It couldn't have been more appropriate, only the timing was off. Canival is a festive occasion held 46 days before Easter in Brazil, but let's have a Carnival of our own fellow spineophiles so follow the bouncing ball........ where's Kelly Key when we're ready to party?
When my baby, when my baby smiles at me I go to Rio De Janeiro, my-oh-me-oh
Biomet goes wild and does the Samba and La Bamba
Now I'm not that kind of company with a passionate persuasion for dancing'
Or romancin' but I give in to the rhythm and my feet follow the beatin'
No fellow bloggers, its not the late, late, late Peter Allen, its Jeff Binder having to do the Samba and La Bamba (now there's a vision) in response to yesterday's report in the Wall Street Journal regarding Biomet agreeing to pay more than $22 million in penalties to settle allegations (if they are allegations why are they paying) that it bribed surgeons in Brazil (No way Jose) and China (Kopy Kats) over a period of years.
It seems like the governments on-going investigation into violations related to the Foreign Corruptions Act is resulting in a windfall. But let's get serious, if anyone has attempted to do business in Brazil, corruption runs rampant. TSB knows that some Brazilian will take umbrage with TSB accusations, but if you haven't made an attempt to sell in the largest market in South America, you haven't tasted Salsa until you go to Rio. The Chinese are no different. As U.S. companies, surgeons, and businessmen kiss the ass of the Chinese, "it's a whole new market, etc., etc.," the Chinese are strategically planning our demise. But back to the story.......
The Federal Corruptions Act of 1977 prohibits improper payments to foreign officials in exchange for business. It's cut and dry. The Art of the Spine Deal has been made famous by companies like Orthofix J&J, SNN, and now Biomet, but we all know that this has been going on for years. Orthofix for those that may need a memory jolt recently settled with the U.S. DOJ as reported in their press release dated February 6, 2012, so cool your jets down in Lewisville.
But here's a question for our readers, why does the U.S. Government continue to pander to corporations that violate and break laws without throwing anyone into jail? If companies are people, then someone is obviously responsible for these actions, and should be held accountable. You have to love legal "pretzel logic," the government finds wrongdoing, but the company doesn't admit any wrong doing. LMAOL. To quote Jeff Binder, "Over the past several years, we have significantly enhanced our global compliance procedures and financial controls......" Yeah sure, been there, done that.
In April 2011, Johnson & Johnson agreed to pay $70 million for bribes to Greek doctors (love them Greeks, not only don't they pay taxes, they love taking handouts, suckers), last month Smith & Nephew agreed to pay $22 million for improper inducements to Greek healthcare providers, who knows if the Greeks are smart they could potentially pay down their debt by using the medical device companies. Stryker and have also disclosed FCPA investigations.
So as the hits keep coming...... TSB is on his way to Rio where the beaches are hot, hot, hot