Here's an open secret: the confusing jargon of finance is not the product of some inherent complexity that requires a whole new vocabulary. Rather, finance-talk is all obfuscation, because if we called finance tactics by their plain-language names, it would be obvious that the sector exists to defraud the public and loot the real economy.
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Lisa Melton reshared this.
LA Legault 🍉
in reply to Cory Doctorow AFK TIL MID-SEPT • • •@bougiewonderland
The same reason for legal jargon.
Cory Doctorow AFK TIL MID-SEPT
in reply to Cory Doctorow AFK TIL MID-SEPT • • •If you'd like an essay-formatted version of this thread to read or share, here's a link to it on pluralistic.net, my surveillance-free, ad-free, tracker-free blog:
https://pluralistic.net/2024/08/05/rugged-individuals/#misleading-by-analogy
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Pluralistic: Leveraged buyouts are not like mortgages (05 Aug 2024) – Pluralistic: Daily links from Cory Doctorow
pluralistic.netCory Doctorow AFK TIL MID-SEPT
in reply to Cory Doctorow AFK TIL MID-SEPT • • •Content warning: Long thread/3
Take "leveraged buyout," a polite name for *stealing a whole goddamned company*:
I. Identify a company that owns valuable assets that are required for its continued operation, such as the real-estate occupied by its outlets, or even its lines of credit with suppliers;
II. Approach lenders (usually banks) and ask for money to buy the company, offering the company itself (which you don't own!) as collateral on the loan;
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Cory Doctorow AFK TIL MID-SEPT
in reply to Cory Doctorow AFK TIL MID-SEPT • • •Content warning: Long thread/4
III. Offer some of those loaned funds to shareholders of the company and convince a key block of those shareholders (for example, executives with large stock grants, or speculators who've acquired large positions in the company, or people who've inherited shares from early investors but are disengaged from the operation of the firm) to demand that the company be sold to the looters;
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Cory Doctorow AFK TIL MID-SEPT
in reply to Cory Doctorow AFK TIL MID-SEPT • • •Content warning: Long thread/5
IV. Call a vote on selling the company,, counting on the fact that many investors will not participate in that vote (for example, the big index funds like Vanguard almost *never* vote on motions like this), which means that a minority of shareholders can force the sale;
V. Once you own the company, start to strip-mine its assets: sell its real-estate, start stiffing suppliers, fire masses of workers, all in the name of "repaying the debts" that you took on to buy the company.
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Cory Doctorow AFK TIL MID-SEPT
in reply to Cory Doctorow AFK TIL MID-SEPT • • •Content warning: Long thread/6
This process has its own euphemistic jargon, for example, "rightsizing" for layoffs, or "introducing efficiencies" for stiffing suppliers or selling key assets and leasing them back. The looters - usually organized as private equity funds or hedge funds - will extract all the liquid capital - and give it to themselves as a "special dividend."
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Cory Doctorow AFK TIL MID-SEPT
in reply to Cory Doctorow AFK TIL MID-SEPT • • •Content warning: Long thread/7
Increasingly, there's also a "divi recap," which is a euphemism for borrowing even more money backed by the company's assets and then handing it to the private equity fund:
https://pluralistic.net/2020/09/17/divi-recaps/#graebers-ghost
If you're a *Sopranos* fan, this will all sound familiar, because when the (comparatively honest) mafia does this to a business, it's called a "bust-out":
https://en.wikipedia.org/wiki/Bust_Out
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episode of The Sopranos (S2 E10)
Contributors to Wikimedia projects (Wikimedia Foundation, Inc.)The Great Llama :fuck_verify:
in reply to Cory Doctorow AFK TIL MID-SEPT • • •Content warning: Long thread/7
Cory Doctorow AFK TIL MID-SEPT
in reply to Cory Doctorow AFK TIL MID-SEPT • • •Content warning: Long thread/8
The mafia destroys businesses on a onesy-twosey, retail scale; but private equity and hedge funds do their plunder wholesale.
