A fantastic wikipedia article!
In addition found myself a new person to look up to – Tea Uglow, the creative director at Google in Sydney, I became mesmerized by her text http://teau.me/
Furry, cloven hooves with horns and a long tongue, he carries chains, thought to symbolize the binding of the Devil by the Christian Church. He thrashes the chains to whip naughty children for dramatic effect. The chains are sometimes accompanied with bells of various sizes. The ringing of bells, and use of other noisemakers, like the lighting of bonfires, can be considered a pagan practice intended to alternately drive off and attract certain spirits (good or bad) wandering the earth at pivotal points in the year.
Sometimes Krampus appears with a sack or a washtub strapped to his back; this is to cart off evil children for drowning, eating, or transport to the Underworld. He furthermore shares characteristics with demonic creatures in Greek mythology, including satyrs and fauns.