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Step 1. Take out a giant loan. Step 2. Buy a company on credit. Step 3. Stick company with the loan used to buy it. Step 4. RIF, cut costs, reduce quality, b
by burnt-resistor 1y ago
Step 1. Take out a giant loan.
Step 2. Buy a company on credit.
Step 3. Stick company with the loan used to buy it.
Step 4. RIF, cut costs, reduce quality, break contracts, and discontinue goods and services.
Step 5. Sell everything of value.
Step 6. Send that company into bankruptcy.
Step 7. Rinse, lather, and repeat.
- amelius 1y agoNobody fixed that exploit in the law yet?
- mdavidn 1y agoI don't understand why the creditors agree to this.
- leovingi 1y ago1) the creditors package up that debt and then sell it off to the next batch of suckers 2) the creditors are first in line to be reimbursed if the company goes belly up, so they are fine with it as long as the assets the company owns are worth more than the debt