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View Diary: Harry & David files Chapter 11 Bankruptcy (186 comments)

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  •  It's not new. Remember William Simon? (6+ / 0-)

    Treasury Secretary under Ronald Reagan? Back in the 1980s after his Government gig, Simon ran a plush little firm that specialized in just such leveraged hostile takeovers of stable profitable companies. They would buy out old-line traditional manufacturing companies with borrowed money. They would pillage the pension fund, sell off valuable properties, then fold the resulting empty husk into a new shell company with other similar skeletons. The new shell company would be spiffed up to look good on paper, and unloaded on unsuspecting investors. Lather, rinse, repeat.

    Simon got obscenely wealthy in the process. And by giving a few million to my alma mater, got them to name their new business school after him. The Simon School of Business.

    Sort of like the Three Mile Island School of Nuclear Engineering.

    •  There are some of us (1+ / 0-)
      Recommended by:

      in the area that still look on that bit of bribery and soul selling with contempt.  

      Nothing bugs me more than when people or corporations or countries (Turkey & Princeton)  buy their way into universities & curriculum.  But it has been going on forever.  Some universities were started by those who gave their private libraries - what idealism!

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