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Why would a company CEO go on a financial web site and post about his company under a pseudonym?
That's what the Federal Trade Commission is investigating. Whole Foods CEO John Mackey has admitted that it was he who posted under the name "Rahodeb" (an anagram of his wife's name) on Yahoo's financial boards. In fact, he didn't just post about finances and stocks in general, he specifically posted about rumors that Whole Foods might buy Wild Oats. This was in January of 2005. Whole Foods bought Wild Oats a few months ago for $565 million.
Or should I say, "might buy them." The FTC is trying to block the agreement and is using this new info for their case. Mackey insists he did nothing wrong since all of the stuff he talked about was public knowledge and harmless.
[via Boing Boing]
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7-12-2007 @2:57PM Patrick said... His poor wife. Who names their kid Bedohar?
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7-12-2007 @3:32PM Deborah said... Hey, I named my kid Bedohar!
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7-13-2007 @1:38AM Brad said... There's some good points made by a law prof here: http://www.professorbainbridge.com/2007/07/whole-foods-nut.html
Aside from the "nutty" aspect of this, the CEO of Whole Foods has put his firm at risk for being accused of libel, if not securities fraud. Because he's the CEO and did this, Whole Foods as a company is potentially on the hook here for his actions.
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7-13-2007 @8:33AM S said... Dude, I worked for Whole Foods for about a minute and a half -- and let me tell you.. they put up this wholesome front when they are really rotten inside.
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7-13-2007 @5:45PM Sisterbeer said... Dude, I've worked for WFM for 14 years and let me tell you--they are anything but rotten inside. Free health insurance. $1800/year in flexible medical spending $$ that rolls over every year if you don't need to use all of it...stock options just for staying with them...I'm sitting on 15 weeks of paid vacation time, despite taking 2-3 week vacations every year...oh yeah, we're rotten to the core, baby!
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7-14-2007 @6:39AM L Taylor said... Whole foods = another big boxstore in a slick organic outfit.
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