Friday, November 17th, 2006
Thank you for consuming trans-fats
What do you do when you’re the head of a company that has reluctantly admitted to a $136 million loss in the last fiscal year (and over the last two fiscal years posted total losses of $334 million), lost over 92% of your stock price (down to $4 a share - about the point where the stock exchange starts considering the wisdom of delisting you) - only recently pulling back up to a rather anemic $10.20 a share while engaged in an Enron-style accounting scandal that is still under investigation by the SEC (and settling a class action lawsuit for $75 million)? Oh, and BTW, while all of this is going on, two major markets (namely, Chicago and New York) are considering banning the component that makes your product ohhh so tasty, yet ohhh so artery-clogging.
So what is a corrupt, accountability-hating CEO to do? If you answered “hire former tobacco execs to spin lie about the harm your product does to people’s health,” you win! That is exactly what Krispy Kreme Doughnuts Inc. has done. Let’s see how well that works out for you guys. They’ve got such a good track record so far…
