Sunday, February 15, 2009

does this mean prices will go down at Fry's?


Another capitalist crook bites the dust, now if we only had the guts to go after the bankers.

"One company, Phoebe Micro Inc., sold Fry's $80 million worth of goods between 2003 and 2008. The firm gave Fry's a $4 million discount, the IRS said, but paid Siddiqui's company $24 million."

If the $76m worth of merchandise can be further discounted $24m then by my reckoning Fry's can discount the product (this one anyway - others maybe more maybe less) another 30% and maintain margin. Should be a class action suit to force Fry's to rebate their customers who suffered economic loss due to this fraud? Apparently it failed to provide sufficient oversight to their management employee - among other things this is what Sarbanes-Oxley was created to do.

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