Thread: Pfizer settles foreign bribery charges

Originally Posted by Jesus Jones

Banks and BIG Pharma? Feck me, this was conspiracy not too long ago!

NEW YORK (CNNMoney) -- Pharmaceutical giant Pfizer will pay $60 million to settle charges that it paid millions in bribes to foreign officials, federal authorities announced Tuesday.

Pfizer will pay roughly $45 million to the Securities and Exchange Commission to settle charges that the company, along with fellow pharmaceutical firm Wyeth, which Pfizer acquired a few years ago, violated the Foreign Corrupt Practices Act.

The SEC says staff from the companies' subsidiaries paid bribes to foreign government officials to boost sales and obtain regulatory approvals. The violations occurred in Bulgaria, China, Croatia, the Czech Republic, Italy, Kazakhstan, Russia and Serbia, the SEC said.

Pfizer also entered into a deferred prosecution agreement with the Department of Justice, agreeing to pay a $15 million penalty.

Pfizer settles foreign bribery charges - Aug. 7, 2012

What really bugs me about this is that the sanctimonious, hypocrytical U.S. government, or at least some petty beurocrats, don't realize that this is standard practice in a lot of the world and the wheels simply don't turn without a little oil.

So in effect, they paid a bribe to settle the case.

Originally Posted by Jesus Jones

Banks and BIG Pharma? Feck me, this was conspiracy not too long ago!

NEW YORK (CNNMoney) -- Pharmaceutical giant Pfizer will pay $60 million to settle charges that it paid millions in bribes to foreign officials, federal authorities announced Tuesday.

Pfizer will pay roughly $45 million to the Securities and Exchange Commission to settle charges that the company, along with fellow pharmaceutical firm Wyeth, which Pfizer acquired a few years ago, violated the Foreign Corrupt Practices Act.

The SEC says staff from the companies' subsidiaries paid bribes to foreign government officials to boost sales and obtain regulatory approvals. The violations occurred in Bulgaria, China, Croatia, the Czech Republic, Italy, Kazakhstan, Russia and Serbia, the SEC said.

Pfizer also entered into a deferred prosecution agreement with the Department of Justice, agreeing to pay a $15 million penalty.

Deferred prosecution.

Pay the money, get off basically.

Big Pharma is as ugly as the banks and military industrial complex.