It's how they killed Red Lobster:
https://pluralistic.net/2024/05/23/spineless/#invertebrates
And it's what they did to hospitals:
https://pluralistic.net/2024/02/28/5000-bats/#charnel-house
It's what happened to nursing homes, Armark, private prisons, funeral homes, pet groomers, nursing homes, Toys R Us, The Olive Garden and Pet Smart:
https://pluralistic.net/2023/06/02/plunderers/#farben
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Pluralistic: The long lineage of private equity’s looting (02 June 2023) – Pluralistic: Daily links from Cory Doctorow
pluralistic.netCory Doctorow AFK TIL MID-SEPT
in reply to Cory Doctorow AFK TIL MID-SEPT • • •Content warning: Long thread/9
It's what happened to the housing co-ops of Cooper Village, Texas energy giant TXU, Old Country Buffet, Harrah's and Caesar's:
https://pluralistic.net/2021/05/14/billionaire-class-solidarity/#club-deals
And it's what's slated to happen to 2.9m Boomer-owned US businesses employing 32m people, whose owners are nearing retirement:
https://pluralistic.net/2022/12/16/schumpeterian-terrorism/#deliberately-broken
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Pluralistic: 14 May 2021 – Pluralistic: Daily links from Cory Doctorow
pluralistic.netCory Doctorow AFK TIL MID-SEPT
in reply to Cory Doctorow AFK TIL MID-SEPT • • •Content warning: Long thread/10
Now, you can't demolish that much of the US productive economy without attracting some negative attention, so the looter spin-machine has perfected some talking points to hand-wave away the criticism that borrowing money using something you don't own as collateral in order to buy it and wreck it is obviously a dishonest (and potentially criminal) destructive practice.
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Cory Doctorow AFK TIL MID-SEPT
in reply to Cory Doctorow AFK TIL MID-SEPT • • •Content warning: Long thread/11
The most common one is that borrowing money against an asset you don't own is just like getting a mortgage. This is *such* a badly flawed analogy that it is really a testament to the efficacy of the baffle-em-with-bullshit gambit to convince us all that we're too stupid to understand how finance works.
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Cory Doctorow AFK TIL MID-SEPT
in reply to Cory Doctorow AFK TIL MID-SEPT • • •Content warning: Long thread/12
Sure: if I put an offer on your house, I will go to my credit union and ask the for a mortgage that uses your house as collateral. But the difference here is that you own your house, and the only way I can buy it - the only way I can actually *get* that mortgage - is if you agree to sell it to me.
Owner-occupied homes typically have uncomplicated ownership structures. Typically, they're owned by an individual or a couple.
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Cory Doctorow AFK TIL MID-SEPT
in reply to Cory Doctorow AFK TIL MID-SEPT • • •Content warning: Long thread/13
Sometimes they're part of an estate divided up among multiple heirs, whose relationship is mediated by a will and a probate court. Title can be contested through a divorce, where disputes are settled by a divorce court. At the outer edge of complexity, you get things like polycules or lifelong roommates who've formed an LLC s they can own a house among several parties, but the LLC will have bylaws, and typically all those co-owners will be fully engaged in any sale process.
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Cory Doctorow AFK TIL MID-SEPT
in reply to Cory Doctorow AFK TIL MID-SEPT • • •Content warning: Long thread/14
Leveraged buyouts don't target companies with simple ownership. They depend on firms with equity split among many parties, some of whom will be utterly disengaged from the firm's daily operations - say, the kids of an early employee who got a big stock grant but left before the company grew up. The looter needs to convince a few of these "owners" to force a vote on the acquisition, and then rely on the idea that many of the other shareholders will simply abstain from a vote.
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Cory Doctorow AFK TIL MID-SEPT
in reply to Cory Doctorow AFK TIL MID-SEPT • • •Content warning: Long thread/15
Asset managers are ubiquitous absentee owners who own large stakes in literally every major firm in the economy. The big funds - Vanguard, Blackrock, State Street - "buy the whole market" (a big share in every top-capitalized firm on a given stock exchange) and then seek to deliver returns equal to the overall performance of the market. If the market goes up by 5%, the index funds need to grow by 5%. If the market goes down by 5%, then so do those funds.
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Cory Doctorow AFK TIL MID-SEPT
in reply to Cory Doctorow AFK TIL MID-SEPT • • •Content warning: Long thread/16
The managers of those funds are trying to match the performance of the market, not *improve* on it (by voting on corporate governance decisions, say), or to beat it (by only buying stocks of companies they judge to be good bets):
https://pluralistic.net/2022/03/17/shareholder-socialism/#asset-manager-capitalism
Your family home is *nothing* like one of these companies. It doesn't have a bunch of minority shareholders who can force a vote, or a large block of disengaged "owners" who won't show up when that vote is called.
