In a stunning move, a Washington state judge issued a temporary restraining order on the attempt of PE billionaires to loot the Albertsons supermarket chain as part of the Kroger merger.
It really is amazing that if you break into a series of Albertsons stores by smashing the windows, and steal the cash out of the cash register, making off with a few thousand dollars total, everyone recognizes you're a criminal; but if you break in by spending a few billion (much of it borrowed) to buy the company, and then steal the entire corporate treasury and then some (using more debt), thus gaining more than you spent on it, and then you walk away and let others pick up the pieces, a lot of people will say you're not a criminal, you're a smart financial engineer.
It is getting harder for monopolies to argue in court that nothing bad will happen when in every single similar circumstance, bad things happened.
Surprising news indeed re: Kroger/Albertsons. Pleasantly surprising. I’ll be following this closely.
Remarkable (to me) was that the letter from various state attorneys general was indeed bipartisan. Glad to see some of my fellow right of center travelers are finally paying attention.
HUZZAH! First the publishing industry, now supermarkets!
If I'm not mistaken, that dynamic was perfectly described in "The Lords Of Easy Money".
Back in '12 I read about how Bain Capital raided and dismembered a big paper company in the US (Romney's outfit) and it made me want to throw up. Ever since, I've had a major hard on for all things PE. For me, they're the true ghouls/vampires etc of the US economy. Anything foul that can happen to these clowns is fine by me
(Puts on my 'Dad' hat)
You're at work doing your day job. On top of that you post here weekly, and then have the free for all on the weekend. You did something w/Discord (I don't know exactly what's that all about, but it seems to be popular w/ you youngun's.) Not to mention your regular contributions to Breaking Points.
And now you're doing some kinda chat thingamajigy. Since I'm not a member of the Apple cult, I'm fine w/ it not being on Android. BUT...
I'm concerned that you're spreading yourself too thin.
Can you keep this up across the board? And since there's only 24 hrs in a day, where are you stealing the time from? I doubt you're a regular TV watcher...
I was thrilled by the restraining order against the PE billionaires. I hope it stands and helps Albertsons to survive as an independent supermarket chain. I also hope it leads to a precedent that may prevent further looting by the PE billionaires.
Thank you Matt, this was a VERY nice read. Maybe we the Nation is making a turn here at least to slowing this type stuff happening. T.Y. to those on the front lines of this. I`ll try to save this piece.