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The Washington Post reports this morning that Mark Wiens, the CFO at Menu Foods – the pet food manufacturer at the center of all the recalls that have taken place during the past month – sold about half his stock in the company three weeks before the recalls began.

The news broke as Menu Foods had to recall more pet food after it found more contaminated wheat gluten at one of its Canada plants. To this point, more than 100 brands have been recalled, and there have been numerous reports of pet illnesses that are believed to be connected to the contaminated pet food. It is expected that the US Senate will hold hearings that will focus on the recalls.

When Wiens sold the shares, he netted about $90,000. Today, those shares would be worth about $54,000.

Wiens told the Toronto Globe and Mail that the timing was simply “a horrible coincidence.”
KC's View:
Horrible, we’d guess, mostly for his reputation.

Was it Phillip Marlowe, Spenser, or Sam Spade who said, “I don’t believe in coincidence”?