Anyone have any insight into this Honeywell settlement with the DOJ? This is more bad news….
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"They made $34.97 billion in the year 2022. This is what it stated in September 2022. If my numbers are wrong, somebody can correct me."
OK I'll correct you.
$34.97B is revenue, not income, or profit as you state later. Since 2022 is not over, we will use 2021 data. In 2021 HON revenue was $34.4B and they "made" $5.5B in net income. So $230M (not $23M) is about 4.2% of what they "made" in 2021. This is not insignificant.
Not defending Honeywell, just correcting bad math and basic accounting illiteracy since I was invited to do so.
They made $34.97 billion in the year 2022. This is what it stated in September 2022. If my numbers are wrong, somebody can correct me.
The point I’m going to be making is fine it’s no big deal. Proving big companies run in the government. So we will continue violating laws because you know you’ll never go to jail, and the fine is a joke.
It’s less than 1% of the total yearly profit. The punishment will not deter us from not following the laws. It’s slap on the hand. Now, if the fine was like 25% of the profit or half maybe we would do it anymore. Like maybe would think twice
Since we make the laws with special interest and lobbyist. Also, our friends run Congress. We really don’t give a cr-p.
You think about this $23 million out of 34,.97 billion. What a joke.
When we get caught doing something wrong. We will just pay the pathetic little fine.
I am so glad I made those contributions to HIPAC so we can settle rather than pay to max fines.
So who approved these payments etc, for the bride? Disgusting there are zero criminal charges against the individuals involved
@1lpl+1kgSrv63- Correct!!! I got bypassed when everyone else was paroled.
The CEO from that period should lose his pension.
This settlement will just mean more training for us. Those that didn't have anything to do with the original violation in the first place. Just like the ITAR violations last year. We had enhanced ITAR training as part of the settlement. Anything to keep the executives from having to suffer anything.
we are pleased to have this legacy mater behind us
Honeywell buys UOP in 2005. In 2010 there are major corrupt activities in multiple entities. Sounds like the legacy is one of corporate takeover.
It is the UOP business that paid a bribe to a high ranking Petrobras official to get a $400 million contract, that was celebrated as a UOP technology win during 2010-2014 era under UOP management. As a reward UOP management was promoted to run PMT in 2014.
@cpi A tip about volunteering... Don't tell Anyone. Let the process play itself out and there is a better chance you'll get the package. If your manager finds out you are trying to get on the list they can preemptively go to the higher ups and suggest someone else.
Sure seems like multiple settlements may be a great indicator for a sale or brakeup.
Need to clear the open liabilities.
For the first time I have decided to volunteer for a package if they ask. With my luck they wouldn't accept me.
Agree, Old news, Corporate Corruption, and seems all the CEO's align with one political party, including our own DA, D being the key letter. I guess when DA donated $11Mil at the dinner for joey B in San Fran in 2019, he got a bargain for the UOP slap on the hands. The original deal was $26 Billion. But hey, No Christmas bonus, party for you, just stealth RIF's. Enjoy.
Do we need to return our “most ethical company” award?
old news. Russians and Saudis run the oil business. UOP paid to play with bribes going to various entities. Now that the bribes have stopped UOP will become a minor player sitting at the kiddie table. ( .. I typed "brides" first... probably also true given the Saudi connection)
This is how business gets done everywhere. The US just prefers to dress it up in "political action committees".. but at the end of the day companies like Honeywell ( .. or maybe Burisma?) pay cash, (example - $400K ) to grease introductions and make business a bit more friendly ( by making certain investigators go away? ). All the same game Burisma, CEFC, Honeywell ... You buy a ticket or you don't go to the game.