Saturday, December 26, 2009

Black Money.

Juz watched Black Money, a startling revelation about how corruption
still continues to persist today, even wif MNCs in the UK and the US.

Talks about how British Aerospace (BAE) spent billions bribing government
officials around the world, esp Saudi Princes, in exchange for aircraft building
contracts. Investigations were dropped aft Tony Blair feared it wld
harm British-Saudi relations, esp during the War on Terror, not to talk
about the "thousands of jobs" at stake if BAE lost its contracts.

What's interesting is tt the US has a law against companies bribing foreign
governments. It's called the Foreign Corrupt Practices Act
and was around since 1977.

Under this law, Siemens AG recently was fined $800 million USD.
It was charged with spending over $1.4 billion USD bribing foreign
government officials to win development contracts.
C'mon man, 800 mil USD is peanuts to Siemens, whose annual profit
is in the tens of billions of Euros. What a joke.
KBR, a former subsidiary of Halliburton, was made to pay
USD $579 million in total. Another instance of peanut payments.

Knowing human nature, all this is hardly surprising. Corruption
and bribery are powerful means to get ahead, especially when
controls are weak, temptation is great, and everyone else seems
to be doing it. Many of those interviewed seemed to believe that the
problem was not with the corruption, but with getting caught.
Juz tells you how endemic it all is to the system.
Old habits die hard.

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