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Fry's VP - Creates his own $65 million-dollar bonus package..

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aaronjb

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http://www.sfgate.com/cgi-bin/article.cgi?f=/n/a/2008/12/23/state/n070414S99.DTL&feed=rss.news

A Ferrari-driving vice president of Fry's Electronics Inc. who was allegedly such a heavyweight gambler that casinos chartered private planes to fly him to Las Vegas has been arrested on charges he embezzled more than $65 million from the retailer to fuel his lavish lifestyle and pay off debts.
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No Fry's around here, so I can't comment on the quality of the shopping experience itself.
 
CGR said:
Well, now he can make side deals for cigarette cartons when he goes to jail :)
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He could even sell them with rebates that you receive in 20-25 years ;)

And what an idiot, he left printed documents on his desk at work outlining the whole scheme? Maybe he wanted to be caught..
 
MadMan007 said:
He could even sell them with rebates that you receive in 20-25 years ;)

And what an idiot, he left printed documents on his desk at work outlining the whole scheme? Maybe he wanted to be caught..
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My guess would be, that he would make deals to cover his but... literally :)
 
aaronjb said:
No Fry's around here, so I can't comment on the quality of the shopping experience itself.
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Amazing variety and quantity of selection, at least at the ones local to me. You could probably build your own motherboard from scratch. 95% of the employees are complete idiots though. Occasionally you come across one that actually knows wtf he's talking about, but, it's usually rare.

I'd be curious to see who those vendors were though, and if they dealt in actual PC components (Fry's sells more than just computer stuff). As a brick & mortar, it obviously can't beat an online selection (newegg), but it still seems to be the best of the brick & mortars.
 
this is huge. He was in charge of buying everything so many of their typical deals might disappear. I would be extremely mad if they stopped doing those ecs combos due to a restructure
 
That reminds me. One thing I forgot to mention about their selection is that while it's great, you often have to hunt through a shelf looking at every single box trying to find one that is new and unopened and doesn't have a return sticker on it. Their amazing return policy is simultaneously their best and worst feature. This comic is not an exaggeration. You can go there and find literally every single box of a particular model of product has the return sticker.

 
BossBorot said:
this is huge. He was in charge of buying everything so many of their typical deals might disappear. I would be extremely mad if they stopped doing those ecs combos due to a restructure
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I doubt it, unless it was one of the consistent components of deals like ECS mobos...but those are only marginally interesting to us. If you read the article though the second paragraph says

Ausaf Umar Siddiqui is accused by the IRS of concocting an incredibly profitable scheme in which he cut side deals with some of Fry's suppliers, buying their goods at higher prices than they would normally get, and buying more of them than he normally would, in exchange for kickbacks of up to 31 percent of the total sales price.
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So in other words his deals cost more to Fry's than they would have if cut by an independent contractor which is the normal way it's done and the companies paid him personally through his shell company for the higher prices. If anything it means there are items at Fry's that cost more than they should have.
 
Since Fry's should now be saving a considerable amount of coin now that this dud has been busted, maybe they can open up a store closer to me than Houston. One in Baton Rouge or New Orleans would be nice. ;)
 
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