"An era can be said to end when its basic illusions are exhausted." - Arthur Miller

Wednesday, April 11, 2007

Menu Foods CFO Sold Stock Before Recall

The AP is reporting that 3 weeks before the tainted pet food recall by Menu Foods, CFO Mark Wiens sold half of his shares of the company stock. The kicker is this, Menu Foods had already admitted they knew about the tainted food 3 weeks before the news became public. It begs the usual what did he know and when question becomes that time frame then becomes very very tight. Did he know and sell his stock, then the public announcement? Its possible that it was just bizarre timing, a possibility considering the money being talked about is relatively minor, 14000 shares for $89,900 then vs a market value of $54,000 now. Of course Martha Stewart was jailed for less. Either way, in a company whose behavior of late has stunk to high hell, you have to wonder. They already took actions and shortcuts with unknown Chinese suppliers to help defray costs (and help with the year end bonuses), what other decisions have been made lately to continue to pad the pockets of a few?

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