Friday Blog Roundup: FDIC Extends Bank Moratorium

FDIC Extends Moratorium On Bank Of Wal-Mart

  • Bank Lawyer’s Blog: Moratorium on ILCs Extended
    To the surprise of apparently no one...the FDIC extended for one year the moratorium on applications to start or gain control of ILCs by commercial companies. Applications filed by financial companies will be considered. That means that four of the current nine pending applications are on hold for at least another year or until Congress acts to bar such acquisitions entirely, whichever comes first.

Wal-Mart Cuts Taxes By Paying Itself Rent

  • Wal-Mart Watch: Taxes, Taxes Everywhere And Not A Dime To Spend
    The revelation earlier today in the Wall Street Journal that Wal-Mart is, yes, taking advantage of state tax loopholes to save itself millions shouldn’t necessarily come as a surprise. But again, because of its sheer size, it’s the amount of money that should be going to fund state highways, fire departments, police and the like that is instead going directly back into Wal-Mart’s pockets that is troubling, and why states need to take a closer look at their tax laws and the behavior of companies like Wal-Mart.
  • BloggingStocks: Wal-mart pays itself rent—and cuts its taxes
    Svelte tax strategies are the focus of many an accounting office in large corporations these days. Saving millions (or hundreds of millions) of dollars in taxes makes a team of tax attorneys a very wise investment for most companies.

    So, it comes as no surprise that the world’s biggest retailer—Wal-Mart Stores Inc. --- has one of the more clever tax strategies I’ve seen in a while
  • ataxingmatter: Wal-Mart: low prices, low wages, and very low taxes of the tax law
    My scholarship has focused, one way or another, on compliance issues--corporations that manipulate their income to avoid tax liability, practitioners who promote aggressive shelters and those who "customize" tax-motivated transactions for their clients. I am concerned that big corporations, and the tax practitioners that assist them in structuring their transactions, have so thoroughly adopted the "tax minimization norm" that they have lost sight of their responsibilities to comply with the tax law--including, I would say, with the spirit of the tax law.

Wal-Mart Exec: No Changes Planned

  • RetailNet: Wal-Mart Exec: No More Changes Planned
    Eduardo-Castro Wright, CEO of the Wal-Mart Stores division in the United States, told Wal-Mart store managers that no management changes are planned beyond those outlined last week, a company spokeswoman said Wednesday. The announcement followed a report from Advertising Age on Tuesday that said Wal-Mart planned to move Wright into an international position and replace him with the head of its Sam’s Club division.

    Last week, Wal-Mart announced a series of management changes, including naming John Fleming as its chief merchandising officer. Wal-Mart spokeswoman Sarah Clark said Castro-Wright made his remarks in an address to store managers during a meeting in Kansas City.

How To Create Your Own Power Company

  • Treehugger: Wal-Mart Creates Its Own Electricity Company, Eyes Wind Power
    Recently, Wal-Mart quietly created its own electricity company in Texas, called Texas Retail Energy, to supply its stores with cheap power bought at wholesale prices. According to the Dallas Morning News, this saves the world’s largest retailer about $15 million annually and gives the company total control over its utility bills. Chris Hendrix, general manager of Texas Retail Energy, said he would consider buying a renewable-energy power plant, such as a wind farm, if the company can’t find enough vendors to meet Wal-Mart’s eventual goal of using only renewable power.
  • Practical Environmentalist: Wal-Mart to sell renewable energy in Texas?
    My question about those facts would be: Wal-Mart uses that much Texas power. How much money do they generate in sales tax in Texas each year, as a percentage? Is it just me, or does Wal-Mart buying a bunch of other companies in vertical markets remind you of Standard Oil?

Wal-Mart v. Roehm

  • Daily Intelligencer: Wal-Mart Claims Proof of Fired Marketing Veep’s Affair
    The operatic battle between Wal-Mart and its fired senior vice-president of marketing communications, Julie Roehm — the juiciest Madison Avenue scandal in years, and the subject of an upcoming piece in New York — escalated today when Wal-Mart claimed it had "irrefutable and admissible evidence" that she had an affair with Sean Womack, a vice-president who reported to her.
  • The Fired Blog: Wal-Mart says its fired gal has a cheating heart
    Julie Roehm got the heave-ho from WallyWorld after they hired her to be their head of marketing. Partying with potential ad firms had the buttoned-up types in Bentonville hot under the collar, but when they thought Julie was a little too steamy with her subordinate, smoke came out of their ears.
  • MarketingVOX: Wal-Mart Cites ‘Irrefutable’ Evidence against Roehm, Womack
    Womack and Roehm were let go in December after they allegedly violated Wal-Mart’s ethics codes, and Roehm has sued Wal-Mart, claiming the company breached her contract and damaged her reputation.