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Pluralistic: 17 Mar 2022 – Pluralistic: Daily links from Cory Doctorow
pluralistic.netCory Doctorow AFK TIL MID-SEPT
in reply to Cory Doctorow AFK TIL MID-SEPT • • •Content warning: Long thread/17
There isn't a class of senior execs - Chief Kitchen Officer! - who have been granted blocks of options giving them a say in whether you become homeless.
Now, there *are* homes that fit this description, and they're a fucking disaster. These are "heirs property" homes, generally owned by Black descendants of enslaved people who were given the proverbial 40 acres and a mule. Many prosperous majority Black settlements in the American South are composed of these kinds of lots.
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Cory Doctorow AFK TIL MID-SEPT
in reply to Cory Doctorow AFK TIL MID-SEPT • • •Content warning: Long thread/18
Given the historical context - illiterate ex-slaves getting property as reparations or as reward for fighting with the Union Army - the titles for these lands are often muddy, with informal transfers from parents to kids sorted out with handshakes and not memorialized by hiring lawyers to update the deeds.
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Cory Doctorow AFK TIL MID-SEPT
in reply to Cory Doctorow AFK TIL MID-SEPT • • •Content warning: Long thread/19
This has created an irresistible opportunity for a certain kind of scammer, who will pull the deeds, hire genealogists to map the family trees of the original owners, and locate distant descendants with homeopathically small claims on the property. These descendants don't even know they own these claims, don't even know about these ancestors, and when they're offered a few thousand bucks for their claim, they naturally take it.
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Cory Doctorow AFK TIL MID-SEPT
in reply to Cory Doctorow AFK TIL MID-SEPT • • •Content warning: Long thread/20
Now, armed with a claim on the property, the heirs property scammers force an auction of it, keeping the process under wraps until the last instant. If they're really lucky, they're the only bidder and they can buy the entire property for pennies on the dollar and then evict the family that has lived on it since Reconstruction.
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Cory Doctorow AFK TIL MID-SEPT
in reply to Cory Doctorow AFK TIL MID-SEPT • • •Content warning: Long thread/21
Sometimes, the family will get wind of the scam and show up to bid against the scammer, but the scammer has deep capital reserves and can easily win the auction, with the same result:
https://www.propublica.org/series/dispossessed
A similar outrage has been playing out for years in Hawai'i, where indigenous familial claims on ancestral lands have been diffused through descendants who don't even know they're co-owner of a place where their distant cousins have lived since pre-colonial times.
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Dispossessed
ProPublicaCory Doctorow AFK TIL MID-SEPT
in reply to Cory Doctorow AFK TIL MID-SEPT • • •Content warning: Long thread/22
These descendants are offered small sums to part with their stakes, which allows the speculator to force a sale and kick the indigenous Hawai'ians off their family lands so they can be turned into condos or hotels. Mark Zuckerberg used this "quiet title and partition" scam to dispossess hundreds of Hawai'ian families:
https://archive.is/g1YZ4
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Cory Doctorow AFK TIL MID-SEPT
in reply to Cory Doctorow AFK TIL MID-SEPT • • •Content warning: Long thread/23
Heirs property and quiet title and partition are a *much* better analogy to a leveraged buyout than a mortgage is, because they're ways of stealing something valuable from people who depend on it and maintain it, and smashing it and selling it off.
Strip away all the jargon, and private equity is just another scam, albeit one with pretensions to respectability. Its practitioners are ripoff artists.
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Cory Doctorow AFK TIL MID-SEPT
in reply to Cory Doctorow AFK TIL MID-SEPT • • •Content warning: Long thread/24
You know the notorious "carried interest loophole" that politicians periodically discover and decry? "Carried interest" has nothing to do with the interest on a loan. The "carried interest" rule dates back to 16th century sea-captains, and it refers to the "interest" they had in the cargo they "carried":
https://pluralistic.net/2021/04/29/writers-must-be-paid/#carried-interest
Private equity managers are like sea captains in exactly the same way that leveraged buyouts are like mortgages: not at all.
