Quote:
Originally Posted by Pete F.
Not all things the rich guys do are even close to noble
Jim, You missed the 1.4 Billion in your math and that income is realized by serial asset stripping.
All that said if they, at an earlier point in time had made the right moves and not insisted that their business model was good because it always had been, they could have been Amazon. Pun intended
They had a great brand.
Sears Holdings announced on January 16, 2019 that Lampert (through his hedge fund, ESL Investents) had won the bankruptcy auction, allowing the company to remain open.[47] On January 24, a group of unsecured creditors, that included Simon Property Group, filed a motion with the bankruptcy court to overturn the deal Sears Holdings had just made with Lampert claiming that Lampert had been "engaged in serial asset stripping" of the company at the expense of suppliers and landlords. The creditors want the bankruptcy court to force the company to liquidate instead.[48] On January 28, the federal government operated Pension Benefit Guaranty Corporation announced that they were not in favor with the current Sears Holding agreement with Lampert since that agreement would create a $1.7 billion funding gap in the employee pension fund that would require the American tax payers to cover the shortfall.[49] The same federal agency also accused "Lampert of structuring the deal to inappropriately obtain ownership of the chain's Kenmore appliance brand and the Diehard tools brand."[50]
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"Not all things the rich guys do are even close to noble
Jim"
And once again, when your point has been proven wrong, rather than admit such, you respond to something that no one has ever said. You do it again, and again, and again. I'm not saying billionaires are swell, I have no problem believing that many are weird and jerks. I never, ever said that everything they do is noble. What I said, and the facts back me up, is that they
create most of their wealth (the ones who weren't born rich), they don't
steal it for the most part. It's good for all of us, when someone creates wealth that wasn't there before.
"You missed the 1.4 Billion in your math "
No I didn't. If Lampert is a crook, l'm happy to pay taxes to prosecute him and give that money to whomever it rightfully belongs to.
But the lazy, entitled whiners on the left make it seem like the mere existence of billionaires, exposes some flaw in our system. It doesn't. There are sharks out there who will hurt people to become rich, and we need to deal with them. But not every wealthy person got there by screwing people. If you listen to CNN or MSNBC or read the posts here, you'd think that "wealthy" is synonymous with "unethical". I don't believe it is.