Light was shed this week on the unbelieveably legal credit fraud that was committed by The Blackstone Group (owners of Sea World, Orbitz.com, and many other companies). They are the douchebag of the week for engaging in practices as a company, that would get any individual thrown in jail. So, corporations are people, except where breaking the law is concerned.
According to Wikipedia, Blackstone is a multinational private equity, investment banking, alternative asset management and financial services corporation. It was founded by these two douchebags, who made the bulk of their money working for Lehman Brothers.
In layman’s terms here’s how I understand it. Unaffiliated company A took out a loan of 35 million dollars. Blackstone bought bonds and CDS on company A, then told company A they would pay them 35 million dollars to pay the interest payment on their loan 2 days late, which would require company A to pay their entire loan (of 35 million dollars) in full. It would also cause a 197 million dollar payout to Blackstone and it’s investors, because the bonds they bought were insured, and guaranteed to be paid on time.
And this is all legal.
Check out these articles for a much better explanation.
Blackstone owns (among many others) a telephone company, a global media company, Michael’s (yes, the craft store which it owns with Bain Capital. Bain ring any bells?), a medical device company (now you know why the Republicans are pushing SO hard to repeal the medical device tax that is part of Obamacare), a soft drink company, the Sea World franchise, and Hilton Hotels as well as their very lucrative insurance fraud scheme.
These douchebags need to stop fucking America, and go fuck themselves.