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Pluralistic: 29 Apr 2021 – Pluralistic: Daily links from Cory Doctorow
pluralistic.netCory Doctorow AFK TIL MID-SEPT
in reply to Cory Doctorow AFK TIL MID-SEPT • • •Content warning: Long thread/25
And it's not like private equity is good to its *investors*: scams like "continuation funds" allow PE looters to steal all the money they made from strip mining valuable companies, so they show no profits on paper when it comes time to pay their investors:
https://pluralistic.net/2023/07/20/continuation-fraud/#buyout-groups
Those investors are just as bamboozled as we are, which is why they keep giving more money to PE funds.
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Pluralistic: Private equity ghouls have a new way to steal from their investors (20 July 2023) – Pluralistic: Daily links from Cory Doctorow
pluralistic.netCory Doctorow AFK TIL MID-SEPT
in reply to Cory Doctorow AFK TIL MID-SEPT • • •Content warning: Long thread/26
Today, the "dry powder" (uninvested money) that PE holds has reached an all-time record high of *$2.62 trillion* - money from pension funds and rich people and sovereign wealth funds, stockpiled in anticipation of buying and destroying even more profitable, productive, useful businesses:
https://www.institutionalinvestor.com/article/2di1vzgjcmzovkcea8f0g/portfolio/private-equitys-dry-powder-mountain-reaches-record-height
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Private Equity’s Dry-Powder Mountain Reaches Record Height
Michael Thrasher (Institutional Investor)Cory Doctorow AFK TIL MID-SEPT
in reply to Cory Doctorow AFK TIL MID-SEPT • • •Content warning: Long thread/27
The practices of PE are crooked as hell, and it's only the fact that they use euphemisms and deceptive analogies to home mortgages that keeps them from being shut down. The more we strip away the bullshit, the faster we'll be able to kill this cancer, and the more of the real economy we'll be able to preserve.
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Cory Doctorow AFK TIL MID-SEPT
in reply to Cory Doctorow AFK TIL MID-SEPT • • •Content warning: Long thread/eof
I'm coming to @defcon!
Friday (8/9):
12h: Emceeing @eff Poker Tournament (Horseshoe Poker Room)
https://www.eff.org/deeplinks/2024/06/betting-your-digital-rights-eff-benefit-poker-tournament-def-con-32
17h: Bricked and Abandoned panel (track 1).
https://info.defcon.org/event/?id=54844
--
Saturday (8/10):
12h: Disenshittify or die! How hackers can seize the means of computation and build a new, good internet, hardened against our bosses' horniness for enshittification (track 1).
https://info.defcon.org/event/?id=54861
eof/
Betting on Your Digital Rights: EFF Benefit Poker Tournament at DEF CON 32
Electronic Frontier FoundationRememberUsAlways
in reply to Cory Doctorow AFK TIL MID-SEPT • • •Content warning: Long thread/eof
It all started with the golden ratio and an abacus and it's been all uphill from there.
@defcon @eff
bm
in reply to Cory Doctorow AFK TIL MID-SEPT • • •I guess now's a better time than never to say I looked at 'The Bezzle' in an essay about the power of stories to chip away at bullshit language set by people in power:
https://brologue.net/2024/06/21/wtdwa/
Trying to do my bit.
WTDWA? – An Essay For My St. Andrews Uni Application – Brologue
brologue.netCory Doctorow AFK TIL MID-SEPT reshared this.
Wayne Werner
in reply to Cory Doctorow AFK TIL MID-SEPT • • •Content warning: Long thread/8
Kaybee Toys, too.
Also I don't know what the term is for this, but when Toys R Us "liquidated" they had toys that were, say, $89.99 the week before (I was shopping there before) and then they were 80% off at $99.99 because they updated all the list prices to 10% more than last week x 100
Douchebaggery?
Cory Doctorow AFK TIL MID-SEPT reshared this.
Phil Greer
in reply to Cory Doctorow AFK TIL MID-SEPT • • •Content warning: Long thread/8
Dark Sage Torunka :verified:
in reply to Cory Doctorow AFK TIL MID-SEPT • • •Cory Doctorow AFK TIL MID-SEPT
in reply to Dark Sage Torunka :verified: • • •Nicole Parsons
in reply to Cory Doctorow AFK TIL MID-SEPT • • •Another issue is the role exotic financial instruments play in driving economy-destroying public policy.
Example 1.
