Wal-Mart faces big fines amid bribery charges

By ANNE D'INNOCENZIO, AP Retail Writer – 21 minutes ago

NEW YORK (AP) — Allegations that Wal-Mart Stores Inc. covered up the
findings of an internal probe that proved its Mexican subsidiary bribed
officials in that country could have huge implications for the world's
biggest retailer and its executives.

The alleged bribery scheme was revealed by The New York Times, which
reported that Wal-Mart failed to notify law enforcement after the
company's investigators found evidence of millions of dollars in bribes
given to Mexican officials in exchange for getting building permits
faster and other favors to help it aggressively expand in the region.

If Wal-Mart violated the Foreign Corrupt Practices Act, which forbids
paying bribes to foreign officials, the company could face fines of
hundreds of millions of dollars. Top Wal-Mart executives could lose
their jobs — or worse, go to jail. And the retailer could suffer a
public relations nightmare if a lengthy investigation ensues.

"Unlike prior bad PR stories in recent years, this will be a material
distraction for Wal-Mart on multiple fronts," said Charles Grom, a
retail analyst at Deutsche Bank.

The Times reported on Saturday that a former company executive told
Wal-Mart top brass in 2005 details of a bribery campaign that was used
to help the retailer expand in Mexico. The paper said Wal-Mart officials
launched an investigation into its Wal-Mart de Mexico subsidiary, but
shut it down despite a report by its lead investigator that Mexican and
U.S. laws likely were violated.

Over the weekend, Wal-Mart said it had disclosed the findings of its
investigation to the U.S. Department of Justice and the Securities and
Exchange Commission in December, and that it met with officials from
both agencies to discuss the company's ongoing investigation. But,
according to the Times, Wal-Mart only did so after being informed that
the paper was looking into the allegations.

"We are committed to getting to the bottom of this matter," Dave Tovar,
a Wal-Mart spokesman, said in a statement.

The Department of Justice and the SEC declined to comment for this
story. But legal experts say the government likely will launch its own
investigations into the bribery allegations. Based on the results of
past investigations of companies — and their executives — the penalties
for violating the law can range widely from fines to jail time.

On 4/23/2012 7:34 PM, X ` Man drooled:

What's new with John Edwards

On Apr 23, 6:52*pm, Oscar wrote:
On 4/23/2012 7:34 PM, X ` Man drooled:

What's new with John Edwards

He must destroy his sex vids.

http://gawker.com/rielle-hunter/

On 4/23/2012 11:27 PM, TopBassDog wrote:
On Apr 23, 6:52 pm, wrote:
On 4/23/2012 7:34 PM, X ` Man drooled:

What's new with John Edwards

He must destroy his sex vids.

http://gawker.com/rielle-hunter/

Let that be a lesson to liberals everywhere.

In article ,
says...

On Mon, 23 Apr 2012 19:34:29 -0400, X ` Man
wrote:

Wal-Mart faces big fines amid bribery charges

The only difference between bribing the government in the US and
bribing the government in Mexico is, in the US you need to start up a
super PAC.

Yeah, like Romney has.