As if there weren’t enough reasons why I hate Wal-Mart, they have decided to grace us with their presence in the news with more uncovered shady global business practices. Wal-Mart is notoriously known for mistreating employees, suppliers, and the environment in all parts of the world. So it comes to no surprise that yet another scandal has been exposed.
The New York Times stated that executives at Wal-Mart have failed to root out alleged bribery in Mexico. A couple of congressmen have begun an investigation and have asked to meet with the chief executive of Wal-Mart. And just like Wal-Mart they have made up excuses saying that the alleged activities were more than six years old and that they are "working aggressively" to uncover the truth. All I can say is excuses EXCUSES!
Wal-Mart is facing U.S. violations laws that include the Foreign Corrupt Practices Act. The Foreign Corrupt Practices Act is a federal law that primarily serves for two main purposes. The first one addresses accounting transparency requirements and the other concern with bribing foreign officials.
Wal-Mart was using bribery to obtain construction permits in Mexico and company officials had been informed back in 2005. What's also ridiculous is that Wal-Mart is trying to justify bribery by saying that it's a common practice in Mexico. It doesn't matter what Mexico does because as a U.S. company we have laws that companies need to follow even if they are over seas! Now because of this scandal Wal-Mart shares have fallen, which I believe they fully deserve for its non-compliance.
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