It’s a sad fact that in some countries brides to government officials are a requirement to doing business. I abhor the practice but I’m not sure that Aon was alone in this practice.
At least as late as 1999, bribes to foreign officials in countries where such bribes were a standard and expected cost of doing business were a tax deductible item.
i’ve had others outside the US require a split of the commission for directing business to me. not that i took them up on the deal, but it was odd to get the request from the source who was also working for the insured as an interdediary/consultant. told him to get a brokers license and i could pay him, which floated like a led zeppelin.
Worldwide corruption at its finest. The problem has been growing for many years and apparently they just assume it as a cost of doing business. Meanwhile, agents who do business ligitimatley have their commissions cut on business written. We haven’t figured out how to get on the gravy train yet.
This may not be the way we want and expect business to be transacted in the United States, but it’s a common cost of doing business in many other countries. Aren’t there agents out there who know construction contractors that have taken contracts in Mexico? In order to transport their equipment to the final destination, there is the matter of driving through each town to get there. If monies don’t change hands, all of their construction equipment could be delayed for weeks, because the equipment “doesn’t meet safety standards”…..sad but true…..
I didn’t know AON was a subsidiary of Goldman Sachs. Welcome to corporate america, where you pay a fine and admit no wrongdoing and you’re on your merry way.
If any one of us stole a $100 jacket from a store, we’d be in more trouble than AON got into for bribing govt. officials.
It’s a sad fact that in some countries brides to government officials are a requirement to doing business. I abhor the practice but I’m not sure that Aon was alone in this practice.
I know it’s an innocent typo “bribes” to “brides”, but it sure makes the story much funnier.
admit to accounting errors related to the bribes.
So Aon does not admit to the bribes but only for the accounting errors related to the bribes…….
HUH??????
I think that is because bribes are not considered a tax deductible item.
At least as late as 1999, bribes to foreign officials in countries where such bribes were a standard and expected cost of doing business were a tax deductible item.
i’ve had others outside the US require a split of the commission for directing business to me. not that i took them up on the deal, but it was odd to get the request from the source who was also working for the insured as an interdediary/consultant. told him to get a brokers license and i could pay him, which floated like a led zeppelin.
Worldwide corruption at its finest. The problem has been growing for many years and apparently they just assume it as a cost of doing business. Meanwhile, agents who do business ligitimatley have their commissions cut on business written. We haven’t figured out how to get on the gravy train yet.
So in other words, company officials are paying a $16.2 million bribe to stay out of jail on the bribery charges.
This may not be the way we want and expect business to be transacted in the United States, but it’s a common cost of doing business in many other countries. Aren’t there agents out there who know construction contractors that have taken contracts in Mexico? In order to transport their equipment to the final destination, there is the matter of driving through each town to get there. If monies don’t change hands, all of their construction equipment could be delayed for weeks, because the equipment “doesn’t meet safety standards”…..sad but true…..
I didn’t know AON was a subsidiary of Goldman Sachs. Welcome to corporate america, where you pay a fine and admit no wrongdoing and you’re on your merry way.
If any one of us stole a $100 jacket from a store, we’d be in more trouble than AON got into for bribing govt. officials.