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Thursday, April 16, 2015

Angie's List fires its co-founder

When the Left became all excited about Angie's List pulling out of a business deal in Indiana over a law that protects freedom of religion, I was suspicious. No one turns down $18.5 million in tax aid for a $40 million project. I did some digging and found that since going public in 2011, Angie's List posted losses totaling more than $100 million.

After Indiana modified its law, the company refused to go ahead with the project. Now its co-founder and CEO, Bill Oesterle, is out. I see a company headed down the tubes fast.

From Fox News:
Oesterle will continue as CEO until the company appoints a successor and will finish out his term on the board. He’s served with the company for 20 years.
In a statement, Oesterle said serving Angie’s List has been “a privilege and a highlight” and admitted the decision was a difficult one to make. He told the company he wants to become more "civically" involved in the state of Indiana.
The company has already started its search for Oesterle’s successor.
Oh yes, by all means, Indiana needs more civic involvement by this jerk. First he demands a king's ransom in tax breaks, then he demands a law be changed, and then he welshes on his promise to add 1,000 jobs.

That's because he runs a failed business. Its business model makes no sense. The government is footing 46% of the bill for your expansion ($18.5 million of a $40 million project) and you still cannot pull it off? The SEC might want to look at that IPO for this company in 2011.


  1. The pressure from Amazon's launch of a competing venture is getting to them and they are cracking up. In mid-2013 their stock traded as high as 28 on the NASDAQ. Now it's just 5 and a bit of change. Buh-bye, Angie.

  2. Like sand in an hourglass, they kept losing money. Tis the capitalist way.