25% of company executives in a European survey run by Ernst & Young say it's okay to bribe...


25% of company executives in a European survey run by Ernst & Young say it's okay to bribe clients in order to stay in business during the recession. An 'alarmingly large number of respondents' also said it was okay to deliberately misstate financial performance.
Comments (10)
  • Niner
    , contributor
    Comments (790) | Send Message
     
    Seems I read a story some time back that said bribery was a common and open practice in some European countries. It was even an expense item on the balance sheet. France is the country that comes to mind. Can anybody give a confirmation one way or the other on this?
    20 May 2009, 11:02 AM Reply Like
  • coloneldebugger
    , contributor
    Comments (910) | Send Message
     
    Bribery goes on all over the world. The only difference is in the US they give it a different label like Lobbying or Executive Retreat...

     

    On May 20 11:02 AM Niner wrote:

     

    > Seems I read a story some time back that said bribery was a common
    > and open practice in some European countries. It was even an expense
    > item on the balance sheet. France is the country that comes to mind.
    > Can anybody give a confirmation one way or the other on this?
    20 May 2009, 11:06 AM Reply Like
  • Teutonic Knight
    , contributor
    Comments (3355) | Send Message
     
    Isn't this "thing" that they regard as a okay synonymous with what we call corruption?
    20 May 2009, 11:08 AM Reply Like
  • chippo
    , contributor
    Comments (16) | Send Message
     
    corporate bigwig types do not have integrity as a strong suit, thats how they get to be bigwigs
    20 May 2009, 11:11 AM Reply Like
  • theobannion
    , contributor
    Comments (192) | Send Message
     
    If 25% admit that they believe it's "okay," then what little I know of human nature after 72 years on the planet tells me that a far greater number agree with them, but would never admit it.

     

    Does anyone wonder why few people still believe they can trust businessmen any more than they can trust politicians? Oh, and speaking of pol/biz: Isn't it interesting that Goldman Sachs put out a buy rating on Bank of America just before it made it's public offering? I wonder how much buying had been done to support the price before and after.

     

    I think we should let Goldman appoint the next president. Elections are a farce, anyway. Government is so deeply sunk in the fragrant underdrawers of the bankers, that even if we elected Savanarola president, he couldn't turn this Titanic away from the iceberg.

     

    SOB.
    20 May 2009, 11:17 AM Reply Like
  • History Buff 24/7
    , contributor
    Comments (415) | Send Message
     
    I'm not so much worried about the bribery as I am how many were willing to misstate corporate results.

     

    Houston, we have a problem ...
    20 May 2009, 11:17 AM Reply Like
  • Niner
    , contributor
    Comments (790) | Send Message
     
    If it's ok with you Chippo,I would like to add Politicians to that?

     

    On May 20 11:11 AM chippo wrote:

     

    > corporate bigwig types do not have integrity as a strong suit, thats
    > how they get to be bigwigs
    20 May 2009, 11:23 AM Reply Like
  • Niner
    , contributor
    Comments (790) | Send Message
     
    Man I hope you weren't serious about ginving up your right o vote.
    And furthermore, if you or anyone else didn't vote this election or ever, then you all have lost your lright to comment on anything political. Voting is your entry into that forum.

     

    On May 20 11:17 AM theobannion wrote:

     

    > If 25% admit that they believe it's "okay," then what little I know
    > of human nature after 72 years on the planet tells me that a far
    > greater number agree with them, but would never admit it.
    >
    > Does anyone wonder why few people still believe they can trust businessmen
    > any more than they can trust politicians? Oh, and speaking of pol/biz:
    > Isn't it interesting that Goldman Sachs put out a buy rating on Bank
    > of America just before it made it's public offering? I wonder how
    > much buying had been done to support the price before and after.
    >
    >
    > I think we should let Goldman appoint the next president. Elections
    > are a farce, anyway. Government is so deeply sunk in the fragrant
    > underdrawers of the bankers, that even if we elected Savanarola president,
    > he couldn't turn this Titanic away from the iceberg.
    >
    > SOB.
    20 May 2009, 11:28 AM Reply Like
  • Archman Investor
    , contributor
    Comments (3296) | Send Message
     
    <<An 'alarmingly large numbers of respondents' also said it was okay to deliberately misstate financial performance.>>

     

    That statement should come as no surprise. That is one thing I learned a long time ago, both as a businessman and investor.

     

    It has helped to keep both me and my investments out of trouble for that past decade.

     

    Perfect example:
    The collusion between financial TV stations, individual companies that advertise on financial TV, and mutual funds that advertise on financial TV, et al.
    20 May 2009, 11:30 AM Reply Like
  • herbert hoover
    , contributor
    Comments (2001) | Send Message
     
    It must work. How else would the banks have been able to issue $100B in secondary offerings over the last three weeks?

     

    On May 20 11:17 AM History Buff 24/7 wrote:

     

    > I'm not so much worried about the bribery as I am how many were willing to misstate corporate results.
    20 May 2009, 11:30 AM Reply Like
DJIA (DIA) S&P 500 (SPY)
ETF Hub
ETF Screener: Search and filter by asset class, strategy, theme, performance, yield, and much more
ETF Performance: View ETF performance across key asset classes and investing themes
ETF Investing Guide: Learn how to build and manage a well-diversified, low cost ETF portfolio
ETF Selector: An explanation of how to select and use ETFs