Wal-Mart Bribery Probe: Why the Stakes Are So High
In announcing the indictments, the Justice Department cited “the laudable actions of Siemens AG and its audit committee” in disclosing the alleged violations.
While it is far from clear whether Wal-Mart’s scandal will ever approach the scale of the Siemens case, some experts say Wal-Mart executives need to be prepared to show more than just contrition if the allegations are true.
Former SEC enforcement attorney Jacob Frenkel, now head of the white collar practice at Shulman Rogers in Washington, said in an interview on CNBC’s Squawk Box that any Wal-Mart executive or officer whose conduct can be traced to potential violations should immediately be suspended—for starters.
“The issue is clean this up as quickly as possible. Show proactive steps,” Frenkel said.