In the 2008 global financial crash, a concatenation of greed, the corruption of the teaching of economics by private interests like #KochNetwork, regulatory capture, conflicts of interest like revolving door recruiting between agency & industry, complicit ratings agencies, and exotic financial instruments like credit default swaps, mortgage...
1/3
Cory Doctorow AFK TIL MID-SEPT reshared this.
B. Ross Ashley
in reply to Cory Doctorow AFK TIL MID-SEPT • • •Cory Doctorow AFK TIL MID-SEPT reshared this.
tanya tussing
in reply to Cory Doctorow AFK TIL MID-SEPT • • •So true, @pluralistic
"the confusing jargon of finance is not the product of some inherent complexity that requires a whole new vocabulary. Rather, finance-talk is all obfuscation"
#Economics #PoliEcon
clacke: inhibited exhausted pixie dream boy 🇸🇪🇭🇰💙💛 likes this.
Cory Doctorow AFK TIL MID-SEPT reshared this.
Daniel Marks
in reply to Cory Doctorow AFK TIL MID-SEPT • • •Wayne Werner
in reply to Cory Doctorow AFK TIL MID-SEPT • • •Rachel Rawlings
in reply to Cory Doctorow AFK TIL MID-SEPT • • •LBOs still make me think of Michael Milken, Barbarians at the Gate, and Other People's Money. Of course, the last was a Hollywood movie with a happyish ending that doesn't exist in real life, but it explains how the scam works in an easy 103 minutes.
https://m.youtube.com/watch?v=oOTlqs_j4IE
And instead of being made illegal in the 30 years since LBOs tanked the Poppy Bush economy, they've been normalized at internet speed. #Enshittification
Other People's Money (1991) Official Trailer - Danny DeVito, Gregory Peck Movie HD
YouTubeCory Doctorow AFK TIL MID-SEPT reshared this.
Chris Real
in reply to Cory Doctorow AFK TIL MID-SEPT • • •naught101
in reply to Cory Doctorow AFK TIL MID-SEPT • • •MegatronicThronBanks
in reply to Cory Doctorow AFK TIL MID-SEPT • • •This is an old article, 2015, by an economist, calling out the whole field for its jaronistic bullshit.
https://www.themonthly.com.au/issue/2015/july/1435672800/richard-denniss/clowns-and-treasurers#mtr
I'm listening
in reply to Cory Doctorow AFK TIL MID-SEPT • • •always tired
in reply to Cory Doctorow AFK TIL MID-SEPT • • •Cory Doctorow AFK TIL MID-SEPT
in reply to always tired • • •That is not an antisemetic caricature; it's an altered *Puck* cover from 2/2,/1910, commemorating J Pierpont Morgan- literally the most goyishe banker in history - and the world's first billion dollar bank merger. That's Morgan.
Making the finance sector out to be diabolical is not antisemitic. Assuming that all unflattering caricatures of bankers are secretly unflattering caricatures of Jews is a) historically unsupportable; b) unproductive; and c) nuts.
Signed,
A Jew
DnParadice
in reply to Cory Doctorow AFK TIL MID-SEPT • • •agree,
Amortization: how much money we are going to fine you for being so poor you have to borrow money.
Amin Negm-Awad🇪🇺🌴🇺🇸🥥
in reply to Cory Doctorow AFK TIL MID-SEPT • • •You illustrate the thread with a picture that tells a highly antisemitic story.
Hopefully, the text below is less antisemitic.
Cory Doctorow AFK TIL MID-SEPT
in reply to Amin Negm-Awad🇪🇺🌴🇺🇸🥥 • • •@RA_Negm If you think that J Pierpont Morgan (pictured here) is Jewish, or that demonizing the finance sector is antisemitic, then you are wrong, and likely to be disappointed by my work.
Signed,
A Jew.
ראַף דער נאַר 🟣
in reply to Cory Doctorow AFK TIL MID-SEPT • • •@RA_Negm
Who chose to make the JP Morgan red and with little devil horns?
Cory Doctorow AFK TIL MID-SEPT
in reply to ראַף דער נאַר 🟣 • • •@raf @RA_Negm
To show that the finance sector is a force for evil in the world.
