Just as the Cheney-Bush White House seems to have a principled commitment to secrecy and the concentration of power — even when it serves no apparent purpose and generates lots of opposition — so too does Wal-Mart seem unwilling to make profits if doing so means the retail giant has to accept unions and some regulatory rules.
Today’s evidence: Wal-Mart has announced it is pulling out of Germany, at a $1 billion loss.
“It has become increasingly clear that in Germany’s business environment it would be difficult for us to obtain the scale and results we desire,” stated Michael Duke, Wal-Mart vice chair. “This sale positions us to increase our focus on the markets where we can achieve our objectives.”
The Financital Times reports here.