2. Green Mountain Morons
What a pair of drips!
Green Mountain Coffee Roasters (GMCR) stripped founder and chairman Robert Stiller of his board titles Tuesday after a margin call forced him to unload a boatload of shares during a company-mandated black-out period for insider selling. Joining Stiller in hot water was lead director William Davis, who was also defrocked of his leadership duties.All-in, the pair, who will still remain on the board, were pressured to puke up 5.55 million Green Mountain shares on May 4 and May 7 to meet margin call requirements in the wake of the stock's nearly 50% shellacking last Thursday over its lowered guidance. "These forced sales are disappointing and beyond the control of the company. Once the board was notified of this trading activity, it moved quickly to investigate and address this matter," said Green Mountain in a statement. True, the coffee seller cannot control the idiocy of its individual executives. If these bean heads want to lever themselves up beyond belief, that's their prerogative. That said, the board does have the authority to kick these morons out of its ranks entirely as opposed to meekly banning them from committee work. Seriously, what kind of precedent does it set for the rest of the company if these guys get wrist slaps for selling during a prohibited period while your average Joe gets canned for the same offense? Yeah, we said "average Joe"! So we use a lot of puns, what's it to you? Hmmm. Maybe we need to switch to decaf, but this kind of stupidity just makes us boil.
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