Wal-mart wants to be your stock broker. The Wall Street Journal reports Wal-Mart recently started including the investment website, Sharebuilder, and it's services on the WalMart.com web site. The retail giant plans to begin testing discount brokerage in its stores. This after the "Beast of Bentonville" recently backed away from its bid for a charter to run an industrial bank.
Former marketing executive, Julie Roehm is blowing the whistle on Wal-Mart. In her latest court filing, Roehm attacked senior executives for accepting trips, concert tickets and other gifts from vendors. This is just the latest in a knock-down, drag-out legal brawl. Last December, Roehm filed papers alleging that Wal-Mart CEO Lee Scott violated the company's ethics policy and accepted trips and received discounts on yachts and jewelry from a vendor. This legal battle comes after the retail giant fired Ms. Roehm over accepting gifts from vendors and having an affair with a subordinate.
Rhode Island's treasurer asked federal regulators to investigate whether Wal-Mart violated securities laws by not disclosing that the son of the retailer's CEO works for a company that does business with Wal-Mart. Wal-Mart said there is no requirement under the law for a disclosure and no conflict of interest. Wal-Mart issued a statement saying this is a quote "non-issue."