Johnson & Johnson Agrees to Pay $21.4 Million Criminal Penalty to Resolve Foreign Corrupt Practices

Johnson & Johnson Agrees to Pay $21.4 Million Criminal Penalty to Resolve Foreign Corrupt Practices Act and Oil for Food Investigations

www.justice.gov

Company to Pay Total Penalties of $70 Million in Resolutions with Justice Department and U.S. Securities and Exchange Commission (SEC)

WASHINGTON – Johnson & Johnson (J&J) has agreed to pay a $21.4 million criminal penalty as part of a deferred prosecution agreement with the Department of Justice to resolve improper payments by J&J subsidiaries to government officials in Greece, Poland and Romania in violation of the Foreign Corrupt Practices Act (FCPA), the Justice Department’s Criminal Division announced today.

(visit the link for the full news article)


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Well, Johnson and Johnson got nailed, meanwhile Rome is burning down around our ears. Speaking colloquially of course of America and our current economy which has been on the down turn back when Bush was in office and is extending now into the current Presidential Administration with a potential shutdown of Government completely.

The Foreign Corrupt Practices Act sure sounds interesting, one has but to wonder where this was during WWII though.

Considering the many organizations which assisted the Nazi's.

Quote from : Wikipedia : Foreign Corrupt Practices Act

The Foreign Corrupt Practices Act of 1977 (FCPA) (15 U.S.C. §§ 78dd-1, et seq.) is a United States federal law known primarily for two of its main provisions, one that addresses accounting transparency requirements under the Securities Exchange Act of 1934 and another concerning bribery of foreign officials.

One has but to wonder if Warren Buffet knew something back in 2009 about an upcoming indictment.

Johnson & Johnson CEO's Overall Compensation Falls 9% for 2010


Will Johnson and Johnson be the new Tabacco Industry with Government nailing them?

www.justice.gov
(visit the link for the full news article)

I think individual human persons should be given "meaningful credit" for "self-reporting" and "cooperating" with investigations too:

“Today, Johnson & Johnson has admitted that its subsidiaries, employees and agents paid bribes to publicly-employed health care providers in Greece, Poland and Romania, and that kickbacks were paid on behalf of Johnson & Johnson subsidiary companies to the former government of Iraq under the United Nations Oil for Food program,” said Principal Deputy Assistant Attorney General Mythili Raman of the Justice Department’s Criminal Division.” “Johnson & Johnson, however, has also cooperated extensively with the government and, as a result, has played an important role in identifying improper practices in the life sciences industry. As today’s agreement reflects, we are committed to holding corporations accountable for bribing foreign officials while, at the same time, giving meaningful credit to companies that self-report and cooperate with our investigations.”

now who gets this money,,, > ? the victims or the mafia boss .... ?

reply to post by soficrow


The problem with that is it would only further the processes of Snitch America.

If people got paid for informing on people we would have incessant false stories.

And far too many people crying wolf which undermines the entire process towards receiving a paycheck.

Originally posted by ISRAELdid911
now who gets this money,,, > ? the victims or the mafia boss .... ?

The Federal Government?

The oil companies?

Or no one and it goes into a slush fund?

I am particularly impressed with how this is spun into an 'honorable act' by their "cooperating extensively" (once they were caught) ......

I also wonder if this will affect the millions in federal research grant subsidies, tax-write-offs, and contracts to DoD and DHS... let alone all the other 'relationships' J&J have in the government? Anyone want to guess how many former J&J executives are politically appointed to policy-making positions?

So who ends up in jail?... oh wait... no one...

Meh.... all is forgiven.... they are "too big" to actually be held accountable.... and they can well afford the fine... no impact on them.... fractions of a penny on the dollar.... $15.6 billion in the last three months of 2010 alone.

New Brunswick, NJ (January 25, 2011) – Johnson & Johnson today announced sales of $15.6 billion for the fourth quarter of 2010, a decrease of 5.5% as compared to the fourth quarter of 2009. Operational sales declined 5.1% and the negative impact of currency was 0.4%. Domestic sales declined 8.1%, while international sales declined 3.1%, reflecting an operational decline of 2.3% and a negative currency impact of 0.8%. Worldwide sales for the full-year 2010 were $61.6 billion, a decrease of 0.5% versus 2009. Operational sales declined 1.3% and the positive impact of currency was 0.8%. Domestic sales declined 4.7%, while international sales increased 3.6%, reflecting operational growth of 1.9% and a positive currency impact of 1.7%.

www.jnj.com...

reply to post by Maxmars


Of course.

This is how various Government agencies work.

They find one or two people, or a group of people, and flip them on other people.

This is how they happen to dig in deep to investigate.

Then this person or people are given immunity for prosecution.

A circle-jerk if I've ever heard of one.

reply to post by soficrow


Pay-offs, kickbacks, and snitch fees.

All means of bribery to make information flow does not work.

Or at least not for the right reasons as financial gains becomes a motive for fraud.

reply to post by SpartanKingLeonidas
In some other countries, corruption is so widespread that it can put a company at a competitive disadvantage in that country, if they are the only ones not doing it.

Somehow they need to level the playing field, and make all the competitors stop bribing too, not just one company that happens to be from the USA.

Originally posted by Arbitrageur
reply to post by SpartanKingLeonidas

 

In some other countries, corruption is so widespread that it can put a company at a competitive disadvantage in that country, if they are the only ones not doing it.

Somehow they need to level the playing field, and make all the competitors stop bribing too, not just one company that happens to be from the USA.

Of course.

In some countries, as an example most Latin American countries, corruption, bribery, and favors is all a part of the process of doing business.

As a way of life to "make things happen" if you will.

This story is nothing more than evidence of someone not paying off the right person.

Or not paying off the right person.

Even perhaps not paying off a larger amount after the extortion was increased.