Quote of the Day   Leave a comment

MATT TAIBBI talking about the Hostess company  “Yes. I mean, this kind of follows a familiar narrative that we’ve seen a lot in the last 15 to 20 years in America. In this case, you know, a private equity firm comes in. They take over after a bankruptcy. They borrow a ton of money, which, of course, becomes the company`s debt.

And so, now, you have a company that in its first bankruptcy was $450 million in debt. Now, it`s $1 billion in debt after it was taken over. So the company that took over didn’t wipe out its debt, it doubled its debt.  But in the end, they are not blaming all that debt for the company`s problems. They are blaming the workers and their pensions and their benefits which remain static or gone down throughout this entire time.


It`s just — it`s part of this overall mythology that we have to blame the workers for wanting benefits and wanting a living wage.”

http://www.msnbc.msn.com/id/49900997/#.UKupjmfhczQ

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Posted November 20, 2012 by tmusicfan in Politics, Quote of the Day

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