MB Civic

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“Today Citigroup lowered its rating on Wal-Mart from a buy to a hold because of the Employee Free Choice Act, ‘citing concern that legislation intended to make it easier for employees to unionize would raise the retail giant’s labor costs and hurt its competitiveness.’ This is startling for a lot of reasons, not the least of which is that they’re downgrading the stock based on an assumption that a piece of legislation will pass that hasn’t even been introduced yet…It’s hard to view this as anything other than a reckless and overt political act on the part of a company, Citigroup, that has made stupendously bad business decisions with dire economic consequences necessitating billions in taxpayer bailouts, at a time when the market can ill-afford it” – Hamsher in Firedoglake