Walmart Execs Get Caught on the Enron Train I seem to recall several Senators or Congresspeople decrying the villainous portrayal of Wal-Mart at one time or another. I grew up with a Wal-Mart that later died and was reborn as a SUPER Wal-Mart not two miles down the road. I can't begin to describe the impact it had on my home community. While nothing terrible happened in the sense that there was still a town, I would say that a great deal of economic focus shifted to the SUPER Wal-Mart and the surrounding area. You have to be where the money is. Just the increase in terms of costs for infrastructure (roads, etc.) was quite large, I would estimate.

My main objection to the project was on the grounds of conservation of space. I'm a big proponent of using what you've got and incorporating the old into the new. Why clear out a new site just to put a SUPER Wal-Mart up when down the road there's an empty Wal-Mart? How does that make any sense?

Wal-Mart executive pleads guilty to wire, tax fraud

RAW STORY
Published: January 31, 2006

Former Wal-Mart VP Thomas Coughlin pleaded guilty today to fraud and tax evasion charges today, according to the Wall Street Journal. Coughlin has admitted to stealing everything from money to gift cards and merchandise from the retail giant.

Excerpts from the Journal's story follow:

Thomas Coughlin, 57 years old, faces a maximum of 28 years in prison after pleading guilty to five counts of wire fraud and one count of filing a false tax return. He also could be fined $1.35 million. The judge ordered a presentencing report that will take up 10-14 weeks to prepare.

Wal-Mart lawyers referred Mr. Coughlin, once a protege of Wal Mart founder Sam Walton, to federal prosecutors after discovering Mr. Coughlin had embezzled money from the company and used expense vouchers to buy products as varied as snakeskin boots, hunting trips and Bloody Mary mix. They estimated losses at up to $500,000.

...

Besides giving the case to federal prosecutors, Wal-Mart sued Mr. Coughlin last year to end his retirement agreement and to recover money that Mr. Coughlin is accused of misusing. However, that suit was dismissed this week by an Arkansas judge who said both sides had signed a pledge as part of that retirement deal not to pursue any claims against each other for any reasons.

  ¶ 12:46 PM