Comment Once again YouTuber Patrick Boyle covered this (Score 1) 22
So the CEO of GameStop gets a huge payout if he can make the company worth $100 billion dollars on paper. The debt is completely irrelevant it just has to be a market cap of $100 billion dollars.
Being the oh so clever boy he is he decided to try and achieve that by using a leveraged buyout to purchase a much larger company and call it GameStop so that on paper he would go from a 11 billion dollar company to a 66 billion dollar company. Basically getting him halfway to his goal and then all he has to do is find a couple more oversized companies to buy with their own debt and blam he gets a multi-billion dollar payout.
Of course all the companies involved here would collapse under the debt load and all the employees would lose their jobs and the community loses the services from those companies but that's a you problem not a him problem.
We put grifters, crooks and pirates in charge of basically everything. And every time anyone suggests taking away their power everyone screams socialism and government bad and blah blah blah until we all have to go back to our jobs.
You can't give this much power to this few people and have a functioning system or society but about 45% of the world wants it this way and then about 6% don't get to say in anything because of voter suppression and the remaining 49% don't matter because of winner take off first past the post voting.
It's a little better if you are in a parliamentary system but most of them at the end of the day have some form of winner take all voting which is prone to the same problems. And the few small countries that don't have that are prone to systemic attacks from the billionaires in the larger countries that do have exploitable voting systems.
I honestly don't know solution to any of this. I really do think we're going to collapse the economy and eventually hand the nuclear launch codes to a bunch of religious lunatics and then it's going to be game over for all of us. It's possible a few billionaires will survive an island bunkers but it's also possible that their air filtration systems won't work and they will die down there. I won't be around to find out though. I'm not smart enough to be one of the handful of engineers they keep around and I'm not sexy enough to be one of their sex slaves and I'm not violent enough to be one of the thugs to keep the other two groups in line for the billionaires. So there really isn't a place for me in the society that they want to create.
And again I don't see how we stop it because well, people are just so fucking stupid...