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Ralph Lauren Pays $1.6 Million In Fees For Overseas Bribery Charges!

Ralph Lauren forks over $1.6 million in bribery fines

We just can't quite conceive of Ralph Lauren bribing anyone.

He seems so wholesome and all-American!

After being charged with overseas bribery, the designer has agreed to pay the government to the tune of $1.6 million to settle the claims.

The bribes were made in Argentina between 2005 and 2009 by a company manager, and included paying customs officials about $593,000 in exchange for making it easier to import the company's goods into the country, as well as gifting government officials with the $22,500 "Ricky" handbag, among other Ralph Lauren goods.

In a move of integrity, the designer's company

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Former Georgia Coach Charged In $80M Ponzi Scheme

Filed under: Legal MattersFootball

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Former Georgia coach Jim Donnan has been accused by the U.S. Securities and Exchange Commission of orchestrating a Ponzi scheme.

They said that former players and other college coaches lost millions of dollars in Donnan's scheme!

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Elsa Peretti Is Breaking Tiffany's Heart By Retiring!

Filed under: Business BlitzJewelry

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The beautiful heart pendants may be shattering!

Italian jeweler Elsa Peretti is on the verge of a breakup with Tiffany & Co after more than 30 years of partnership.

According to the SEC, Peretti

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It's Official! Facebook Files For IPO!!!!!

Filed under: Tech TalkBusiness BlitzFacebook

facebook files for ipo

We had heard it was gonna happen this week, and sure enough it did!

Today, on the eighth anniversary of its existence, Facebook finally filed its long anticipated IPO with the Securities and Exchange Commission, which revealed that they have over 800 million users…and they're worth almost $4 billion!!!!!!!!

Here are some more facts and figures that came from their filing:

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Walmart Investigating Its Own Company After Suspicions Of Briberies Overseas

Filed under: Legal MattersBusiness BlitzWalmart

walmart-investigating-its-company.jpgWalmart might soon have even more legal issues to deal with.

Walmart Stores Inc has reported in a securities filing that it has started an internal investigation to determine if employees have bribed foreign officials.

The SEC filing yesterday states that Walmat began a voluntary internal review of its policies relating to its global anti-corruption compliance program.

They stated:

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American Apparel May File For Chapter 11

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It looks like American Apparel is finally coming to terms with their crappy financial situation.

The scandal-plagued company said in their filing with the SEC on Thursday, they "may need to voluntarily seek protection under Chapter 11 of the U.S. Bankruptcy Code" if cash flow doesn't improve.

AA went on to add they may be forced to liquidate if they can't come up with a reorganization plan or find bankruptcy financing.

Bummer.

[Image via AP Images.]

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Sketchy, Sketchy Facebook!

Filed under: Icky Icky PooBusiness Blitz

facebook sketchiness

It's complicated between The Securities and Exchange Commission (SEC) and Facebook.

According to reports, the SEC is reviewing whether or not Facebook is going against financial disclosure laws, following their sketchy $500 million investment deal with Goldman Sachs and Russian investor Digital Sky Technologies.

The SEC will make a decision as to whether they need to create new disclosure rules for private firms such as Facebook.

New Yorker investment writer John Cassidy is concerned because he believes that Goldman Sachs and Facebook are trying to avoid having to publicly report their financials by raising $1.5 billion from multiple investors, but treating them as one.

Given the fact that companies with more than 500 investors must publicly report their financials, Goldman and Facebook seem to have found a loophole, which will allow them to keep secrets from the public.

SO sketch!

Thoughts???

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