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Las Vegas Sands (LVS) acknowledges it probably broke the law against bribing foreign officials,...

Las Vegas Sands (LVS) acknowledges it probably broke the law against bribing foreign officials, according to its 10-K filed yesterday. The WSJ ties the admission to dealings in mainland China by people no longer with the firm. The SEC subpoenaed the company Feb. 9, 2011, at which time the LVS board's audit committee opened a probe; LVS doesn't expect any material impact or restatement of past results.
Comments (13)
  • hahaha48
    , contributor
    Comments (1095) | Send Message
     
    so what else is news.
    it is common knowledge that bribes are pay in the form of consultant fees in many contracts domestic and foreign
    2 Mar 2013, 08:37 PM Reply Like
  • CorsairsLair
    , contributor
    Comments (13) | Send Message
     
    LVS only did what was required of them by the local bosses. If they don't obey, there is no chance to succeed in business.

     

    Doing business in China is based on making and maintaining relationships with those in power. And those in power need a reason for you to be apart of their relationship circle. The easiest way is the hongbao (literally "red envelope" in which New Year's cash is given as a gift), or hiring the power brokers' family members as members of your BoD or as translators or "consultants". I see this relationship building at all of our dinners/drinking parties plus all the gifts that pour into the office from prospective entrepreneurs and their families.

     

    Just go into a mainland business deal knowing you need to operate within a very different set of "rules".
    2 Mar 2013, 09:37 PM Reply Like
  • Lakeaffect
    , contributor
    Comments (1030) | Send Message
     
    LVS's error is in paying foreign facilitators. As everyone knows, the USA is currently focused on boosting onshore employment.
    3 Mar 2013, 12:55 AM Reply Like
  • rungrandpa
    , contributor
    Comments (217) | Send Message
     
    Actually probably not very different. We call it "lobby".
    2 Mar 2013, 09:52 PM Reply Like
  • SoldHigh
    , contributor
    Comments (1013) | Send Message
     
    ...just like the rest of global companies doing biz in China?

     

    *yawn*
    2 Mar 2013, 10:10 PM Reply Like
  • davidbdc
    , contributor
    Comments (3158) | Send Message
     
    You mean like by hiring former Congressmen and women to sit on boards and collect paychecks or to "work" as lobbyists once their time writing the tax-break loopholes.... er, I mean laws is over?

     

    Or by hiring former regulators to be VP's and Managing Directors of watching the paint dry for $2 million a year (that would be you Jack Lew)?

     

    Or by putting former president's children on your board at the age of 30?

     

    Or by hiring wives, sons, brother-in-laws, etc as "consultants" at the rate of 350K per year (when previously they were unemployed)?

     

    Whose country is totally corrupt with government officials, regulators, families taking in 10's and 100's of millions to sell access, permits, tax loopholes, etc etc??
    2 Mar 2013, 10:17 PM Reply Like
  • hkgknipp
    , contributor
    Comments (10) | Send Message
     
    David is absolutely correct. LVS is more honest than 90%, and I am probably low in my estimate, of our politicians. obama and clinton even put access to them and the White House on sale. The democrats in particular are all hypocrites.
    3 Mar 2013, 04:52 PM Reply Like
  • bankingqueen
    , contributor
    Comments (135) | Send Message
     
    Yawn is right, gee bribes. Better known as what 99 percent of our politicians and our corrupt lobbyists do everyday. I guess we are different than foreign countries by calling them contributions with no strings attached lol. At least other countries accept this is a part of business.
    2 Mar 2013, 10:20 PM Reply Like
  • june1234
    , contributor
    Comments (2626) | Send Message
     
    Stateside its called access or lobbying. Same intent, same game plan same results too. different ways of passing envelopes Big $$$ in DC for former public servants is when you leave office and represent others interests; one big revolving door.
    3 Mar 2013, 02:38 AM Reply Like
  • The Geoffster
    , contributor
    Comments (4013) | Send Message
     
    The Foreign Corrupt Practices Act is supposed to enable such payments by application to Commerce or State thereby avoiding criminality.
    3 Mar 2013, 09:08 AM Reply Like
  • Drew Robertson
    , contributor
    Comments (322) | Send Message
     
    How can the small American casino owner compete with LVS and the other big casinos who are exporting our gambling jobs to Macau?
    3 Mar 2013, 09:42 AM Reply Like
  • losbronces
    , contributor
    Comments (686) | Send Message
     
    The Chinese are going to continue to gamble (imo) and casinos will be built in Macau (on the Chinese mainland too if it was allowed). It doesn't matter what laws you make in the U.S., you won't force the Chinese to come to the U.S. to gamble.
    3 Mar 2013, 10:51 AM Reply Like
  • deercreekvols
    , contributor
    Comments (5580) | Send Message
     
    So they "probably" broke the law. Big deal.
    Goldman Sachs "definitely" breaks the law and nothing is done about it.

     

    Where is the market current about GS setting up illegal tax shelters for DOW Chemical? DOW gets to pay $1B fine + 20% "fees" and GS keeps doing business as if nothing has happened.
    3 Mar 2013, 10:12 AM Reply Like
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