Taibbi: Stop the Koch Brothers From Buying the Tribune

[Hissyspit]

http://www.rollingstone.com/entry/view/id/38069/pn/1/p/0/?KSID=bc1bff6dd5d5ce4e2a231cff1c9b5332

Politics: Who Can Stop the Koch Brothers From Buying the Tribune Papers? Unions Can, and Should

BY MATT TAIBBI
MAY 10, 2013 | 11:30AM EDT

A few weeks ago, we did a story about hedge fund king Dan Loeb's plans to address a conference of institutional investors and perhaps solicit new clients among the public retirement funds in attendance, despite his involvement with a political lobbying group that campaigns against those very types of defined benefit plans. When stories by Rolling Stone, Washington Monthly and the New York Post came out about Loeb's affiliations, Loeb canceled his scheduled speech at the Conference of Institutional Investors and fled the event, reinforcing the simple idea that powerful interests can be forced to choose between taking the public's money and involving themselves in regressive politics.

We have another one of those situations brewing now, only it's a much bigger deal this time – the much-talked-about, much-dreaded potential sale of the Tribune newspaper group to the odious Koch brothers. As first reported in the Times a few weeks ago, the Kochs, after years of working through the media with relentless lobbying and messaging, are exploring the idea of skipping the middleman and becoming media themselves, with the acquisition of one of the biggest media groups in the country.

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It should go without saying that the sale of this still-potent media empire to the cash-addled Koch brothers duo – lifetime denizens of a sub-moronic rightist echo chamber where everything from Social Security to Medicare to unemployment benefits to the EPA are urgent threats to national security, and even child labor laws are evidence of an overly intrusive government – would be a disaster of epic proportions. One could argue that it would be on par with the Citizens United decision in its potential for causing popular opinion to be perverted and bent by concentrated financial interests.

Of course, conservatives will argue that people like myself are only talking that way because the potential buyers of these people are conservatives.

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The potential conflict comes from the fact that two of the major stakeholders at Tribune Co. are investment management firms that manage billions of dollars of public pension funds. One is called Oaktree Capital, a Los Angeles-based group that owns 23.5 percent of Tribune Co. Another is called Angelo Gordon & Co., which is based here in New York and owns 9.4 percent of Tribune. J.P. Morgan Chase, another major Tribune stakeholder, also manages public-sector funds.

This sale really can't happen, obviously, without the assent of these companies. Yet these companies are financially dependent upon public pension funds.

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[GiaGiovanni]

1. This is really important

These are major papers the Kochs want to buy.


K & R

[octoberlib]

2. K&R

[Initech]

3. If those traitorous scumbags get their hands on Tribune Corp, kiss freedom of the press goodbye.

[pacalo]

4. K&R.