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Finance: What are Kickbacks? 1 Views
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Description:
What are kickbacks? Well, they're things we don't get for working at Shmoop, that's for sure. Hit play to find out more.
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Transcript
- 00:00
Finance allah shmoop What are kickbacks He okay Okay It's
- 00:08
Not that it's This dark worf at midnight A car
- 00:14
with no place The nervous guy in the suit He's
- 00:16
thie it or information technology Head buyer for the bank
- 00:21
shmoop nar go he's the decision maker on buying three
Full Transcript
- 00:25
billion dollars worth of database software And then there's this
- 00:29
guy just out of the car He's the head of
- 00:31
sales of del fi databases are us He'll make a
- 00:34
three percent or ten million dollar commission on this ten
- 00:37
year contract If it goes through all it takes is
- 00:40
this little bit of wd forty to make the wheels
- 00:44
turn a briefcase full of one hundred grand in unmarked
- 00:47
bills Yeah That's the grease this dough to the buyer
- 00:50
It's a kickback and it's an obvious one In real
- 00:53
life kickbacks are way more insidious secretive clever head of
- 00:58
sales of del fi owns a beach house in the
- 01:01
hamptons Maybe he you know lets his buyers stay there
- 01:05
on weekends And maybe he provides them with well all
- 01:09
kinds of recreation You can let your mind wander So
- 01:12
sound like a ludlum me kind of ah spy novel
- 01:15
With corporate intrigue well guess what This happens all the
- 01:19
time that's happened a big companies and little hewlett packard
- 01:22
and oracle and others they've all come down with sales
- 01:25
People being nailed exacts being fired and businesses well continuing
- 01:30
to practice this practice more or less The big problem
- 01:33
Foreign markets yeah there they do kick back so just
- 01:36
kind of a regular part of doing business So if
- 01:39
we're trying to play by our rules in america and
- 01:42
imposing them on some small struggling nation where the people
- 01:46
are desperate to simply make enough money to feed their
- 01:48
children wealth and how we think about the morality of
- 01:51
kickbacks we know this guy's position on the matter We
- 01:54
should remember that from inside the jail bars when we're 00:01:57.722 --> [endTime] nailed
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