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Archive for the ‘markets’ Category

think they meant “ouroboros capital management”

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Cerberus Capital Management, whose largest institutional investors include the California State Teachers’ Retirement System and TIAA-CREF (the latter handles my meager retirement accounts), purchases Chrysler, and immediately installs an anti-labor goon as CEO… Robert Nardelli, referred to in this USA Today article as "the poster child of poor workforce relations," is the goon in question. In other words, money managed on behalf of (mostly) union members has, via the wonderful ethical laundry program of capital management lp type stuff, come around to set other union members up for a royal ass-kicking and general despoilation, mostly of, yes, their retirement benefits. Following so far?

We’re not very far away from a scenario in which, say, a car company’s employee-managed retirement fund, via a capital management company, purchases the very car company in question, and in a frantic grasp for capital, robs the very workers who hold the fund of retirement benefits before breaking the company into parts and putting everyone out of work. So everyone ends up with no job, no health benefits, and slightly higher retirement account balances. Except, of course, for the new CEO and the managers in the CM firm, who walk away with tons of cash.

Ha! That would be hilarious! Almost as funny as California school teachers ("inadvertently") fucking the guys who make the Chryslers. (which is not as funny, because it is not as uncanny… plus there’s a rather obvious white-collar, blue-collar thing going on, though I’ll bet the blues on average earned more than the whites do now…)

At any rate, there is of course a message in all of this, a blindingly clear one about complicity and the impossibility of clean hands (like I said, TIAA-CREF manages my money too!), and what the "end of the proletariat" means when it results in the birth of a class of fractional capitalists who unconsciously read their quarterly-statements unaffected by the scenes of cannibalistic creative destruction playing out between the lines of figures.

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Written by adswithoutproducts

August 8, 2007 at 12:32 am

falling man

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Culture of dependency, eh? Are financial outfits permitted to fail or is that, like, unconstitutional?

As the parent of a kid who really should be weaned by now but isn’t, I so recognize the mixture of the very real pain of need and want and the cynical, if infantile, theatrically on display here. Cute-tantrum yourself into the mother’s milk, the liquidity. This stuff is more captivating to watch than anything sitting on my shelf would be to read.

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Written by adswithoutproducts

August 6, 2007 at 10:34 am

Posted in markets