Nov 22, 2019

Bumble Bee Foods files for bankruptcy

Photo: Getty Images

Bum­ble Bee Foods, the canned seafood brand, filed for bank­ruptcy protection — crushed by the weight of legal expenses “stem­ming from its in­volve­ment in a con­spir­acy to fix prices on canned tuna,” as the Wall Street Journal reports.

The state of play: It also plans to sell its assets to Taiwan-based FCF Fishery Co. for $925 million.

  • Bumble Bee's current owner, private equity firm Lion Capital, bought the company for $980 million in 2010.

The bottom line: Bumble Bee’s sales took a hit as consumer appetite for canned tuna waned. But ultimately its scheme with competing brands to keep prices of canned tuna artificially high — which drew a hefty criminal fine and customer lawsuits — pushed the company into bankruptcy.

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Private equity on defense in Washington

What's believed to be the first congressional hearing in recent years squarely focused on the practices of private equity firms is happening later this morning.

Why it matters: Private equity is facing "the most serious political challenge it has seen in years," per the WSJ.

Go deeperArrowNov 19, 2019

Scoop: The World Bank told Taiwanese staff to get Chinese passports

This year, the World Bank told current and prospective employees of Taiwanese nationality they must present Chinese travel documents in order to maintain or pursue employment.

Why it matters: China has recently ramped up its campaign to systematically force Taiwan and its citizens out of the international community. But forcing out its own staff in this way violates World Bank employment principles.

Go deeperArrowDec 13, 2019

House hearing on private equity lands with a whimper

Sens. Elizabeth Warren and Bernie Sanders. Photos: Sarah Rice/Scott Olson/Getty Images

Tuesday's House of Representatives hearing on private equity landed with a whimper, after more than a week of escalating rhetoric from progressive Democrats.

Reality check: Even if Sen. Elizabeth Warren wins the presidency, she would have a tough time getting her "Stop Wall Street Looting Act" through Congress, with or without Democratic Party control of both chambers.

Go deeperArrowNov 20, 2019