12 July 2007

John Mackey, I want to give you a break, but c'mon...

More online adventures with Whole Foods' CEO John Mackey:

The chief executive of Whole Foods Market Inc. wrote anonymous online attacks against a smaller rival and questioned why anyone would buy its stock, before Whole Foods announced an offer to buy the other company this year.

The postings on Internet financial forums, made under the name "rahodeb," said Boulder-based Wild Oats Markets Inc.'s stock was overpriced. The statements predicted the company would fall into bankruptcy and then be sold after its stock fell below $5 per share.

The company acknowledged that the postings by "rahodeb" were written by CEO John Mackey.

One posting, from January 2005, questioned why anyone would buy shares of Wild Oats at their price then of about $8 each, The Wall Street Journal reported. "Would Whole Foods buy (Wild Oats)? Almost surely not at current prices," rahodeb wrote. "What would they gain? (Their) locations are too small."

Rahodeb also said Wild Oats' management "clearly doesn't know what it is doing." The company, he wrote, "has no value and no future."

I was more or less in sympathy with Mackey's anti-FTC blog rant, but this is awfully silly. I'm curious to know how somebody dug this up, though.