"Stripped for Parts": Secretive Hedge Fund Accused of Plundering U.S. Newspapers

[Uncle Joe]

The new documentary Stripped for Parts: American Journalism on the Brink looks at how hedge funds have gutted newsrooms across the country. The hedge fund strategy of "distressed asset investing" involves buying up industries that are struggling to turn a profit, and then selling off their assets and laying off workers. "You have people who are interested solely in making money off of the newspapers and not in serving the community and doing good journalism," says director Rick Goldsmith. "This is happening all over the country, and more than half the daily newspapers are either owned or controlled by hedge funds."

Stripped for Parts: American Journalism on the Brink is now streaming and airing on PBS.

[bucolic_frolic]

1. Vulture Capitalism is always the same playbook, since the early 1970s

Was the basis for the plot in the movie "Wall Street".

Corporations have been spinning divisions forever. M&A. Supermarkets back to the 1920s. Manufactured goods in the 60s and 70s and 80s. Appliances, Fridges, power equipment, vacuum cleaners, electronics. Brands, factories. Now there are companies that collect brands, private equity some of them. Factories were sold and the equipment moved to Asia. Products would disappear for a couple years, then reappear, substantially the same. Everything is for sale!