"In response to those actions, the Bureau of Industry and Security has levied the largest standalone fine in the department's history against Seagate – one that will take Seagate several years to pay off."
Based on their business practices alone, even IF their prices don't go up, you should seriously reconsider supporting this company after they deliberately put profits over national security. It's even more damning when you look at the fact they were the ONLY entity doing this among their competitors.
Do you even know the reason why Seagate gets fined? You're displaying your true deceitful nature like a typical american. Who the hell are you to dictate companies about whom they want to sell their products to?
The world should realize that it doesn't matter HDD or egg or milk they're selling, the evil empire will just find a reason to rob and put fear in anyone they can so they can control. Who's in their right mind would do business in the devils land just for a little gain in profit but losing everything else.
Yeah, seagate got fined, because they are an American company that violated an American law. If you want to do business in America, then you have to follow American laws. And these American laws are VERY lax with many loopholes and cutout put into it by corporate lobbyists. If you can't even follow those laws, then you're going to get fined. Like how dumb do you have to be?
It does not matter which country you are from. @Meacupla, you display a poor understanding of how a Democracy and Free countries work. back when saner heads prevailed, Americans saw it as a point of pride that their corporations did business even with the USSR. The USSR was much more evil than present day Russia. That was the America which was a beacon of freedom. And the law itself was immoral. It was passed by executive action, kind of like the pension cuts in France. That is no way to pass laws, the law itself should be illegal. Even during WW2, the US government paid lip service to the Constitution and required Congressional approval before banning foreign businesses. The degeneration in the rule of law is very clear.
$300 million fine for selling 7.4 million hard drives? That's $40 or so per drive. Depending on the type of drives, they might still have made a profit.
BIS believes that the fine is 2x the profit Seagate made.
"BIS’s $300 million monetary penalty is more than twice what BIS estimates to be the company’s net profits for the alleged illegal exports to or involving Huawei."
Funny how the U.S. government suddenly remember how fines should work when it comes to geopolitics, but after the news that Big Oil knew about climate change they didn't even consider making them pay for it.
This is really dangerous. These sanctions were not imposed by Congress. It was imposed by the executive branch only. It is a violation of due process (there is a lot of that to go around these days). It is sad to see the devolution of our democracy, even during WW2, Congressional action was required for such acts, these days, the President just signs an EO and it gets done. not to mention it does nothing to world peace, just creates more enemies.
So on top of their drives being bottom of the barrel (consensus indicates) they also put themselves blatantly before government rules... I'm guessing a handful of C levels there must be raking in the bonuses and getting theirs before they retire, laughing all the way to the bank.
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Threska - Thursday, April 20, 2023 - link
"In response to those actions, the Bureau of Industry and Security has levied the largest standalone fine in the department's history against Seagate – one that will take Seagate several years to pay off."Raising the prices on everything they sell.
Samus - Friday, April 21, 2023 - link
Based on their business practices alone, even IF their prices don't go up, you should seriously reconsider supporting this company after they deliberately put profits over national security. It's even more damning when you look at the fact they were the ONLY entity doing this among their competitors.erinadreno - Friday, April 21, 2023 - link
is it really national security tho? At which point you classify it as a threat instead of generic consumer electronics product?meacupla - Saturday, April 22, 2023 - link
Yeah, I would consider HDDs to be very low threat level, if any at all, but they do get used in data centers.I also find it funny that the neodymium in those HDDs are most likely sourced from China anyway.
sonny73n - Sunday, April 23, 2023 - link
Only authoritarian regimes dictate how companies do business.Seagate should get out of the US.
meacupla - Sunday, April 23, 2023 - link
Oh, so are you saying businesses shouldn't have to obey governmental regulations on environmental, safety, or health?sonny73n - Sunday, April 23, 2023 - link
Do you even know the reason why Seagate gets fined? You're displaying your true deceitful nature like a typical american. Who the hell are you to dictate companies about whom they want to sell their products to?The world should realize that it doesn't matter HDD or egg or milk they're selling, the evil empire will just find a reason to rob and put fear in anyone they can so they can control. Who's in their right mind would do business in the devils land just for a little gain in profit but losing everything else.
meacupla - Monday, April 24, 2023 - link
Yeah, seagate got fined, because they are an American company that violated an American law.If you want to do business in America, then you have to follow American laws. And these American laws are VERY lax with many loopholes and cutout put into it by corporate lobbyists.
If you can't even follow those laws, then you're going to get fined. Like how dumb do you have to be?
And I find it funny you think I'm American.
AJK123 - Monday, April 24, 2023 - link
It does not matter which country you are from. @Meacupla, you display a poor understanding of how a Democracy and Free countries work. back when saner heads prevailed, Americans saw it as a point of pride that their corporations did business even with the USSR. The USSR was much more evil than present day Russia. That was the America which was a beacon of freedom. And the law itself was immoral. It was passed by executive action, kind of like the pension cuts in France. That is no way to pass laws, the law itself should be illegal. Even during WW2, the US government paid lip service to the Constitution and required Congressional approval before banning foreign businesses. The degeneration in the rule of law is very clear.bsd228 - Tuesday, April 25, 2023 - link
were you alive during the Cold War? A statement like "corporations did business with the USSR" without any qualification suggests no.rocky12345 - Monday, April 24, 2023 - link
Not when said government is going into area's they have no business being in.Sivar - Monday, April 24, 2023 - link
Name a government that doesn't regulate businesses.bsd228 - Tuesday, April 25, 2023 - link
they can only raise prices to the extend that Western Digital and Toshiba raise their's.(Which unfortunately is exactly what happened with the tariffs on Korean washers)
Gigaplex - Thursday, April 20, 2023 - link
$300 million fine for selling 7.4 million hard drives? That's $40 or so per drive. Depending on the type of drives, they might still have made a profit.Ryan Smith - Thursday, April 20, 2023 - link
BIS believes that the fine is 2x the profit Seagate made."BIS’s $300 million monetary penalty is more than twice what BIS estimates to be the
company’s net profits for the alleged illegal exports to or involving Huawei."
Wereweeb - Friday, April 21, 2023 - link
Funny how the U.S. government suddenly remember how fines should work when it comes to geopolitics, but after the news that Big Oil knew about climate change they didn't even consider making them pay for it.Shaunathan - Friday, April 21, 2023 - link
Maan that wasn't funny at all, you tricked mesonny73n - Sunday, April 23, 2023 - link
Evils do anything that suits them. When will these idiots wake up and move out?AJK123 - Monday, April 24, 2023 - link
This is really dangerous. These sanctions were not imposed by Congress. It was imposed by the executive branch only. It is a violation of due process (there is a lot of that to go around these days). It is sad to see the devolution of our democracy, even during WW2, Congressional action was required for such acts, these days, the President just signs an EO and it gets done. not to mention it does nothing to world peace, just creates more enemies.bsd228 - Tuesday, April 25, 2023 - link
Congress chose to delegate such power.araczynski - Friday, April 28, 2023 - link
So on top of their drives being bottom of the barrel (consensus indicates) they also put themselves blatantly before government rules... I'm guessing a handful of C levels there must be raking in the bonuses and getting theirs before they retire, laughing all the way to the bank.