A. William Stein, Digital Realty executives and even board members received expensive gifts from a vendor worth more than $75,000. In turn, Stein made sure the vendor was provided with an improper favor in return. Stein handled the transaction personally and failed to obtain a waiver from the Board of Directors. In doing so, Stein engaged in multiple violations of Digital’s Code of Business Ethics and Conduct.
The vendor was Chubb. Chubb paid for dozens of Digital Realty employees, wives, children and Board members to attend the oral argument at the Supreme Court of the United States in November 2017.
Digital had no business going that far up to challenge Dodd Frank. Chubb stood to gain the most by going to the to SCOTUS. Stein agreed to allow Chubb to make the run on one condition. Stein wanted a bribe; rumors are that he obtained free insurance for his family, reduced rates to Digital and all expenses paid trips for up to 40 people to Washington D.C. Chubb agreed to foot the bill.
Digital’s Code of Business Ethics and Conduct states: Gifts and entertainment may not be offered or exchanged under any circumstances to or with any employees of U.S. or foreign federal, state or local governments unless expressly permitted under the Company’s FCPA and AntiCorruption Compliance Policy. If you have any uestions about this policy, contact your supervisor or the General Counsel for additional guidance.
Bill Stein, Josh Mills, Digital Board members, you’re fired.