Monday, November 22, 2004

Business Shenanigans

It's after stories like this that I have to re-convince myself as to why socialism doesn't work (see Cuba). I guess Kmart stock went through the roof when Sears said they were going to pay en exorbitant price for some Kmart property. Continuing from Christopher Byron:
After all, here was a CEO [of Sears] who had just agreed to buy $575 million worth of Kmart real estate, for cash, from one of Sears' largest shareholders [who is also the CEO of Kmart]. Yet now he was preparing to sell it all back - along with the whole rest of Sears, to boot - for Kmart stock instead of cash, and at what amounted to a discount of fifty cents on the dollar.

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