"Wal-Mart dispatched investigators to Mexico City, and within days they unearthed evidence of widespread bribery. They found a paper trail of hundreds of suspect payments totaling more than $24 million. They also found documents showing that Wal-Mart de Mexico’s top executives not only knew about the payments, but had taken steps to conceal them from Wal-Mart’s headquarters in Bentonville, Ark. [...] The lead investigator recommended that Wal-Mart expand the investigation. Instead, an examination by The New York Times found, Wal-Mart’s leaders shut it down."
Why I Am Leaving Goldman Sachs. New York Time Op-Ed. March 14th 2012:
TODAY is my last day at Goldman Sachs. After almost 12 years at the firm — first as a summer intern while at Stanford, then in New York for 10 years, and now in London — I believe I have worked here long enough to understand the trajectory of its culture, its people and its identity. And I can honestly say that the environment now is as toxic and destructive as I have ever seen it.[more inside]
The wall seperating analysts and traders appears to have completely broken down in Merril Lynch. Yesterday, NYT reported that SEC is joining the investigation. The accounting scandal in QWest is now one of many in the telecommunication world. There is also the well documented travails of Anderson Consulting.... This year there has been a crop of accounting scandals. Does the financial world needs stricter regulatory mechanism or is it simply a matter of lax supervision? (more inside)
from this weeks nyt mag: a fantastic article by the always-excellent michael lewis: Jonathan Lebed: Stock Manipulator, S.E.C. Nemesis -- and 15