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    Common DreamsTo inform. To inspire. To ignite change for the common good.

    hedge funds

    Unionized journalists in Washington state hold signs that say "save local news."

    'A Damn Bloodbath': Unions Decry Layoffs at McClatchy Papers as Local Journalism Takes Another Hit

    "We've done everything asked of us, and more," said one fired journalist. "Yet when corporate plans fail, McClatchy executives run and hide while our workers and this community suffer all the consequences."

    Jessica Corbett
    Sep 11, 2026

    As social media networks filled with posts from journalists "deeply saddened" to reveal they were part of McClatchy's latest round of "gutting" layoffs this week, newspaper staffers and the unions that represent them highlighted "how local coverage will suffer" because over 90 workers were fired by the hedge fund-controlled publisher.

    "I'm part of this bloodbath. After dodging layoffs for my entire 19-year career, I finally caught a stray as the Idaho Statesman gutted 60% of its staff," said sports writer Michael Lycklama, noting his union membership and six-months severance package.

    Keep ReadingShow Less
    News
    mcclatchy
    U.S. investor and hedge fund manager Scott Bessent

    Trump Treasury Pick's Economic Plan Would 'Require Massive Cuts to Anti-Poverty Programs': Analysis

    Scott Bessent's "3-3-3" agenda "requires brutal cuts to health and nutrition and higher costs for families at the grocery store," said analysts at the Center for American Progress.

    Julia Conley
    Jan 16, 2025

    At his confirmation hearing on Thursday, hedge fund manager and U.S. treasury secretary nominee Scott Bessent told the Senate Finance Committee that at the helm of the Treasury Department he would usher in an "economic golden age."

    But a report by two policy analysts details how Bessent's signature "3-3-3" plan would only be achievable by gutting programs for some of the nation's most vulnerable households—extending the "golden age" only to wealthy people and corporations for whom the Trump administration plans to slash taxes.

    Keep ReadingShow Less
    News
    scott bessent
    Supporters of Medicare for All protest outside PhRMA headquarters

    We Deserve Medicare for All, But What We Get Is Medicare for Wall Street

    Creating a sane healthcare system will depend on building a massive common movement to free our economy from Wall Street’s wealth extraction.

    Les Leopold
    Jan 03, 2024

    The United States health care system—more costly than any on earth—will become ever more so as Wall Street increasingly extracts money from it.

    Private equity funds own approximately 9% of all private hospitals and 30% of all proprietary for-profit hospitals, including 34% that serve rural populations. They’ve also bought up nursing homes and doctors’ practices and are investing more year by year. The net impact? Medical costs to the government and to patients have gone up while patients have suffered more adverse medical results, according to two current studies.

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    Opinion
    medicare for all
    Harry J. Wilson

    The Inside Story of How Wall Street Fleeced GM Autoworkers and Taxpayers

    Stock buybacks have become the main goal in life for corporate executives and activist stock sellers. And this sickness is spreading.

    Les Leopold
    Oct 03, 2023

    The institution casting a broad shadow over the UAW strike against the Big Three automakers is Wall Street. GM workers and those of us who have longed for the production of high-quality and affordable electric cars to combat global warming could not have invented a more damning story than the reality of how the financiers fleeced us.

    The story starts back in 2008, when the auto industry was going bankrupt due to the financial crisis that Wall Street’s reckless gambling had caused. Six million workers lost their jobs in six months through no fault of their own. Motor vehicle sales fell by nearly 40 percent and as bankruptcies loomed, another three million more auto industry jobs were at risk.

    Keep ReadingShow Less
    Opinion
    stock buybacks
    Canadian Pacific train

    The Last Thing the Railway Industry Needs Is Another Giant Merger

    The only win if Canadian Pacific acquires Kansas City Southern is for freight rail's hedge fund investors, who are squeezing operating cash out of these railroads at the expense of workers, community safety, and the overall economy.

    David Segal
    Apr 07, 2023

    On March 15th, the Surface Transportation Board (STB)—the federal agency that regulates the U.S. freight rail industry—gave final approval to the acquisition of Kansas City Southern by Canadian Pacific. Approving this merger between America's sixth- and seventh-largest railroads was a dire mistake, which will have enormous economic and social costs that resound for decades.

    In a nation committed to a competitive market, in a sector that's already as consolidated as American freight rail, it's important to evaluate mergers very carefully, because once big companies absorb smaller ones, it becomes impossible to pull them apart again. And as economics researcher Eric Peinert of the American Economic Liberties Project puts it, "Nothing in the history of rail consolidation suggests this particular merger is a good idea."

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    Opinion
    railway safety

    As Vulture Funds Circle, Puerto Rico Set to Default on Debt

    'There are no budget cuts or tax hikes that can solve this crisis'

    Nadia Prupis
    May 02, 2016

    Puerto Rico says it will default on its debt on Monday, escalating the economic crisis on the island that sees no sign of stopping in the face of exploitative hedge funds.

    The commonwealth is expected to miss its upcoming $422 million bond payment for its Government Development Bank. The default comes after U.S. Congress failed to act to help the island territory last week, in a decision that followed a concerted lobbying push by hedge funds angling to profit off its debt crisis.

    Keep ReadingShow Less
    News
    puerto rico

    Parents and Children Occupy Puerto Rican School Refusing to Let Corporate Vultures Raid Its Contents

    Steven Singer
    Aug 23, 2015

    For more than 80 days, about 35 parents and children have been camping out in front of their neighborhood school in the U.S. Territory of Puerto Rico.

    The Commonwealth government closed the Jose Melendez de Manati school along with more than 150 others over the last 5 years.

    Keep ReadingShow Less
    Opinion
    puerto rico
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