No More Business as Usual in Mexico [View All]

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http://feeds.bignewsnetwork.com/redir.php?jid=976efaf5a3cbf9c8&cat=3a8a80d6f705f8cc

By Noel Randewich and Brian Winter
MEXICO CITY (Reuters) - "Business as usual" in Mexico can result in dire consequences in the United States, as media tycoon Ricardo Salinas found out the hard way when U.S. regulators filed fraud charges against him this week.

Accusations by the Securities and Exchange Commission that Salinas pocketed $109 million in a debt deal and then engaged in an "elaborate scheme" to cover it up shocked a country accustomed to a far more lax regulatory environment.

Salinas denies the charges. But some analysts say the case could change the way business is done in Mexico, leading to greater transparency and respect for minority shareholders.

"Owners of Mexican companies that are listed in the U.S. have to be looking at this and saying: 'Wow.' It will have an influence," said Jim Harper, director of corporate research at BCP Securities in Greenwich, Conn.

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Welcome to America!!! We kinda know these tricks already!!!