Gates, Scott ([log in to unmask]) wrote:
: As I recall, the owner of Malden Mills kept his employees on the payroll
: and rapidly rebuilt to get everybody back to work.   Not many companies
: would do that.
: I got no beef with those kind of rich people.
:

Here's an article that compares Mr. Feuerstein to Enron's Ken Lay:

   http://sitesearch.washingtonpost.com/wp-dyn/articles/A3963-2001Dec19.html
   A CEO Who Lives by What's Right (washingtonpost.com)

  "In this anxious hour of pink-slip dread, it is restoring to think of
   Aaron Feuerstein, a Massachusetts manufacturer who prizes his
   employees and risks profits on their behalf.

   The CEO of Malden Mills, located in Lawrence, the 23rd poorest
   community in the country, stepped clear of the greedy stereotype of
   his kind in 1995 when, just before Christmas, his factory burned down.
   Rather than taking the insurance money and retiring or moving the
   plant to some Third World country, he promptly announced that he would
   rebuild. He gave bonuses to the help and paid them while they waited
   for the factory reopening..."


Mr. Feuerstein isn't the CEO anymore:

   http://atlanta.bizjournals.com/boston/stories/2003/03/10/daily1.html
   Control of Malden Mills ceded to creditors - 2003-03-10 -
   Boston Business Journal

  "March 10, 2003
   Control of Malden Mills ceded to creditors

   Control of Malden Mills Industries Inc., the maker of Polartec fleece,
   will be ceded by its owner to a group of creditors led by GE Capital,
   the finance unit of General Electric Co., Reuters reported.

   Aaron Feuerstein, chairman, chief executive officer and president of
   Lawrence-based Malden Mills, will need to raise about $92 million to
   pay off creditors and regain control of the company, Reuters said.

   Feuerstein expects to raise the money, the wire service reported,
   citing Malden Mills.

   Feuerstein, who will remain chairman and president, will step down as
   CEO, Reuters said, citing a bankruptcy reorganization plan filed
   March 7."


Too bad "pay it forward" couldn't make Mr. Feuerstein the CEO of
Malden Mills again; e.g.:

   o Each citizen tired of the corporate criminal crime spree would
     purchase a bolt of Polartec fabric.

   o The Polartec fabric fabric would be donated to Goodwill, Salvation
     Army, etc. to make blankets and coats for the needy.

     A small swatch of the Polartec fabric would be included to use for
     in a message to the corporate owned and operated government that we,
     the people, have had enough.


More on "pay it forward" available at:

     http://www.payitforwardmovement.org/
     Pay It Forward Movement

     http://www.payitforwardfoundation.org/
     Pay It Forward Foundation

--Jerry Leslie
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