Home Depot Rocked By Kickback Scandal
CBS News Has Learned That Four Managers Were Fired For Role In A Multimillion-Dollar Scheme
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Home Depot Kickback Scandal
CBS News has learned that Home Depot fired four managers for taking payments to place products on store shelves. Chief Investigative Reporter Armen Keteyian reports.
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In recent weeks, four Home Depot purchasing managers were fired at a meeting at an Atlanta hotel for their role in the scandal, reports CBS News chief investigative correspondent Armen Keteyian.
The managers were allegedly paid enormous sums — totaling millions of dollars — to insure that certain flooring products made their way onto the company's shelves, which is among the most competitive retail real estate in the world.
The world's largest home improvement retailer, The Home Depot boasts more than 2,000 stores.
One source tells CBS News that CEO Frank Blake took immediate action upon learning of the scheme. On Thursday, the company is expected to hold meetings with employees to reiterate its ethical standards.
The FBI is said to be investigating and had no immediate comment.
When contacted by CBS News late Tuesday, the company confirmed the nature of the investigation and issued a statement saying it is "cooperating with authorities" and that "maintaining our ethical standards is of the utmost importance to The Home Depot."
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See all 92 CommentsIf the products were worthy, why would the manufacturers have to pay millions in kickbacks to get them on the shelves of Home Depot?
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That GOP rationale is offered as pretext for just about anything. Don't any Bush flag wavers understand they are supposed to oppose crime, not become criminals themselves? Of course, we couldn't guess by looking at the huge Bush criminal enterprise occupying the executive office.
The first problem with crime is it defies the rule of law-- the mark of a civilized society. Unlike people who think like criminals, law abiding citizens don't believe civilization is all about money.
Besides, whom do you believe finally ended up paying for the cost of Home Depot bribes and corruption? The consumer, of course.
I put 12 years of my life into Home Depot, I hate to see stuff like this damage a company that I worked so hard to help build. The day I began work for Home Depot, there were 118 stores and a lot of 'orange blooded employees'. I'd really like to see some 'orange blood' back in the company.
Home Depot fired them, end of story.
It's NOT Government's business to get involved.
We are so *** close to becoming communnist's
Uhhh... by definition, bribery doesn't lower prices. It is an additional cost to the vendor that is unrelated to the cost of manufacturing. Also, a bribe raises prices by potentially locking out a cheaper supplier.
truthspeake2
Where did it say that prices were lower because of this? And maybe you ought to direct this question at the manufacturers who were cheated out of sales (and income) because they didn't pay a bribe.
Or perhaps you should ask Home Depot management and shareholders who lost money from lower sales.
For that matter, why does any of this even need to be explained to you?
The comments on these stories make me despair that Americans have completely lost the ability to reason and are simply lead around by the nose by corporations and the media.
Only go there if I absolutely have to
and know exactly where everything I need is.
The service is so pathetically bad there that it practically takes an act of God just to find a package of screws
...but I have to admit
I really like the self-checkout
Now, who wants to tell Jimbo another story he'll believe?
Glad to see you are a man of character. You avoid something like the plague, but you go there because you know where everything is. Uhhhh, some lying is happening here on one end or the other. We don't have to call it lying, we can call it self delusion. Denial is not a river in Egypt. Billpl, what are you trying to say? That you are yet another American totally servant to the big corporations? Do you know what the plague is like? Do you know what dog-fighting is like? Oh, well, I know where to find what I'm looking for even if the staff is sub-standard. Wow.
"I avoid Home Depot like the plague.
Only go there if I absolutely have to
and know exactly where everything I need is."
"Where would the press be without a good scandal? .... Yeah it was a bad thing, but they found out about it and they stopped it."
Who found out, who stopped it? Jimbo, are you saying that you don't want 'bad things' to be reported to the public? Are you moving to Libya anytime soon?
Our government is that corrupt, absolutely. Our "government" is now just a cover for the powerful money of corporations. George Bush, Hilary Clinton, does not matter. Anybody who gets "elected" is part of the system, and the system gives less than one thousandth of a percent of a flying flork about you.
A vote counts less than your economic decisions.
Larry
I was just contributing to your clear and cogent point. Thanks for the post. I was not dissing you at all. Your sarcasm is greatly appreciated. In replying to you, I was just agreeing.
Most likely a major shareholder of the company in China is a US government bureaucrat, engaging in a little business "on the side".
I have lived in south east Asia now for more than twenty years, and I can tell you from first hand experience that the business here receiving foreign investments are all owned by people connected to government, a truly private firm doesn't stand a chance.
I can also say that the foreign investors are by and large connected to their respective governments, usually through what the locals call the "three pillars", i.e., corruption, collusion, and nepotism. This includes the US investors.
For a real scare, check out an investment group called Trident, (I cannot be more specific, there may be more than one MNC by this name, but you will recognize it when you see it) but be careful about what you do with that info, it can get you into serious trouble. That is what you're up against.
Also check out USAID, and the investment monitors for the IMF, they are all practicing corruption, in all its' many forms.
The war can be won, but the battles must be very carefully chosen and timed.
Sure, he probably destroyed and or concealed any evidence that the bribe money filtered its way up to him.
Bribery works like that, the recipient gives a piece to his superior, all the way up the line, otherwise the lower level grunts would soon be richer than the upper level.
Sure, he probably destroyed and or concealed any evidence that the bribe money filtered its way up to him.
brian-If you check the company history, you will find that Frank did not take over until January of this year. I doubt that there would be any reason for him to cover up anything. More than likely, he was put in the position to "do a little spring cleaning".
Are you serious?
I humbly stand corrected.
I should have said "to his predecessors"...
This in regards to the Home Depot story from 7/31/2007. I would like to tell you that The Home Depot violates its own and state ethics on a daily basis. I know first hand, I have the forged performance review on myself the they forged so i would not be eligible for a transfer or pormotion after 3 and 3/4 years of working for the company. I will share the documents if you are interested.
Alex Paganucci
66 Western AVe apt2
Augusta Maine 04330
AAP4134@yahoo.com
1-207-749-2158
I have worked for Home Depot for eleven years, and I can tell you that Frank Blake's actions are nobel and trustworthy. He is working hard to position our company back where it was - taking care of customers - not our bottom line.
The problem with our country is that we don't appreciate hard, honest work anymore. We are to quick to criticize and point the finger than get up off our butts and do something good. All of you who are jumping down Home Depot's (and the president's ?) back are just full of liberal bull ***. You all stand on your high horse and think that the world owes you something. And when companies (big or small) try to do something good for you, you just stab them in the back with your critcism and bashing.
Just cause we are a large company, does not mean we don't care. We just wish you would care and see that we are just like you - people trying to work hard and contribute to the good of this country. Do you really think our company is a part of the governemnt. We are a group of about 210,000 normal people trying to live our dream. A little support and understanding please.
BOYCOTT HOME DEPOT, and all other Southern FAscist Companies!
Get off that "work real hard and you will reap great rewards" ***, because thats all it is "C.R.A.P, get it! If you don't, you'll soon will. Just work real hard, get sick, then see what happens
----- Get off that "work real hard and you will reap great rewards" ***, because thats all it is "C.R.A.P, get it! If you don't, you'll soon will. Just work real hard, get sick, then see what happens -----
I'm truly sorry for you. Obviously you have been beat down by this world and don't understand the concept of hope.
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