How hedge funds, Goldman Sachs, and corrupt executives used Gymboree's chaotic bankruptcy to cash out while destroying the careers of loyal employees

#1

Originally published at: https://boingboing.net/2019/03/28/job-creators-2.html

8 Likes
#2

See also Guitar Center and Toys R Us. It’s as if Bain Capital takes a special delight in setting up businesses catering to young people for one of their good old-fashioned mob bust-outs.

15 Likes
#3

And now Romney is a senator, and probably sees himself as a viable alternative to trump - so he can pull this bullshit on the whole country.

11 Likes
#4

giphy%20(3)

21 Likes
#5

Wow. Hedge fund managers don’t have everybody’s best interests at heart?

5 Likes
#6

Hey, during times of declared Emergency, don’t they shoot looters?

5 Likes
#7

Sue Goldman Sachs for wage theft.

1 Like
#8

If they styled themselves as anything else, they would be bad at grifting.

If you aren’t part of the in-crowd in these situations, you can’t count on any kind of parachute. The best you can hope for?

That would be faster than waiting for the wheels of justice to grind away.

7 Likes
#9

Front row seats will need a lobster bib, or two.

5 Likes
#10

Now I’m picturing a Gallagher show.

9 Likes
#11

It’s no more than such assholes deserve; they get to be the watermelons.

(Credit to IZombie for providing an apt image of an updated guillotine, complete with smashed watermelon.)

7 Likes
#12

If Citizens United made corporations into people, then Mitt Romney is a serial killer.

14 Likes
#13

8 Likes
#14

That explains a lot about their sudden bankruptcy and closing. Sickening.

3 Likes
#15

A company I worked for until recently is right now showing very similar symptoms of any of the big-name liquidity raids you could name. But when the rot goes all the way to the very top and nothing going on is illegal, what can a lowly tech mole do about it?

5 Likes
#16

yeah I love how everyone above in this thread is such a comedian (e.g. lobster bibs? hilarious!) but you’ve asked a pretty simple question of what to actually do and everyone is silent.

3 Likes
#17

Tell me about it :confused: I had quiet chats about what I was seeing and the parallels I could draw with a few of my immediate superiors who I could trust, and even weeks later none of us had the slightest clue what to do about it that would actually fix the problem. When it’s 100% legal and 100% deliberate, law enforcement aren’t interested and no-one with the power to stop it is interested in doing so. If we had done anything to rock the boat, whistleblower protections would not have applied (no crime, no whistle to blow on it) while any damage to the stock price from anything we said would have left us wide open to prosecution by pissed off stockholders.

Folks only get to point and hiss at the “bad guys” while it’s not them being shat on.

3 Likes
#18

I’m the CEO of eToys that Sachs & Bain Cap offered a bribe to let them do similar.

Doesn’t matter how many (especially “Bankruptcy Ring” RICO) crimes that Sachs & Bain Cap do - as they’ve done hundreds related to our cases - all fed agents and fed agencies refuse to investigate them.

Gymboree is just another notch in their belt!

13 Likes
#19

I am going to be very sad to say this:

Find another job. I’m sorry. You can’t save them. But you can save yourself. :frowning:

(Edited to add: Or: save up a fund to cover your unemployment, ride it out, and enjoy the ride…)

6 Likes
#20

And take what you can that will either go to waste because of these rotten executives or that will prove their malfeasance in the court of public opinion. In my experience the lowly tech moles (like the janitors of the pre-digital age) have access to those things in a way that other employees do not and are better able to cover their tracks.

4 Likes