>IBM Accused of Bribery by the SEC
The SEC filed a lawsuit against IBM, claiming they bribed officials from Asian countries spanning from 1998 to 2009. The bribes were paid out so IBM would have exclusive selling agreements with the Chinese and South Korean governments. The company did not attempt to defend itself in the allegations and gave no confirmation of whether or not anyone was fired, instead they blew steam up our asses and said they “insist on the highest ethical standards in the conduct of its business.” By the way the situation has been explained, it looks like IBM’s knowledge of business ethics is similar to Eric Gordon from Billy Madison (view the clip if you don’t know what I’m talking about.) I call BS on this IBM spokesperson. By not denying the allegations and not confirming if any of the 100+ employees who performed the bribes had been fired, convinces me that IBM knew about what was going on and did nothing to stop it. All IBM had to do was pay a $10mil settlement and the SEC was willing to call it even… COME ON! That amount of money to a company of IBM’s caliber is less than a slap on the wrist. How much do they think the company made from those exclusive selling agreements? Unfortunately, this type of behavior is all too common in corporate America because companies know that the reward will be significantly higher than the consequences if they do get caught. If the SEC wants to crack down on sketchy business practice they need to start bringing the hammer on these companies and hand out punishments that will actually have an effect. By doing so would prevent the company from making these decisions in the future as well as set an example to those thinking of acting unethically.