DAVID: JEFF, THANK YOU VERY
MUCH.
LET'S BRING IN FORMER WAL-MART
U.S. CEO BILL SIMON.
GREAT TO SEE YOU, BILL.
WHAT DO YOU MAKE OF BERNIE'S
DEMANDS?
>> WELL, FIRST OF ALL, I'M
REALLY SHOCKED HE EVEN FOUND
ARKANSAS, SO IT IS GOOD THAT HE
SHOWED UP.
[LAUGHTER]
>> I DIDN'T KNOW HE KNEW WHERE
IT WAS.
YOU KNOW, HIS DEMANDS ARE JUST
OLD NEWS.
I MEAN IF WE WANT TO INCREASE
MINIMUM WAGE, THE THINGS WE'VE
BEEN DOING WILL INCREASE MINIMUM
WAGE, JUST KEEP UNEMPLOYMENT
LOW, KEEP THE ECONOMY ON FIRE,
AND THERE'S JOBS OUT THERE THAT
ARE, YOU KNOW, 10, 12, 14
DOLLARS AN HOUR.
SO YOU KNOW, WE'RE HEADED IN THE
RIGHT DIRECTION.
>> BILL, IT'S JOHN LAYFIELD
HERE.
WHEN BERNIE SANDERS WENT AFTER
JEFF BEZOS, HE WAS GOING TO
CREATE THE BEZOS ACT AGAINST
AMAZON, BEZOS WENT ON THE
OFFENSIVE, AS HE SEEMS TO DO
WHEN ANYBODY ATTACKS HIM.
WHY HAS WAL-MART NOT GO ON THE
OFFENSIVE?
YOUR NUMBERS, YOUR EMPLOYMENT,
AND THE WAY YOU TREAT EMPLOYEES
TO ME IS WHAT THE UNITED STATES
NEEDS TO KNOW.
YOU DON'T SEEM TO BE OUT IN
FRONT OF THIS.
WHY ISN'T WAL-MART MORE ON THE
OFFENSIVE ON THIS?
>> WAL-MART IS AN INTERESTING
COMPANY.
IT IS THE DEFINITION OF
MIDWESTERN ETHOS; RIGHT?
THEY ARE HUMBLE, QUIET, PRIVATE.
THEY WORK REALLY HARD.
THE FAMILY DOES THE SAME THING,
AND THEY, YOU KNOW, TYPICALLY
THINK THEIR ACTIONS SPEAK FOR
THEMSELVES.
THEY HAVE DONE A REALLY GOOD JOB
MOVING WAGES UP, AND YOU HEARD,
YOU KNOW, IN THE REPORT THAT
TAXES THAT THEY PAY ARE IN THE
TENS OF BILLIONS OF DOLLARS
EVERY YEAR.
AND THEY DO A GOOD JOB TAKING
CARE OF PEOPLE, YOU KNOW, TO THE
BEST OF THEIR ABILITY, GIVEN THE
FACT THAT THEY ARE A LOW MARGIN
BUSINESS THAT'S DESIGNED TO SELL
PRODUCTS TO A REALLY, REALLY
BROAD CATEGORY OF PEOPLE IN
AMERICA.
>> YEAH, BILL, DOES BERNIE
RISK -- BERNIE SANDERS, THAT IS,
I GUESS WE'RE ON A FIRST NAME
BASIS, DOES HE RISK SOME
POLITICAL CAPITAL HERE BY GOING
AFTER WAL-MART AS KIND OF THE
SCAPEGOAT HERE, THE POSTER CHILD
GIVEN THAT WAL-MART EMPLOYEES AT
ONE POINT 5 MILLION AMERICANS,
THEY HAVE DONE SO MUCH ON
PRESCRIPTION DRUG PRICES FOR
AMERICANS, THEY JUST RECENTLY
EXPANDED THE AID PROGRAM THAT
THEY ARE GOING TO GIVE KIDS WHO
ARE IN COLLEGE RATHER, SAT PREP
THEY ANNOUNCED A FEW DAYS AGO.
IS HE REALLY GOING AFTER THE
RIGHT COMPANY HERE IN THE SENSE
OF DOING THIS FOR AMERICA?
>> I THINK HE'S BARKING UP THE
WRONG TREE.
YOU KNOW, THAT'S AN OLD ARGUMENT
THAT WAL-MART DOESN'T PAY PEOPLE
WELL.
THAT'S BEEN DISPROVEN, THAT
WAL-MART DOESN'T TAKE CARE OF
THEIR PEOPLE.
THE CHALLENGE RIGHT NOW IS THAT,
YOU KNOW, CONGRESS COULDN'T COME
TOGETHER AND NAME A POST OFFICE,
NEVER MIND GET ANYTHING DONE.
SO THESE GUYS WHO WANT TO TRY TO
HAVE AN IMPACT BECAUSE THEY'RE
RUNNING FOR PRESIDENT HAVE TO
PICK A COMPANY THAT, YOU KNOW,
AND TRY TO, YOU KNOW, SHAME OR
EMBARRASS THEM INTO TAKING SOME
SORT OF ACTION THAT THEY
WOULDN'T OTHERWISE TAKE THAT
WOULDN'T BE IN THEIR BEST
INTEREST.
THERE'S NONE BIGGER THAN
WAL-MART.
SO THE SENATOR SHOWS UP AND
MAKES A LOT OF NOISE AND NOTHING
WILL HAND.
>> BILL, IT IS KRISTINA
PARTSINEVELOS HERE.
IF -- DO YOU THINK WAL-MART IS
TALKING ABOUT RAISING THEIR WAGE
INTERNALLY?
>> THEY ARE NOT LOOKING AT IT
BECAUSE TARGET DID IT OR AMAZON
DID IT IF THEY ARE LOOKING AT IT
IS BECAUSE THEY CAN'T FILL THEIR
STORES WITH THE RATE THEY ARE
OFFERING.
