Skip to main content

View Diary: UPDATED:Today Mich. becomes 24th Right to Work state, Emergency Financial Mgrs become Emergency Mgrs (42 comments)

Comment Preferences

  •  Roberts is an expert at corporate takeovers (6+ / 0-)

    He's an expert at dismantling the state's assets and selling them off to private corporations who will extract maximum profit.  

    Its no different from any other leveraged buyout in the corporate world.  Seize publicly owned properties and institutions, break them up and sell them to your friends (not the highest bidder, since  good ROI isn't important where taxpayer investment is concerned).  

    Then you tap into the ongoing flood of state and federal taxpayer funds and divert as much of the public money as possible to corporations for maximum private profit - much the same business model that's awaiting us when states privatize the Medicaid expansion under ACA.  Don't forget the lucrative prospect of leveraging the public borrowing power of state institutions - also ripe for exploitation.

    It's no different from a hostile takeover of Hostess Bakeries or Anheuser Busch or any one of a million takeovers in the last couple of decades.  Take it over, strip out the assets and sell off the remainder - kind of like the business of buying old real estate, tearing it down and selling it for scrap.

    Here's the question, though.  Once all the assets have been stripped from the state and sold off, once the pension funds have been raided and wages pushed to the lowest possible level - what comes next? What do you do with vandalized state governments and their institutions once all the profit has been mined?

    It is an old strategy of tyrants to delude their victims into fighting their battles for them. FDR

    by Betty Pinson on Thu Mar 28, 2013 at 10:01:21 AM PDT

Subscribe or Donate to support Daily Kos.

Click here for the mobile view of the site