Ellen Podgor, an expert in white-collar crime at Stetson University in St Petersburg, Florida, reckons that Siemens confessed all not to minimise the fine it had to pay but to avoid being barred from business with the American government.

ECONOMIST: The Siemens scandal

At 1:30 PM, the Vice President will meet with President Ellen Johnson Sirleaf of Liberia at the White House.

WHITEHOUSE: Vice President's Schedule