Hewlett-Packard Admits to International Bribery and Money Laundering Schemes
Hewlett-Packard has admitted to creating and using slush funds for bribes, money laundering, and clandestine “bag of cash” handoffs in order to profiteer off of lucrative government contracts in Russia, Poland, and Mexico, according to court documents.I have written before about the corruption on the HP board and other bad behavior. Such a shame for a company that once was ethical and produced value for society.
HP’s guilty plea carries with it a $108 million penalty — a combination of SEC penalties, as well as criminal fines and forfeitures paid out to the Department of Justice. Thus far no criminal charges have been brought against American HP executives. The multi-agency investigation, which was conducted by multi-national law enforcement partners, the FBI, IRS, and SEC, has revealed kleptocracies in the three foreign governments and corruption and dishonesty among HP corporate fat cats.
Related: Geo-obsolense from anti-global HP (in addition to planned [coded-in] obsolescence HP breaks customers products based on geography - HP Poor Service – Industry Standard? (2006) - $8,000 Per Gallon Ink from HP (2007) - Another Year of CEO’s Taking Hugely Excessive Pay (in 2008 HP CEO took 7.4% of corporate profits personally before being tossed due to ethical failings). - Bad Behavior at HP (2006)