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Jay Blanc@jayblanc.bsky.social |
Let's all be honest, "Aquire a loan you know you can't pay off, then use it to buy a company, spin off the assets to private concerns, saddle the company with the loan you can never pay off, and then declare bankruptcy" is financial fraud, and any sane polity would have implemented laws against it.
28 replies 696 reposts 1853 likes
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T.L. Bodine
@tlbodine.bsky.social
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i hate private equity with the deepest burning trenches of my soul
0 replies 0 reposts 3 likes
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Logical Frank
@logicalfrank.com
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This is the real life "???" before profit.
0 replies 0 reposts 0 likes
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Captain Hurley
@zoonie.bsky.social
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This is the story with UK water companies, in particular, Thames Water. The re should be antigfraud legislation in place to stop this grand theft. Of course, what will happen is the UK will have to renationalise the company, thus giving the ex-directors a lovely parting gift. Stab stabby stab.
0 replies 0 reposts 3 likes
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Alan "the Truth shall make ye flee" J
@n5iln.bsky.social
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Them: “But…but…that would destroy the entire private-equity system!” Me: “So?”
0 replies 0 reposts 16 likes
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Trip
@triphazard.bsky.social
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I assume the only reason it continues to be legal is that when you explain it to someone they say "that can't possibly be legal, you must have misunderstood", then go on to blame whatever makes the most sense to them personally instead.
0 replies 0 reposts 4 likes
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Daniel Feldman
@dfeldman.bsky.social
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The entire point of PE is to dismantle a company and sell it for scraps But it shouldn’t ruin so many people’s livelihoods in the process
1 replies 0 reposts 4 likes
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Phil
@keeptheskyblue.bsky.social
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I fucking hate how corrupt this world we are forced to live in is.
0 replies 0 reposts 33 likes
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The International Brotherhood of Spiders Local 54
@baronvonespy.bsky.social
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Until the great enshitification, there was honor for a corporation to employ people so they could have better lives. Now it's "fuck you poors, how can we eliminate all of you?"
0 replies 0 reposts 12 likes
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Rick2Tails
@rick2tails.bsky.social
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its flat out fraud. venture capital shouldnt exist unless regulated to an inch of its life
0 replies 0 reposts 8 likes
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Jessica Cheeri
@cheerijessie.bsky.social
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Just adds to the general feelings of helplessness in the country knowing that you having a job is largely dependent on whether the company that owns the company you work for gets bought by a captial management firm that would strip the copper from the walls if it Enhanced Shareholder Value
0 replies 1 reposts 16 likes
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Icewind Dale Gribble
@phyrexianmetamour.bsky.social
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this is legal but discharging your student loans via bankruptcy would be a gross misuse of the system
3 replies 1 reposts 36 likes
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chrisincal.24
@chrisincal.bsky.social
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Eddie the Sears/K-Mart guy is chuckling behind his Cristal filled moat.
0 replies 0 reposts 2 likes
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MrsMNash
@mrsmnash.bsky.social
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Exactly
0 replies 0 reposts 1 likes
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Jonathan Aul
@mudshark58.bsky.social
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This sounds like a close relative of vulture capitalism.
0 replies 0 reposts 3 likes
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New Year’s Revolution ✊🏳️🌈
@tekweenie.bsky.social
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Would that we had a sane polity.
0 replies 0 reposts 1 likes
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Caias Ward
@caias.bsky.social
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When the mob does it, it's called a bust-out.
0 replies 0 reposts 8 likes
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Rick does Math and Stuff
@mathandstuff.bsky.social
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Finance is complicated. Therefore, it should all be legal. Free market. Yada yada yada. If you disagree, you're a communist. The economic development of the past 50 years is the exaltation of the corporate raider.
0 replies 0 reposts 4 likes
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MaryVarshini108 🏳️🌈🏳️⚧️🐕🛷
@maryvarshini108.bsky.social
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Yes!!!
0 replies 0 reposts 3 likes
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Orcs with Forks
@orcswith.bsky.social
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Totally agree--what I'm curious about is why banks keep giving these loans? Shouldn't these raise red flags?
1 replies 0 reposts 17 likes
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Georgia Z
@seedarkly.bsky.social
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I never went to red lobster myself, but this news always makes me nothing but sad.
0 replies 0 reposts 4 likes
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Jay Blanc
@jayblanc.bsky.social
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My "If you liked this post please consider" is to ask you to donate to UNICEF. They need that money on multiple fronts right now. help.unicef.org
0 replies 2 reposts 8 likes
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Rook and Raven
@rookandraven.bsky.social
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If any of us did that, we'd be utterly destroyed, but due to the way financial laws are created the "people" (corporations) get away with this constantly. It's why we can't have nice things.
0 replies 0 reposts 5 likes
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Robin Bobcat
@robinbobcat.bsky.social
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Still mad that one company did that to both Kay-Bee Toys AND Toys Я Us. Grumble.
2 replies 0 reposts 54 likes
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Megan Odett
@megan2wheels.bsky.social
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📌
0 replies 0 reposts 1 likes
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jess m. ☁️
@jam-etc.bsky.social
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This is exactly how landlords do it We need to do a little choppy choppy. I miss red lobster
0 replies 0 reposts 18 likes
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Fabian Elfeld
@nocheinautor.bsky.social
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That's a good point. Pity you chose saneism in making it.
1 replies 0 reposts 2 likes
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Adam Murphy
@adamauntiem.bsky.social
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The Romney Method
0 replies 0 reposts 1 likes
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Enigma, the AC-Bound Wolf Mind Mage
@newdarkcloud.bsky.social
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Unrelated, today I learned that "polity" is a word and will be added it to my vocabulary.
0 replies 0 reposts 3 likes