Sunday, December 21, 2008

 

"First" of the Day: Largest corporate fine

Siemens ... last week ended up paying $1.6 billion in the largest fine for bribery in modern corporate history. —Siri Schubert and T. Christian Miller reporting in "At Siemens, Bribery Was Just a Line Item"

Siemens, according to Wikipedia, is "Europe's largest engineering conglomerate and the largest electronics company in the world.... The company is a conglomerate of three main business sectors: Industry, Energy and Healthcare with a total of 15 Divisions."

The Times story, based partly on an interview with Mr. Siekaczek of the telecommunications unit who authorized the payouts from Siemens headquarters, contains a number of little snippets of interest—

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