Tuesday, August 02, 2005

Bribes, corrupt chiefs and paid-for sex ... corporate Germany is in crisis


The big surprise here is that it was not swept under the carpet, in good continental european way.

OAM

See article:
Big brands are being linked to widespread corruption

Car manufacturers BMW, DaimlerChrysler and Volkswagen; the country's fourth-largest financial institution, Commerzbank; Europe's largest chip-producer, Infineon - five of Germany's leading firms, all members of its Dax-30 blue-chip index, have become embroiled in corruption scandals in recent months.

The revelations of kickbacks, money-laundering and paid-for sex have shocked a country that is already trying - and failing - to come to terms with its fall from grace as Europe's model economy and is mired in anxious depression. Not so much banana republic as backhander republic.

See full Article.