As Robert Kuttner reported , these tyrannical private equity firms are paper constructs that produce nothing but profits for faraway speculators. He notes that the blandly-named entities only exist "thanks to three loopholes in the law" -- the first lets them operate in the dark, the second provides an unlimited tax deduction for the massive amounts of money they borrow to buy up newspapers, and the third allows them to profit by intentionally bankrupting the paper they take over.
Our right to a free press is meaningless if Wall Street thieves destroy our communities' presses. The good news is that many enterprising people are devising ways to rescue their newspapers. For more information, go to dfmworkers.org.
Reprinted from the Texas Observer
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