A hedge fund stripped my newspaper for parts. SenWarren just announced a plan to fight back | Opinion
in 2004, it was a feisty and robust local newspaper covering a midsize California county. We did what local news is supposed to do: We investigated sky-high water rates, exposed investment scams and held public officials to account.
Under Alden's tenure, though, layoffs and attrition accelerated at breakneck speed. Instead of a story a day, reporters scrambled to crank out two or three because there were fewer and fewer of us. The office supplies vanished, and we had to buy our own pens, calendars and manila folders. Then the hot water in the bathrooms was turned off. The gutters were never repaired, and staff creatively arranged house plants to try to soak up the leaks.
Like some other private equity firms, Alden has no interest in turning a struggling business around and appears to care little for the communities that are hurt when their watchdogs go away. Instead, it employs a strategy of stripping news organizations' real estate and other assets, laying off staff at twice the national rate and profiting handsomely.
The Stop Wall Street Looting Act unveiled Thursday by Senator Elizabeth Warren of Massachusetts addresses these unknowns. Senator Elizabeth Warren speaks during a community conversation at the East Las Vegas Community Center on July 2 in Las Vegas.It's tragic when a hedge fund takes over your local pharmacy or toy store chain and thousands lose their jobs.
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