When a company’s labor force stops reporting to work because the board of directors fired a beloved CEO who btw was found to be disobeying board directives and wrongfully appropriating company funds shouldn’t we expect to see some dissent from the local media? Some dissent from business columnists perhaps?
The barrage of Op Ed pieces regurgitating the same reasons why Artie T. must stay and chanting the illogical truism that only Artie T. can stop this downslide is great evidence that the Globe operates as one big bag job.
What’s worse according to the Globe? Being against Artie T. or against a cure for cancer?
Those who are paying attention have questions about this mess, but fortunately foe the Globe it plays to the Jerry Springer crowd who also listen to NPR so they have the idiot proletariat partially buying in. Easy prey for the hypocritical propagandists.
Shouldn’t we expect a business columnists or two taking the capitalist view, the rights of shareholders, the job of the CEO, Artie T’s documented history of unethical tactics? Shouldn’t a pundit or two question why the workers aren’t demanding their hours, salaries, and benefits not change with the new CEOs rather than falling on their swords demanding the return of the old boss?
Why don’t we see anyone ask if it is proper for the workers and Artie T. to spin this as disaster they did not create but can stop?
Wouldn’t you like to see a story or two on the need for financing for Artie T. to buy the company and how that could affect operations?
About a month ago Joan Vennochi raised a question or two about Arthur T.s That was it.
The Wall Street Journal questioned the legend of Artie T. and questioned the integrity of Boston’s scribes.
Let this be a fine example of what I have been bitching and moaning about for 900 plus posts. Boston’s media is made up of small time thinkers trying just to fit in by keeping their heads down and plagiarizing the thoughts of those they need to please.
And a few must be on the take.
Patrick says
I found the AG’s letter to be way out of line.
http://www.wbur.org/2014/07/31/coakley-foster-market-basket-warning
eb3-fka-ernie-boch-iii says
false hustle.
merrimackguy says
The story is that the workers are still on the job and picketing on their free time. That may very well be true. Note that while some workers are working and getting paid, the actual number of hours worked is way down- summer help is getting zero hours for example.
Yet the critical people in the chain, the warehouse and distribution, actually quit right at the start and immediately the stores started to run short of perishables, and rapidly ran out.
Customers stopped shopping at MB because they couldn’t get 50% of what they needed. This happened before it became trendy to support the workers.
It all seems a little too convenient for me. I wouldn’t be surprised if it comes out that Artie T was orchestrating some of these moves.
mannygoldstein says
is that unlike in most of the rest of our country, economic destruction of the 99% is not considered to be an amusing sport.
I think it’s safe to say that Demoulas treats employees well, treats customers well, and makes good money for the shareholders. As far as I can tell, most of these shareholders don’t actually work for the success of the company; rather, they get mad because their ginormous checks, earned merely by being the offspring of the right person, are not ginormous enough.
Seems like a pretty clear-cut situation: Something that worked well is getting attacked by rich people who want to be richer at the expense of people who work for a living. Defending that kind of sickness is not appetizing for many people these days.
eb3-fka-ernie-boch-iii says
to the NYTimes.
PLus what evidence is there of change. Shouldn’t they wait until proposed changes? What about Artie T financing over a billion dollars?
How come when other companies act this way there is no outcry.
Artie has been big money to a p,r, firm for years and when the this happened, which was expected, he paid off everyone to go along with him and be selective in the reporting. Big Big money.
Manny read the court cases I linked to in a post yesterday.
johnk says
Ernie, reaching doesn’t make your case stronger….
That CEO is also the largest single shareholder and who has run the company himself or with his father for decades. Sorry, your statements defy logic. Its been repeated many times on the charged you level, that it was part of the 2013 suit that Arthur S. fought to stop him from cashing out 300 million. But that doesn’t stop you from repeating what we all know is rubbish.
Court papers, show me the real deal, court papers with judgement that Arthur T. did what he did. All you posted are BS Arthur S. filings when he tried to push Arthur T, out and lost. Show me the judgement, or admit you are full of it.
What we have here is not specifically about Arthur T., it’s a workforce fighting for their livelihood, and yes, actions have been taken and in a small management group in a private company, you know who wants to do what. Again, as repeated many times already, which you willfully ignore and repeat your falsehoods, since last year, fired the trustees of the profit sharing trust, stuffed his pockets with a 300 million cash out.
Then, oh ya, almost forgot Arthur S. got the feelers out a few years ago to sell the company if/when he got control. Like no one would know about that and the rumor mill didn’t spread like wildfire in a small centralized management group. Please, you commentary is sad and out of touch.
eb3-fka-ernie-boch-iii says
not allegations from Arthur S.’s side.
Keep seeing what you want johnny boy. I can’t help you there.
But the the facts were found proven by the Supreme Judicial Court.
You can’t change that no matter how much you mislead in your comments.
Peter Porcupine says
Market Basket is not a publicly traded company. They all became shareholders by virtue of inheritance – ATD included. And because it is a private corporation, there is no outside assessment of the plans/motives of the board, except from the Cousin/CEO that they fired.
Nothing is clear cut in a dark room. Not even EB3 knows the full story.
HR's Kevin says
It is hard to feel a lot of sympathy for any of the private shareholders on either side. They collectively created this mess.
ryepower12 says
They were given $500 million over the past eight or ten years for the simple virtue of being born into the family. Then Arthur S took another $250 million for those nine shareholders as he took control of the company.
$750 million for one family. EB3 thinks that’s a paltry sum — a paltry sum that could fund the budget of my town of 13,000 people for nearly 15 years.
Arthur S is a proven extractor of wealth, not a builder of it.
Ernie couldn’t see the real story playing here if he had his pick of seats to the show at a theater near him.
edgarthearmenian says
Ernie, take it from an old fashioned Democrat who grew up in a union family: you are totally full of shit on this issue. Long live the freedom of workers and consumers vs. inherited wealth!!!!
SomervilleTom says
I found a pre-crisis (October 9, 2013) interview with Arthur T Market Basket list: “11 management tips from ‘Artie T.’ “. I call your attention to the last item on his list:
In exploring the question of what MB is worth, I found this interesting piece on NECN. Here are some takeaways (emphasis mine):
The world of leveraged buyouts and hostile takeovers — Bain Capital and friends — is filled with enormously “creative” ways to make the impossible possible and
sharkspeople who love to invent and use them.I strongly suggest that, whichever side we cheer for in this WWF match, we follow the advice of Arthur T and think about the real estate.