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Sears accuses its former CEO Eddie Lampert of stealing billions

serfserf Member Posts: 9,217 ✭✭✭✭
edited April 2019 in General Discussion
iI wouldn't be the first time! Those poor stockholders of old General motors is another one! Capitalism at it's finest or is that at it's worst? Terrible to see old America companies get raided and then discarded. Buyer beware just like in The Enron fiasco!

serf

https://www.cnbc.com/2019/04/18/sears-sues-eddie-lampert-steven-mnuchin-others-for-alleged-thefts.html

The suit also claims that, ?In an effort to create a false record to cover up their asset stripping, at Lampert?s personal direction, Sears employees repeatedly produced financial plans reflecting fanciful, bad-faith predictions that the company would experience an immediate and dramatic turn-around from deep and mounting losses to sudden profitability.?

Comments

  • remingtonoaksremingtonoaks Member Posts: 26,251 ✭✭✭
    edited November -1
    Capitalism has nothing to do with stealing. So I don't know how you get off thinking that it does.

    Just because a thief hid that fact doesn't make it capitalism... on the contrary. Capitalism is making a lot of money by working hard and speculating, not stealing. Stealing is just the opposite of capitalism, getting money from doing nothing

    You should get your facts straight before you post
  • JunkballerJunkballer Member Posts: 9,148 ✭✭✭✭
    edited November -1
    Capitalism has nothing to do with stealing. So I don't know how you get off thinking that it does.

    Just because a thief hid that fact doesn't make it capitalism... on the contrary. Capitalism is making a lot of money by working hard and speculating, not stealing. Stealing is just the opposite of capitalism, getting money from doing nothing

    You should get your facts straight before you post

    The straight truth ^^^^^^ ;)

    "Never do wrong to make a friend----or to keep one".....Robert E. Lee

  • mac10mac10 Member Posts: 2,539 ✭✭✭✭
    edited November -1
    like no one saw this happening :o
  • mag00mag00 Member Posts: 4,719 ✭✭
    edited November -1
    This time a shareholder did not get raked over the coals like GM and Hostess.

    Good for him
  • serfserf Member Posts: 9,217 ✭✭✭✭
    edited November -1
    Junkballer wrote:
    Capitalism has nothing to do with stealing. So I don't know how you get off thinking that it does.

    Just because a thief hid that fact doesn't make it capitalism... on the contrary. Capitalism is making a lot of money by working hard and speculating, not stealing. Stealing is just the opposite of capitalism, getting money from doing nothing

    You should get your facts straight before you post

    The straight truth ^^^^^^ ;)

    The rectitude is in the eye of the beholder.Soros made millions off his casino plays on Foreign money exchanges,others incidents like betting on outcomes of Battles with pigeons flying messages to the right deceiver. So Be wise as a serpent and gentle as a dove works both ways.It's what is in your heart that counts. So shall it be.

    serf
  • shilowarshilowar Member Posts: 38,815 ✭✭✭
    edited November -1
    Capitalism has nothing to do with stealing. So I don't know how you get off thinking that it does.

    Just because a thief hid that fact doesn't make it capitalism... on the contrary. Capitalism is making a lot of money by working hard and speculating, not stealing. Stealing is just the opposite of capitalism, getting money from doing nothing

    You should get your facts straight before you post
    Yes Sir, there are plenty of examples of those in power pilfering in socialist and despotic run economies as well. Criminals exist in every system. The op's implication that capitalism promotes theft is slanted. Apparently profit motive is a horrible thing today.
  • GilWilson1GilWilson1 Member Posts: 182
    edited November -1
    Capitalism would be great, needs some controls but it doesn't exist here in the good ole US of A!

    The 2008 Bail outs killed off anything that was left of so called Capitalism. You can't be Capitalist and bail out the people who were supposed to fail.
  • serfserf Member Posts: 9,217 ✭✭✭✭
    edited November -1
    GilWilson1 wrote:
    Capitalism would be great, needs some controls but it doesn't exist here in the good ole US of A!

    The 2008 Bail outs killed off anything that was left of so called Capitalism. You can't be Capitalist and bail out the people who were supposed to fail.

