Tag Archives: billion-dollar ‘sealords’
It’s time to end the era of billion-dollar ‘sealords’ and heed the fishermen
The recent New Bedford Light/ProPublica investigative report, revealing how a billionaire Dutch family currently operates as the largest New England fish-quota owner, confirms what fishermen have been warning lawmakers for decades: that replacing independent fishermen with outside investment firms will undermine economic, social and environmental goals. However, these warnings extend well beyond New England. The report outlines how Bregal Equity, a multi-billion dollar private equity firm based in the European Union, maximizes fishing profits from their New England quota holdings by slashing costs and reducing income to captains and crew. Catch share programs have been implemented in Alaska, the West Coast, and the Gulf of Mexico, as well as internationally, where the next generation of independent fishermen are being systematically replaced by non-fishing, outside investors who follow in the wake of Bregal. >click to read< By Captain Ryan Bradley 15:57