AS LONG AS THEY CAN FILL THEIR
STORES, THEY ARE SAYING $11 WILL
DO IT.
THE MARKET IS DRIVING THE WAGE.
I'M REALLY THRILLED FRANKLY THAT
THE MARKET IS DRIVING THE
STARTING WAGE UP.
THE GOVERNMENT SHOULDN'T BE
DECIDING WHAT THE STARTING WAGE
IS, AND RIGHT NOW IT'S 7.25,
THEY ARE CLEARLY NOT.
THE MARKET IS DECIDING.
YOU KNOW, AMAZON WANTS TO PAY
15, THEY ARE GETTING TO PEOPLE
THEY WANT.
AND TARGET IS PAYING 13, AND
THEY ARE GETTING THE PEOPLE THEY
WANT.
THE WAL-MART NEEDS DIFFERENT
PEOPLE OR MORE PEOPLE, THEY WILL
HAVE TO PAY MORE THAN $11.
THAT'S A GOOD THING FOR THE
ECONOMY.
>> I LOVE WHAT YOU ARE SAYING.
YOU SHOULD RUN FOR PRESIDENT,
NOT IN 2020, BUT IN 2024 AFTER
WE REELECT DONALD TRUMP.
ONE OF THE THINGS ABOUT WAL-MART
THAT I WISH THE COMPANY DID A
BETTER JOB OF, EVERY STUDY SHOWS
THAT THERE IS NO COMPANY
PROBABLY IN AMERICAN HISTORY
THAT HAS DONE MORE FOR POOR
PEOPLE THAN WAL-MART BECAUSE YOU
PROVIDE EVERY DAY LOW PRICES
THAT MAKES THINGS AFFORDABLE AND
RAISES THE LIVING STANDARDS OF
LOW INCOME PEOPLE, AND STUDY
AFTER STUDY SHOWS THAT.
I WISH WAL-MART, YOU KNOW, WAS A
BETTER DEFENDER OF ITSELF ON
THAT SCORE.
AND BE TH
AND BE -- BY THE WAY, WE DID THE
TAX CUT, YOU KNOW, FOR TRUMP,
FOR THE VERY REASON YOU JUST
TALKED ABOUT, BILL, WE WANTED TO
CREATE A VERY COMPETITIVE LABOR
MARKETS SO WORKERS HAVE MORE
BARGAINING POWER SO COMPANIES
LIKE WAL-MART, WALGREEN'S AND
AMAZON AND OTHERS WOULD HAVE TO
RAISE THEIR WAGES AND IT LOOKS
LIKE THAT'S WHAT'S HAPPENING.
>> I AGREE.
I DON'T THINK THAT JEFF BEZOS
RAISED THE STARTING WAGE TO $15
AN HOUR BECAUSE HE HAD PRESSURE
FROM SENATOR SANDERS ABOUT THE
BEZOS ACT, HE DID IT BECAUSE IT
WAS THE BEST THING FOR HIM TO DO
FOR HIS BUSINESS.
>> THAT'S RIGHT.
DAVID: SANDERS IS A
SELF-ADMITTED SOCIALIST.
HE HAS A SOCIALIST NOTION OF
PUTTING WORKERS IN CHARGE OF
MANAGEMENT.
HE'S SUGGESTED THAT -- IT'S NOT
JUST ALL ABOUT WAGES.
HE IS ALSO TALKING ABOUT
MANAGERIAL CONTROL.
WHAT DO YOU THINK ABOUT THAT?
>> INSANITY.
DAVID: WHY?
>> WHY WOULD YOU DO THAT?
YOU KNOW, YOU KNOW, IT WOULD BE
REALLY DIFFICULT TO FIND
SOMEBODY WHO CAME UP THROUGH THE
HOURLY RANKS AT A STORE WHO IS
AN HOURLY EMPLOYEE, A STORE WHO
IS VERSED IN THE INNER WORKINGS
OF A CORPORATE BOARD AND THE
AUDIT COMMITTEE RESPONSIBILITIES
AND ALL THE OTHER THINGS THAT
ARE THERE, I MEAN, I DON'T EVEN
KNOW WHERE THAT CAME FROM.
THAT'S, YOU KNOW, THAT'S
SOCIALISTS.
DAVID: IT IS.
>> IT IS ALSO A RISK TO
SHAREHOLDERS, DAVID.
IF YOU ARE A SHAREHOLDER OF
WAL-MART, AND YOU HAVE THAT KIND
OF CORPORATE STRUCTURE THAT'S
IMPLEMENTED BECAUSE THE
GOVERNMENT SAYS, THAT'S GOING TO
HAVE SHAREHOLDERS FLEEING THAT
COMPANY.
DAVID: SHAREHOLDERS ARE OWNERS;
RIGHT, BILL?
I MEAN WORKERS COULD BUY SHARES.
THERE ARE SOME PLANS TO
SUPPLEMENT WORKERS' PAY WITH
SHARES OF THE COMPANY WHICH
COULD MAKE THEM PART OWNERS.
>> YEAH, I MEAN, THEN THEY CAN
VOTE THEIR SHARES HOWEVER THEY
LIKE.
IF THEY GET ENOUGH -- IN
WAL-MART'S CASE, IT IS GOING TO
BE OVER 50% BECAUSE THE WALTON
FAMILY OWNS OVER 50%, THEY CAN
ELECT SOMEBODY TO THE BOARD.
THAT'S HOW IT WORKS.
BUT, YOU KNOW, PASSING A LAW
THAT SAYS YOU HAVE TO HAVE -- I
MEAN, THAT'S LIKE I SAID, THEY
CAN'T EVEN NAME A POST OFFICE.
