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The Buyout of America: How Private Equity Is Destroying Jobs and Killing the American Economyby Josh Kosman
Synopses & Reviews
An authoritative exposand#233; 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.
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 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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