Hedge funds are the bane of good journalism.
They take over newspapers, siphon away their journalists, suck out
what money is left and move on to their next cadaver.
Alden Global Capital, described as “the hedge fund that bleeds
newspapers dry,” is one of the financial corporate cannibals with the McClatchy
newspapers within reach of its fangs.
It plucked the Pottstown (Pennsylvania) Mercury, which despite its small
circulation had two Pulitzer Prizes, for its blood-sucking vandalism.
The first thing hedge funds do is pillage the staff of employees.
They’re not interested in having newspaper pursue the truth and hold corrupt
politicians and businesses’ feet to the fire.
They only want to extract every penny they can and then toss the
Fourth Estate on the garbage pile.
Pottstown is only 40 miles from Philadelphia but it might as well
be on Mars. Its iron and steel industries are gone. So are all but 23,000 of
its population.
Alden Global Capital makes $160 million a year shredding
newspapers.
If you want to read the story told too often in America today, this
one about the mercurial rise of Alden at the expense of those who gave their
lives to journalism in Pottstown, go to
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