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The Buyout of America: How Private Equity Is Destroying Jobs and Killing the American Economy [NOOK Book]

Overview

An authoritative exposé of the mysterious and potentially dangerous world of private equity.

Marquee private equity firms such as Blackstone Group, Carlyle Group, and Kohlberg Kravis Roberts have grown bigger and more powerful than ever. They have also become the nation's largest employers through the businesses they own. Journalist Josh Kosman explores private equity's explosive growth and shows how its barons wring profits at the expense of...
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The Buyout of America: How Private Equity Is Destroying Jobs and Killing the American Economy

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Overview

An authoritative exposé of the mysterious and potentially dangerous world of private equity.

Marquee private equity firms such as Blackstone Group, Carlyle Group, and Kohlberg Kravis Roberts have grown bigger and more powerful than ever. They have also become the nation's largest employers through the businesses they own. Journalist Josh Kosman explores private equity's 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.


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Product Details

  • ISBN-13: 9781101152386
  • Publisher: Penguin Group (USA)
  • Publication date: 11/12/2009
  • Sold by: Penguin Group
  • Format: eBook
  • Pages: 288
  • File size: 1,010 KB

Meet the Author

Josh Kosman has been covering the financial industry for twelve years. He is a business reporter at The New York Post, and has previously been an editor at Mergermarket.com, a senior writer for The Deal and senior reporter for the trade publication Buyouts Newsletter. He appears frequently in the media as a private equity and mergers expert. He lives in Brooklyn, New York.

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Table of Contents

Prologue 1

Introduction 7

Part 1 The Buyout of America

Chapter 1 How Private Equity Started 19

Chapter 2 The Next Credit Crisis 35

Part 2 The LBO Playbook

Chapter 3 Doctoring Customer Service 55

Chapter 4 Lifting Prices 72

Chapter 5 Starving Capital 87

Chapter 6 Plunder and Profit 105

Chapter 7 Leaving Little to Chance 121

Chapter 8 A Different Approach 138

Part 3 What Now?

Chapter 9 The Next Great European Credit Crisis 155

Chapter 10 What's Next? 172

Chapter 11 Handling the Fallout 183

Epilogue 202

Acknowledgments 205

Appendix: The 1990s LBO Track Record 207

Notes 227

Index 267

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