by Anura Guruge
>> Market Basket, Concord, N.H. — Aug. 4, 2014.
>> Market Basket, Concord, N.H. — July 25, 2014.
>> Demoulas firing impact in N.H. — July 21, 2014.
>> Arthur T. Demoulas firing over 4% — June 24, 2014.
Found the link to the above article on ‘Craigslist‘ last night — yet again confirming my stoutly maintained claim that CL, by far, is the best way to have your pulse on the local NE news, and to be daily reminded, not that I need any reminding living in lovely Alton, N.H., that rabid racism is alive and doing very well in MA, NH, ME and VT.
This article about Artie finally makes sense.
From ‘day 1’ I expressed incongruity that he had been supposedly fired for implementing the ‘year only’ 4% discount. Didn’t make sense since this, i.e., the 4% discount, would have required Board approval.
This whole thing about losing U.S. $46 Million on a bad Fannie Mae/Freddie Mac Preferred Stock deal in 2007-2008 makes much more sense. Kind of feel for him. I too dabbled in Fannie Mae stock during that time period — but not in Preferred Stock. I think I made a buck or two — and that is NOT a figure of speech. I literally made a buck or two.
This whole story is INTRIGUING and to an extent worrying.
He made up the $46 Million?
They had $46 Million lying around that they could just write-off the loss?
Now, I am having some concerns. I, like a million others, LOVE Market Basket prices. So, how do they do it? They pay more, they give better bonuses, they have a better pension plan and, MOREOVER, they can give us, for ‘a year’ a 4% discount. ON TOP of all this they can just fish up $46 Million. Hhmmmm!
This has to mean that other supermarket chains, e.g., Hannaford, MUST BE ripping us and their employees. Think about it. Market Basket appears to have SO MUCH MORE MARGIN than Hannaford — but lets face it 85% of their suppliers are the same. So figure it out.
Strange. Very strange.