Word: adm
(lookup in dictionary)
(lookup stats)
Dates: all
Sort By: most recent first
(reverse)
Mike's wife often said, "Mike likes to spend his Sunday mornings railing at the Archer Daniels Midland Company." For years Mike religiously watched This Week with David Brinkley. Whenever an ADM commercial came on, Mike would glower and recite the latest figure on how much campaign money ADM had given politicians who supported ethanol subsidies. Whenever the announcer said, "ADM--supermarket to the world," Mike muttered, "ADM--superbriber of the pols." What particularly galled Mike was that through his pension plan, he was an ADM stockholder. "I'm paying for this," he often said...
Since his arrival, Klein has quietly put up impressive numbers. His team forced agribusiness giant Archer-Daniels-Midland to pay a record $100 million fine for rigging a feed-additive market earlier this year; three former ADM executives are under indictment. Klein is reportedly preparing a massive antitrust case against Visa and MasterCard, alleging a duopoly over credit-card transactions...
...which could be heartening to three disgraced executives of the Archer Daniels Midland Co. who were charged with price fixing last week. Under indictment are Michael Andreas, who is the son of chairman Dwayne Andreas and on leave as executive vice president of ADM; Terrance Wilson, who ran the company's corn-processing division; and, surprisingly, whistle blower Mark Whitacre. Although Whitacre was the mole at meetings in which price fixing was allegedly discussed, his work did not shield him from charges. It did no doubt figure in ADM's admission of guilt and payment of a $100 million penalty...
Andreas had to face down a shareholder revolt last week at the ADM annual meeting in Decatur. Declaring that "as Harry Truman said, 'The buck stops with me,'" the chairman apologized for the scandals. Nevertheless, the settlement put paid to an era at ADM, which Andreas and his family have dominated for 30 years. It appears unlikely that Michael Andreas will ever succeed his father. "Even if this is not the end of ADM," says a close business associate of Dwayne's, "this could well be the end of the Andreas reign...
...company, last week's penalty represented little more than peanuts--or soybeans--and was a good deal, considering that ADM benefited financially in the form of higher prices. The company has $1.3 billion on hand to pay inconveniences like a $100 million fine. ADM's stock even rose $1.13 a share, to $21.75, on news of the penalty--which Wall Street had expected to be much higher--and finished the week at $21.50, raising the company's market value some $500 million. By that accounting, it can't be said that crime doesn't pay, only that...