    The creation of The Federal Reserve was the beginning of losing capitalism.The Supreme Court gave it's the seal of approval after Congress passed it.
    The State calling itself a republic is nothing but a lie. It's oligarchical corporate lobbying monster buying all the votes with the candidates and seizing control &power little by little so no ordinary person can stop it. [size=150Let me issue and control a nation's money and I care not who writes the laws.][/size]

    serf

    Attributed to Mayer Amschel Rothschild (1744 - 1812) mostly with the date 1790, the year before the establishment of the First Bank of the United States.
    No primary source for this is known and the earliest attribution to him known is:
    ?In the present critical stage of American development I would call your attention to the following maxim of the " money lenders " of the Old World : "Let us control the money of a country, and we care not who makes its laws." Those who favor the continuance of banks of issue in this country are to be classified in history with John Sherman and Nelson W. Aldrich and the money power.?
    by T.C. Daniel, 1857 - 1923 ; letter to President W. Wilson, May 8, 1913; reported in his statement for the joint hearings before the subcommittees of the Committees on Banking and Currency of the Senate and of the House of Representatives, charged with the investigation of rural credits, Sixty-third Congress, second session, part 1, pp. 764, February 16, 1914;
    Daniel was the author of Real Money versus Bank Credit as a Substitute for Money, 1911, and of The High Cost of Living: Cause ? Remedy, 1912 ; further in the statement pp 771 he quoted:
    "Let us control the money of a country and we care not who makes its laws." This is the maxim of the house of Rothschilds, and is the foundation principle of European banks.
  • remingtonoaksremingtonoaks Member Posts: 26,251 ✭✭✭
    edited November -1
    shilowar wrote:
    Capitalism has nothing to do with stealing. So I don't know how you get off thinking that it does.

    Just because a thief hid that fact doesn't make it capitalism... on the contrary. Capitalism is making a lot of money by working hard and speculating, not stealing. Stealing is just the opposite of capitalism, getting money from doing nothing

    You should get your facts straight before you post
    Yes Sir, there are plenty of examples of those in power pilfering in socialist and despotic run economies as well. Criminals exist in every system. The op's implication that capitalism promotes theft is slanted. Apparently profit motive is a horrible thing today.

    Yep, even in the United States with the Liberals politicians wanting to turn the country into socialism. Almost every one of the liberal politicians weren't millionaires when they got into office, but they are now... and that is exactly what communism and socialism this design for, for politicians that are in power to steal from people that aren't in power. It's just the nature of the Beast

    So I guess if if you're going to call capitalism theft you got to understand that the opposite of capitalism it's got to be a lot worse. Because everybody that it holds any type of power in socialism and communism are rich and everybody else is poor. Imagine that. So socialism and cause communism is a system predators and prey.

    Of course capitalism like I said it's a system that the harder you work the more you make, with the isolated exceptions of people within power in capitalism that are predators. So capitalism is a system of Corporation with Rewards for those who work harder

    So it's a no-brainer that capitalism is a better and fairer system for everybody and not just the Predators. With capitalism everybody gets what they want... you can either get money and power through hard work. Or a Life of Leisure through lack of hard work. In the nice part about capitalism over socialism and communism is that you are free to choose which life you want. With socialism and communism you don't have that choice...
  • spasmcreekspasmcreek Member Posts: 37,724 ✭✭✭
    edited November -1
    really pizzed when news showed the head of GM telling how they were going to china to build cars...WITH the money STOLEN by the govt/unions. from the original bondholders..he did not give a rats * about who got screwed out of their investment..china need HIGH import duties on anything automotive coming in no matter which direction ii is routed thru
  • remingtonoaksremingtonoaks Member Posts: 26,251 ✭✭✭
    edited November -1
    spasmcreek wrote:
    really pizzed when news showed the head of GM telling how they were going to china to build cars...WITH the money STOLEN by the govt/unions. from the original bondholders..he did not give a rats * about who got screwed out of their investment..china need HIGH import duties on anything automotive coming in no matter which direction ii is routed thru

    Yep, but the Liberals are already having a tizzy over import taxes. I just don't understand how anybody can vote liberal, they're not for the United States that's for sure
  • KenK/84BravoKenK/84Bravo Member Posts: 12,055 ✭✭✭✭
    edited November -1
    Charges forthcoming, I would hope.


    Put his sorry * in Jail.


