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View Diary: Goldman Sachs & J.P. Morgan Quietly Buying Up the Media (65 comments)

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  •  They are not "buying" any media companies (4+ / 0-)
    Recommended by:
    tikkun, bronte17, Radical def, jumpjet

    whatsoever. They are foreclosing on equity in these companies because the debt was not paid. When a corporation defaults on its debt, its creditors seize the company. Nobody is buying anything.

    I'm in the pro-Obama wing of the Democratic Party.

    by doc2 on Wed Sep 23, 2009 at 06:45:09 PM PDT

    •  But it does give them control over local media. (3+ / 0-)
      Recommended by:
      Badabing, Radical def, ThisIsMyTime

      Which is dangerous, because investment bankers want nothing more than to increase their own power and sway over the public.  Banks should not be in the business of having any control of the media.

      Nothing is true; everything is permitted.

      by jumpjet on Wed Sep 23, 2009 at 06:50:19 PM PDT

      [ Parent ]

      •  WTF do you expect them to do? They (3+ / 0-)
        Recommended by:
        Mnemosyne, Radical def, jumpjet

        lent money to companies - that's what they do for a living - and those companies have defaulted. Typically, the receiving banks just try to keep the companies alive until they can be sold. So for now, the banks will own some media companies. They don't like it either. But the only alternative would be to make it illegal for banks to lend media companies money, which would not be good for anybody. Do you have an alternative solution?

        I'm in the pro-Obama wing of the Democratic Party.

        by doc2 on Wed Sep 23, 2009 at 06:57:26 PM PDT

        [ Parent ]

        •  Is that you Jim Cramer? nt. (1+ / 0-)
          Recommended by:
          Radical def

          America is the only nation in history which miraculously has gone directly from barbarism to degeneration without the usual interval of civilization.

          by Badabing on Wed Sep 23, 2009 at 07:10:13 PM PDT

          [ Parent ]

          •  Nationalize the media...under Progressive Caucus (0+ / 0-)

            While I must, of course, object to monopoly corporate control over media, commercially, or via their control of government, I think actual democratic control of media is appropriate.

            This is a sticky subject, of course, in terms of avoiding slippery slopes and reversals in political hegemony, heh...

            As with the Patriot Act.  

            Clearly, very strict popular democratic controls are necessary, in either instance.

            I have no problem with the Patriot Act, or similar measures being used to go after actual terrorists (including seditious domestic right wing extremists, who are among it's most vociferous opponents, heh...go figure).

            But, obviously, that must be very strictly restrained to legitimate "targets", and not used to illegitimately suppress legitimate political opposition, free speech, civil rights, etc.

            Obama, initially opposing FISA, was forced by the real politik to make a perhaps onerous compromise, but at least he forced them to include a requirement that they must go before a judge first, to obtain permission, based on a real need, to engage in the snooping, in each instance...and promised to revisit the topic later, when the balance of power became more favorable.

            With media, I think basic anti-trust measures clearly must be implemented, at the very least.  Major expansion of the mandate and funding for national public television, radio, and online media would be a good thing, as long as it's really fair and balanced, and not run by Faux "News" constituencies...

            I don't think we really "need" a fascist opposition in this country, to be democratic, though, and I do think this great nation is moving forward, in that regard.  

            Public opinion has long trended to the left, on all the most important issues, reaching a critical mass, with very substantial majorities, years ago...which I think has finally found expression with the last election, and reached a decisive tipping point.

            The absolutely hysterical, draconian rhetoric and practice on the right clearly indicates their own perception that this is, indeed, a decisive, historic  moment.

            Democracy, and democratic control over government policy, and strict regulation, including more meaningful "equal access", and "fairness doctrine" or whatever they used to call it, in media, need to be much more substantially developed.

            While things may look bleak right now, to the absolutist idealist left, as well as the right, lol...I think we are moving in the right direction, and that any seeming setbacks now are merely temporary thrashing about by the dying dinosaur of monopoly corporate fascism.  

            While it's making a big mess, and doing a lot of damage right now, we'll be able to clean that all up, with a Progressive Caucus super-majority in Congress, and down the ladders of power to the state and local levels, to a very substantial degree, after 2010 and 2012.

            The right are no longer politically correct in this country, and we are NOT going back.

