One of those bizarre moments in Bill Ackman (Trades, Portfolio)'s first Herbalife (HLF, Financial) presentation was when his former staff member Shane Dinneen stated that it was possible that there was not one legitimate Herbalife customer anywhere in the world.
I want you to remember that. No customers. Anywhere.
Okay - got that embedded in your memory.
Today Herbalife appointed Pamela Jones Harbour as Head of compliance.
Pamela Jones Harbour is a former Commissioner of the Federal Trade Commission. There are plenty of reasons why they might need such a high profile appointment - some good, some bad.
Whatever - I want to focus on PJH's statement:
"Herbalife has helped millions of consumers pursue healthy, active lives through its excellent nutrition products. I know first-hand how great the products are because I've been a customer for 10 years," said Harbour. "My understanding of the industry and familiarity with the products have given me great insight into what a beneficial company Herbalife is, and I am delighted to join such a talented team."
What do you know? One of the non-existent Herbalife customers was a customer for a decade including the time she was a Commissioner at the FTC.
She probably drank the shakes at work in front of her colleagues.
Shane Dinneen's assertion doesn't look good.
John
