Another good company about to be wrecked by a hedge fund

Another good company is about to be trashed by a hedge fund. Cerberus Capital has agreed to acquire Safeway Supermarkets and we know what that means: you'll see workers fired, assets sold, investment in the operating company curtailed...in other words, the company will be driven to shit, all so a bunch of hedge fund partners can make their billions.

Remember what happened to American retailing icon, Sears, after Ayn-Rand-following "Bozo" Eddie Lampert took over? The company is a disaster.

Cerberus plans to merge Safeway with another supermarket giant, Albertson's. Here's what Bob Miller, CEO of Albertson's had to say:

“Working together will enable us to create cost savings that translate into price reductions for our customers,” Bob Miller, Albertsons’ chief executive, said in a statement.

"Cost reductions" is a euphemism for job cuts. And don't think those "reductions" will be passed along to consumers because they won't...they'll go to bottom line profits that will line the pockets of the guys at Cerberus.

#Hedgefundsdestroyingtheeconomy

More evidence that we may already be going over the fiscal cliff

Northrop Grumman lays of 600 people.

Northrop Eliminates Nearly 600 Aerospace Jobs [Los Angeles Times] Facing what it calls “defense budget uncertainties and pressures on current and projected business,” Northrop Grumman Corp. has accepted buyouts from nearly 600 workers in its aerospace division, the Los Angeles Times reports. Most of the affected jobs are in Southern California, including the company’s satellite facility in Redondo Beach. “This is a necessary step to address the affordability that will allow us to effectively compete in a very cost-conscious marketplace,” Northrop spokesman Thomas Henson said in a statement.

This shows that companies are now starting to factor in the spending cuts into their own planning and budgets. Defense industry insiders say that up to 1 million jobs could be lost.

Economic data in the coming weeks likely to show some deterioration and it could be rapid.