Word: profiteer
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Dates: during 1960-1969
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Well he might. Each of his Fillmores is worth $3,000-$5,000 net profit to him on a good weekend-a fact that stirs articulate contempt from the unworldly dreamers of the rock scene. "Moneygrubber" is one of the milder epithets they lay on Bill Graham...
...COOP'S rebate policy is one of the most misunderstood aspects of its whole operation. As a cooperative society, the Coop must pay back to its members all the profits left over from members purchases after taxes and operating expenses. Unless the Coop pays this patronage refund that profit is liable to be taxed up to fifty per cent as it is in any large corporation...
Members account for about 82 per cent of the Coop's sales. Thus 82 per cent of the Coop's profit goes back to the membership at the end of the year. The other 18 per cent gets cut in half by taxes, and the remainder is all the Coop has left for reinvestment and growth. Although the Coop appears to have a lot of money, it really doesn't. There are not large sums hidden away in the vaults of the Harvard Trust. In fact, whenever the Coop has needed to expand in recent years...
...rebate has to come from somewhere if it doesn't come from higher prices. You can't have a superlative store and fixturing. $5-an-hour sales people, maintain discount prices, provide a lot of service in the form of special orders and still expect to make a high profit...
INCREASED community involvement was one of the central goals of the alternate slate. At first the organizers questioned a number of the Coop's employment and investment policies, where it quickly turned out that the Coop was in most cases doing a good deal already. At the time Wes Profit admitted, "Like Harvard, the Coop does a lot of worth while things which never get publicized...