Corruption at Siemens

Published: 2021-06-15 16:45:03
essay essay

Category: Corruption

Type of paper: Essay

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Siemens took part in numerous scandals on an international level. These took places in countries like Italy and Saudi Arabia. They were also involved in corrupt politicians in the countries of Libya, Nigeria, and Russia. Siemens was able to conduct these practices because of the nature of their industry as well as the numerous countries that they do business in. They specialize in electronics and industrial equipment, crucial products for all peoples in all parts of the world.
FCPA stands for Federal Corrupt Practices Act is a bill which is designed to punish those who are involved in unethical or illegal business practices. This includes bribery and other scandals that Siemens partook in. In theory, the bill seems to be effective; when the scandals of corporations catch up with them, they are often mandated to pay a fine of hundreds of millions of dollars in lieu of a prison sentence. However, this is often a considerably small amount to these multibillion dollar corporations.
In response to the accusations against them, Siemens accepted responsibility for their scandals and paid their fines. They also implemented a closer watch on the business practices of its associates in all parts of the world. They also adjusted some of their policies and keep their employees under heavy surveillance.
The direct consequences of these types of corruptions is suffering at the hands of the ones who are putting these corporations into such a position. This leads to opportunities for blackmail and bribery, which in turn triggers this same cycle. The repetition of this cycle spreads corruption throughout corporations, which results in the indirect consequences. The indirect consequences of these scandals is getting caught and having to accept accountability for the corruption. This can ultimately result in the deterioration of a company, and possibly other affiliated companies as well.

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