Companies like Bain took smaller enterprises, made them efficient by getting rid of good paying jobs

[applegrove]

and making everybody employed there a clerk.

[doc03]

1. It wasn't Bain but a similar vulture capitalist came in and took over the company

I worked for. He first convinced the union that it would be a good idea for the employees to buy preferred stock in the company to save our jobs. Then he came back repeatedly for concessions until we refused to give anymore. So then he filed bankruptcy and locked us out and the bought and paid for bankruptcy judge let the company sell off our iron ore mine, coal mine and anything else that was profitable then dumped our pensions on the PBGC. Then after the bankruptcy he took his golden parachute and sold the company to another set of thieves. Since then we went through two more owners until they shut most everything down 3 years ago.

[applegrove]

2. So sorry you went through that. That sounds like a bunch of creeps took over your company. If they

know they are going for bankruptcy how can they push employees into buying stock.

[doc03]

3. He convinced the union the company needed the cash

to get through the (Reagan recession) and save our jobs. Through the bankruptcy we received 13 cents on the dollar for our stock and all the concessions. Ten years latter another crook put us through a second bankruptcy and more cuts and the loss of another pension.

[applegrove]

4. I hope Unions know the game by now. That sounds absolutely devastating.

[doc03]

5. It's a very long story but you ask any employee and they would

tell you we would still be operating today if it wasn't for the union's stupidity.

[applegrove]

6. But businesses run algorhythms based on the behaviour of people. They know when people

are much less informed than they are. They call it ignorance and then they pounce. Didn't used to be that way.