Siemens' woes have gone from bad to worse with the arrest of board member Johannes Feldmayer, once regarded as the big contender for the top job there. The arrest of the man who would be CEO was made in connection with an investigation of alleged payments to the head of a small labor union.

More details in this Bloomberg report.

Feldmayer is the first member of the existing board to be pinged. The big question is whether there's more to come.

Earlier this month, two former Siemens managers told a court in the German city of Darmstadt that slinging someone a bribe was just the way things were done at Siemens. The court has heard the company had all sorts of elaborate structures to make sure the money was parked in the right places.

The English language edition of Der Spiegel sheds more light on these revelations.

If these guys were telling the truth, then bribery was part of the company culture. And if that's the case, Siemens' top brass will probably have a few sleepless nights ahead.