brands under fire
Posted by Mark J. Miller on April 27, 2012 05:05 PM
Wal-Mart has been accused of bribing Mexican officials so that it could open stores South of the Border, but don’t think it is alone on this one. From the looks of it, business schools might want to add Bribery 101 as an elective.
Fortune reports that Deere, Disney, Hewlett-Packard, Qualcom, Las Vegas Sands, Koch Industries, and plenty of others “are also under investigation for violations of the U.S. Foreign Corrupt Practices Act.” Just this week, two big companies got caught when the SEC charged a former Morgan Stanley exec “with bribing an official of a state-owned Chinese company in order to win business for the investment firm.” Plus, News Corp. gave the word that it’s being investigated for bribery as part of its whole phone-hacking fiasco.
Indeed, according to Fortune, “at least 81 public companies under investigation by the Securities and Exchange Commission or the Department of Justice for running afoul of the Foreign Corrupt Practices Act, which makes bribery in foreign countries punishable in the U.S.”Continue reading...