Pawns In The Hedge Funds Chess Game
Sorry for the late post, Morphizm pals. I've been stuck in neutral for days now, and logistics and administration have taken over my life. But I'm almost out of the woods, so look for more content in the next couple of weeks, with a dramatic relaunch perhaps in June. Speaking of drama, here's some I wrote for your mama and her devalued dollars:
Hedge Fund Titans Are Treating Us Like Pawns in Their Economic Chess Games
Recently, two important and related events occurred. The first is that hedge fund kingpin Cerberus Capital Management was considering buying Blackwater, the notoriously Orwellian security contractor that has become the scourge of Iraq and America alike. And the second event? As soon as the news was reported, the deal was killed.
Neither company, you see, likes the publicity. Plus, with Blackwater in its portfolio, Cerberus would have more than lived up to the origin of its name, which comes from Greek mythology. Yes, Cerberus is the three-headed demon dog that guards the gates of Hell.
"We do our best to avoid the spotlight," secretive Cerberus founder Stephen Feinberg reportedly told his staff in a memo earlier this year, "but unfortunately, when you do some large deals, such as Chrysler and GMAC, it is hard to avoid."
True, Stephen, true. When you bail out two of the worst environmental and economic offenders in the automotive business (and subprime debacle, in the case of GMAC), and then follow that up by looking into acquiring what passes for a private army with itchy trigger-fingers and a suspicious habit of corruption and cost overruns, well yeah, people will talk... MORE @ ALTERNET
Hedge Fund Titans Are Treating Us Like Pawns in Their Economic Chess GamesRecently, two important and related events occurred. The first is that hedge fund kingpin Cerberus Capital Management was considering buying Blackwater, the notoriously Orwellian security contractor that has become the scourge of Iraq and America alike. And the second event? As soon as the news was reported, the deal was killed.
Neither company, you see, likes the publicity. Plus, with Blackwater in its portfolio, Cerberus would have more than lived up to the origin of its name, which comes from Greek mythology. Yes, Cerberus is the three-headed demon dog that guards the gates of Hell.
"We do our best to avoid the spotlight," secretive Cerberus founder Stephen Feinberg reportedly told his staff in a memo earlier this year, "but unfortunately, when you do some large deals, such as Chrysler and GMAC, it is hard to avoid."
True, Stephen, true. When you bail out two of the worst environmental and economic offenders in the automotive business (and subprime debacle, in the case of GMAC), and then follow that up by looking into acquiring what passes for a private army with itchy trigger-fingers and a suspicious habit of corruption and cost overruns, well yeah, people will talk... MORE @ ALTERNET
Labels: alternet, economy, hyperhighway to hell, journo, screw jobs
1 Comments:
Cerebrus-that is a rather ominous image. I wonder what else they are hiding?
Good job teaching last night. Your presentation was quite informative and your energy was very positive.
I think Saul would be making a good choice by hiring you.
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