And the Obama recovery just keeps chuggin’ along.
The author really makes you work to get the real story. Warnaco apparently overstated its earnings, probably to raise the stock price so the CEO and others could get bonuses. (Generally, thats why.) The SEC made a company that was not as profitable as it claimed pay a fine. (Thats what settlement means with the SEC.) So, a company that was already on the ropes got a knockout blow from the SEC. Thats why the jobs are going away. Then, the mayor of Milford says, I with theyd have come to us first Meaning, we know taxes hurt this company and wed have let up some on sucking them dry so the people who vote for me will have jobs. But what Warnaco really did was sell their only real asset, its brand. The acquiring company didnt need any of Warnacos more expensive assets like manufacturing as PVH probably makes everything with (essentially) slave labor in China.