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View Diary: Open thread for night owls: Coal companies rip off miners' pensions (111 comments)

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  •  Of course it's cheating them, but you asked how. (1+ / 0-)
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    Have you ever heard of employees or retirees of a US company getting such a vote? Companies are sold and merged and spun-off all the time with absolutely no input from the folks who actually keep the place running.

    It's total bullshit, but it's hardly surprising. The Bain Capital model wouldn't be so popular if it weren't so absurdly profitable. And it wouldn't be so absurdly profitable if retirees and employees could demand recompense out of Bain's massive treasure chest.

    "The Democratic Party is not our friend: it is the only party we can negotiate with."

    by 2020adam on Tue Mar 19, 2013 at 03:45:11 AM PDT

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    •  So, again, they are debt holders (1+ / 0-)
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      Who would loan to corporations if they can just spin off their debts?  Why didn't the Bain model load up on debt, spin off and rinse repeat?

      •  Who? Banks that know they'd have an easier time... (0+ / 0-)

        in front of a judge when it comes time to collect collateral. I'd also imagine they have the market strength to insist on bonds that can't be transferred without consent.

        It's entirely a question of power and ideology. We all know why auto workers took a "haircut" for their bailouts, while Wall Street took bonuses for theirs. We know why defaulting on Social Security obligations is seen as a bunch of So What, while defaulting on Treasuries held by private bond holders would be the Apocalypse.

        None of this is a mystery.

        They don't just have teams of lawyers to harass noncompliant judges and lobbyists to threaten legislators who don't play along.

        They have an ideology. An entire system of thought that says debts to you are pieces of paper in a filing cabinet somewhere (mere IOUs), while the debt they hold Must Be Repaid, or our entire global economy will fall apart.

        "The Democratic Party is not our friend: it is the only party we can negotiate with."

        by 2020adam on Tue Mar 19, 2013 at 04:06:51 PM PDT

        [ Parent ]

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