Excerpt From
These Are the Plunderers
Gretchen Morgenson & Joshua Rosner p. 97
#leonblack #bookstodon #privateEquity #theseAreThePlunderers #apollo #gretchenmorgenson #joshuaRosner #nonfiction #apolloGroup #johnGaramendi

John Garamendi. -- man, you did policy holders 'dirty' as California Insurance Commissioner in 1991:
"In any case, the advantage given to [Leon] Black’s partners by [John] Garamendi led to a terrible outcome for Executive Life’s policyholders. He’d allow assets needed to fulfill Executive Life’s promises to be sold off for far less than they were really worth. ..

#leonblack #bookstodon #privateEquity #theseAreThePlunderers #apollo #gretchenmorgenson #joshuaRosner #nonfiction #johnGaramendi

By June 2021, though, the 1 percenters had raced ahead, their wealth surging to 27 % of the whole versus 26.6 % of the middle class.""

Excerpt From
These Are the Plunderers
Gretchen Morgenson & Joshua Rosner p. 62
#leonblack #bookstodon #privateEquity #theseAreThePlunderers #apollo #gretchenmorgenson #joshuaRosner #nonfiction #apolloGroup

"Even though the nation’s debt markets far exceed the stock market in dollar value, regulatory officials have focused much more closely on policing activities in stock trading than in bond transactions. You almost never hear of insider trading cases involving debt issues, for example."

Excerpt From
These Are the Plunderers
Gretchen Morgenson & Joshua Rosner p. 53
#leonblack #books #privateEquity #theseAreThePlunderers #apollo #gretchenmorgenson #joshuaRosner #nonfiction #apolloGroup

"Even though the nation’s debt markets far exceed the stock market in dollar value, regulatory officials have focused much more closely on policing activities in stock trading than in bond transactions. You almost never hear of insider trading cases involving debt issues, for example."

Excerpt From
These Are the Plunderers
Gretchen Morgenson & Joshua Rosner p. 53
#leonblack #bookstodon #privateEquity #theseAreThePlunderers #apollo #gretchenmorgenson #joshuaRosner #nonfiction #apolloGroup

“No matter. Profiting from problems you’ve created is a long-standing tradition on Wall Street. For example, investment bankers are famous for advising corporate clients whose acquisitions don’t work out to sell companies they had advised them to buy in the first place. Best of all, advisers earn fees on both deals.”

These Are the Plunderers
Gretchen Morgenson & Joshua Rosner
#leonblack #bookstodon #privateEquity #theseAreThePlunderers #apollo #gretchenmorgenson #joshuaRosner #nonfiction

Morgenson is an incisive commentator on for-profit looting. Her recent book *These Are the Plunderers: How Private Equity Runs—and Wrecks—America* (co-written with #JoshuaRosner) is a must-read:

https://pluralistic.net/2023/06/02/plunderers/#farben

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Seydelmann (modified)
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