Political Quotes

“It has to do with the practice of large, wealthy entities using a combination of their wealth but also the laws of this country, the securities laws, the tax laws, accounting principles to acquire companies when their intention in acquiring the companies is to shut them down. In particular, I am addressing the situation in New Bedford, MA, where, to my great dismay, the firm of Kohlberg, Jerome Kohlberg and James Kohlberg, bought a company which had a plant in New Bedford, MA, a plant that has been in existence for over 100 years, that is profitable today as it was profitable when they bought it, making various forms of fasteners, shoe eyelets, and they bought it apparently to close it down. They bought it because given the tax advantages that were available to them when they borrowed money for the purchase, given other kinds of accounting questions as to what things are valued at, it enriches them more, because they are very wealthy people--we are not talking about anyone fighting for survival--it enriches them more to close it down.”