Case Study - Business Ethics Please answer the following questions within 2 pages. No plagiarism. Introduction - what is the context or background of the case? What is the key problem/pressure/issue in the case? Who are the main actors in the case? What are the main fraudulent activities in the case? What are the solutions/results in the case? Bibliography - 3-4 outsides sources suggested How could this fraud have been prevented? List as many controls as you can.

Corporate Govt Corruption

The Greatest Comuption Story of All Time The most stunning evidence of the bizarre lengths to which companies go to secure business in a tough global economy in the case of the German engi- neering and electronics conglomerate Siemens AG. Although not a financial services company, Siemens got its banks into trouble indirectly because fed. eral prosecutors charged that the company's FCPA violations provided legal authorization for the company's overseas bank accounts to be forfeited. Background. In late 2008, the company settled charges in the United States or having violated the l'CPA by paying more than $80s million in direct bribes to foreign officials to obtain large telecommunications and other infra- structure contracts around the world. Example. According to federal court documents, a subsidiary of Siemens paid over $1.7 million in kickbacks to Iraqi government authorities lo secure 42 contracts related to the widely publicized Iraqi oil for lood program. The illegal payments were concealed by falsifying the company's books and Tecords Further brilcs and kickbacks were: puid in such countries as Argentina, Nigeria, Iran, Tunisia. Vietnam. and Bangladesh. Although Siemens is headquartered in Germany. it became the subject of an FBI and SEC investigation in 2006 because it is listed on the New York Stock Exchange, Once the sic began digging into allegations of dubious payments made by the company to secure lucrative contracts. User company's top executives began resigning en masse. Under the settlement deal with the United States. Sicmcns was ordered to pay penaltirx of $1.6 billion of which, hull war split belwern u. U.S. Deparlment of Justice and the slic, with moat ardid balance poing to the German government." How could this fraud have been prevented ? List as many controls as you can