ZNext Mining Corporation, Inc (ZNXT)

[Jim Bishop]

Actually Wal-Mart was a penny stock at one time, non split adjusted.

Sam Walton hooked up with some ummm sorta shady people to raise money to pay off debts.

"After Sam Walton started Wal-Mart in 1962, he flew around the American Southeast, Southwest, and Midwest to line up loans for his company. Republic Bank, based in Dallas, Texas, and known for its smarmy dealings, was one of the first lenders to him in the 1960s. But Republic Bank and other banks that lent money to Wal-Mart, set a limit on how much they would lend. Walton revealed in his autobiography, Sam Walton: Made in America, that in 1969, "we weren't generating enough profits both to expand and pay off our debts.... We really needed the money, pure and simple."

Walton and his eldest son, S. Robson (Rob) Walton (who is now chairman of Wal-Mart), figured that the only way they could come up with the money to pay their debts, was an Initial Public Offering (IPO), issuing shares of stock to the public.

But there was one catch: A commercial or industrial company cannot conduct an IPO by itself; it must be done by a financial institution. To handle the job, Sam Walton hired two of the world's most criminally-connected, dirty-money investment banks.

The first was the Little Rock, Arkansas-based Stephens, Inc., which is the largest private investment bank west of the Mississippi. Its founder was Jackson Stephens, who had worked intensively with such dirty operations as the Bank of Credit and Commerce International (BCCI), an intelligence cut-out for the financier oligarchy, which financed illegal weapons and drug trade. In 1990, the BCCI was convicted in Miami, of money laundering for the Colombia cocaine cartels. Published reports have also linked Stephens to work with the U.S. National Security Agency.

The second firm Sam Walton selected to handle his IPO, was the investment bank White Weld. White Weld operates on Wall Street, but its headquarters are in Boston. Walton wrote in his autobiography, "I thought we needed a Wall Street underwriter." So much for his alleged independence from Wall Street. The founders of White Weld descended from Boston Brahmin families that had been involved in a treasonous plot, the Hartford Convention of 1814, to split apart the United States. Through a series of corporate marriages, White Weld would merge with both the Swiss banking giant Crédit Suisse, as well as the First National Bank of Boston, eventually becoming Crédit Suisse White Weld, one of the world's largest drug-money laundromats. On Feb. 7, 1985, Federal agents caught Crédit Suisse in a multi-billion-dollar money laundering scheme, for which they were convicted.

These two sinister firms raised more than $4.5 million for Wal-Mart through the Oct. 1, 1970 IPO, and a grateful Mr. Sam placed Jackson Stephens on the board of directors of Wal-Mart.

http://www.larouchepub.com/other/2004/3103waltons.html