A video surfaced of a Herbalife employee sharing some troubling thoughts and facts about the embattled nutritional supplement company. If you can’t say something nice…
Lucy Nicholson / Reuters / Reuters
As we approach the two-year mark in Bill Ackman's crusade to bring down nutritional products maker Herbalife, the activist investor has given the market quite the anniversary present.
Herbalife uses a direct sales method involving thousands of distributors to sell its nutritional drinks to their friends, families and neighbors. But Ackman insists the whole thing is a classic pyramid scheme, with distributors relying less on selling product and more on the money they make convincing new people to join the multi-level sales system.
Early Wednesday, Ackman's hedge fund released a three-hour video of an alleged Herbalife distributors meeting from 2005, the year after the company went public. The video shows senior distributor Stephan Gratziani, now in an even higher level position at the company, spilling some troubling insights and opinions on Herbalife's business model.
Here are a few choice comments, presented as a case study in what not to say on camera about what it's like to work at your publicly traded employer.
"We sell people on a dream business that they can make it, yet deep down inside, what do we really know? Yeah, we know that the reality is most of them aren’t going to make it."
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"Who wants to bring their family into a struggle to make it, into an eventual deception?"
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