The Siemens bribery scandal continues to deepen. The company is in the unusual position of seeing its reputation getting trashed and at the same time, its profits are rising.

So are Siemens' woes an aberration, or do they reflect deeper problems? And does it mark a turning point? These are the questions raised by Matt Moore at Associated Press.

Going by what's happened so far, including the loss of a chief executive and chairman, you would have to say it's going to get worse before things start picking up.

But the broader question is whether the Siemens scandal reflects a deeper problem with European business corruption.

That's a point examined by Ethical Corporation. It doesn't offer any answers but it does raise some uncomfortable questions.

"We may be in the Foothills of one of the greatest cultural shifts in decades if the regulators, the sanctions, fines and the bad publicity heads in the right direction,'' the journal says.

Might be fascinating to watch this space.