    Enjoy this, MF'r.
  • serfserf Member Posts: 9,217 ✭✭✭✭
    edited November -1
    spasmcreek wrote:
    really pizzed when news showed the head of GM telling how they were going to china to build cars...WITH the money STOLEN by the govt/unions. from the original bondholders..he did not give a rats * about who got screwed out of their investment..china need HIGH import duties on anything automotive coming in no matter which direction ii is routed thru

    Yep, but the Liberals are already having a tizzy over import taxes. I just don't understand how anybody can vote liberal, they're not for the United States that's for sure

    Come on Richard Nixon and Henry Kissinger started the whole ball game over there and Kissinger made millions because of China getting a free rein on foreign trade with American technology.

    Being famous for Vietnam War's Paris accords is a joke! It's was B-52's bombing all of N.Vietnam key industrial sites with railroad yards and bridges that brought the false fake peace accords! He right up there with Obama's nobel peace prize winner for doing nothing but selling us out!
    serf



    Born on May 27, 1923, in F?rth, Germany, Henry Kissinger became a Harvard professor before assuming leadership in U.S. foreign policy. He was appointed secretary of state in 1973 by President Richard Nixon and co-won the Nobel Peace Prize for his work in the Vietnam War's Paris accords.
    He was a member of several groups such as, Aspen Institute, the Bilderberg Group, the Bohemian Club and Council on Foreign Relations during his active years.
  • remingtonoaksremingtonoaks Member Posts: 26,251 ✭✭✭
    edited November -1
    serf wrote:
    spasmcreek wrote:
    really pizzed when news showed the head of GM telling how they were going to china to build cars...WITH the money STOLEN by the govt/unions. from the original bondholders..he did not give a rats * about who got screwed out of their investment..china need HIGH import duties on anything automotive coming in no matter which direction ii is routed thru

    Yep, but the Liberals are already having a tizzy over import taxes. I just don't understand how anybody can vote liberal, they're not for the United States that's for sure

    Come on Richard Nixon and Henry Kissinger started the whole ball game over there and Kissinger made millions because of China getting a free rein on foreign trade with American technology.

    Being famous for Vietnam War's Paris accords is a joke! It's was B-52's bombing all of N.Vietnam key industrial sites with railroad yards and bridges that brought the false fake peace accords! He right up there with Obama's nobel peace prize winner for doing nothing but selling us out!
    serf



    Born on May 27, 1923, in F?rth, Germany, Henry Kissinger became a Harvard professor before assuming leadership in U.S. foreign policy. He was appointed secretary of state in 1973 by President Richard Nixon and co-won the Nobel Peace Prize for his work in the Vietnam War's Paris accords.
    He was a member of several groups such as, Aspen Institute, the Bilderberg Group, the Bohemian Club and Council on Foreign Relations during his active years.

    Yeah but that was in the past, we can't live in the past anymore. I'm talking about now, the Liberals had a hissy fit when Trump tried to impose import taxes...


    Why do you always reminisce about the past when people talk about the present and how bad the Liberals are? You think everybody so stupid that they would forget about the present just because you reminisce about the past?
  • remingtonoaksremingtonoaks Member Posts: 26,251 ✭✭✭
    edited November -1
    serf wrote:
    spasmcreek wrote:
    really pizzed when news showed the head of GM telling how they were going to china to build cars...WITH the money STOLEN by the govt/unions. from the original bondholders..he did not give a rats * about who got screwed out of their investment..china need HIGH import duties on anything automotive coming in no matter which direction ii is routed thru

    Yep, but the Liberals are already having a tizzy over import taxes. I just don't understand how anybody can vote liberal, they're not for the United States that's for sure

    Come on Richard Nixon and Henry Kissinger started the whole ball game over there and Kissinger made millions because of China getting a free rein on foreign trade with American technology.

    Being famous for Vietnam War's Paris accords is a joke! It's was B-52's bombing all of N.Vietnam key industrial sites with railroad yards and bridges that brought the false fake peace accords! He right up there with Obama's nobel peace prize winner for doing nothing but selling us out!
    serf



    Born on May 27, 1923, in F?rth, Germany, Henry Kissinger became a Harvard professor before assuming leadership in U.S. foreign policy. He was appointed secretary of state in 1973 by President Richard Nixon and co-won the Nobel Peace Prize for his work in the Vietnam War's Paris accords.
    He was a member of several groups such as, Aspen Institute, the Bilderberg Group, the Bohemian Club and Council on Foreign Relations during his active years.

