Wry Catcher
Diamond Member
- Thread starter
- Banned
- #101
Well if the larger oil companies had not sued Fred Koch, he would have never of had to go overseas.
In 1927, Koch developed a more efficient thermal cracking process for turning crude oil into gasoline which allowed smaller players in the industry to better compete with the oil majors. The larger oil companies quickly sued in response, filing 44 different lawsuits against Koch, and embroiling him in litigation for years. Koch was to prevail in all but one of the suits (which was later over-turned due to the fact that the judge had been bribed).
This extended litigation effectively put Winkler-Koch out of business in the U.S. for several years. Koch turned his focus to foreign markets, including the Soviet Union, where Winkler-Koch built 15 cracking units between 1929 and 1932. The company also built installations in countries throughout Europe, the Middle East and Asia.
Fred C. Koch - Wikipedia, the free encyclopedia
Some good came out of it. Fred Koch got to see what Communism was all about and helped him to recognize it here in the U.S.A.
Yes, they aren't the first 'free market' types to have failed competing with others and moved on to less 'free markets' to make money, in this case from a vicious dictator, and later in pipelines, which hire out governments to use imminent domain laws to keep from having to pay 'free market' prices for the land they push their pipelines over, that sort of 'free market' stuff.
Getting sued is not failed competition. Filing 44 different lawsuits against Koch, and embroiling him in litigation for years is big companies not allowing smaller players in the industry to not compete with the oil majors.
No better argument can be proffered in support of government regulation and oversight. Good for you Peach.