Gretchen Morgenson and Joshua Rosner's book "These Are the Plunderers: How Private Equity Runs—and Wrecks—America" reveals the greed and theft in private equity, showing how these billionaires have hurt our economy and, in turn, us.
The first part of the book tells the story of private equity, from its humble start in the 1970s to its place at the top of the American economy today. Morgenson and Rosner say that private equity companies have become so powerful because they have found ways to take advantage of flaws in the financial system. Because of these holes, private equity firms can buy companies with a lot of debt, which they can then use to make money from the companies they own.
The writers then explain all the ways that private equity firms have used this debt to steal from the companies they have bought. They show how private equity companies have fired workers, cut back on investments, and sold off assets to pay off debt and make money. They also show that private equity companies have done things like asset stripping and fraud, which are both questionable.
At the end of the book, the author says that private equity is a big problem for the American economy. Morgenson and Rosner say that private equity firms hurt businesses' ability to compete, lower wages, and get rid of jobs. They also say that private equity is making things more unequal in the United States.
"These Are the Plunderers" is a well-written and well-researched book that shows the dark side of private equity in a frightening way. Anyone who worries about the future of the American economy needs to read this book.
Here are some of Morgenson and Rosner's most important points:
Private equity companies have grown so strong because they have found ways to take advantage of flaws in the financial system.
Private equity firms load up the companies they buy with debt, which they then use to make money from the businesses they own.
In order to pay down debt and make money, private equity companies have fired workers, cut back on investments, and sold off assets.
Besides asset stripping and fraud, private equity companies have done a number of other questionable things.
Private equity is a big problem for the U.S. economy.
Several reviewers, including The New York Times, The Washington Post, and The Wall Street Journal, have said good things about the book. It has also been up for a number of awards, including the Pulitzer Prize for Nonfiction.
But some people in the private equity business have also said bad things about the book. These critics say that Morgenson and Rosner's book is biased and that they exaggerated how bad private equity is.
Even with these problems, These Are the Plunderers is an important book that shows the bad side of private equity and is worth reading. Anyone who worries about the future of the American economy needs to read this book.
Here are a few more ideas about the book:
Morgenson and Rosner do a good job of giving a fair look at private equity. They agree that there are some good things about private equity, like the fact that it can give money to businesses that might not be able to get it any other way. But they also talk about the bad things about private equity, like how it can lead to people losing their jobs and assets being taken away.
The book is well-written and well-researched. Morgenson and Rosner back up their claims with a lot of proof. They also quote a number of experts, such as professors, writers, and people who used to work in private equity.
The book is an important part of the discussion about how private equity affects the American economy. It gives an important look at the bad side of private equity, and anyone who cares about the future of our economy should read it.
Buy this book at Amazon: https://amzn.to/3LbyXhU
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