SCANDALS: Lockheed's Defiance: A Right to Bribe?

Lockheed Aircraft Corp.—the company famous for its financial troubles, spectacular cost overruns and controversial Government loan guarantees—has now acquired another dubious distinction. Having admitted under prodding by the Securities and Exchange Commission that it has slipped at least $22 million under the table to foreign government officials and political organizations, the company issued a defiant statement that sounded almost like an assertion of the right to bribe.

A lengthening list of giant U.S. corporations, including Exxon, Gulf, Mobil, United Brands and Northrop, had previously admitted to making similar payoffs. The SEC's...

Want the full story?

Subscribe Now

Subscribe
Subscribe

Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on TIME.com

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!