Carlson went on to detail what his producers uncovered about Singer’s handiwork in the small town of Sydney, Nebraska.
Tonight we want to tell you a little more about how Paul Singer does business. The story begins in a small town called Sidney, Nebraska, population 6,282. Two hours outside Denver, Sidney is the longtime home of the sporting goods retailer Cabela’s.
In October 2015, Singer’s hedge fund disclosed an 11 percent stake in Cabela’s and set about pushing the board to sell the company. Cabela’s management, fearing a long and costly fight with Singer, announced it would look for a buyer. At the time, Cabela’s was healthy. The company was posting nearly $2 billion a year in gross profits, off $4 billion in revenue. There was no immediate need to sell. But they did anyway. One year after Singer entered the equation, Bass Pro Shops announced the purchase of Cabela’s. The company’s stock price surged. Within a week, Singer cashed out. He’d bought the stock for $38 a share. He sold it for $63. His hedge fund made at least $90 million up front, and likely more over time.
But in Sidney, Nebraska, it was a very different story. The residents of Sidney didn’t get rich. Just the opposite. Their community was destroyed. The town lost nearly 2,000 jobs. A heartbreakingly familiar cascade began: people left, property values collapsed, and then people couldn’t leave. They were trapped there. One of the last thriving small towns in America went under. We recently sent two producers to Sidney, to survey the wreckage and consider what happened. Our producers talked to more than a dozen former Cabela’s employees. Almost all of them refused to speak on camera, fearful of legal retribution from the famously vicious Paul Singer.
Carlson revealed that while the report on Singer was airing, he received a text message from “a very well-known person in Washington” that read: “Holy smokes I can’t believe you are doing this, I’m afraid of Paul Singer.”
The FOX News host noted that his team reached out to Nebraska senator Ben Sasse for comment, but received no reply.
Sasse, avowed NeverTrumper and vapid counter-signaler against all forms of substantive conservatism, received the maximum allowed donation for his Senate campaign from none other than Paul Singer.