Bill Moyers talks with "two partners of Triglyceride Investments, a private equity fund that recently announced its intention of combining the assets of all the hedge funds on Wall Street in order to bring under a single canopy of ownership every media outlet in America. Their prospectus contends that the handful of big media companies that control most of what you see, hear, and read cannot possibly produce maximum return on investment as long as each has to field its own army of lobbyists in Washington.
If only one holding company instead of four or five controlled all the country's radio and television stations and all of its cable, newspaper, and Internet outlets, eliminating the need for the competitive purchase of politicians, the savings on campaign contributions alone would increase the bottom line tenfold.
Not the least of their argument is that since our present media system and Washington so closely mirror each others' interests, it could even be possible to close down the government altogether and have the country run by Wall Street, saving huge sums of money now spent on perpetuating an impression to the contrary. Joining me are Andy Bichlbaum, the chairman of Triglyceride Investments, and his partner, Mike Bonanno, chief executive of their offshore subsidiary, Tsetse Media Inc., with headquarters in the Marianas Islands."