TheOnion: Private Equity Firm Announces 2030 Goal Of Making Everything A Little Grayer, A Little Less Full Of Joy https://www.theonion.com/private-equity-firm-announces-2030-goal-of-making-every-1850814732 #hawthornecapital #businessfinance #privateequity #jamespiedmont #hawthorne #grayer #liken

Excerpt From
These Are the Plunderers p. 310
Gretchen Morgenson & Joshua Rosner

#privateEquity #books #nonfiction #kkr #predatoryCapitalism #leonBlack #apollo #blackstone #forbes

Excerpt From
These Are the Plunderers p. 287
Gretchen Morgenson & Joshua Rosner

#privateEquity #books #nonfiction #kkr #predatoryCapitalism #leonBlack #apollo #pensions #retirement
/5

These pension deals had a telling name, however. They were called “pension risk transfers,” and therein was their problem. The companies selling their pension obligations were transferring to another entity the risks associated with making these payments for years to come. A good thing for the companies, of course, but beneficial to the pensioners? Not so fast.
/4
#privateEquity #leonBlack #theseAreThePlunderers #apollo #pensions

That left the retirees very much at risk for problems that might arise from the Athene purchase—there would be no government agency to bail them out, for example, as they’d had in their corporate-sponsored pensions. /3
#privateEquity #theseAreThePlunderers #bookstodon #nonfiction

This book is really, just amazing...
By mid-2022, almost four hundred ten thousand corporate retirees were trusting Athene to provide them with a prosperous retirement. They’d been given no choice in the matter—their former companies had sold their pensions to Athene [Apollo, Leon Black] without giving them the right to object. #privateEquity #theseAreThePlunderers
/1

“If there’s a profit in it, then they’ll do it. They’re not going to do a single thing that doesn’t benefit them, first and foremost.”

Excerpt From
These Are the Plunderers p. 268
Gretchen Morgenson & Joshua Rosner

#privateEquity #bookstodon #nonfiction #predatoryCapitalism #hospitals #medicare #healthcare #stewartHealthCare #stewartHealth #nashobaValley

“Private equity–backed health care has been a disaster for patients and for doctors,” said Mark Reiter, residency program director of emergency medicine at the University of Tennessee. “Many decisions are made for what’s going to maximize profits for the private equity company, rather than what is best for the patient, what is best for the community.”

These Are the Plunderers
Morgenson & Rosner

#privateEquity #bookstodon #nonfiction #kkr #predatoryCapitalism #hospitals #medicare #healthcare

“When COVID-19 hit, hospitals owned by private equity firms were among the first to cut their workers’ pay and benefits because their operations could no longer generate profits on elective surgical procedures delayed due to the pandemic.”

Excerpt From
These Are the Plunderers
Gretchen Morgenson & Joshua Rosner

#privateEquity #bookstodon #nonfiction #kkr #predatoryCapitalism #nursingHome #medicare

#PrivateEquity profits from #climate disaster clean-up – while investing in #fossilfuels

https://www.theguardian.com/environment/2023/sep/07/private-equity-climate-crisis-disaster-cleanup

> Exclusive: Study shows resilience workers, mostly #refugees and #immigrants, poorly protected as top firms ‘pad their pockets by cutting costs’

“Expecting to extract what they can from the investments over only a few years, the pirates [private equity] don’t care about the long-term impact these operations will have. By the time of any reckoning, they plan to have taken their profits and left the scene.”

Excerpt From
These Are the Plunderers
Gretchen Morgenson & Joshua Rosner

#privateEquity #bookstodon #nonfiction #kkr #predatoryCapitalism

#PrivateEquity profits from #ClimateDisaster clean-up – while investing in #FossilFuels

Study shows resilience workers, mostly #refugees and #immigrants, poorly protected as top firms ‘pad their pockets by cutting costs’

while investing in fossil fuels - https://www.theguardian.com/environment/2023/sep/07/private-equity-climate-crisis-disaster-cleanup #ClimateCrisis #Greedagedon

Excerpt From
These Are the Plunderers
Gretchen Morgenson & Joshua Rosner

#privateEquity #bookstodon #nonfiction #kkr #predatoryCapitalism

Meet the DFCD at the Aquaculture Vietnam 2023 Expo on October 11-13th in Saigon.

https://aquafisheriesexpo.com/en/aquaculture-vietnam/

#climatefinance #DFCD #privateequity #vietnam

These Are the Plunderers, p 204,
Gretchen Morgenson & Joshua Rosner
#privateEquity #bookstodon #nonfiction #kkr #predatoryCapitalism #emergencyroom #healthCare #enVision #EmCare

“A 2021 nursing home study published by the National Bureau of Economic Research [..] showed nursing homes owned by private equity firms experienced 10 % more resident deaths than occurred in facilities not owned by private equity. Some twenty thousand additional lives were lost at private equity–backed nursing homes during the years studied of 2005 to 2017..”

These Are the Plunderers
Gretchen Morgenson & Joshua Rosner
#privateEquity #bookstodon #nonfiction #CarlyleGroup #predatoryCapitalism

“..but Powell was a member of the firm’s powerful investment committee and participated in all the firm’s U.S. buyout activities. His affinity for the private equity world would become clear in 2020 when under his tutelage, the Federal Reserve would announce an unprecedented program to buy $750 billion of corporate bonds, shoring up the market that is crucial for the privateers.”
These Are the Plunderers
Gretchen Morgenson & Joshua Rosner
#privateEquity #bookstodon #nonfiction #jayPowell

@The_Icarian according to Morgensen & Rosner:

“At first, the downfall of Drexel Burnham Lambert, the epicenter of 1980s greed, seemed like something of a reckoning. [..] In addition to Milken, more than eight hundred bank officials went to jail in the aftermath of the disaster, including chief executives like Keating of Lincoln Savings and Loan and David Paul of CenTrust Bank in Florida.”

These Are the Plunderers
Gretchen Morgenson & Joshua Rosner
#privateEquity #bookstodon #nonfiction

“Congress eased other rules for wealthy investors and investment funds. The Taxpayer Relief Act of 1997 cut capital gains taxes from 28 percent to 20 percent and raised the amounts exempted from estate tax levies. The administration also made it easier for foreign private investment funds to invest in the U.S. without subjecting their profits to U.S. taxes.”

These Are the Plunderers
Gretchen Morgenson & Joshua Rosner
#bookstodon #Nonfiction #privateEquity #predatoryCapitalism

It took until 1999 for Rubin to finish the job, but after he did, he went on to earn tens of millions at Citigroup, an institution that benefitted from his activities and had to be bailed out three times by taxpayers in 2008.”

These Are the Plunderers
Gretchen Morgenson & Joshua Rosner
#bookstodon #Nonfiction #privateEquity #predatoryCapitalism #glassSteagall #billClinton #robertRubin