Monday, October 5, 2009

Flipping the Company

Of course the New York Times article that led today's paper about private equity firms that buy companies that make things like mattresses and borrow against them to pay themselves loads of money was tipped editorially to leave us sympathetic to the mattress maker (Simmons) now in bankruptcy and the workers who lost their jobs and the company they once loved working for. (Check out the photographs in the print edition after the jump - one of a laid off worker, the other of the former CEO on the porch of "one of his homes" in Jackson Hole with his wife, two wine glasses and a bottle of wine-- they say it all.) But, truthfully, there was no way to write that article that wouldn't have left me furious at the fat cat money guys and their entitled buy in, sell out, fee payments and debt whatevers. I know it's kind of quaint and old fashioned of me, but where's the respect for things made with these guys? Do the people who work at private equity firms just think that those who make a living by making things and not generating paper on which to move meaningless numbers across spread sheets and into their own bank accounts are just chumps?

I know, I don't have to answer that.

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