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Some Costs of Corruption

Tom Fox | December 30, 2015

When the Financial Times says that non-U.S. corruption scandals have outpaced those which are U.S.-centric, you know something is at play. Yet in addition to this new view of the corruption world, the FT also pointed out how badly these companies fared from their own transgressions.

First up, as you would expect, is Volkswagen. Not much more can be said about a corporate fraud that lasted years and created systems to intentionally defraud emissions-testing protocols from around the world. VW says it is still trying to determine who came up with the fraud and who inside the company knew about it. The company’s share price dropped over 30% in the wake of the scandal. VW must not only satisfy regulators that it has made changes and is telling the truth this time, but it must also win back customers it has defrauded for years now. Finally, it will have to change an entire corporate culture while engulfed the biggest corporate scandal ever. To say that VW’s most...

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