by calanya on 10/16/10, 11:12 AM with 21 comments
by dtf on 10/16/10, 11:38 AM
When the Malden Mills factory burnt down on December 11, 1995, Feuerstein decided not only to use his insurance money to rebuild it, but to also pay the salaries of all the now-unemployed workers while it was being rebuilt. Feuerstein spent millions keeping all 3,000 employees on the payroll with full benefits for 6 months. By going against common CEO business practices, especially at a time when most companies were downsizing and moving overseas, he achieved a small degree of fame....it appears that applied ethics in business has positive consequences as Malden Mills continues to garner lucrative Department of Defense (DOD) contracts for 'smart' products that interweave fiber optic cabling, electronic biosensors, and USB ports into polar fleece fabric.
by danielnicollet on 10/16/10, 12:14 PM
While it would cost Aaron Feuerstein $25,000,000 to 'do the right thing' as well as the turmoil of a November 2001 filing for chapter 11 bankruptcy protection, it appears that applied ethics in business has positive consequences as Malden Mills continues to garner lucrative Department of Defense (DOD) contracts for 'smart' products that interweave fiber optic cabling, electronic biosensors, and USB ports into polar fleece fabric. Malden Mills was awarded a $16 million dollar DOD contract in 2006[2]. http://en.wikipedia.org/wiki/Aaron_Feuerstein
by doki_pen on 10/16/10, 3:26 PM
Unfortunately, in he is no longer there. Was it a successful experiment? It's hard to say. He really took a beating on the 95 fire. He kept all employees on the payroll through the entire episode, even after getting totally screwed by insurance. He saved Lawrence from an even worse fate then its had. That was probably more import to him then his own success.
by muon on 10/16/10, 1:50 PM
http://www.wired.com/autopia/2009/08/strapping-success-the-3...
by TamDenholm on 10/16/10, 12:27 PM
by asr on 10/16/10, 9:36 PM
Maybe some central licensing organization that would license patents for free as long as the licensees agreed to some GNU-like terms... or is this not an issue in patent law?
by chopsueyar on 10/16/10, 11:53 AM
If he had patented it, would there be the same 'push' for residential plastic recycling? Would we just bury or burn it?
by mayutana on 10/16/10, 6:34 PM
by Andrew_Quentin on 10/16/10, 9:39 PM
If a man who invents something beneficial ends bankrupt is to be applauded is anything but fair.