Or dare I say Carpetbaggers?
At present there are three private equity bidding groups vying to take BCE private. They are all dominated by US private equity firms, namely KKR, Cerberus and Alliance.
Henry Kravis of KKR was commenting recently on whether he prefers the term “locusts” or the older terminology of “barabarian” to describe the rapacious capital called private equity. Here’s what he had to say:
"I was disappointed with that term," said Mr. Kravis, whose firm is also the subject of a book and a film by the same name, Barbarians at the Gate, about its US$25-billion takeover of RJR Nabisco Corp. "I went from barbarian to locust," said Mr. Kravis. "I think I preferred barbarian."
Meanwhile, we get what simply amounts to hollow assurances from a wholly vested party, namely John Snow the Chairman of Cerberus, that a purchase of BCE by his consortium would not constitute “hollowing out” and so we should all go back to sleep, knowing that the three headed dog who guards hell’s gates (definition of Cerberus) has our best interests as a nation at heart by parsing the issue this way:
“Hollowing out is where you have a strategic buyer who decides we're going to have a branch office here, but we're really going to run this from wherever. That's not this case. We've made it clear the management team will stay, and that Montreal stays the headquarters.”
Given that these two gentlemen reject these descriptive terms, I have a new one for them to consider that aptly describes who they are and what they are up to. It derives from the history of their own country of origin. Except in this case, we are the failed state that is being exploited by our neighbours to the south who are being aided and abetted by Canada’s New Government and their compliant accomplices in the federal bureaucracy through favourable tax measures, many contained in the pending Budget:
CARPETBAGGERS (From Wikipedia)
"In United States history, carpetbaggers were Northerners who moved to the South during Reconstruction between 1865 and 1877. They formed a coalition with Freedmen (freed slaves), and Scalawags (Southern whites) in the Republican Party, which in turn controlled ex-Confederate states for varying periods, 1867–1877.
Carpetbaggers was coined from the carpet bags used as inexpensive luggage. It was originally a derogatory term, suggesting an exploiter who does not plan to stay. Although the term is still an insult in common usage, in histories and reference works it is now used without derogatory intent. Since 1900 the term has also been used to describe outsiders attempting to gain political office or economic advantage, especially in areas (thematically or geographically) to which they previously had no connection."
That sounds about right.
Sunday, June 17, 2007
Posted by Fillibluster at 5:53 PM