In addition to its tasting like beer-flavored ice tea (which Snapple would do much better), another good reason not to drink Bud is the slimy, high-handed, manner in which the current CEO, August Busch IV is treating his shareholders and workers.
A-B is a publicly held company (NYSE: BUD), which closed today at $62.12. InBev, the Belgian brewer of Bass, Stella Artois, Beck's and other European brands recently offered $65 per share for A-B, and A-B is doing everything it can to fight the takeover. While it is A-B’s legal and fiduciary responsibility to do what is best for the shareholders, it is common enough for CEOs and their cohorts to fight to maintain their own soft lifestyles first, and let their shareholders take the hind teat.
But at BUD it isn’t enough to screw some other bunch of corporate eunuchs; today, “4” as he is known to friends, family and sycophants, announced that A-B will be cutting 1,000 jobs and reducing pension payouts by up to 15%. They also plan to raise health insurance premiums, co-pays and deductibles for all employees, and reduce funding of their long-term incentive plans by 20-40%, in an attempt to raise the stock price enough to fend off InBev.
BUD is reasonably profitable – profitable enough that these draconian moves weren’t necessary until “4” was threatened with loss of control of the A-B air force, private security detail, and a waterfall of other company-supplied perks.
“4” the ultimate example of corporate, hereditary entitlement; he already lives like a Pasha, but is fully prepared to screw the people who make his beer, and eat the corporation’s seed-corn, as well, if it will keep him in total control of the company he does not even own. I’m sure the SEC will step in at any moment to protect the rights of the shareholders (not!)
By the way, this guy, the perfect example of a person born on third base who woke up thinking he hit a triple, had a rocky road to the top of A-B. He killed a passenger in his Corvette, a young girl, while he was in college. Two years later he was charged with trying to intentionally hit two policemen during a high-speed chase in his Mercedes. Good lawyering prevailed and “4” served no time.
It’s not really a sacrifice for me, but I’ll be drinking no Buds for a while.
A-B is a publicly held company (NYSE: BUD), which closed today at $62.12. InBev, the Belgian brewer of Bass, Stella Artois, Beck's and other European brands recently offered $65 per share for A-B, and A-B is doing everything it can to fight the takeover. While it is A-B’s legal and fiduciary responsibility to do what is best for the shareholders, it is common enough for CEOs and their cohorts to fight to maintain their own soft lifestyles first, and let their shareholders take the hind teat.
But at BUD it isn’t enough to screw some other bunch of corporate eunuchs; today, “4” as he is known to friends, family and sycophants, announced that A-B will be cutting 1,000 jobs and reducing pension payouts by up to 15%. They also plan to raise health insurance premiums, co-pays and deductibles for all employees, and reduce funding of their long-term incentive plans by 20-40%, in an attempt to raise the stock price enough to fend off InBev.
BUD is reasonably profitable – profitable enough that these draconian moves weren’t necessary until “4” was threatened with loss of control of the A-B air force, private security detail, and a waterfall of other company-supplied perks.
“4” the ultimate example of corporate, hereditary entitlement; he already lives like a Pasha, but is fully prepared to screw the people who make his beer, and eat the corporation’s seed-corn, as well, if it will keep him in total control of the company he does not even own. I’m sure the SEC will step in at any moment to protect the rights of the shareholders (not!)
By the way, this guy, the perfect example of a person born on third base who woke up thinking he hit a triple, had a rocky road to the top of A-B. He killed a passenger in his Corvette, a young girl, while he was in college. Two years later he was charged with trying to intentionally hit two policemen during a high-speed chase in his Mercedes. Good lawyering prevailed and “4” served no time.
It’s not really a sacrifice for me, but I’ll be drinking no Buds for a while.
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5 comments:
It's the only kind they sell at Fenway. But I, too, will sacrifice.
It's like giving up brussel sprouts for lent, but I won't drink Bud either. However, I did forward this message on to my 22 year old son and if he and his friends decide to switch brands that will put a serious crimp in the old bottom line for "4".
Good work Birdman. Fenway -- you get a pass if you're at a ballgame and it's the only brew available, although what does this say about the Sox?
Now I know why whenever I drank bud I got the runs. Crap does flow from the top of any organization.
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