    Yeah but that was in the past, we can't live in the past anymore. I'm talking about now, the Liberals had a hissy fit when Trump tried to impose import taxes...


    Why do you always reminisce about the past when people talk about the present and how bad the Liberals are? You think everybody so stupid that they would forget about the present just because you reminisce about the past?

    People who live in the past will never have a future. You need to remember the past so you don't make the same mistakes twice, but you have to live in the present to build for the future... and the future that the Liberals are trying to build in the present is looking very bleak
  • KenK/84BravoKenK/84Bravo Member Posts: 12,055 ✭✭✭✭
    edited November -1
    Charges Forthcoming.

    Put his * in Jail.

    Enjoy this MF'r.
  • buschmasterbuschmaster Member Posts: 14,229 ✭✭✭
    edited November -1
    I remember when this guy became the boss and was supposed to turn around Sears and K-Mart. it was stated at the time that his specialty was buying companies, closing them down, and selling off the assets.

    I wonder how many other companies he has ripped off.
  • KenK/84BravoKenK/84Bravo Member Posts: 12,055 ✭✭✭✭
    edited November -1
    I can only hope, there are charges forthcoming.

    Put his * in jail.

    Enjoy that, MF'r.
  • mag00mag00 Member Posts: 4,719 ✭✭
    edited November -1
    "In early 2017, Lampert, then president, chief executive officer and top shareholder of Sears Holdings, was estimated to have personal assets of $2 billion, primarily in the hedge fund ESL Investments Inc. Early in the year, he committed to providing an additional loan of $500 million to Sears and said he would provide letters of credit to Sears for additional amounts, reportedly totaling $200 million and possibly increasing to a half billion dollars in the future."

    He was a 28% shareholder at the time. He had/has a fiduciary duty to benefit the shareholders, HIMSELF INCLUDED. He loaned sears 1/2 billion of his own money. How did he rip anybody off?

    About Sears, it wasn't/isn't Sears, it is K-mart, a failed company Eddie had nothing to do with. K-mart ran Sears into the ground.

    "On November 17, 2004, the management of Kmart Holding Corporation announced its intention to purchase Sears, Roebuck and Co under a new corporation. Kmart previously emerged from Chapter 11 bankruptcy protection on May 6, 2003. The new corporation became known as Sears Holdings Corporation, simply known as Sears Holdings. The new corporation announced that it would continue to operate stores under both the Sears and Kmart brands. The merger of Kmart and Sears closed on March 24, 2005, following affirmative shareholder votes of both companies. The result of the merger was Kmart and parent Kmart Holding Corporation and Sears became subsidiaries of the new Sears Holdings Corporation. Sears Holdings now operates Sears and Kmart stores. The company continues to market products under brands held by both companies."

    If you choose to evaluate the temperament of the wiki contributor, pay attention to the last sentence. "by both companies" is a lie, it is one company, KMART operating under "Sears Holding", yes Kmart created the company Sears Holding to dupe the rubes, and yet Eddie is the bad guy. And the shareholders signed off on it too.

    And I'm sure if I dig deeper into this, we could find the real jack waynes. I dug into the Hostess bankruptcy and found all sorts of good info that the talking heads refused to talk about or address. The UNIONS KILLED HOSTESS.

    Eddie is a business man trying to make a buck. Sour grapes by those others is all it is.

    Sears and Kmart were failing because they could not keep up with amazon and walmart. That is all. If I see a broken down car in a driveway and buy it and part it out, how the heck am I the bad guy? He saw his failing company dead along the road and parted it out to not loose his *. He even invested/loaned more money to try and salvage it, he even offered to buy the whole darn thing.

    But bureaucrats and red tape would only allow him to get creative to get a return on his investment. Not all companies have the fortune of Richard Gere in Pretty Woman.

    Sears died long ago. Kmart peeps are who you need to look at and earlier Sears management. Eddie should be cleared of any and all of the implications of wrongdoing.

    SEARS had the world by the balls. The wishbook. The contact list, name recognition, and other established business advantages, they just failed to keep up due to previous management decisions. You can hate the buzzard for picking a carcass clean, but they/he didn't kill the animal and are doing an ecological service by cleaning the rotting flesh of what once used to be a magnificent American Icon. The little maggots coming after Lampert are just that. :ugeek:
  • KenK/84BravoKenK/84Bravo Member Posts: 12,055 ✭✭✭✭
    edited November -1
    If, he came away with "Billions," on their decline and under his Supervision, he deserves to go to Jail.

