Word: profiteer
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Dates: during 1960-1969
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...alternate slate for Board of Directors fell short in their bid to attract a quorum to the annual meeting, the Coop directors heard and took to heart the ideas generated by their opposition. Besides being concerned with the Coop's internal policies, the alternate slate, organized by Wesley E. Profit '69 and Steven P. Roose '70, was interested in improving the Coop's relationship with the larger community of Cambridge and Boston. No one had ever really confronted the Coop like this before. Moreover, the fact that a thousand members turned out for the annual meeting proved to management that...
...COOPS 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...
...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...
...involvement was one of the central goals of the alternate slate. At first the Coop's 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...
...maneuver strengthens his hand against possible attacks by other acquisition artists. It will also allow Rapid-American, which Riklis estimates earned about $10.9 million last year on revenues of $925 million, to report 62% of Glen Alden's earnings. Last year Glen Alden made a $22 million profit (up from $18 million in 1967) on sales of $788 million...