More hedge fund hijinx
Seems those hedge fund guys can’t keep away from the short arm of the law.
Just in the last few months we’ve seen Alberto Micallizzi get stuck with a 3million pound fine over there in England.
On this side of the slough we’ve seen Clay Capital take a 2 million dollar hit; Black Rock 15 million, and Pentagon 100 million in fines just from the non-regulating regulatory authorities.
Meanwhile, just in the last few months, Sun Capital and Cerberus have settled a claim for 166 million that came out of their screw-over of Mervyn’s.
What does this tell us?
It tells us that paying fines and settling lawsuits is just part of the cost of doing business. What’s a few million in fines when you walked away with 100 million in some sketchy take-over screw-over?
This is the business in which Mitt Romney excelled.
Buy a viable company. Since companies are people too, that company may very well have a perky credit rating. Load it up with debt, pay yourself multiple special dividends, and then let the entrails twitch their way into bankruptcy court.
What does this pillaging of the economy add to the common good? Absolutely nothing.
That’s why we need a 100% tax on non-productive economic activity.
The hedge fund boys do what they do because the law permits them to do it.
We can change that.
2012-11-09 06:52:40
Source: http://theviewfromfallingdowns.blogspot.com/2012/11/more-hedge-fund-hijinx.html
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