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Another fascinating story about Feuerstein from his Wikipedia page: When the Malden Mills factory burnt down on December 11, 1995, Feuerstein decided not only

by dtf 16y ago

Another fascinating story about Feuerstein from his Wikipedia page: When the Malden Mills factory burnt down on December 11, 1995, Feuerstein decided not only to use his insurance money to rebuild it, but to also pay the salaries of all the now-unemployed workers while it was being rebuilt. Feuerstein spent millions keeping all 3,000 employees on the payroll with full benefits for 6 months. By going against common CEO business practices, especially at a time when most companies were downsizing and moving overseas, he achieved a small degree of fame....it appears that applied ethics in business has positive consequences as Malden Mills continues to garner lucrative Department of Defense (DOD) contracts for 'smart' products that interweave fiber optic cabling, electronic biosensors, and USB ports into polar fleece fabric. http://en.wikipedia.org/wiki/Aaron_Feuerstein http://en.wikipedia.org/wiki/Aaron_Feuerstein

kls 16y ago
While I commend any sort of philanthropy, I have always had a certain amount of repulsion for the type that ruthlessness exploits the people that help him stay at the top. While jet setting around the world to save the the next village that is in vogue. While it is noble to help people it has always stunk of hypocrisy and giving in public for popularity. I always like when a story highlights a man that takes care of his own as those are people he is directly responsible for. Thanks for digging that up.
aresant 16y ago
When you go two clicks further into WikiPedia the story takes an interesting turn : "In November 2001, Malden Mills declared bankruptcy after the recession. . . [and] Feuerstein was relieved of actual control of the company by its creditors. . . In February 2007, the assets of Malden Mills were purchased by a newly formed company . . . June 28, 2007, the federal Pension Benefit Guaranty Corporation said it would take over the underfunded (by 49%) Malden Mills pension plan, which covers about 1500 employees. . . " http://en.wikipedia.org/wiki/Malden_Mills http://en.wikipedia.org/wiki/Malden_Mills

by dtf 16y ago

kls 16y ago

While I commend any sort of philanthropy, I have always had a certain amount of repulsion for the type that ruthlessness exploits the people that help him stay at the top. While jet setting around the world to save the the next village that is in vogue. While it is noble to help people it has always stunk of hypocrisy and giving in public for popularity. I always like when a story highlights a man that takes care of his own as those are people he is directly responsible for. Thanks for digging that up.

aresant 16y ago

When you go two clicks further into WikiPedia the story takes an interesting turn : "In November 2001, Malden Mills declared bankruptcy after the recession. . . [and] Feuerstein was relieved of actual control of the company by its creditors. . . In February 2007, the assets of Malden Mills were purchased by a newly formed company . . . June 28, 2007, the federal Pension Benefit Guaranty Corporation said it would take over the underfunded (by 49%) Malden Mills pension plan, which covers about 1500 employees. . . " http://en.wikipedia.org/wiki/Malden_Mills http://en.wikipedia.org/wiki/Malden_Mills