            All Out for 2010 and 2012!

            All Power to the People!

            "...a printing press is worth 10,000 rifles..." Ho Chi Minh

            by Radical def on Thu Sep 24, 2009 at 10:47:46 AM PDT

            [ Parent ]

        •  Regulate them so that Financial Institutions (2+ / 0-)
          Recommended by:
          Badabing, Radical def

          can't have any kind of majority ownership in Media Co. Find an entity that can take over, assist in structuring a feasible financing, sell the companies equity piece by piece to recover their investment, and finally write-off their loss. That is what I expect them to do doc.

          ...We have many more issues that bind us together than separate us!

          by ThisIsMyTime on Wed Sep 23, 2009 at 07:17:50 PM PDT

          [ Parent ]

          •  That's pretty close to what you're going (1+ / 0-)
            Recommended by:
            Radical def

            to see in these situations, media or otherwise. But while they own them, they have to control them, even if they hired a third party to manage them (which they usually do). The debt covenants in any financing will enable the lenders to take over the board, that is the way finance works.

            I'm in the pro-Obama wing of the Democratic Party.

            by doc2 on Wed Sep 23, 2009 at 07:31:24 PM PDT

            [ Parent ]

            •  That is where the regulations comes to keep (2+ / 0-)
              Recommended by:
              Badabing, Radical def

              things in check. I personally think these folks when all is said and done has to wash out their hands out of the media business -- conflict of interest? Further, market share of the Media can be restricted to a percentile of some number so that there will not be a monopoly.

              ...We have many more issues that bind us together than separate us!

              by ThisIsMyTime on Wed Sep 23, 2009 at 07:59:54 PM PDT

              [ Parent ]

    •  Let's see - if I don't pay my mortgage and the (1+ / 0-)
      Recommended by:
      Larsstephens

      'Bank' forecloses that means the Bank owns my home.  

      Quibble if you must, but Goldman Sachs and JP Morgan are eating these media companies up as fast as they can.  If they own the companies, then they can maintain control of said companies - whether it is under another 'propped up' Corporate name or not.

      Zero Hedge will, over the coming week, demonstrate in which media companies Goldman and JP Morgan currently are the key fulcrum security holders, and where they will soon have equity-stake dominance, read: full freedom to dictate what, who and why, when and where appears in print or on the airwaves. We will also provide a breakdown of just how many TV station affiliates, radio and cell phone towers, newspapers, magazine, pamphlets and blogs will shortly be under the full equity control of the two Wall Street firms.

      http://www.zerohedge.com/...

      America is the only nation in history which miraculously has gone directly from barbarism to degeneration without the usual interval of civilization.

      by Badabing on Wed Sep 23, 2009 at 06:57:24 PM PDT

      [ Parent ]

      •  They do not want to own these companies, (2+ / 0-)
        Recommended by:
        Mnemosyne, jumpjet

        they never did. Why don't you wait until they've owned them for a while and actually shown that they intend to own for the long haul? Right now, it's pretty clear that they own them only by default, and that they will sell them as soon as practicable.

        I'm in the pro-Obama wing of the Democratic Party.

        by doc2 on Wed Sep 23, 2009 at 06:59:10 PM PDT

        [ Parent ]

        •  But who are we to trust Goldman Sachs? (1+ / 0-)
          Recommended by:
          Badabing

          They're vipers- or vampire squids, to use Matt Taibbi's lexicon.  We can never, ever assume their intentions are pure or straightforward.  Better to suspect the worst of them in any affair they enter into and be prepared to respond accordingly.  The same holds for every other large bank in this country.

          Nothing is true; everything is permitted.

          by jumpjet on Wed Sep 23, 2009 at 07:01:28 PM PDT

          [ Parent ]

          •  You know what? I think you've (1+ / 0-)
            Recommended by:
            jumpjet

            said what really is behind this. People here just hate banks and corporations so much that they can't even rationally approach a situation. In this case, the banks did no wrong, they lent a company money in good times and now they are stuck with money-losing, defunct organizations. And somehow they are the bad guys again...

