Bennet made fortune in corporate raid – Michael Bennet
For more breaking political news, follow us on Twitter The story is like a real-life version of the movie Wall Street, without the redemptive ending. A young Bud Fox leaves Washington for Colorado, lands a job with Gordon Gekko, tycoon and corporate raider. Only in this case, young Bud is future United States Senator Michael Bennet, and Gekko, billionaire Phil Anschutz. The job leaves Bennet wealthy, and allows him to take a giant pay cut and work for Denver Mayor John Hickenlooper, then the Denver Public Schools. It gives him financial experience, which in turn leads to a complicated interest rate swap that may leave Denver taxpayers in a billion dollar hole, as the fund for Denver teachers’ retirement looks in need of an AIG-style bailout. Ironically, the details of the source of Bennet’s wealth are revealed largely in a lawsuit by Louisiana teachers, whose investment in theater chain Regal Cinemas went south after Bennet and Anshutz gained control of the company through the purchase of debt, forced other debtors and shareholder into taking losses, then sped off with $1.4 billion in cash, while jobs were lost.
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