Fox News Host Tucker Carlson dedicated a segment of his show Tuesday night to torching the Wall Street billionaire Paul Singer. Carlson’s show featured an investigation into how hedge funds, like the the one Singer manages, have destroyed American towns and economies for the sake of lining their pockets.
Carlson described how Singer and his hedge fund Elliott Management has made billions of dollars from their style of “vulture capitalism,” exploiting financially distressed countries and American companies.
“Elliott Management has made billions by buying large stakes in American companies, then firing workings, driving up short-term share prices, and in some cases taking government bailouts,” he said.
Carlson focuses on one town in particular, Sidney, Nebraska, where the longtime headquarters of the mega-sporting goods store Cabela’s is located. After buying a stake in Cabela’s, Singer pushed the company to sell, despite the company’s profit of more than $1 billion a year.
“One year after Singer enters the equation, Bass Pro Shops announced the purchase of Cabela’s. The company’s stock price surged. Within a week, literally a week, Paul Singer cashed out,” Carlson said.
Singer’s hedge fund made at least $90 million at the time, but the town of Sidney lost nearly 2,000 jobs. Property values collapsed, trapping people in the dying town with no job and no way to sell their homes. Wall street investors cashed in as Sidney collapsed.
A former longtime Cabela’s employee told Fox News that she bawled when she heard the news of the company’s buy out and that it took her five months to find a new job, one that’s “not even close” to as good as her former Cabela’s job.
“I hope Paul Singer is proud of what he did,” said one Sidney business owner. “If money is that big of a god to him, he’s a pretty sick human being.”
Fox News reached out to Sen. Ben Sasse of Nebraska to comment on the desolation in Sidney, but his office did not respond to Fox producers. During his 2014 Senate run, Sasse received the maximum donation acceptable from Singer.