            I'm in the pro-Obama wing of the Democratic Party.

            by doc2 on Wed Sep 23, 2009 at 07:03:47 PM PDT

            [ Parent ]

            •  Yes, you're correct. (3+ / 0-)
              Recommended by:
              mwmwm, Badabing, Larsstephens

              I hate banks.  I hate corporations.  I despise them.  I believe they should only exist under the strictest and most draconian of regulations.  Any liberty they are given they will use to seize the power of the government away from the citizenry and pervert it to further their own insatiable demand for power and wealth.

              If I had my way, there would be no privately-owned banks of significant size in this country.  There would be regional banks, and then above that there would be a national bank, chartered by the federal government.  This would also replace the Federal Reserve and perform its duties.

              Actually, if I had my way, banking as we know it in this country would cease to exist because I would outlaw the practice of lending at interest.

              Nothing is true; everything is permitted.

              by jumpjet on Wed Sep 23, 2009 at 07:08:43 PM PDT

              [ Parent ]

        •  How about because Goldman Sachs are the scum (1+ / 0-)
          Recommended by:
          jumpjet

          of the earth?  How about I would trust the devil himself before I would trust anyone at Goldman Sachs how about this description:

          "They're a foul group of narcissistic scoundrels who have raped the present and future economies of the world, rigged the markets by exploiting what-amounts-to-software-glitches to extract as much cash as possible from a stock market corrupted by those same people without ever building or manufacturing or creating anything of real value to society, jammed it's money-sucking blood funnel into not only the markets but into Congress, the Senate, the Presidency, the Justice Department, newspapers, every talking head on teevee and it's mechanical robo-claw/feeding tube into the Treasury and Federal Reserve as well, thereby perverting democracy and destroying the lives and bank accounts of millions of Americans and trillions of dollars of fictional wealth by their irresponsible leveraging of puffed-up financial voodoo instruments ,leeching off the government teat in what can only be described as Ayn Rand's wet dream of a free market company gone berserk yet powerful enough to corrupt the system in it's favor to bleed every living thing in sight dry?"

          If you want to give them 'the benefit of the doubt' doc2, that's your business, but I know what these friggin blood suckers have done to our country, and they are getting away with economic terrorism and on top of that, being 'protected' by our government.

          America is the only nation in history which miraculously has gone directly from barbarism to degeneration without the usual interval of civilization.

          by Badabing on Wed Sep 23, 2009 at 07:05:52 PM PDT

          [ Parent ]

          •  Do you know any Goldman employees? (1+ / 0-)
            Recommended by:
            jumpjet

            I'm in the pro-Obama wing of the Democratic Party.

            by doc2 on Wed Sep 23, 2009 at 07:11:12 PM PDT

            [ Parent ]

            •  Do you work for them? If so, then I do now. (0+ / 0-)

              I guess you haven't bothered to read the three jillion articles being written about them throughout the entire world.  

              Why are you acting like a 'cheer leader' for them?

              Here's an article that might open your eyes by Matt Taibbi in Rolling Stone.  It has been hailed as one of the best pieces in journalism and the amazing thing about it, is that it's the fucking truth.

              http://www.rollingstone.com/...

              America is the only nation in history which miraculously has gone directly from barbarism to degeneration without the usual interval of civilization.

              by Badabing on Wed Sep 23, 2009 at 07:24:32 PM PDT

              [ Parent ]

              •  You said they're all scum. So I asked if (0+ / 0-)

                you know any of them at all. I figures you must, to call a group of people scum. I don't work there, never have by the way. But I know many current and former GS people. I've found that they're good, bad, and in between. Sort of like any other group of people I've encountered.

                I'm in the pro-Obama wing of the Democratic Party.

                by doc2 on Wed Sep 23, 2009 at 07:27:07 PM PDT

                [ Parent ]

        •  And how do you know 'they' don't want to own them (0+ / 0-)
          - do you have some kind of insider information?

          America is the only nation in history which miraculously has gone directly from barbarism to degeneration without the usual interval of civilization.

          by Badabing on Wed Sep 23, 2009 at 07:26:46 PM PDT

          [ Parent ]

          •  Read the article. If you understand the basics (0+ / 0-)

            of 21st century finance, you'll understand exactly what is happening. It's not just the media sector that is having trouble repaying its debt. But this is not rocket science if you have a finance background.

            I'm in the pro-Obama wing of the Democratic Party.

            by doc2 on Wed Sep 23, 2009 at 07:29:25 PM PDT

            [ Parent ]

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