Every story and comment from the Hacker News API, in a layout borrowed from 2001.
A comment on Musk announces funding secured for Twitter buy. Parent comment
1- Saudi company borrows $7B from Turkish banks to buy 55% of Turkey's largest internet and telephone provider.
2- Drive the provider into $4B debt (it was debt free when bought)
3- Pay the new holding company $9B in dividends
4- Don't pay the initial money borrowed to purchase the company.
5- Somehow borrow another $4B from Turkish banks to pay the new debt, and pocket that money as well.
6- Government creates a consortium of banks to bail the provider because its too big to fail.
Outcome: Provider is in debt, banks lost all the money, banks needs to spend unknown amount to get the provider back into a functioning state.
1- Saudi company borrows $7B from Turkish banks to buy 55% of Turkey's largest internet and telephone provider.
2- Drive the provider into $4B debt (it was debt free when bought)
3- Pay the new holding company $9B in dividends
4- Don't pay the initial money borrowed to purchase the company.
5- Somehow borrow another $4B from Turkish banks to pay the new debt, and pocket that money as well.
6- Government creates a consortium of banks to bail the provider because its too big to fail.
Outcome: Provider is in debt, banks lost all the money, banks needs to spend unknown amount to get the provider back into a functioning state.