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The Buyout of America: How Private Equity Will Cause the Next Great Credit Crisis

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The Buyout of America: How Private Equity Will Cause the Next Great Credit Crisis Cover

ISBN13: 9781591842859
ISBN10: 1591842859
Condition: Standard
Dustjacket: Standard
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Synopses & Reviews

Publisher Comments:

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

Few people realize that the top private equity firms, such as Blackstone Group, Carlyle Group, and Kohlberg Kravis Roberts, have become the nation’s largest employers through the businesses they own. Using leveraged buyouts that load their acquired companies with loans, private equity firms have generated more than $1 trillion in new debt—which will come due just when these businesses are least likely to be able to pay it off.

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.

Review:

"With exhaustive research and a rogues' gallery of interviews, journalist Kosman puts together a convincing and disquieting argument that private equity firms are about to cause the next great credit crisis. Many people don't realize that 'private equity' is just a new name for a leveraged buyout, and that private equity firms make their money by loading their acquired companies with debt, garnering short-term gain at the cost of the businesses' financial longevity. Exposing the pernicious practices of various high-profile firms (including Mitt Romney's company, Bain Capital, notorious for its company-destroying practices), Kosman reveals how they cripple their acquired businesses competitively, limit growth and cut jobs without reinvesting the savings, all without even generating good returns for their investors. But if only half of PE-owned businesses go bankrupt, that would leave almost two million Americans out of jobs. What's to be done? Kosman is a proponent of legislation that encourages buyers of companies to hold on to them for at least five years. This alarming book will keep anxious credit watchers on their toes — and hopefully inspire some pressure to keep PE firms from going the way of mortgage brokers." Publishers Weekly (Copyright Reed Business Information, Inc.)

Synopsis:

Using leveraged buyouts that load their acquired companies with loans, private equity firms have generated more than $1 trillion in new debt. Journalist Kosman explores private equity's explosive growth at the expense of the long-term health of their companies.

About the Author

Josh Kosman has been covering the financial industry for twelve years. He is as an editor at Mergermarket.com and a former 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.

Table of Contents

The Buyout of America Prologue

Introduction

Part One: The Buyout of America

Chapter One: How Private Equity Started

Chapter Two: The Next Credit Crisis

Part Two: The LBO Playbook

Chapter Three: Doctoring Customer Service

Chapter Four: Lifting Prices

Chapter Five: Starving Capital

Chapter Six: Plunder and Profit

Chapter Seven: Leaving Little to Chance

Chapter Eight: A Different Approach

Part Three: What Now?

Chapter Nine: The Next Great European Credit Crisis

Chapter Ten: What's Next?

Chapter Eleven: Handling the Fallout

Acknowledgments

Appendix: The 1990s LBO Track Record

Notes

Index

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itpdx, March 24, 2010 (view all comments by itpdx)
In retrospect, when mortgage credit disintegrated, we saw that there had been a few voices raised in warning. Kosman is raising a voice about the next credit catastrophe.
Private equity (PE) firms went on a buying binge in the late 90's and early 00's. They had the companies that they bought borrow most of the money the PE firms used to buy them. The banks that lent the money applied less than rigorous standards in approving the loans because they would resell them (sound familiar?). The PE firms try to improve the position of the purchased company by short-sighted management in order to re-sell or take the company public in 5 or 6 years. Of course recent conditions have not been conducive to this and some of the highly leveraged companies have gone bankrupt. And many of the loans will start coming due in 2012. Read this book to see how the PE firms still make money even when they drive their "investments" into bankruptcy and why our public employee pension funds are at high risk of becoming under-funded because of this.
Kosman offers some suggestions on what Congress and the administration can do to somewhat cushion the blow but also gives a pessimistic out-look of these changes being made because of the influence that PE firms have in Washington.
The book gives evidence of having been rushed to press--editing errors and sections that are a little skeletal, but it is definitely an infuriating and important read.
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Product Details

ISBN:
9781591842859
Subtitle:
How Private Equity Will Cause the Next Great Credit Crisis
Author:
Kosman, Joshua
Author:
Kosman, Josh
Publisher:
Portfolio Hardcover
Subject:
Economic Conditions
Subject:
Leveraged buyouts -- United States.
Subject:
Financial crises -- United States.
Subject:
Economics - Microeconomics
Subject:
Economics - General
Copyright:
Edition Description:
B-Hardcover
Publication Date:
20091112
Binding:
Hardback
Grade Level:
from 12
Language:
English
Illustrations:
tables
Pages:
288
Dimensions:
9.30x6.36x.97 in. 1.02 lbs.
Age Level:
17-17

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The Buyout of America: How Private Equity Will Cause the Next Great Credit Crisis Used Hardcover
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Product details 288 pages Portfolio - English 9781591842859 Reviews:
"Publishers Weekly Review" by , "With exhaustive research and a rogues' gallery of interviews, journalist Kosman puts together a convincing and disquieting argument that private equity firms are about to cause the next great credit crisis. Many people don't realize that 'private equity' is just a new name for a leveraged buyout, and that private equity firms make their money by loading their acquired companies with debt, garnering short-term gain at the cost of the businesses' financial longevity. Exposing the pernicious practices of various high-profile firms (including Mitt Romney's company, Bain Capital, notorious for its company-destroying practices), Kosman reveals how they cripple their acquired businesses competitively, limit growth and cut jobs without reinvesting the savings, all without even generating good returns for their investors. But if only half of PE-owned businesses go bankrupt, that would leave almost two million Americans out of jobs. What's to be done? Kosman is a proponent of legislation that encourages buyers of companies to hold on to them for at least five years. This alarming book will keep anxious credit watchers on their toes — and hopefully inspire some pressure to keep PE firms from going the way of mortgage brokers." Publishers Weekly (Copyright Reed Business Information, Inc.)
"Synopsis" by , Using leveraged buyouts that load their acquired companies with loans, private equity firms have generated more than $1 trillion in new debt. Journalist Kosman explores private equity's explosive growth at the expense of the long-term health of their companies.
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