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Ethics: Aaron Feuerstein & Malden Mills
Transcript of Ethics: Aaron Feuerstein & Malden Mills
Feuerstein inherited company in 1960
Made a comeback with its patented “polarfleece” technology
Malden Mills burnt to the ground in 1995
Feuerstein kept every employee on payroll
Feuerstein is considered a moral hero for his ethical actions Who Was Affected? Ethical Issues Feuerstein failed to address unsafe work conditions and even lobbied regulators to "back off"
Work conditions possible cause of fire
Feuerstein could have pocketed insurance money
Feuerstein could have moved company operations overseas Feuerstein's Critics Aaron Feuerstein's post-crisis actions were full of good intentions
Critics blame his actions for the company's bankruptcy
Feuerstein should have collected insurance money and moved the company overseas
People saw his good deeds as an expense rather than a righteous act Resolution Primary Stakeholders
Employees and their families
Feuerstein and his family
Vendors and Retailers of Polartec
Consumers of Polartec Secondary Stakeholders
Media and Critics Knowing that what Mr. Feuerstein did could ultimately lead to your company's demise, would you follow in his footsteps or would you base your decisions on your own interests? Malden Mills didn't make enough profit forcing Feuerstein to file for bankruptcy
Creditors owned 95% of company after bankruptcy
Feuerstein eventually had to resign
Feuerstein tried to buy back Malden Mills on multiple occasions