Wednesday, March 21, 2012
WOW...GLOBAL ETHICS, HOUSE ETHICS, & THE ROCKFORD USAO/FBI - ILLINOIS ARE ALL FUZZY ON OBAMA'S FAILED ENERGY POLICY (ADD THIS MURDOCK WALLSTREET NEWSPAPER ARTICLE & FOREIGN BRIBERY SCANDALS REACH ALL NEW HIGH LEVEL IN ATTEMPTS TO RE-WRITE AMERICAN HISTORY)!
WALLSTREETJOURNAL.COM + March 15, 2012 + By Samuel Rubenfeld
GE'S GC: SEC'S FUZZY ON FCPA SENTENCING GUIDELINES
The Securities and Exchange Commission is unclear about how much credit a company gets for voluntarily disclosing a foreign bribery problem, said a top executive of General Electric Co.
“The problem is more fuzziness around how much [sentencing] credit you get when you go in [to report a problem],” said Brackett Denniston, senior vice president and general counsel of GE, speaking Thursday morning at the Global Ethics Summit conference in New York. “There’s less fuzziness at the Justice Department; there’s a lot of fuzziness at the SEC.”
He made the remarks during a keynote interview with Mark Mendelsohn, the former top prosecutor of the FCPA who now is a partner at the law firm Paul Weiss. The discussion didn’t address a whistleblower lawsuit over alleged FCPA violations that GE is fighting.
During the interview, Denniston said Foreign Corrupt Practices Act enforcement overall hasn’t gone overboard, which has been a recent criticism lodged by the business community as it lobbies to amend the law. Rather, he said the ratcheted-up enforcement in recent years caused companies to address exposed weaknesses in their anti-bribery compliance programs, and for other countries to slowly begin enforcing their anti-bribery laws.
“I think there’s been an evolution in the way governments think about it, and in the way businesses in tough places think about it,” he said.
Posted by Eileen at 2:56 PM