LS Starrett Company Sold to a Private Firm

[pontiac428]

Exploit, profit, pump, and dump. Equity firms buy businesses as playthings to tinker with, turn upside down, and shake in hopes of some coins falling out. When nothing is left to rattle inside, they palm them off to another Corp like a used car salesman who has been sitting on a lemon Corvair for too long. That rube is the one who closes the factory and moves the name overseas.

Remington has been a conglomerate pawn for decades. Their products and reputation have suffered horribly since the 1970s, hitting new lows in this new century. Profit comes first, and that is the flaw in the system... you capitalist pigs. If only quality and longevity were values as they are in the more moderate European economy, we'd be better off. Slower profits plus stability, what a concept.

 

[tominboise]

Private equity is the death of anything/everything.

This is the case 99% of the time. PE firm squeezes every dollar out of the company possible and then dumps it after a few years.

 

[woodchucker]

Exploit, profit, pump, and dump. Equity firms buy businesses as playthings to tinker with, turn upside down, and shake in hopes of some coins falling out. When nothing is left to rattle inside, they palm them off to another Corp like a used car salesman who has been sitting on a lemon Corvair for too long. That rube is the one who closes the factory and moves the name overseas.

Remington has been a conglomerate pawn for decades. Their products and reputation have suffered horribly since the 1970s, hitting new lows in this new century. Profit comes first, and that is the flaw in the system... you capitalist pigs. If only quality and longevity were values as they are in the more moderate European economy, we'd be better off. Slower profits plus stability, what a concept.

America gave up on Quality if it were ever there en-masse long ago. When the companies realized that the stock moving upward was more important than the goods, we gave up the goods. I blame the bean counters, the CEOs and everyday Americans who want their retirement funds to go full ballistic fast. We are all guilty. But the wealthy just more greedy. Power and money go hand in hand, except for a few who seem to manage it well... the rest will eat their young to make a buck.. I believe in capitalism to a certain degree. But watching CEO's go from 10 times avg salary to 1000s of times , and that most just make a little boost to the company, take their WINNINGS and move on leaving a company in tatters... that it doesn't work. It's broken. It's me, me, me, when it needs to be all of us in the company ... not just the Fing head who destroys it to make it.

 

[pontiac428]

America gave up on Quality if it were ever there en-masse long ago. When the companies realized that the stock moving upward was more important than the goods, we gave up the goods. I blame the bean counters, the CEOs and everyday Americans who want their retirement funds to go full ballistic fast. We are all guilty. But the wealthy just more greedy. Power and money go hand in hand, except for a few who seem to manage it well... the rest will eat their young to make a buck.. I believe in capitalism to a certain degree. But watching CEO's go from 10 times avg salary to 1000s of times , and that most just make a little boost to the company, take their WINNINGS and move on leaving a company in tatters... that it doesn't work. It's broken. It's me, me, me, when it needs to be all of us in the company ... not just the Fing head who destroys it to make it.

When did it become a winner take all system? William Randolph Hurst? The railroad, where the expression "getting railroaded" came from? Cotton and tobacco in the 19th century South? King George's taxes? Man, maybe it's always been about exploitation by the top 1%. Is it too early in the day to start drinking?

 

[mmcmdl]

Is it too early in the day to start drinking?

Yes , blood work in 2 hours . I'll make up for it tonight though , nice warm weather for working out in the garage !

 

[matthewsx]

When did it become a winner take all system? William Randolph Hurst? The railroad, where the expression "getting railroaded" came from? Cotton and tobacco in the 19th century South? King George's taxes? Man, maybe it's always been about exploitation by the top 1%. Is it too early in the day to start drinking?

Most economists attribute the current situation to Milton Friedman's 1970 essay in the New York Times Magazine. I tried to find an actual copy of it but (no surprise) everything is behind a paywall or university login. Here's what Wikipedia has to say.

Friedman doctrine - Wikipedia

en.wikipedia.org

John

 

[matthewsx]

“We are pleased to reach this agreement with MiddleGround, which provides a meaningful premium cash value to our shareholders,” said Douglas A. Starrett, Chairman of the Board of Directors, Chief Executive Officer and President.

 

[markba633csi]

I think the term "getting railroaded" referred to the Chinese workers who got the shaft after all their hard work

 

[WobblyHand]

I think the term "getting railroaded" referred to the Chinese workers who got the shaft after all their hard work

Here is a little discussion on the adjective "railroaded". https://english.stackexchange.com/questions/274533/in-what-country-did-the-term-railroaded-originate

 

[pontiac428]

I think the term "getting railroaded" referred to the Chinese workers who got the shaft after all their hard work

It had more to do with the railroad barons starting in Washington DC lobbies, cash grabs, and their means of acquisition of land- but it could apply to the exploit of Chinese workers too.

Another domestic cultural oddity is how the protestant value of salvation through hard work is the raft that our labor force floats on... I digress.

Stephen Ambrose (Band of Brothers) tells the railroading of America well: https://www.goodreads.com/book/show/49255.Nothing_Like_It_in_the_World