Comments on: What does the Walmex corruption scandal mean for Banco Walmart? http://blogs.reuters.com/felix-salmon/2012/04/21/what-does-the-walmex-corruption-scandal-mean-for-banco-walmart/ A slice of lime in the soda Sun, 26 Oct 2014 19:05:02 +0000 hourly 1 http://wordpress.org/?v=4.2.5 By: DanielDF http://blogs.reuters.com/felix-salmon/2012/04/21/what-does-the-walmex-corruption-scandal-mean-for-banco-walmart/comment-page-1/#comment-38279 Tue, 24 Apr 2012 15:31:34 +0000 http://blogs.reuters.com/felix-salmon/?p=13389#comment-38279 What do you mean by “it lacks a lot of the regulation that its competitors have”??? It is regulated by the Mexican authorities as a “Insitucion de Banca Multiple” (see http://www.cnbv.gob.mx/Paginas/PES.aspx) just like HSBC, Santander, American Express and all its competitors.

If you meant by US regulatiors, that would probably not apply to other non-American banks in Mexico either (HSBC, BBVA, Scotiabank, RBS, et al.)

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By: borisjimbo http://blogs.reuters.com/felix-salmon/2012/04/21/what-does-the-walmex-corruption-scandal-mean-for-banco-walmart/comment-page-1/#comment-38255 Tue, 24 Apr 2012 06:35:45 +0000 http://blogs.reuters.com/felix-salmon/?p=13389#comment-38255 Am I the only one who’s noticed that every great economic fiasco is preceded by a great lack of government oversight of the financial sector?

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By: MrRFox http://blogs.reuters.com/felix-salmon/2012/04/21/what-does-the-walmex-corruption-scandal-mean-for-banco-walmart/comment-page-1/#comment-38254 Tue, 24 Apr 2012 04:20:47 +0000 http://blogs.reuters.com/felix-salmon/?p=13389#comment-38254 @Dollared – you wrote –

“What was wrong with their (Mexico’s) existing retail players? YOu don’t know – you’re just reflexively defending Wal-Mart with no facts.”

Really, Dollared, Mexican consumers appear to be choosing Walmart in preference to other retailers, don’t they? That fact – implicit in sales figures – kind of speaks for itself. Are you actually doing the people of Mexico a favor by advocating that the Walmart option be taken away from them? Clearly, you seem to think so, but it’s the consumers who should have the right to decide for themselves, isn’t it?

When the people of Mexico resolve to change the way people in authority conduct themselves, it will change. We in the US face the same challenge. Neither appears to be making much headway.

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By: Dollared http://blogs.reuters.com/felix-salmon/2012/04/21/what-does-the-walmex-corruption-scandal-mean-for-banco-walmart/comment-page-1/#comment-38249 Mon, 23 Apr 2012 20:52:56 +0000 http://blogs.reuters.com/felix-salmon/?p=13389#comment-38249 MrRFox, your logic is specious from end to end. Tell me – which corporations are regretting Citizens’ United? You rank up there with “Thank You for Smoking!”

And thanks for your pontification on the civilizing benefits of Wal-Mart for the beknighted Mexican people. What the hell do you know about it? What was wrong with their existing retail players? YOu don’t know – you’re just reflexively defending Wal-Mart with no facts.

And no, the Mexican people (and the Indian people) don’t just accept corruption. They hate corruption. But once instituted, it is insanely difficult to root out. That’s why the Foreign Corrupt Practices Act is so important – so we Americans don’t contribute to corruption.

Shame on you for your fact-free corporate shilling.

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By: JLWR http://blogs.reuters.com/felix-salmon/2012/04/21/what-does-the-walmex-corruption-scandal-mean-for-banco-walmart/comment-page-1/#comment-38227 Mon, 23 Apr 2012 15:08:23 +0000 http://blogs.reuters.com/felix-salmon/?p=13389#comment-38227 I’m reading a great book by Bill Moyer called
“Corporations are Not People’. It is a very well written book and should be a must read by everyone. Not all corporations are bad, but many are nothing more than extreme greed gone wild, and Wal-Mart is one of them. We need, on an international scale, to regulate these behemoths not allowing them to take over the world with their greed, employee oppression, and their agenda to limit “free trade” to just the few and destroy all other empoyers. They are truly evil in every sense of the word. Banco Wal-Mart should not be able to exist since it will start a disastrous revolutition in banking that bring the world to its knees. We need to do everything to stop the unregulated greed by these corporations and if not then we must take the drastic step of dissolving the entity called corporations. We created them and we may need to dissolve them if we cannot tame them.

