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US The death of Sidney, Nebraska: How a hedge fund destroyed 'a good American town'

08:55  04 december  2019
08:55  04 december  2019 Source:   foxnews.com

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Are hedge funds destroying rural America ? 'Tucker Carlson Tonight' investigates. The town ’s mayor, Roger Galloway, told Tucker Carlson Tonight that the merger cost Sidney 2,000 jobs. The sale of Cabela's to Bass Pro Shops was announced in 2016, a year after Singer’s Elliot Management

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Major Republican donor Paul Singer has very few fans in this town of 6,300 people, where 80 percent of voters backed Donald Trump in 2016.

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“I hope Paul Singer is proud of what he did,” Tim O’Connell, a local lumberyard owner, told Tucker Carlson Tonight. “I don’t know how he sleeps at night.”

O’Connell and many other residents are still suffering from the loss of sporting goods retailer Cabela’s, which kept its headquarters in Sidney until it merged with Bass Pro Shops in 2017.

The town’s mayor, Roger Galloway, told Tucker Carlson Tonight that the merger cost Sidney 2,000 jobs.

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Nebraska hedge funds . We have compiled together a list of 15 U.S. Hedge Funds and U.S. Investment Advisers in the state of Nebraska . Just Click on any Hedge Fund below and you will be taken to their website for contacts and more information.

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The sale of Cabela's to Bass Pro Shops was announced in 2016, a year after Singer’s Elliot Management disclosed an 11 percent stake, and said Cabela’s should explore a possible sale. Singer has earned the title of the “world’s most feared investor” and became a billionaire through tactics described as “vulture capitalism."

After the sale announcement, the stock price surged and Singer’s hedge fund cashed out within a week. Elliott Management reportedly made at least $90 million.

“They got in there to get the business sold and the business was sold, so they took it and ran,” Damien Park, managing partner at consulting firm Hedge Fund Solutions, told the Omaha World-Herald in October 2016.  “They made a fortune, so they’re happy.”

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Hedge funds and their employees have traditionally opted for suburban home bases, repelled by “It’s how a democratic society should operate.” Such a change to the laws would also prevent money The tendency of certain hedge fund owners to buy and build these mega-mansions reflects a cultural

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The residents of Sidney, however, were left without the town’s major employer.

One former employee, speaking on condition of anonymity due to fear of retribution, said, “I cried the second I got the phone call. I couldn't help it. I bawled.”

Galloway noted that “Cabela’s was the keystone employer in town. Everything, not everything, but most things revolved around that.”

O’Connell, the lumberyard owner, told us that Singer “ruined Sidney.”

“Like I said, it was a good American town, a good solid USA town and [he] just destroyed it.”

Before the merger, O'Connell's lumberyard did great business. But over the past two years, just one new home has been built in Sidney, he said.

City official Melissa Norgard told Tucker Carlson Tonight, “We were going to build a new housing subdivision to meet housing needs ... instead, we are working our tails off to try to figure out a way to survive.”

Tucker Carlson Tonight found the proposed subdivision.  It’s full of empty lots. The houses were never built.

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“ A hedge fund in New York takes control of a great Wisconsin business, shuts down a factory and 450 people lose their jobs. It’s not right. We cannot let these predators devastate our communities, so I am working to stop these Wall Street hedge funds from destroying another town .”

In 1837, Albert Sidney Johnston survived a duel against Texas Brigadier General Felix Huston. He held a line of defense from Kentucky’s Cumberland Gap to the town of Columbus. One of the many lasting impacts of the Battle of Shiloh was the death of Confederate Gen.

Local residents told Tucker Carlson Tonight that it’s hard for them to leave the town as housing values have collapsed.

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Despite all of this, Sen. Ben Sasse, R-Neb., has never commented on what happened to Sidney. Tucker Carlson Tonight reached out to his office to see if the senator has ever remarked on the Cabela’s merger and received no response. No comments are available online.

Sasse, like many other Republicans, is a recipient of Singer’s cash. The hedge fund owner gave the maximum donation to Sasse’s 2014 campaign.

In 2016, Singer was the second biggest donor to Republicans.

Elliott Management declined to comment on the record when reached by Tucker Carlson Tonight.

Fox News' Kyle Rothenberg contributed to this report.

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