Let’s say you worked at a steel mill. Good wage. Great benefits. Solid pension. Along comes a dealmaker. We need your pension to buy the company so you can keep your job. A win-win for you.
Not long after the books don’t look so good. The company is sold. Pension gone. Job and bennies gone. Dealmakers reap a bonanza.
Or maybe it was a mail order company. Good job. Benefits. Profit sharing. But it is sitting on cash.
A dealmaker starts buying stock. It turns into a hostile takeover. Here’s a deal. You can have your company but the dealmakers get that cash.
Let’s sell the company to some new dealmakers! They borrow against the assets and all the dealmakers get a large bonus! Oops. Not enough money left to run the company so they file bankruptcy.
Workers lose jobs. Lower wages. Poorer benefits.
Ohhh. If those workers could only get their hands on those dirty dealmakers! If only they could find one to punch in the nose!
Instead they elected one President.
James Spangler, OD