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RIP Sears, Thanks To 'Managers' Like Steve Mnuchin

This is what happens when hedge fund managers pretend they can run a business.

Hedge fund manager Eddie Lampert has destroyed Sears, sending the company into Chapter 11 bankruptcy and destroying the brand forever. It'll be sold for parts and a fraction of its value, I'm sure.

Even Donald Trump is sad.

“Sears has been dying for many years,” Trump told reporters on Monday. “It’s been obviously improperly run for many years and it’s a shame.”

WELL NOW. Who ran Sears for all these many years? Who could it be, who could it be?

There's Libertarian Eddie Lampert, who has been CEO since 2013 and ran the company like it was some real-life version of the Hunger Games.

But Lampert had company in the form of current Treasury Secretary Steve Mnuchin, who was connected to Sears until his confirmation, according to a Bloomberg News report.

Mnuchin wasn't just connected. He was one of those managers whom Trump is now criticizing. According to Bloomberg, Mnuchin was a member of Sears’s board from 2005 until December 2016, and before that was a director for K-Mart Corp., which was acquired by Sears in 2005.

Perhaps this is why our deficit is ballooning. Corporate predators are using their terrible management skills to gut the nation of all of its assets, while jacking up the debt so they can yank the safety net out from under us.

Great job, Mnuchin, Lampert, and the rest of them. Is this just a preview of what they want to do to the nation?

BONUS: Read this thread for an interesting look at Jim Crow and the Sears catalogue

(h/t Media Matters)


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