Today in Shitty Capitalism

Albert Burneko talking about the situation with Tronc, Inc, the company that just laid off half of the editorial staff of a paper after paying out an executive a $15 million award for groping women:

It’s legal, if you’re rich enough, or carefully enough obscured behind the legal fiction of a hedge fund or corporation, to borrow vast sums of money, purchase a company with it, and then simply pass that debt along to the people who do the company’s work and make its products, by stripping their jobs so you can redirect their salaries toward debt payment. It’s legal to decide, freely, that you will pay a disgraced former executive tens of millions of dollars all at once rather than over a period of years—or rather than going to court to argue you shouldn’t have to pay a guy $15 million for not being able to keep his fucking hands to himself!—and then recover some or all of the cost by just straight-up taking people’s livelihoods away from them. It’s legal for the parasites who buy an ownership stake in your company to decide they will appropriate your livelihood for themselves; it’s legal for them to say that your wages and health care must pay their debts for them. It’s legal for them to trade your employment for their enrichment; it’s legal to purchase a company for the sole purpose of liquidating it, laying off all its workers, and keeping the money for yourself.

Author: Jack Slater

A Philadelphian living in Hawaii. You can follow or contact me on Twitter where I'm @TimeDoctor, via the contact page, or via e-mail to zjs@zacharyjackslater.com. Find out more about Nuclear Monster here.

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