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Siemens embezzlement scandal
I've gotten some email over the last couple of weeks complaining that I'm being too hard of Siemens. I don't think so. Siemens is one of the biggest telecom equipment companies in the world. A half-billion dollars embezzled and possibly paid in bribes. A former telecom division president arrested, the CEO's office searched by police. One deal to spin off a wireless infrastructure division put on hold. Other plans to divest an enterprise telecom division on the rocks until this is all sorted out. No, this developing story may be uncomfortable, but it's plainly one of the biggest and most important telecom stories of the year.
Comments
Posted by Anonymous | December 19, 2006 - 12:23pm
I lived in Boca Raton and knew many of the Siemens Boca employees from the early 1980's to the late 80's. I knew back then from statements made by Siemens employees the bribes were standard operating procedure. This is huge, only the tip of the iceburg. It would be my guess that this has been going on for most of the 20th century.
Posted by Anonymous | December 19, 2006 - 12:45pm
Agreed - $500M in bribes may just be the tip of the iceberg - as you point out.
All those arrested will probably provide some interesting information for reduced sentences. The who, the what and where of these illegal transaction could involve corporate and government official in many countries. It could also unravel some to the games played to try to kill cdma around the world.
This will still be in the news years from now.
Posted by Anonymous | January 12, 2007 - 5:20pm
This goes at least as far back as January 1914:
http://en.wikipedia.org/wiki/Siemens_scandal
Posted by Anonymous | January 2, 2009 - 4:33pm
Just another scandall. Why are we still surprised when we learn of these buisness transactions. There are more out there and these companys are just going to continue to do so and pay their fines like it doesn't matter to them and it don't. This goes deeper than any one person or a group of people will ever be able to find out. When the aftermath is over with,it will all be forgotten. So who really cares!
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