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(Reuters) Interesting Grower payment scandal claims jobs of Diamond Foods CEO and CFO, leaves farmers wanting to cut their nuts off   (reuters.com) divider line 8
More: Interesting, chief financial officers, executive directors, accounting scandals, Diamond Foods, competitive market, U.S. Securities and Exchange Commission, risk management, payments  
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1630 clicks; posted to Business » on 11 Feb 2012 at 10:29 AM   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»   |    Get this fabulous T-Shirt and impress the methane out of your friends! shirt it!



8 Comments   (+0 »)
   
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bangmaid
2012-02-11 10:58:42 AM
I don't think the growers wanted to cut their nuts off. I think they were just confused about why they were being paid for nuts they hadn't supplied yet.

I love hearing about a good accounting scandal. To try to pull one off like this really takes a lot of balls.
 
NotARocketScientist
2012-02-11 12:38:40 PM
I don't think the growers wanted to cut their nuts off. I think they were just confused about why they were being paid for nuts they hadn't supplied yet.

nope

FTFA: Six small walnut growers told Reuters they would stop supplying Diamond when their contracts expire because they say the company has been underpaying farmers....~...The walnut growers Reuters spoke to said they know of more than a dozen other growers who also want to terminate their relationships with Diamond.

They want to cut their nuts off

also FTFA: Critics have said that Diamond delayed certain payments in orders to boost its earnings while it was negotiating to buy the Pringles potato chip business from Procter & Gamble Co, a deal which is now not expected.

So they aren't " confused about why they were being paid for nuts they hadn't supplied yet", they aren't being paid on time for nuts they DID deliver.
 
moefuggenbrew
2012-02-11 12:56:54 PM
people have been dropping that stock like my nuts
 
MrEricSir
2012-02-11 06:36:05 PM
Something tells me people will go to jail over this one. This isn't your run-of-the-mill accounting error, this was a systematic pattern of lies intended to overstate profits and dupe investors.
 
TV's Vinnie
2012-02-11 07:11:16 PM
If Santa would be a Dick and punish a kid for not putting Diamond walnuts into his cookies, imagine how ballistic Chris Kringle is gonna get when he hears about this.
 
Funk Brothers
2012-02-11 09:15:28 PM
This is an absolute disaster for Diamond Foods who were just about ready to close the deal with Proctor & Gamble on the Pringles brand. Instead, it seems Proctor & Gamble is going to cancel the deal and find another buyer to Snyder's-Lance, PEPSICO, or Utz.
 
FormlessOne
2012-02-11 11:44:10 PM
Funk Brothers: This is an absolute disaster for Diamond Foods who were just about ready to close the deal with Proctor & Gamble on the Pringles brand. Instead, it seems Proctor & Gamble is going to cancel the deal and find another buyer to Snyder's-Lance, PEPSICO, or Utz.

Yep. Probably why Diamond's stock is in the crapper, relatively speaking.
 
bdogthehog
2012-02-13 07:03:41 PM
All I know is that it costs me 25% more to feed my peanut butter addiction so they can all DIAF
 
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