Sam Zell Hammered in Washington Post

Thanks to my old friend Betsy Befus Feigin, I’ve been forwarded this savage attack on Sam Zell on the WashingtonPost.com.    I’m disseminating the information because I want my readers to have it.  I want to think and read more about the Tribune situation before I publish anything myself.     There is no question leveraging employee pensions to raise debt to buy a company is ethically quesitonable.  Mgmt  gave employees stock when Zell bought company, but the stock is way behind the debt and now with bankruptcy will be wiped out along with Zell’s stock.  But the Tribune issues are nuanced and deserve and will get more scrutiny on YallaGuy.

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One Response

  1. Harp;d Meyerspn is a classy journalist who hammered Zell. The question should be asked why should a financier put up other people’s money–here pension savings– and bear no responsibility. As Sorkin showed in the NYT 12/9 Zell has greater creditor rights than the hapless pensioners. Somthing is rotten here..

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