Tue Apr 24, 2012, 07:04 PM

alp227 (20,405 posts)

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

13 replies, 1957 views

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13 replies	Author	Time	Post
Wal-Mart Says It Is Tightening Internal Controls (Original post)	alp227	Apr 2012	OP
"Dammit, we got caught, now we gotta put on a charade like we have ethics."	marmar	Apr 2012	#1
"Quick! Shuffle some papers and look busy!" LOL	Javaman	Apr 2012	#12
Yup, they're tightening controls	HeiressofBickworth	Apr 2012	#2
taint used wally world in over 4 years	donnasgirl	Apr 2012	#3
Too late. Busted.	TahitiNut	Apr 2012	#4
and	Sherman A1	Apr 2012	#9
I agree with this	MrYikes	Apr 2012	#13
WAL MART is a national disgrace. It is the UGLY AMERICAN REBORN!	CarmanK	Apr 2012	#5
Wally world is own lock, stock and barrel by a foreign power. I don't believe anything	CK_John	Apr 2012	#6
I wonder whether the Securities & Exchange Commission will look into this.	JDPriestly	Apr 2012	#7
I hope both SEC, IRS, DOJ and the State AG's	Sherman A1	Apr 2012	#8
I keep imagining the robot from lost in space being in the room where they hold the	cstanleytech	Apr 2012	#10
Queue the Death Star music. Lord Vader had called an internal meeting. nt	Javaman	Apr 2012	#11

Response to alp227 (Original post)

Tue Apr 24, 2012, 07:37 PM

marmar (60,741 posts)

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

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Response to marmar (Reply #1)

Wed Apr 25, 2012, 09:19 AM

Javaman (40,599 posts)

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

HeiressofBickworth (1,219 posts)

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

donnasgirl (211 posts)

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

TahitiNut (71,568 posts)

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

Sherman A1 (11,530 posts)

9. and

pull their corporate charter!

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Response to Sherman A1 (Reply #9)

Wed Apr 25, 2012, 09:49 AM

MrYikes (668 posts)

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

CarmanK (648 posts)

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

CK_John (5,420 posts)