1/01/2013

Vulture Capitalist? Warren Buffett Buys, Then Closes Newspaper

Posted by Brian

Warren Buffett - "Vulture" Capitalist?
During the 2012 Presidential race, Democrats, the Obama lapdog media, and liberals in general, labeled Mitt Romney a "vulture capitalist" because of his tenure at Bain Capital.  Of course, this was an unfair smear on Romney (which worked), as Bain, which buys companies which are already struggling or on the verge of bankruptcy, attempts to turn them around, and then sell them at a profit.  Far more often than not, that is what happened.  But occasionally those companies could not be turned around and would then be liquidated.  People in those companies unfortunately lost their jobs. This is a simplification of course, but generally that is how it worked.
My question is this:  Do you think that Warren Buffett will be excoriated and labeled a "vulture capitalist, as Romney was, for buying the Manassas News and Messenger newspaper company and a Happy New Year firing to all of its employees, barely six months after buying it? My guess is not only no, but the mainstream media will virtually ignore it.  He is, after all, one of "them".

WARREN BUFFETT-OWNED NEWSPAPER SHUTS DOWN
by WARNER TODD HUSTON  31 Dec 2012

After 143 years in print, the Manassas News & Messenger of Manassas, Virginia has turned off its printing presses for good.

The Manassas News is another in a long chain of failed local newspapers that have ceased publication over the last decade, unable to compete with social media, electronic media, and cable TV delivering news as it happens. The paper stopped publication in November.
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