And to those of you that aren't accounts (thank your lucky stars) you need to understand that the phrase "material" has a very specific meaning in this context. A material item in your financial statements is an item large enough to affect the decision of the people who use financial statements to make decisions. (e.g. investors, banks, regulators, etc...) When the financial auditors start their audit, they will calculate a materiality threshold, above which items must be disclosed on the financial statements. The potential fine for this FCPA violation exceeds that materiality threshold. I don't know what Sun's materiality threshold is, but I'm sure its not small.
Also, on the topic of FCPA, while the article cites some smaller FCPA fines it misses the recent large fine levied against Siemen in December 2008. The total hit to Siemens included a fine of $450 MILLION plus disgorgement of $350 MILLION in "tainted profits." If that isn't a "big deal" I don't know what is. It takes a lot of revenue to replace $800,000,000 in cash.
Because this is big enough that Sun disclosed it on their financial statements before the Justice Department has issued its fine indicates to me this is likely to be a bigger rather then smaller issue. Foreign bribery is fairly common, but it doesn't mean getting caught isn't a big deal.
I agree. Parents need something like this. I don't let my kids on the internet unless I'm sitting in the same room. That sucks. What if my kid mistypes a URL and suddenly there's fifteen popup windows of porn?
As a parent I support this as a way to give parents a "safe" internet area without infringing on the rest of the internet.
oops... In an effort to create jobs and properity, the state of Idaho will reduce the tax burden of companies that buy routers and lay fiber in the process of connecting to the internet, dollar for dollar
In an effort to create jobs and properity, the state of Idaho will reduce the tax burden of companies that buy routers and lay fiber in the process of connecting to the internet.
Economic growth and development is not happening in many of these countries because they lack the institutions to make growth happen. Who wants to invest in building a factory in Pakistan? By the time you pay off all the people to make the job happen, your cost has skyrocketed.
Many less developed countries are not going to enjoy a better standard of living until they are ready to make the changes necessary.
Slashdot Mirror
And to those of you that aren't accounts (thank your lucky stars) you need to understand that the phrase "material" has a very specific meaning in this context. A material item in your financial statements is an item large enough to affect the decision of the people who use financial statements to make decisions. (e.g. investors, banks, regulators, etc...) When the financial auditors start their audit, they will calculate a materiality threshold, above which items must be disclosed on the financial statements. The potential fine for this FCPA violation exceeds that materiality threshold. I don't know what Sun's materiality threshold is, but I'm sure its not small.
Also, on the topic of FCPA, while the article cites some smaller FCPA fines it misses the recent large fine levied against Siemen in December 2008. The total hit to Siemens included a fine of $450 MILLION plus disgorgement of $350 MILLION in "tainted profits." If that isn't a "big deal" I don't know what is. It takes a lot of revenue to replace $800,000,000 in cash.
Because this is big enough that Sun disclosed it on their financial statements before the Justice Department has issued its fine indicates to me this is likely to be a bigger rather then smaller issue. Foreign bribery is fairly common, but it doesn't mean getting caught isn't a big deal.
I agree. Parents need something like this. I don't let my kids on the internet unless I'm sitting in the same room. That sucks.
What if my kid mistypes a URL and suddenly there's fifteen popup windows of porn?
As a parent I support this as a way to give parents a "safe" internet area without infringing on the rest of the internet.
oops...
In an effort to create jobs and properity, the state of Idaho will reduce the tax burden of companies that buy routers and lay fiber in the process of connecting to the internet, dollar for dollar
In an effort to create jobs and properity, the state of Idaho will reduce the tax burden of companies that buy routers and lay fiber in the process of connecting to the internet.
Section321
La La Parties
Economic growth and development is not happening in many of these countries because they lack the institutions to make growth happen. Who wants to invest in building a factory in Pakistan? By the time you pay off all the people to make the job happen, your cost has skyrocketed.
Many less developed countries are not going to enjoy a better standard of living until they are ready to make the changes necessary.