    Wal-Mart says Roehm acted inappropriately with potential Wal-Mart agencies during a review process. The company’s relationship with one of the agencies, Draft FCB, was also terminated. The other, The Martin Agency, was invited to bid for the review again, and won.
  • AdPulp: Julie Roehm Talks To BusinessWeek
    This whole, uh, sordid affair, is a huge cautionary tale for anyone thinking of leaping into a new job. BusinessWeek has a good story detailing how things began--and ended for Roehm during her tenure at Wal-Mart.

Wal-Mart Organics: Buyer Beware!

  • The Nation Blog: Wal-Mart Organics: Buyer Beware!
    Well, the jury’s still out on the company’s broader environmental impact, but on organics, it looks like I may have been too kind to Wal-Mart. The Cornucopia Institute, a watchdog group that advocates for family-scale farms and has been following Wal-Mart’s organic moves with rigorous skepticism, discovered four months ago that Wal-Mart has been mislabeling non-organic products as organic.
  • TreeHugger: USDA Investigates Cornucopia Allegations Against Wal-Mart
    Both the Institute and the company have valid points: the scale of Wal-Mart’s operations make mistakes inevitable, but the photos posted on the Institute’s web site clearly show the word "organics" on signs for non-organic products. The company is right again that the USDA certification symbol is the only official label that designates a product has met federal standards for organic status, but the Institute is right to wonder whether Wal-Mart shoppers will see the signs and assume they’re buying an organic product.
  • Global Spin: Why “Cheap” Organics is a Bad Idea
    Who didn’t see this one coming? None of us in the organic ag industry are surprised. In fact, we’ve been worrying about it for at least a year now. Remember, bigger is not always better, especially when it’s Wal-Mart.

Wal-Mart Seeks Communications Expert

Buyouts, Hostile Takeovers In Japan

And Now For Your Weekly Wal-Mart Nazi T-Shirt Update

Posted by Russ Fagaly on Friday, February 02, 2007

Click Here for a Printer-Friendly Version

COMMENTS

Just for the record, I would like to say that I will not shop at any Wal-Mart store. Though I think that there are other retailers that are not that good, Wal-Mart is the worst of the worst. I see it as a company that puts people far, far behind it’s own agenda, and the stores are not that well stocked anyway.

Mary Bowman in
Saturday, February 03 at 09:08 AM

I would like to ask a question of any anti Wal-Marter:

If Wal-Mart would DO everything you think it should be doing, what incentive would all the other ‘retailers’ have to follow suit?  If they already treat their employees better than the others, why haven’t the others already matched Wal-Mart?

They say “A rising tide, lifts all boats”, not, “Raising a boat, will make the tide rise”!!!

Bob in
Saturday, February 03 at 12:33 PM

Mary Bowman,

since walmart pays associates as good, and in most cases better than there competition, how is walmart the worst of the worst.
Also walmart has a great benefits package for its associates.

Bob

You make a good point, why haven’t the others already matched walmart??
The answer is simple. as long as walmart is the only one being talked about, the others are below the radar.

It would be nice to hear from more people that are truthful, not just the ones that have an agenda.

The truth will set you free.

Everyone have a great weekend

bry in rogers, ar
Saturday, February 03 at 01:25 PM

“since walmart pays associates as good, and in most cases better than there competition...”

Sorry, bry, I’m going to have to call for a source on this statement. You may have the results of a more current study than mine and I’d appreciate the reference.

“A 2005 study (pdf) by Arindrajit Dube and Steve Wertheim of the University of California’s Berkeley Labor Center, however, sheds some light. Using figures for Wal-Mart released through a sex-discrimination lawsuit, and relying for the rest of the large retail sector on numbers from the March 2005 “Current Population Survey,” the study finds that Wal-Mart pays its hourly workers an average hourly wage of $9.68, while other large retailers average $11.08. (The study adjusts for the fact that Wal-Mart stores tend to be in lower-income areas.) As for health benefits, Dube and Wertheim found that Wal-Mart offers its hourly workers benefits worth 73 cents per hour, while other large retailers offer $1.”

Ken V in Texas
Saturday, February 03 at 05:36 PM

Don’t forget that Wal-Mart offers the open door policy so that any associate can talk to management. This open communication creates a harmony between associates and management and an improved working relationship, resulting in working together to achieve a common goal. Customer satisfaction. That is the Wal-Mart way.

