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Tue Apr 24, 2012, 07:04 PM

Wal-Mart Says It Is Tightening Internal Controls

Source: New York Times

Allegations of widespread bribery at Wal-Mart’s Mexican subsidiary continued to reverberate on Tuesday, with the company beginning a campaign to limit the damage as its shares declined further.

In a statement, Wal-Mart said it had beefed up its internal controls to make sure it was complying with the Foreign Corrupt Practices Act, which prohibits American companies from engaging in bribery and other illicit acts overseas. A new top-level compliance position will be responsible for ensuring that the company is abiding by the law and will oversee five regional compliance directors based in international markets.

In Mexico, the retailer said it had bolstered its practices and training to ensure better compliance.

“We are taking a deep look at our policies and procedures in every country in which we operate,” said David Tovar, Wal-Mart’s vice president for corporate communications.

Read more: http://www.nytimes.com/2012/04/25/business/wal-mart-says-it-is-tightening-internal-controls.html

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Response to alp227 (Original post)

Tue Apr 24, 2012, 07:37 PM

1. "Dammit, we got caught, now we gotta put on a charade like we have ethics."

nt

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Response to marmar (Reply #1)

Wed Apr 25, 2012, 09:19 AM

12. "Quick! Shuffle some papers and look busy!" LOL

It's really amusing how they were the ones to kill the "investigation" to begin with.

This is like the failing student trying to hard to look studious.

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Response to alp227 (Original post)

Tue Apr 24, 2012, 08:15 PM

2. Yup, they're tightening controls

controls on how people find out about their bribery. The FCPA (Foreign Corrupt Practices Act) only works if you are CAUGHT at it. So, with a company like Wally, the answer is to find out now the information became public and put a stop to it. I doubt very much they will change their ways. They would rather pay bribery to officials than to pay a living wage to the people who make their cheap goods.

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Response to HeiressofBickworth (Reply #2)

Tue Apr 24, 2012, 10:01 PM

3. taint used wally world in over 4 years

I have not bought a crumb out of that hell hole in over four years and intend on going another four.I also hope they start an investigation in this country.

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Response to alp227 (Original post)

Tue Apr 24, 2012, 10:13 PM

4. Too late. Busted.

The FCPA also requires a "system of internal controls to ensure that all acts on behalf of the company are in accord with management's intent." Thus, the FCPA put an end to 'plausible deniability.' The penalties are NOT reduced due to any (alleged) failure of internal controls. Indeed, the evidence is that the bribes were EVERY BIT in accord with management's intent.

Jail 'em!!!

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Response to TahitiNut (Reply #4)

Wed Apr 25, 2012, 06:27 AM

9. and

pull their corporate charter!

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Response to Sherman A1 (Reply #9)

Wed Apr 25, 2012, 09:49 AM

13. I agree with this

We have the power to return corporate power to a proper level and eliminating walmart's charter is the way to do it. If only we had the political nerve.

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Response to alp227 (Original post)

Tue Apr 24, 2012, 10:45 PM

5. WAL MART is a national disgrace. It is the UGLY AMERICAN REBORN!

Sam Walton would be horrified. The spoiled rich kids have no loyalty to country, no pride of company and no respect for anything except how much money they can rack up for themselves and the special buds. It is disgusting. But, then again they are the little darlings of the SUPER RATS (Roberts, Alito, Thos and Scalia) who worship corporate power and deprive humans of constitutional rights to serve their corporate buds.

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Response to alp227 (Original post)

Tue Apr 24, 2012, 11:02 PM

6. Wally world is own lock, stock and barrel by a foreign power. I don't believe anything

unless it comes from Beijing.

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Response to alp227 (Original post)

Wed Apr 25, 2012, 01:05 AM

7. I wonder whether the Securities & Exchange Commission will look into this.

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Response to JDPriestly (Reply #7)

Wed Apr 25, 2012, 06:26 AM

8. I hope both SEC, IRS, DOJ and the State AG's

along with the Mexican Government spend some serious time with Wal Mart.

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Response to alp227 (Original post)

Wed Apr 25, 2012, 06:46 AM

10. I keep imagining the robot from lost in space being in the room where they hold the

meetings for the ceo, vp and all the heads from walmart and its going
‘Warning Warning,’ ‘Danger, Wal-Mart!’, ‘Danger, Danger!’

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Response to alp227 (Original post)

Wed Apr 25, 2012, 09:17 AM

11. Queue the Death Star music. Lord Vader had called an internal meeting. nt

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