Truth on Vulture Capitalism from an Incredibly Unlikely Source
Here’s a jolt to the system: an expose’ by none other than Fox News on vulture capitalism, how heartless, greedy billionaire hedge fund managers are destroying rural America, eliminating thousands of jobs and turning formerly-thriving small towns into boarded-up shells of what they once were. How is all this possible? They buy protection for their activities with huge contributions to Republican law-makers.
How does all this sit with the average Fox News (Republican) acolyte? I can’t say; I was certainly stunned.
Really. Fox News. Just when you thought you’d seen it all.
Craig,
This may come a shock to your system, (but then again, maybe not you’ll just put on those rose tinted glasses that take you to a different reality), but the majority of those “greedy vulture capitalists” are all heavyweight Democrat donors!.
(Some are even Democrat Presidential candidates!)
However, why are you surprised ? Fox and most conservative media are never afraid to criticize conservative public figures or politicians, when they deserve criticism or approbation.
Fox has often praised liberal and democrat public figures when appropriate.
Sadly, that sort of journalistic objectivity has totally disappeared from CNN,NYT, etc
Your comment has even less meaning considering the Fox article mainly focused on the activities of Paul Singer, a fierce opponent of President Trump!
Paul Singer is also a significant philanthropist. Over the years Singer has donated more than $1 billion to charitable causes.
Tucker Carson blames “hedge funds” for the demise of Delphi Automotive. He blames Paul Singer for the loss of “Tens of thousands of unionized and white-collar workers lost their jobs. Paul Singer’s hedge fund cashed out for more than a billion dollars”.
To be fair, let’s look at the history of Delphi Automative;
2009. 11,500 jobs were cut worldwide in . (prior to Paul Singer’s involvement
2004: Delphi was subpoenaed by the Securities & Exchange Commission (SEC) in July for irregular accounting practices and financial transactions.
2006: Delphi disclosed irregular accounting practices. A number of executives, including CFO Alan Dawes, resign. Delphi Chairman J.T. Battenberg retires. Delphi files for Chapter 11 bankruptcy protection to reorganize its struggling U.S. operations.
3) 2009 The Securities and Exchange Commission granted an application by the New York Stock Exchange to delist Delphi’s common stock and bonds. The stock traded over the counter on the Pink Sheets electronic exchange.
2010: Twenty-four plants closed down in the U.S.
2010: Delphi announced it would sell off or close 21 of its 29 plants in the United States. The eight plants it kept were located in Brookhaven, Mississippi; Clinton, Mississippi; Grand Rapids, Michigan; Kokomo, Indiana; Lockport, New York; Rochester, New York; Warren, Ohio; and Vandalia, Ohio.
2010 Delphi proposes that these remaining plants will operate with wage reductions and workforce reductions.
2007: Delphi announced the closure of its plant in Puerto Real, Cádiz, Spain, with a loss of 1600 direct jobs and more than 2500 indirect jobs. despite having agreed to continue its manufacturing operations until 2010 and receiving more than €250 million from various public administrations in order to guarantee its workers’ jobs.The Andalusian autonomous government announced it would begin legal action against the company for breach of local labor laws.
May 2008: Delphi filed a lawsuit against investors. The lawsuit seeks to impose payment by investors in the amount of $2.55 billion in securities to aid Delphi as it seeks to come out of bankruptcy. U.S. Bankruptcy Judge Robert Drain in New York ruled to allow Delphi to seek payments through a contract against Appaloosa Management LP as well as denying investors’ request for a cap of $250 million for damages.
6 October 2009: Delphi’s core assets were purchased by a group of private investors to create a new Delphi Corporation.
2012. Some of its non-core steering operations have been sold to General Motors Company, the successor to the bankrupt Motors Liquidation Company that used to be the old General Motors Corporation. The stock was cancelled. The old Delphi Corporation was renamed DPH Holdings Corporation.
This was a badly managed, badly governed. chaotic corporation which got caught up in the whirlwind of the Automotive crises at the time.
Paul Singer was not the cause of the corporate demise, he just bought the remains of a train wreck and got paid for salvage.