Years ago when I worked at Trans World Airlines (TWA) in NYC, corporate raider Carl Icahn appeared out of nowhere, it seemed. He was in talks with management because business wasn’t good.
Word around the water cooler was that we’d all be out of jobs if Icahn was put in charge.
In 1985 after succeeding in a hostile takeover of TWA, Carl Icahn was in the driver’s seat. He immediately began selling off the company’s assets in order to repay the debt he incurred in order to buy the company.
Morale plummeted. Departments turned on one another, playing the blame game for the company’s difficulties. Management seemed to “sit on its hands,” unsure what to do…what could it do?…given that Icahn was now totally in charge.
Needless to say, I have no use for corporate raiders. From their lofty perch, people are simply pawns in the master plan. The “bottom line”… is the corporate raider’s false god.
I was fortunate that my daughter’s birth in 1986 coincided with Icahn’s occupation of TWA. I left him to ruin the company… which eventually went…belly up.
To this day I have no regrets about my decision to become a stay-at-home mom.
These last few weeks I have been elsewhere on the Internet, engaging in political conversation. The Presidential election is almost upon us, and I’ve felt it necessary to put forth my own 2 cents. While I’ve not used hugmamma’s mind, body, and soul as a regular outlet for my views, from time to time I’ve felt compelled to share information that might enlighten readers. And so in the rundown to November 6, a few of my posts will be politically informative.
As always, my opinion is just that…my opinion. What you do with what I share is…your choice.
I came across the following while engaged in political conversation elsewhere on the Internet.
The summary simplifies the facts about Bain Capital‘s corporate raiding, while Mitt Romney was in charge of the company.
When Romney was the head of Bain, the company went from venture capitalist to leveraged buyout corporate raiders.
They would buy out a healthy company, and borrow a couple of hundred million against the assets of the company.
They would float the company on the stock exchange, and sell millions of dollars worth of shares.
They would then fire the staff, and raid the pension.
The shareholders would be left holding the bag for 100s of millions.
If it happened once, you could call it bad luck. Instead, it happened 22 times leaving tens of thousands of people unemployed and their pension funds gone.
Now here’s the kicker. The federal government paid $44 million into the pension funds, so that they were funded again.
To add insult to injury, Bain charged the companies it destroyed, millions in management fees.
Apart from these shenanigans, Bain lobbied congress so the capital gains tax wouldn’t go up in 2007, and a bipartisan bill was blocked by the Republicans.
I ask you? Are these the qualifications the right-wing wants in a president? A job destroyer? Someone who bankrupts companies? Someone who rips off investors?
…i ask you…the same questions…
thank you, hugmaamma, for that explanation
You’re very welcome. And thanks for taking the time to read it. I know politics isn’t everyone’s cup of tea. However I am motivated to inform, especially since the media’s spinning can overwhelm. The truth so often gets muddled in all the hyperbole. I’m hopeful that people can see through the maize of endless words…and vote their consciences.