The Presidential Daily Brief

Important

  1. Alcoa and Affiliate to Pay $384 Million in Anti-Corruption Settlement

    In what will be the fourth-largest foreign bribery settlement ever negotiated by the U.S. Justice Department and the Securities and Exchange Commission, aluminum giant Alcoa will pay fines of almost $400 million for bribing members of Bahrain’s royal family. The bribery scheme, which involved a complex arrangement of middlemen and shell companies, dates back to 1989 and was used to secure highly profitable contracts with Bahrain’s government-run aluminum plant. The settlement is part of a movement towards heavier fines for violations of the Foreign Corrupt Practices Act, under which Siemens paid $1.6 billion in 2008.

    Sources: NPR, WSJ (sub), Washington Post

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