Menu Foods Exec Sold Half His Shares 3 Weeks Before Company's Recall Of Poisoned Pet Food

News Type: Event — Seeded on Thu Apr 12, 2007 9:57 AM EDT

Article Source: Consumerist

us-news, food, executive, poison, pet-food, insider-trading, cfo, menu-foods, rat-poison, mark-wiens, wiens

The CFO of Menu Foods, Mark Wiens, sold about half of his shares in the company three weeks before the poisoned pet food recall was announced, Canadian insider trading reports show.

In Canada's Globe and Mail, Wiens called it a "horrible coincidence."

Here's another horrible coincidence: Menu Foods also waited three weeks after discovering the kitty and doggy deaths before announcing the recall.

Wow, so that means Wiens sold his stocks at the same time the contamination was discovered, but before anyone else knew about it.

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0.8

{"commentId":637477,"authorDomain":"killfile"}

Killfile

In trying to avoid using the phrase "PMITA Prison" in this comment I'm forced to simply note that this doesn't look good for Mr. Wiens.

{"commentId":637477,"threadId":"93216","contentId":"660215","authorDomain":"killfile"}

1 vote

#1 - Thu Apr 12, 2007 9:58 AM EDT

{"commentId":637535,"authorDomain":"PamelaDrew"}

Pamela Drew

This is a great example of how much more emphasis is put on profit than protection and how making food a function of agribusiness puts everyone's health at risk. There was a story seeded by ZenAid earlier in the recall that has some links and chemical trails that may be worth checking into as well.

Hope you don't mind if this gets clipped to my column as well, dirty details in food tend to be a favorite, especially when there's a bit of corporate crime tied to it as well!!

{"commentId":637535,"threadId":"93216","contentId":"660215","authorDomain":"PamelaDrew"}

2 votes

#1.1 - Thu Apr 12, 2007 10:24 AM EDT

{"commentId":638867,"authorDomain":"OnlyKnownSurvivor"}

Only Known SurvivorDeleted

{"commentId":637497,"authorDomain":"hokiecsgrad"}

hokiecsgrad

1/10th of his stock would have been a "horrible coincidence." 1/2 is freaking criminal.

{"commentId":637497,"threadId":"93216","contentId":"660215","authorDomain":"hokiecsgrad"}

8 votes

#2 - Thu Apr 12, 2007 10:08 AM EDT

{"commentId":637772,"authorDomain":"JoulesBeef"}

JoulesBeef

They should make him eat his own pet food.

{"commentId":637772,"threadId":"93216","contentId":"660215","authorDomain":"JoulesBeef"}

8 votes

#3 - Thu Apr 12, 2007 11:56 AM EDT

{"commentId":637983,"authorDomain":"chum"}

Chum

Here's my thought--if it was all just a "horrible coincidence," put your money where your mouth is. As the CFO, my guess is that he makes a nice living. How about donating the ill-gotten gains to saving some of the animals their food harmed or some kind of charity for animals. My guess is that won't happen...

{"commentId":637983,"threadId":"93216","contentId":"660215","authorDomain":"chum"}

2 votes

#4 - Thu Apr 12, 2007 1:11 PM EDT

{"commentId":638110,"authorDomain":"roan"}

Roan

Menu Foods told the FDA it received the first complaints of kidney failure and deaths among cats and dogs from pet owners on Feb. 20. It began new tests on Feb. 27.

Source: Co. Knew Of Fatal Problem With Pet Food Last Month - CBS13

{"commentId":638110,"threadId":"93216","contentId":"660215","authorDomain":"roan"}

2 votes

#5 - Thu Apr 12, 2007 1:55 PM EDT

{"commentId":638321,"authorDomain":"tcervo"}

gecko85

Did he think nobody would notice? What an idiot.

{"commentId":638321,"threadId":"93216","contentId":"660215","authorDomain":"tcervo"}

4 votes

#6 - Thu Apr 12, 2007 3:32 PM EDT

{"commentId":638880,"authorDomain":"OnlyKnownSurvivor"}

Only Known SurvivorDeleted

{"commentId":639023,"authorDomain":"emix"}

Evan Mix

I'm reminded of Bob Loblaw

(R.I.P. Arrested Development - we hardly new ye...)

{"commentId":639023,"threadId":"93216","contentId":"660215","authorDomain":"emix"}

#8 - Thu Apr 12, 2007 9:18 PM EDT

{"commentId":639280,"authorDomain":"defex"}

DeFex

It is only a matter of time until this happens to humans. lets hope it is not in a super popular item such as mcdognads "hamburger".

{"commentId":639280,"threadId":"93216","contentId":"660215","authorDomain":"defex"}

#9 - Thu Apr 12, 2007 11:45 PM EDT

{"commentId":640576,"authorDomain":"StephanieBamBam"}

StephanieBamBam

My cat died on Wednesday from renal failure. There's a level of faith we have to put in the places that make the cat food we buy, and this is disgusting. Not only have they killed hundreds of animals, but this guy's made a profit.

At least he's now done something that they can use to throw him in jail - I don't think they could have just on the contaminated food, that's his company's liability, not personally his. But insider trading? hello communal showers.

{"commentId":640576,"threadId":"93216","contentId":"660215","authorDomain":"StephanieBamBam"}

#10 - Fri Apr 13, 2007 3:49 PM EDT

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	Menu Foods: Insider Stock Trading	The Globe and Mail	Tue Apr 10	1
	CFO Sold 14K Shares Before Recall	Forbes	Thu Apr 12	1

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Menu Foods Exec Sold Half His Shares 3 Weeks Before Company's Recall Of Poisoned Pet Food

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