Siemens Weathers the Storm

Bad publicity from bribery allegations hasn't sidelined the engineering and electronics giant, but will the scandal make CEO Kleinfeld more cautious?

When Siemens CEO Klaus Kleinfeld looks out the window of his office in a former palace in central Munich, he sees twinkling lights and people cheerfully quaffing mulled wine at a Christmas market in the plaza below. But the news is anything but merry for the engineering and electronics giant. Barely a day goes by without more negative headlines connected to allegations that a group of managers at the company's telecommunications equipment unit bribed foreign officials to win contracts, misusing as much as $550 million.

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