Saturday, January 07, 2006
Don't forget your sausage
From the on-line WSJ...
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Former Wal-Mart Exec Pleads GuiltyFormer Wal-Mart Vice Chairman Thomas Coughlin, once a legendary figure at the world's biggest retailer, has agreed to plead guilty to federal wire-fraud and tax-evasion charges. A protege of company founder Sam Walton, Mr. Coughlin left Wal-Mart last year after being accused of looting the company of about $500,000, some of it in the form of Wal-Mart and Sam's Club gift cards, which he spent on a variety of items, including shotguns, a Celine Dion CD and a $3.54 Polish sausage. Mr. Coughlin claimed the money was reimbursement for cash he had spent on a secret campaign to spy on labor unions, but investigations by Wal-Mart and federal prosecutors found no proof of his claims. Mr. Coughlin may face a prison term of just two years; his plea agreement will help him avoid money-laundering charges, which carry much stiffer penalties.
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Former Wal-Mart Exec Pleads GuiltyFormer Wal-Mart Vice Chairman Thomas Coughlin, once a legendary figure at the world's biggest retailer, has agreed to plead guilty to federal wire-fraud and tax-evasion charges. A protege of company founder Sam Walton, Mr. Coughlin left Wal-Mart last year after being accused of looting the company of about $500,000, some of it in the form of Wal-Mart and Sam's Club gift cards, which he spent on a variety of items, including shotguns, a Celine Dion CD and a $3.54 Polish sausage. Mr. Coughlin claimed the money was reimbursement for cash he had spent on a secret campaign to spy on labor unions, but investigations by Wal-Mart and federal prosecutors found no proof of his claims. Mr. Coughlin may face a prison term of just two years; his plea agreement will help him avoid money-laundering charges, which carry much stiffer penalties.