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By: MrRFox http://blogs.reuters.com/felix-salmon/2012/04/21/what-does-the-walmex-corruption-scandal-mean-for-banco-walmart/comment-page-1/#comment-38218 Mon, 23 Apr 2012 12:17:14 +0000 http://blogs.reuters.com/felix-salmon/?p=13389#comment-38218 mfw13 wrote –

“Yes, Wal-Mart (and many other corporations) engage in some pretty abhorrent business practices, but bribery is a comparatively minor one.”

Damn right – compared to the kind of stuff Unocal was mixed-up in over in Burma, WMT’s mischief looks as trivial as the antics of The Little Rascals.

This is the part that Americans have a hard time getting their heads around –

“… government officials view accumulating wealth through bribes as being a major perk of their positions, and the culture generally does not view extortion/bribery as being morally wrong.”

The principle of “equality before the law” is bedrock American thinking, and it’s what makes corruption morally wrong. The general populations of the 2nd and 3rd worlds don’t accept the principle; thus they see no moral trespass in extortion or bribery.

Since Citizens United was decided, I’m hearing that it’s now open season for pols to shakedown corporations with impunity. Fact is, corporate America is quickly learning to hate that decision almost as much as the US left does.

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By: mfw13 http://blogs.reuters.com/felix-salmon/2012/04/21/what-does-the-walmex-corruption-scandal-mean-for-banco-walmart/comment-page-1/#comment-38213 Mon, 23 Apr 2012 08:52:17 +0000 http://blogs.reuters.com/felix-salmon/?p=13389#comment-38213 Yes, Wal-Mart (and many other corporations) engage in some pretty abhorrent business practices, but bribery is a comparatively minor one.

Anyone who has done business abroad knows that paying bribes is pretty much standard operating procedure in most second and third world countries, in that government officials view accumulating wealth through bribes as being a major perk of their positions, and the culture generally does not view extortion/bribery as being morally wrong.

And let’s not pretend that we are saints here in the USA….just look at our current campaign finance system, which is basically legalized bribery. Corporations and individuals do not simply give thousands/millions of dollars to candidates every election simply out of the goodness of their hearts. They expect to get something in return.

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By: MrRFox http://blogs.reuters.com/felix-salmon/2012/04/21/what-does-the-walmex-corruption-scandal-mean-for-banco-walmart/comment-page-1/#comment-38211 Mon, 23 Apr 2012 04:02:23 +0000 http://blogs.reuters.com/felix-salmon/?p=13389#comment-38211 @Kaleberg –

This – v v – happens today in a lot of places –

” I had a Mexican friend back in the 70s, and he would always amaze me with his stories of being pulled over by a cop and being told to pay a bribe,….”

This – v v – was the thought and hope –

“One might hope that a force as powerful as Walmart would manage to sail the Mexican sea without making payoffs….”

That was wishful thinking. Still is. This – v v – is the part that is pertinent today –

“Walmart really had no choice other than not to expand into Mexico….”

Nobody is forced to shop at Walmart – people choose to do so because of the perceived value for money spent that Walmart offers. And WMT isn’t forced to operate everywhere – they also choose. Are Mexicans worse off because they have Walmarts to choose from? Don’t think so. Is WMT worse off being in Mexico and China? Dunno – maybe.

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By: Woltmann http://blogs.reuters.com/felix-salmon/2012/04/21/what-does-the-walmex-corruption-scandal-mean-for-banco-walmart/comment-page-1/#comment-38206 Mon, 23 Apr 2012 01:47:48 +0000 http://blogs.reuters.com/felix-salmon/?p=13389#comment-38206 At least we here in the US aren’t the only people having to endure the Blight of Bentonville. They are becoming an international plague of Biblical proportion ..

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By: Kaleberg http://blogs.reuters.com/felix-salmon/2012/04/21/what-does-the-walmex-corruption-scandal-mean-for-banco-walmart/comment-page-1/#comment-38205 Sun, 22 Apr 2012 20:29:51 +0000 http://blogs.reuters.com/felix-salmon/?p=13389#comment-38205 I actually feel sorry for Walmart. I had a Mexican friend back in the 70s, and he would always amaze me with his stories of being pulled over by a cop and being told to pay a bribe, then going home to get the money. Another story was his working at a construction site as an intern and being told to stop making a fuss about the concrete trucks bringing in loads of rocks, sand and water rather than usable concrete. He told me that story after the big earthquake down there. That was in the 70s before the Pemex money started coming in.

Mexico was and is amazingly corrupt. No one who does business there has never paid a bribe, even if they paid it through some agent, for example, a driver or lawyer. One might hope that a force as powerful as Walmart would manage to sail the Mexican sea without making payoffs, but that would be wishful thinking. In Mexico, bribery is a way of life, and Walmart really had no choice other than not to expand into Mexico.

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