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This is an over simplification and no one here is saying private ownership is bad. It would be mind boggling if someone were allowed to buy your home with a mor
by devalgo 6y ago
This is an over simplification and no one here is saying private ownership is bad. It would be mind boggling if someone were allowed to buy your home with a mortgage in your name, kick you out of it and then sell the home for pure profit. Yet that is exactly what LBO's do. They buy companies using debt which they then transfer to that company, sell off anything of value, fire most of the workers, show some level of profit and sell the company to someone else.
- seibelj 6y agoBut the house is privately owned by me. The company is public, anyone can buy, and if they have enough of it (or enough of the elected board representation), then they can do that. If I was a shareholder in a company that underperformed the market, and a professional turnaround firm decided to take drastic action to improve the value of my ownership stake, I would approve. My preference is to work for and invest in companies that try to make me the most money possible. I donate to non-profits that try hardest to improve the world. For-profit companies and non-profit organizations have different goals.