Frank Caprio Versus Wal-Mart
A critical ethics issue? Or a ploy by a potential gubernatorial candidate seeking some publicity that will boost his credibility with progressive voters who identify Wal-Mart with all things evil? Make the call yourself based on this Associated Press report, via Marketwatch.com…
Rhode Island’s state treasurer has asked federal regulators to investigate whether Wal-Mart Stores Inc. violated securities laws by not disclosing that the son of the retailer’s chief executive 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. Mona Williams, Wal-Mart’s vice president of corporate communications, said the question is a “nonissue”.
In a letter made public Thursday, Rhode Island General Treasurer Frank T. Caprio asked the U.S. Securities and Exchange Commission to investigate Wal-Mart. Rhode Island’s state employee pension fund has substantial holdings in Wal-Mart shares through index funds that group large corporations, he said.