illegal. Before trickle down economics took hold, when raising rates happened, companies usually increased their prices more slowly or even lowered them to encourage demand, which lowered inflation. But those days are pretty much long gone. Small businesses during "real inflation" experience getting squeezed in regards to competing, but the problem is nowadays large monopolistic corporations and their conglomerates don't.
What about gas prices?