Article
Malden Mills and price of altruism [USA]
The continuing saga at Malden Mills Industries Inc. [textile company] is turning into a case study of whether altruism makes good business sense. Six years ago, the Lawrence textile company gained fame after owner Aaron Feuerstein kept paying thousands of idled workers after a devastating fire...Feuerstein's benevolence may also have laid the groundwork for a comeback. Citing Feuerstein's past conduct, US Senator John F. Kerry yesterday urged Jeff Immelt, chief executive of General Electric Co., Malden Mills' largest lender, to help the company avoid bankruptcy.