57 degrees this morning. Going to be a nice day.
As mentioned yesterday, posts may be sporadic for several weeks, but will resume on a regular basis .
As I discussed recently, I think some (not all) of the “hedge funds” etc. (Hedge funds used in a generic sense) should not be allowed to buy a company, than loot it, borrow money to issue a huge dividend to themselves and then “sell” the company, with the company shortly going bankrupt due to the huge amount of debt due to the looting “dividend”. (I feel the banks or company making the irresponsible loan and the underwriters on the new shares have some liability here also.) Why aren’t these people in jail?
This morning I learned even more. AFTER the company goes bankrupt, the same “hedge fund”, buys the bankrupt debt and then makes a bundle when the bankruptcy judge allows the assets of the to pay off the “bad debt” at higher than what they paid for it! What a racket. I think it is unethical, immoral and should be illegal, if it isn’t. They cause the bankruptcy by looting the company, and then profit from it again!
Where is Michael Lewis? I hope he is writing a book exposing this activity.!!!
This (Wednesday) morning there was a story in the Wall Street Journal and New York Times about a utility company in Texas, and this even included the hook that they paid themselves millions of dollars in “severance pay” before selling the company which declared bankruptcy.
Disgusting. And it is even allowed and encouraged by some of the most highly paid and respected people! No wonder there is so much corruption, people have good examples.
Involved in that timeless period of signing a contract to sell our house and deciding where to move etc. Several positions possible, so really have no idea where we are moving to.
That’s it for today, Wednesday, April 30, 2014. If I don’t post for a while, I’ll be back
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