Posted on 12/04/2019 5:43:17 AM PST by gattaca
Fox News Host Tucker Carlson dedicated a segment of his show Tuesday night to torching the Wall Street billionaire Paul Singer. Carlson’s show featured an investigation into how hedge funds, like the the one Singer manages, have destroyed American towns and economies for the sake of lining their pockets.
Carlson described how Singer and his hedge fund Elliott Management has made billions of dollars from their style of “vulture capitalism,” exploiting financially distressed countries and American companies.
“Elliott Management has made billions by buying large stakes in American companies, then firing workings, driving up short-term share prices, and in some cases taking government bailouts,” he said.
Carlson focuses on one town in particular, Sidney, Nebraska, where the longtime headquarters of the mega-sporting goods store Cabela’s is located. After buying a stake in Cabela’s, Singer pushed the company to sell, despite the company’s profit of more than $1 billion a year.
“One year after Singer enters the equation, Bass Pro Shops announced the purchase of Cabela’s. The company’s stock price surged. Within a week, literally a week, Paul Singer cashed out,” Carlson said.
Singer’s hedge fund made at least $90 million at the time, but the town of Sidney lost nearly 2,000 jobs. Property values collapsed, trapping people in the dying town with no job and no way to sell their homes. Wall street investors cashed in as Sidney collapsed.
A former longtime Cabela’s employee told Fox News that she bawled when she heard the news of the company’s buy out and that it took her five months to find a new job, one that’s “not even close” to as good as her former Cabela’s job.
“I hope Paul Singer is proud of what he did,” said one Sidney business owner. “If money is that big of a god to him, he’s a pretty sick human being.”
Fox News reached out to Sen. Ben Sasse of Nebraska to comment on the desolation in Sidney, but his office did not respond to Fox producers. During his 2014 Senate run, Sasse received the maximum donation acceptable from Singer.
I can't argue one way or the other but keep in mind that Bass Pro was initially dedicated fisherman while Cabelas was geared more towards camping and hunting.
My first experience with Cabelas was back around 1998 when at the time there were none here in Michigan and they were strictly internet or catalog sales for me.
I was on a pheasant hunting trip to N.W. Kansas when we decided to take the afternoon off and drive up to Nebraska to visit a Cabelas there. It was a cool place........
I remember the tail end of Herter’s existence in the early 70’s. Waseca Minnesota.
It's not that they sell cheap Chinese crap. They sell counterfeit Chinese crap through their third party vendors. And its' getting harder everyday to buy "the real thing" from Amazon. You have to very carefully examine what you buy from Amazon to make sure you aren't receiving a knock-off item.
America unfortunately has oligarchs that are corporatist not conservative. National sovereignty and making America great is fundamental to conservatism. I’ve made that accusation about GOP globalist zealots pretending to be conservative many times on here. Their goal is only money for their own tiny clique that too often destroys our economy and usurps fundamentals of patriotism.
Ulterior motives with Bass Pro and Cabelas may have been to diminish the availability of firearms. The ruling class are the ultimate gun controllers and swamp who desperately want to control America.
” You have to very carefully examine what you buy from Amazon to make sure you aren’t receiving a knock-off item.”
Unfortunately it is much easier for leftist whxxxs like Schiff and Nadler to subpoena Trump’s lawyers, than for average Americans to sue Amazon etc for fraud. Furthermore the more recent policy of Retail Price Maintenance (ie price fixing by manufacturers, distributors and stores destroys what should be a free market for consumers. https://en.wikipedia.org/wiki/Resale_price_maintenance
“Shareholders” are people who want to make money from a company without actually working there Who does that remind you of? Tell me? What time did the “shareholders” “punch in” in the morning. ?
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