Bob in
Saturday, February 03 at 10:19 PM

“including, I would say, with the spirit of the tax law.”

Ask enforcement, whether they follow the ‘spirit’ of the law or the ‘letter’ of the law!!!

Bob in
Saturday, February 03 at 11:12 PM

Ken V,

““Current Population Survey,” the study finds that Wal-Mart pays its hourly workers an average hourly wage of $9.68, while other large retailers average $11.08.”

The key word here, is AVERAGE, take the average between top to bottom employees at a company with 50,000 employees and compare it with a company with 1.3 million employees and you could find that even though the lower rungs of the employment ladder could be lower, an Average of ALL employees might be higher in the smaller company.

Bob in
Saturday, February 03 at 11:23 PM

??????????

Someone in USA
Sunday, February 04 at 01:57 AM

“Don’t forget that Wal-Mart offers the open door policy so that any associate can talk to management.”

Bob, you need to go to a Wal-Mart associate message board and read what employees think of the open door policy.  It isn’t pretty.

Ken V in Texas
Sunday, February 04 at 04:20 AM

the only thing real about open door is you get lied to your face, instead of behind your back. booby do not respond to this since you claim you never worked for wm.

ll in
Sunday, February 04 at 10:19 AM

Ken V,

“Bob, you need to go to a Wal-Mart associate message board and read what employees think of the open door policy.”

I didn’t write that, it was my copy-cat.

Bob in
Sunday, February 04 at 05:12 PM

Brought forward from a thread going off the page:

Ken V,

“Continually playing the age card is not only tedious but meaningless as well. Six or sixty, what matters is your views and your ability to substantiate them.  All livng six decades provides is an extended period to gather anecdotal experience.  There’s no guarantee the information was processed rationally.”

Age does do one thing, it adds to knowledge, wisdom and experience.  The old saying goes, “History repeats itself”, young people have little experience with history.  It is more likely, that a person can process information more rationally through experience, than they can reading it in some book.  Older people have seen that ‘picture that is worth a thousand words’, first hand, you only read what others percieved or want you to believe it to be.  My grandkids, have a hard time believing that I never had a T.V. or videogame system, when I was a young child, why, because they have always had these things.  You have trouble with what bry says, because you never had to experience what he talks about, but, being his age, I do, because I had similar experiences.  Try walking the walk, before you start talking the talk, then you might start to understand where bry is coming from.  Get away from your desk and go out and do manual labor for about 10 to 12 hours a day (without modern technology) and then you can talk with authority.

Bob in
Monday, February 05 at 01:16 PM

R E M E M B E R
J O N Q U I E R E
Q U E B E C
Home of Walmart Worker Abuse.
We will never forget what you did Walmart.

Alex in Ontario, Canada
Tuesday, February 06 at 03:31 AM

Apparently the powers that be didn’t like my answer, Bob, so we’ll leave it at that.

Ken V in Texas
Thursday, February 08 at 04:36 AM

Bob in- troubles himself with these careful efforts-
Saturday, February 03 at 01:33 PM

They say “A rising tide, lifts all boats”, not, “Raising a boat, will make the tide rise”!!!

or

“If they already treat their employees better than the others, why haven’t the others already matched Wal-Mart?”

First- it is now “A rising tide lifts all sampans or Chinese junks.”

Second- Apparently you have been suckered into believing WalMart is a leader in the employee treatment model. Try Costco, treating its workers very well (average $16.50/hr.)with only 18% union representation and picking up 92% of all employee health care costs. And beating the crap out of WalMart/Sam’s Club.

WalMart- We make ourselves look like crap. Let’s blame the unions.

SanDiegoView in
Sunday, February 11 at 02:54 PM

The problem I have with the old saw “A rising tide, lifts all boats” is the lower rungs of the socio-economic ladder have been thrown out of the boat.  A rising tide doesn’t do you any good if you’re treading water.

Here’s an example* of what I’m talking about.  Back around Christmas time MSNBC ran a story on TV and their website about Christmas bonuses.  It seems that 40% of the American workforce recieves no bonus at all, and the average bonus for those that get one is around $650.

Hold on, you say! I didn’t get $650!  Well, that’s the average and what skews the number is some of the astronomical bonuses given out at the top of the ladder. One of the major financial houses (I believe it was Goldman Sachs) gave each of their employees a <b>$750,000<b> Christmas bonus.

What a shiny boat that is!

*Sorry I don’t have a link for this but my files are incomplete.

Ken V in Texas
Monday, February 12 at 05:49 AM

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