    YVMD.
  • remingtonoaksremingtonoaks Member Posts: 26,251 ✭✭✭
    edited November -1
    I can only hope, there are charges forthcoming.

    Put his * in jail.

    Enjoy that, MF'r.


    Yes, we heard you the first time :lol:
  • KenK/84BravoKenK/84Bravo Member Posts: 12,055 ✭✭✭✭
    edited November -1
    That's Great.


    I was afraid you had the volume on your computer turned down.
  • bpostbpost Member Posts: 32,664 ✭✭✭✭
    edited November -1
    Much ado over nothing. Businesses come and go every day, even long established well known companies die, like Kodak and Woolworth's.

    If he broke laws let justice prevail, if no laws were broken I have no beef with him.

    We did not leave the stone age because we ran out of stones...
  • serfserf Member Posts: 9,217 ✭✭✭✭
    edited November -1
    mag00 wrote:
    "In early 2017, Lampert, then president, chief executive officer and top shareholder of Sears Holdings, was estimated to have personal assets of $2 billion, primarily in the hedge fund ESL Investments Inc. Early in the year, he committed to providing an additional loan of $500 million to Sears and said he would provide letters of credit to Sears for additional amounts, reportedly totaling $200 million and possibly increasing to a half billion dollars in the future."

    He was a 28% shareholder at the time. He had/has a fiduciary duty to benefit the shareholders, HIMSELF INCLUDED. He loaned sears 1/2 billion of his own money. How did he rip anybody off?

    About Sears, it wasn't/isn't Sears, it is K-mart, a failed company Eddie had nothing to do with. K-mart ran Sears into the ground.

    "On November 17, 2004, the management of Kmart Holding Corporation announced its intention to purchase Sears, Roebuck and Co under a new corporation. Kmart previously emerged from Chapter 11 bankruptcy protection on May 6, 2003. The new corporation became known as Sears Holdings Corporation, simply known as Sears Holdings. The new corporation announced that it would continue to operate stores under both the Sears and Kmart brands. The merger of Kmart and Sears closed on March 24, 2005, following affirmative shareholder votes of both companies. The result of the merger was Kmart and parent Kmart Holding Corporation and Sears became subsidiaries of the new Sears Holdings Corporation. Sears Holdings now operates Sears and Kmart stores. The company continues to market products under brands held by both companies."

    If you choose to evaluate the temperament of the wiki contributor, pay attention to the last sentence. "by both companies" is a lie, it is one company, KMART operating under "Sears Holding", yes Kmart created the company Sears Holding to dupe the rubes, and yet Eddie is the bad guy. And the shareholders signed off on it too.

    And I'm sure if I dig deeper into this, we could find the real jack waynes. I dug into the Hostess bankruptcy and found all sorts of good info that the talking heads refused to talk about or address. The UNIONS KILLED HOSTESS.

    Eddie is a business man trying to make a buck. Sour grapes by those others is all it is.

    . :ugeek:

    Nothing but a cycle predator waiting for a capitalist opportunity just like greenmailers in 1980, Greed is good and screw the investors who have not a clue! Hey? can you spare a dime? Hell, it's not even 90%silver anymore! Even the Crooked Comex market is a better investment, right? Oh, wait it's all on paper, not physical ownership! The old peanut in the shell game on steroids is all it is! Fiat currency is a big scam in the end.

    Why are all the central Banks buying gold recently you ask? Get a clue it's called massive Debt that cannot be rollover anymore with interest or derivatives.

    serf
    https://www.kitco.com/commentaries/2019-04-02/SWOT-Analysis-Central-Banks-Are-Buying-Gold-at-a-Record-Clip.html
    Globally, central banks have purchased a whopping 126 tons of gold so far this quarter, the fastest rate since 1971, according to Morgan Stanley. Most of this purchasing has come from China, Russia and Turkey. Russia has been adding to its gold reserves rapidly in an effort to ?de-dollarize? and break reliance on the U.S. dollar. Renaissance Capital says that gold buying in Russia has now exceeded its mine supply and the country could soon start to import the metal.
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