Whole Foods CEO discovers: Boycotts can stick...but short sells are quick.
Whole Foods CEO John Mackey's Libertarian assy-ness has finally peeved enough of his shoppers that they're organizing boycotts against him and refusing to shop at his stores. If it goes on for awhile, Mackey will definitely feel the effects of misunderstanding the cooperative nature of the "free" market, or at least of going on and on about it by pumping a health care philosophy best described as selfishness writ large.
But Mackey's already taking it in the (figurative and stock market) shorts today, as the price of his company's stock has dropped by almost a dollar since the open. Ah, the pinch one feels when individuals of all political stripes see opportunity and go for it regardless of political fealty or brand loyalty, exercising the "Liberty" in Libertarian! Apparently, when the first bell rang this morning, the tune was "Short WFMI" and traders listened.
What would happen if Mackey's fellow capitalists shorted his stock way down over the next few days? Would Mackey have to appeal to (gasp!) SEC regulators to halt trading? "Dear SEC, all my rugged individualist, free-thinking friends have turned against me, and when I ask them to stop shorting my stock, they say I ought to understand it's nothing personal. Please help!"
Mr. Mackey may end up combing the shelves of his stores in search of humble pie.
















he should look on the bright side --
while Obama supporters that shop there are now firing off angry emails and organizing a boycott, his loyal Palin-supporting customers wont give a hoot.
er.... DOH!
August 14, 2009 2:32 PM | Reply | Permalink
Now that's a silver lining if there ever was one....
August 14, 2009 2:49 PM | Reply | Permalink
Note one of his deficit-fighting ideas in the WSJ editorial is "We should all have the legal right to purchase health insurance from any insurance company in any state..".
What that really means is "Health insurers should not have to deal with state regulators; it's so much easier just to buy off the feddies."
August 14, 2009 2:46 PM | Reply | Permalink
Only one set of bribes to keep track of - yes, easier. Fifty-one otherwise.
August 14, 2009 3:11 PM | Reply | Permalink
The stock is back up to $28.10. A nice little day for the quick shorters, nothing really happens.
August 14, 2009 4:14 PM | Reply | Permalink
Just great. Interesting to see what is going on elsewhere. On my coast, MallWart is our biggest bad boy for reasons probably known to most, so I won't go on about it here.
August 14, 2009 7:15 PM | Reply | Permalink
Mackey will simply do what all these rugged capitalists do. He;ll beg for a bailout.
"This is John Galt speaking... send money... fast. Please?"
August 15, 2009 12:49 AM | Reply | Permalink
Sure he would, based on the idea that his entrepreneurial spirit and smarts have made him so darn important to so many people that he can't be allowed to fail.
Sorry, the "Libertarian" thing just bugs me. A whole political philosophy invented specifically to provide ideological cover for people who want to be a@@h@les....
August 15, 2009 1:46 AM | Reply | Permalink