The big corporate story of the weekend: The NYT reported that Wal-Mart’s Mexican subsidiary was involved in illegal bribery in Mexico (thus violating US laws against bribing foreign governments).Making matters worse, the report alleges that an internal investigation was covered up by executives in Bentonville, Arkansas.
Anyway, it promises to be a major legal headache, and could augur C-Suite shakeup, if nothing else.
So this morning shares of Wal-Mart are off 3.2%, compounding all the other bad news we’re getting today.
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