Saturday, January 07, 2006

Bon Marche

The Fairchild Corporation has apparently taken to heart its promise, made in its recent settlement of a pesky shareholder lawsuit, to be a bit less extravagant with its shareholders' money - especially when doing business with companies controlled by the family of Chairman/CEO Jeffrey Steiner and his son, President Eric Steiner. According to the company's belatedly filed 10-K, the upkeep of a Parisian apartment owned by a Steiner family company totaled $11 this year and $43 last year, and company-paid security at the Steiner family residence in France cost only $36. A $250 deposit was enough to put a binder on some New York City real estate. Similar two and three-digit figures are sprinkled throughout the Related Transactions section of the 10-K.

Hmmm...Much as I'd love to run out and git me some of that Manhattan property at Wal-Mart prices, I must regretfully conclude that some zeroes are missing from the Related Transaction numbers. Three would be my guess. A Freudian typo driven by a guilty conscience?

(For those of you who went to Princeton: yes, I know there should be an accent in "marche." But Blogger won't let me put it in. So taissez-vous.)

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