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The Buyout of America: How Private Equity…

The Buyout of America: How Private Equity Will Cause the Next Great Credit… (2009)

by Josh Kosman

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Good overview on how LBOs work and the damage some have caused to the economy. The language was easy enough to understand without a strong background in economics. While I frequently had to re-read sections to fully get the deals and how they proceeded, the book was light enough that it didn't feel like dragging.

I would have preferred some more in-depth analysis comparing the fates of these companies and those that were not taken over by private equity. In many cases it was hard accept the judgment by Kosman that a deal was clearly bad - even a chart here and there normalizing profits, etc. might have better illustrated things. ( )
  thomnottom | Apr 21, 2016 |
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An authoritative expose of the mysterious and potentially dangerous world of private equity Few people realize that the top private equity firms, such as Blackstone Group, Carlyle Group, and Kohlberg Kravis Roberts, have become the nation's largest employers through the businesses they own. Using leveraged buyouts that load their acquired companies with loans, private equity firms have generated more than $1 trillion in new debt?hich will come due just when these businesses are least likely to be able to pay it off. Journalist Josh Kosman explores private equity, explosive growth and shows how its barons wring profits at the expense of the long-term health of their companies. He argues that excessive debt and mismanagement will likely trigger another economic meltdown within the next five years, wiping out up to two million jobs. He also explores the links between the private equity elite and Washington power players, who have helped them escape government scrutiny. The result is a timely book with an important warning for us all.… (more)

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