Chuck Spinney weighs in today on the manner in which the US citizen is being looted–right now, as this is written–by private equity firms (Allen & Co comes to mind, home to Bill Bradley and George Tenet), and point us to an article in Naked Capitalism worthy of review.
There has been a convergence of inattentive and under-informed citizens (including employees ill-served by labor unions that have themselves sold out); managers lacking in integrity and all too willing to serve as intermediaries in the destruction of public equity in favor of private equity; and of course Wall Street, which bought Congress, owns the Federal Reserve, and has crafted modern legalized looting or “klepto-capitalism.”
Monday, October 5, 2009
Quelle Surprise! New York Times Fails to Call Private Equity Looting by Its Proper Name
The New York Times tonight features a generally very good piece, “Buyout Firms Profited as a Company’s Debt Soared,” by Julie Creswell that falls short in one important respect: it fails to call a prevalent and destructive practice of private equity firms by its proper name.
