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New York City Comptroller John Liu on the factors behind the lawsuit against Wal-Mart.
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-- asking this is this all about protecting consumers who benefit from that company or going after Wal-Mart because.
It's a non union -- -- simple as that but annum simple that's next guest is not -- pretty Smart is that -- -- -- -- and New York City comptroller John -- says I'm missing the point.
This isn't about an agenda the comptroller says about Wal-Mart and whether its current and former exacts can be trusted but I like me to control it varies considerably more clout.
That's because mr.
-- runs New York city's pension funds and as millions invested in Wal-Mart.
For now -- We still stick with that control still invest but.
We.
We talk about this last time we we're.
Pension -- -- of over a hundred billion dollars part of our abroad part of our investment strategy is to invest in low cost index funds.
So it's not practical for us to completely divest ourselves if you have money at a Wal-Mart individual mart shares you decision by him alone isn't an index and now we bought actual Wal-Mart certainly we'd all we don't pick stocks with a hundred dollars hundred billion dollars we don't pick stocks -- -- -- rely upon not deerhound.
But five point six million shares so it's quite a bit you know and that's why -- could carry some clout by saying we're.
We're pulling those shares were carrying our clout and doing the right thing which is a fiduciary responsibility whatever boomerang body -- -- this leads to a some of them Wal-Mart -- in the stock has not been doing well.
You're losing money for your folks -- that the stock.
May not be doing while not because were filing suit to protect Wal-Mart against directors that have been upheld the responsibility you know that.
This is while we're -- one -- following the sued because the yacht they haven't even completed the slowing there are many indications we have.
Been on this case not just recently as far back as 2005.
We have been in touch with many of the top executives and directors.
Asking that audit committee to exercise an independent oversight.
All world.
Back then settlements multimillion dollar settlements of of violations of child labor laws of.
Closing leaning think -- minds when they had its own do you think they're buying their way into these countries opened -- they're bright people which is effectively the charge in Mexico.
Now in Brazil and these other countries that that's how they get there on trade but practical -- the.
The allegations of the bribery of foreign officials are very serious and -- -- -- but do you believe the possible cover all Wal-Mart is don't.
The possible cover up that the -- that they follow follow through on.
Is even more disturbing OK I know I know -- don't -- any -- reason money not as Smart as you so hey do you think they did its.
Recent filings that they have submitted to the SEC.
Indicate that -- conceived as a big problem and they and that they are now investigating.
What we're saying is that.
These investigations should have been commenced.
A long time ago granite which is why we don't think that the directors up upheld a responsibility you using it as an excuse to prevent opening wal -- here.
Were absolutely now what we're doing is why you're here besides the fact you like -- -- I appreciate the invitation.
