I am always amused at large companies and corrupt politicians, and CEO‘s who are caught doing crooked and illicit acts just to enrich their cronies, themselves or their companies and wind up paying a hefty fine-then claim that they do not admit to any “wrongdoing.”
” I, We, Us, admit to no wrongdoing, even though we are paying this $10 million, $50 million, or $550 million dollar fine.”
Here is an excerpt from a story in the Financial Times
General Electric has agreed to pay $23.5m to settle allegations from US regulators that its subsidiaries bribed Iraqi officials to win contracts under the United Nations Oil for Food Programme between 2000 and 2003.
The settlement with the Securities and Exchange Commission is the second in as many years for GE. Last year, the company agreed to pay $50m to resolve charges of accounting fraud relating to hedging activities in 2002 and 2003.
In both cases GE said it had co-operated with investigators and, despite the settlements, it neither admitted nor denied the allegations.
According to the SEC, GE violated the Foreign Corrupt Practices Act as part of a $3.6m “kickback scheme”. Executives at two subsidiaries and two groups later bought by GE allowed agents to give Iraqi health ministry officials payments to win contracts for medical and water purification equipment, the SEC claimed.
“Bribes and kickbacks are bad business, period,” Robert Khuzami, SEC enforcement division director, said. “This case affirms that law enforcement is active across the globe. Offshore does not mean off-limits.
Let’s be honest guys- If you or your company agrees to pay tens and hundreds of millions of dollars in fines to the Federal Government for fraudulent acts-they are not simply “mistakes” or “lapses in judgement.” You are a criminal.
You got caught doing bad things to other people and companies and enriched yourselves-no more no less.
I guess the Government investigating unit can use as their slogan
“We Bring Bad Things to Light”
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