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.
They could start their own company... they have all the people right there. Never crosses their mind.
Plenty of executives made big money too.
Sure, they were bought out by BPS but why was the store closed unless it wasn’t making money?
Wake up, Nebraska voters. Sen. Sasse does not support PresidentTrump because the President loves American workers. Sasse is in bed with vulture capitalists like Singer.
They can’t run their own company. Co-ops don’t work.
I get what you’re saying, but:
A new company, with no name recognition, that now competes against the combination of their old company’s scale, infrastructure and name plus the resources and scale of their old company’s biggest rival. They could have all the heart, good intentions, and pluck in the world, and they’d still have a Sisyphean battle.
Well it crossed yours
You should head up there and show em how it’s done
HOORAY Tucker. “Vulture Capitalism”? More like
BOURGEOIS SOCIALISTS
A part of the bourgeoisie is desirous of redressing social grievances, in order to secure the continued existence of bourgeois society.
To this section belong economists, philanthropists, humanitarians, improvers of the condition of the working class, organisers of charity, members of societies for the prevention of cruelty to animals, temperance fanatics, hole-and-corner reformers of every imaginable kind. This form of Socialism has, moreover, been worked out into complete systems.
We may site Proudhon’s Philosophie de la Misere as an example of this form.
The Socialistic bourgeois want all the advantages of modern social conditions without the struggles and dangers necessarily resulting therefrom. They desire the existing state of society minus its revolutionary and disintegrating elements.
Communist Manifesto pg 49.
Hey Commies. Were you serious about B.S.? Well, we’ve got one right here and The IDIOT is running for president.
Approaching 2020
See clearly
Cabelas should have never went public to begin with. Sporting goods is a rough retail business. Most of them have become glorified clothing stores. (where they make the most markup)
So now corporations are supposed to get woke and consider the impact of the communities they operate in? What happened to maximizing shareholder value?
to cash out
The real question here is when do you start limiting purchases like this on antitrust grounds, using the Sherman Act and the Clayton Act?
Or, was that just divide and control BS from your rulers, like our Divide Control Power Center?
Red state? Blue state?
Amazon is going to eat BPS. Just a matter of time.
I watched that on my way to work this morning.
Carlson had better watch his back.
He covers it in the video.
They make me think of the Twentieth Century Motor Company in Atlas Shrugged.
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