The reality of Wal-Mart’s profits

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Wal-Mart is an easy target for those who want to bash “Corporate America”, big box retailers, or big business in general. While no one seems to complain when they’re at Wal-Mart’s checkout line and receiving low prices, that doesn’t stop some from complaining that the company isn’t giving their employees enough pay or benefits.

It’s easy to cite the “huge” profits of Wal-Mart, but no one stops to consider the details. Here are a few, thanks to Yahoo Finance. For the trailing twelve months the company had: Continue reading

Ex-Enron Employees Rejoice While the Guilty Vow to Appeal

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Guilty Former employees of Enron were thankful and encouraged upon hearing that Kenneth Lay and Jeffrey Skilling were found guilty of felony charges of conspiracy and fraud. While nothing will give back all that they lost, the idea that “justice prevails” has encouraged the former employees.

Both defendants proclaimed their innocence and vowed to appeal the jury’s verdict. After surrendering his passport and paying a $5 million bod, Lay said:

I firmly believe I’m innocent of the charges against me as I have said from day one.

Lee Holloway Admits Ethics Violations

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From the Milwaukee Journal Sentinel:

Milwaukee County Board Chairman Lee Holloway this afternoon resolved his long-running ethics case by admitting to six civil counts of failing to comply with the county ethics code.

Under the agreement with the county Ethics Board, Holloway will pay a $3,000 fine.

He admitted to filing faulty ethics forms from 1998 to 2003. Continue reading

Michael McGee’s Story Changes Again

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After stating to a newspaper reporter yesterday that he didn’t have a birth certificate and that he couldn’t be tied to anything with the name Michael Jackson, Milwaukee Adlerman Michael McGee has issued a press release admitting that his real name, per his birth certificate is Michael Jackson.

Here’s what he released publicly: Continue reading

Lay and Skilling found guilty of fraud and conspiracy charges

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Kenneth LayKenneth Lay and Jeffrey Skilling, both former heads of Enron Corp., were found guilty by a jury on Thursday of conspiracy to commit securities fraud and wire fraud. The trial lasted almost four months, and the jury deliberated for nearly six days.

Skilling was convicted of 19 of the 28 counts he was charged with, and Lay was convicted on all six counts against him. Lay was also convicted of two federal charges brought against him by the Federal government in a separate trial.

The collapse of Enron, one of the biggest business scandals in U.S. history, became synonymous with the word fraud.

Alderman Michael McGee Objects to the Publishing of “Unfactual” Information

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According to the Milwaukee Journal Sentinel, a petition was filed Wednesday in Milwaukee County Court to have Michael Imanu Jackson’s name legally changed to Michael Imanu McGee. This situation just adds to the controversy surrounding the City of Milwaukee Alderman, which includes a pregnancy by McGee’s former mistress, a changing story about McGee’s Yahoo email address (which amounts to perjury by McGee), and allegations of domestic violence between McGee and the mistress.

McGee spoke with a reporter from the newspaper and allegedly threatened to sue the paper if a story was printed about the name change petition. He claims that he can’t be tied to anything with the name Michael Jackson on it, and that the reporter is “…crossing the line as far as using unfactual information.”

The petition for the name change lists the person’s (McGee’s) occupation as “city councilman” and uses McGee’s home address and date of birth. A Social Security number is listed, but McGee denies that it is his number.

Sleeping Through Legal Proceedings is Not Malpractice???

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New York litigator Edward W. Hayes was accused of legal malpractice for sleeping through his client’s deposition. In 2003, Hayes was retained by Robert Flutie to defend companies he owned against a suit brought by the trustee of a bankruptcy involving Flutie’s brother.

A bankruptcy judge ultimately determined that Robert Flutie’s companies, Flutie Bros. and Flutie Entertainment USA, Inc., were successors to his brother’s bankrupt company Flutie Entertainment Corp. Robert Flutie was therefore on the hook for $191,089. Continue reading

Attorney Pleads Guilty to Charges Related to Milberg Weiss Federal Investigation

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Richard Purtich, a Los Angeles Attorney, has pleaded guilty to a felony tax charge related to allegations that he illegally acted as a pass-through for money paid to a client of indicted law firm Milberg Weiss Bershad & Schulman. The federal charges against Milberg Weiss allege that the law form paid more than $11 million in illegal kickbacks to clients who served as lead plaintiffs in class action cases.

Purtich pleaded guilty to not reporting to tax authorities $879,868 in payments from Milberg Weiss to a client who served as a plaintiff in 60 securities lawsuits. Purtich admitted receiving over $3.5 million for the benefit of the client between 1992 and 1996.

Milberg Weiss denies that any of the money paid to Purtich was earmarked for the client. The firm contends that the money paid to Purtich constituted legitimate referral fees.

 

Fannie Mae settles for $400 million

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A report issued today from the [tag]Office of Federal Housing Enterprise Oversight[/tag], or [tag]Ofheo[/tag], said that [tag]Fannie Mae[/tag]’s [/tag]quarterly earnings[/tag] were manipulated and the company engaged in [tag]improper accounting[/tag]. The report further stated that management was allowed to disregard [tag]accounting regulations[/tag] as long as [tag]earnings targets[/tag] were achieved, and that bonuses were awarded to those who hit targets.

Fannie Mae agreed to pay a $400 million fine to settle investigations by Ofheo and the [tag]Securities and Exchange Commission[/tag]. $350 million will be paid to the [tag]SEC[/tag] as a [tag]civil penalty[/tag] and will be distributed to shareholders. $50 million will go to Ofheo, and ultimately to the U.S. Treasury. Fannie Mae does not admit to any wrongdoing under the settlement.

More social security numbers compromised

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Your personal information is not safe anywhere, it seems!!! The names, addresses, birthdates, and[tag] social security numbers[/tag] of 26.5 million U.S. Veterans were stolen from the home of a[tag] Veterans Affairs[/tag] employee. The employee (a “midlevel data analyst”) apparently brought home a laptop computer containing this sensitive information, in violation of the agency’s policies. His home was burglarized, and the computer was stolen.

Government officials are saying that the thief probably doesn’t even realize that she or he has this information.

Read about my personal situation involving a [tag]data compromise[/tag].

Read my article on recovering from [tag]identity theft[/tag].