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Tuesday, December 09, 2008

Tribune falters

The Tribune Company went bankrupt before my former employer, GateHouse Media. Who knew? But it can't be long now...
The great part about the Trib company is that the $8.2 billion deal to take it private was financed in large part through a loan against the employee's pension plans. Of course, the employees had no say in this and now the equity that their pension leveraged in the company is worthless. Of course, that douchebag Zell will get a shot at recouping the $500 million he put in, while the employees won't. Ah, capitalism...

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1 Comments:

Blogger Abby said...

I heard that news yesterday. I also heard that Blago had his grubby hands in it too. Promising financial support if the people who have been smearing his name in the paper would lose there jobs. Men with power, it's a scary thing.

6:07 AM

 

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