Amin Negm-Awad🇪🇺🌴🇺🇸🥥
in reply to Cory Doctorow AFK TIL MID-SEPT • • •Amin Negm-Awad🇪🇺🌴🇺🇸🥥
in reply to Cory Doctorow AFK TIL MID-SEPT • • •Cory Doctorow AFK TIL MID-SEPT
in reply to Amin Negm-Awad🇪🇺🌴🇺🇸🥥 • • •@RA_Negm I categorically reject the idea that criticizing the finance sector - including through visual shorthand that paints bankers as demons, giants, etc - is antisemitic.
You are making a category error, in assuming that because antisemites employ a visual shorthand, the shorthand itself is antisemitic.
Cory Doctorow AFK TIL MID-SEPT
in reply to Cory Doctorow AFK TIL MID-SEPT • • •@RA_Negm
An antisemitic editorial cartoon might depict a cop standing on a beach, blowing a whistle and holding up a white-gloved hand as shorthand for "stop" (directed, say, at boats with migrants).
That doesn't make a cop holding out a hand and blowing a whistle antisemitic. It makes it a common visual shorthand (which is why antisemites use it).
On the other hand, equating negative depictions of bankers to negative depictions of Jews IS incredibly, viciously antisemitic.
Cory Doctorow AFK TIL MID-SEPT
in reply to Cory Doctorow AFK TIL MID-SEPT • • •Cory Doctorow AFK TIL MID-SEPT
in reply to Cory Doctorow AFK TIL MID-SEPT • • •Cory Doctorow AFK TIL MID-SEPT
in reply to Cory Doctorow AFK TIL MID-SEPT • • •@RA_Negm Accordingly, this is my last word on the subject. Explaining all the ways in which you are hallucinating isn't a productive use of my time (and I'm anticipating that you're going to ignore all this and post something else defensive, indicating that this is a waste of your time, too).
This isn't Kabbalah. Antisemitic symbols aren't hidden in century-old editorial cartoons criticizing finance sector consolidation.
Nazis don't hide their intention. They're quite plain about it.
Amin Negm-Awad🇪🇺🌴🇺🇸🥥
in reply to Cory Doctorow AFK TIL MID-SEPT • • •Amin Negm-Awad🇪🇺🌴🇺🇸🥥
in reply to Cory Doctorow AFK TIL MID-SEPT • • •Amin Negm-Awad🇪🇺🌴🇺🇸🥥
in reply to Cory Doctorow AFK TIL MID-SEPT • • •Because you can imagine antoher antisemitic steroetype, the cartoon you choosed isnb't antisemitic?
Wow, I really don't have to read your thread.
Amin Negm-Awad🇪🇺🌴🇺🇸🥥
in reply to Cory Doctorow AFK TIL MID-SEPT • • •Nicolai von Neudeck 🤒🤕
in reply to Cory Doctorow AFK TIL MID-SEPT • • •The argument about the real economy vs financial economy is literally the “schaffendes” vs. “raffendes” Kapital of the National socialists from the 1930s. Structurally antisemitic and bad enough.
But you thought “maybe that isn’t on the nose enough, let’s add some primary antisemitism in form of an illustration”.
Your analysis of society wasn’t great when we talked ten years ago at cbase berlin, but this is really beyond. What on earth were you thinking?!
Cory Doctorow AFK TIL MID-SEPT
in reply to Nicolai von Neudeck 🤒🤕 • • •@vonneudeck Oh sure, those notorious Nazis who divided finance capital from the real economy like Karl Marx, Leon Trotsky, Emma Goldman, and Abbie Hoffman.
And those notorious antisemetic caricaturists who depicted bankers as devils, like the Jewish Forward, the Bundists, and other Jewish anarchists and socialists.
Cory Doctorow AFK TIL MID-SEPT
in reply to Cory Doctorow AFK TIL MID-SEPT • • •The fact that you've nursed a grudge for a decade (!?) over an imaginary conversation (I've never set foot in C-Base) is weird and off-putting.
But this nonsense? It's disqualifying. Bye now.
Nicolai von Neudeck 🤒🤕
in reply to Cory Doctorow AFK TIL MID-SEPT • • •differentiating between finance capital and factory capital because they are taking care of different aspects of capitalism is something very different from implying that one is unproductive and has no useful function in capitalism.
Your stuff isn’t what Marx did, no matter how much you want to believe that. It’s Strasserism, nothing more.
And just because the בונד or the פאָרווערטס used some antisemitic Bildsprache in the past — if they did — does not make yours not antisemitic.