Hollywood Producer Slams Michael Moore For His Goldman Sachs Connection

The Hollywood Reporter reports:

In 2005, the Weinstein Co. set up financing of about $500 million to fund production and distribution. The investment vehicle was created and syndicated by a little firm called Goldman Sachs. One of the films that was produced by TWC using funds from that investment was Moore's documentary Sicko. Given the success of his previous film, Fahrenheit 9/11, which he made with Harvey and Bob Weinstein, Moore was able to command a terrific deal for himself.

By 2010, TWC had burned through the capital raised in the Goldman Sachs deal. Investors were forced to restructure their arrangement, meaning some suffered a devaluation of their investment. Goldman also lost some money it put in TWC, but it could handle the loss in part because it was a recipient of the government's TARP bailout. Some unlucky investors might never get back the money they put into funding TWC.

Not unlike other bad investments set up by Goldman Sachs and others during this period, some people did make out quite well, while others, often lower on the food chain, suffered. One of those who did quite well using the TWC funds was Moore.

No wonder Michael Moore supported TARP!