WalMart Bribery in México and all over the World
April 23, 2012 8 Comments
The truth comes out sooner or later. WalMart has bankrupted many small businesses around the world. But let us be honest: WalMart would not exist if people wouldn´t buy there.
Wal-Mart shares plunged nearly 5% this morning, as investors weighed allegations that Wal-Mart bribed Mexican officials to quicken growth and then tried to cover up the corruption.
LO BARATO SALE CARO!
Executives from Wal-Mart’s Mexican subsidiary reportedly used systematic bribery to receive building permits across the country, according to The New York Times story that broke the news Saturday. After Wal-Mart learned about the bribes, it stalled an internal investigation into the situation and failed to promptly report the problems to the U.S. government. The Wal-Mart de Mexico executive described by The Times as the man directing the illegal operations, Eduardo Castro-Wright, now serves as a Wal-Mart vice president, set to retire in July.
Wal-Mart is meeting with the Justice Department and the Securities and Exchange Commission. If the allegations prove true, Wal-Mart violated the Foreign Corrupt Practices Act (FCPA), legislation that allows investigators to charge a U.S. company with bribing overseas officials. After a decade of carefully encouraging companies to report misbehavior early, the Justice Department may be under pressure to make an example of Wal-Mart.
About Dra Martha Castro Médico WMA
DRA. MARTHA CASTRO NORIEGA
I don’t shop there because of their practices and not all reasons are social. I wouldn’t dream of buying my salmon from them as it comes from China. I don’t want anything living in the South China Sea at any price.
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Wal-Mart is utterly morally bankrupt and a destroyer of jobs!
“After Wal-Mart learned about the bribes…”
What a joke, as if the Wal-Mart headquarters did not know what Wal-Mart de Mexico was doing and secondly, the SEC is just as corrupt as any other huge corporation, what are they going to do, their cut of the action may not have been as big as with the likes of Madoff and MF Global.
:-C
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