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New York City Comptroller John Liu on why corporate governance changes are needed at Wal-Mart.
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The issue is this that we are long term investors in many stocks across the kind of small mopping one of them as part of index funds.
-- there are serious allegations that they admit our series and are now undertaking investigations.
They should have undertaken those investigations your goal which is why are suit.
Is to protect Wal-Mart and our fellow share owners from across the -- what I think I think it's a smokescreen.
I think you're never been a -- a -- you've been a very honest very you've been very critical of their labor.
Practices or policies.
A host of other things and I think -- seized on as a told you last time you were here.
You seized on this Mexico thing as an cops not on the run -- this they're just a despicable.
Bunch of human beings while we want.
Is to institute long term corporate governance changes you've got a lot of fifty million or so bucks and wal -- probably closer to three maybe even 400 love god sent -- rectum I'll -- in a lot of money and a look at missile -- long ten anxious and I know but I always long term changes and you're you're you're -- -- giving the company before sentences out.
You were gonna kill the goose and -- again you notice saying you're gonna resolutely and -- everyone weren't happy executioners were simply saying that there's an issue that needs to be addressed.
I don't have the ability to decide.
It's up to the courts what we've -- -- you last June you move sent -- sell yourself short here control of one of the largest funds in the country.
You have considerable sway you could be the next mayor of this fine city.
And a lot of you both sides respected for that -- your tenacity and announced here's what I'm saying though you were to become mayor of this fine city.
You're gonna be known as mr.
Mayor anti Wal-Mart.
He hates -- He hates he's our Yorkers of Oregon people hates giving New Yorkers a chance -- four dollar prescription drugs and -- tied in groceries.
-- Blarney say I'm already say that I'm anti warm hug yourself included.
Here's the nation's -- heard you say there's -- -- about say one nice thing about -- there or call and nice thing about what I'm trying to answer your previous question and had to get a chance -- I -- that he questioned -- different ways and you never entered the answer is simple to their original question which is why why we suing Wal-Mart -- the directors.
It's because we're number one looking for long term changes in corporate governance so I understand that -- there.
-- do you believe that but when the second thing is it to stop them from growing -- -- accountable I understand that.
But look why not -- New Yorkers the opportunity of the cheap stuff they provide.
That has nothing to do with the suit that.
-- right now that we've initiated on behalf of but you do have a positive vowed to oppose an understanding and ultimately our taxpayers why is New York one of the few places where they're just not allowed.
-- -- They are not prohibited.
From the city of New York -- but the reality is when you say why would I -- New Yorkers were people here in New York City cheap prices.
We already have some of the greatest -- intended in the city of New York you indicated last time that you have to pay hundreds of dollars for a box of detection of get.
I don't not hundreds of dollars are a hundred dollar OK it won't.
A hundred Gaza I don't know what sort of it's you shopping we're -- queen got some it's a lot of -- -- -- in the city of New York I'm telling you.
New Yorkers -- morals are less than my -- -- -- you're gonna have to know these if you run from there.
It's one of the most expensive cities on the plot.
All right so you're gonna have to get up to speed on on helping New Yorkers.
Get help with that.
I'm very much up to speed -- last couple of the day it's selling tied at a discount is -- gonna cut it.
We'll Yorkers -- -- -- -- flat glass is -- and we wanted to try -- and into New York City.
They wanted to come into queens they would have established themselves in Queens where there are so many small businesses Canada.
Offer odds -- you would say they want are -- -- and you need right.
You want it we'll newly subsidies and here I am very union but you would have left and then even if they what do mowed down the streets.
Listen.
The issue is simple right now I'm representing I'm doing my job as a fiduciary.
On behalf of our pension funds the 700000 pensioners ultimately the taxpayers of new York city of would you like Wal-Mart if it were unionized.
Wal-Mart has so many issues other than the fact that they are not you.
Okay Hitler did -- and I just like a more bribery allegations at that passed this year that's how liberal would you like some more and they were.
I believe in.
Labor -- and what they do for the country in the working men and women of city of New -- that you will acknowledge if you run for mayor in this find Citi dead it's it's expensive city.
The New Yorkers need a price break and companies like moment at least given not there are lots of there are lots of price breaks that New Yorkers and visitors to New York are privy to.
Sometimes it could actually have the opposite effect it could be an economic crater that's established a -- -- saw many small businesses.
That you don't have anti competitive practices I don't it has happened if our sales -- Sorry ticket -- a beggars can't be chooses to take anyone who wants our New Yorkers and bring and then an offer people in this.
Financially stressed Citi any break -- can get -- what we're not begging for anything at the end of the drilling New Yorkers and Americans in general.
Want -- prices want good products but they also want corporations that have integrity and that's that question there.
You really think they'd like integrity with a little low price over the little relief to provide in themselves have -- -- isn't federal government that they now have they feel compelled to want you to -- president -- strawberry -- and better than them and and you don't even know the results of that you know this is this is what Wal-Mart is going through right now and the process will play itself out.
What we've done -- file suit in court it will be up to the court to decide not up to me to arbitrate any here.
Well and agreed -- -- you have a very good political future thank unaware that I was gonna take your ideal -- come back and talk about -- -- -- -- and I admire that could -- because there are many.
Of of opposing viewpoints are different viewpoints who don't and you do.
And use your credit to that point of view and and that we -- -- entitled to their and that perhaps at some even when it's wrong it is hot hot today.
