In the Matter of Staples/Essendant, Inc., File No. 1810180 #02261

Submission Number:
Patricia Snow
South Carolina
Initiative Name:
In the Matter of Staples/Essendant, Inc., File No. 1810180
I have seen friends lose their jobs, and their pensions, due to the bloodsucking hedge funds firms. It is ALL about increasing profits for themselves and the stockholders. The company and the employees be damned. To quote Forbes Sr. Contributor, Steve Denning... "Corporate raiders like Icahn are happy to act as the enforcers of the idea and get rich in the process. They couldn't care less about the damage to jobs and the economy. Yet the raiders are not the cause of the problem. They are simply symptoms. The real disease is the ideology of maximizing shareholder value. And the main damage is being done by the institutional investors who increasingly buy into the idea and join in the raids aimed at extracting value. In short, the problem is not just that activist hedge funds are still vultures, feeding off both the healthy and the sick. The real problem is that they are now encouraging the rest of the economy to act like vultures, corrupting those who should know better."