Friday, December 14, 2007

What "Private Equity" really does...

From David Sirota:

When Barbarians Take Hostages

By David Sirota
Creators Syndicate, 12/14/07

As a central villain in the famous book "Barbarians at the Gate,"
Henry Kravis has become one of the world's richest mavens of private
equity-the Wall Street sector that buys up companies, breaks them
apart and sells their assets. In 2006, Kravis made $450 million, or
more per hour ($51,000) than the average American household makes in
a year. Incredibly, his wealth puts him right within the average for
executives in this largely unregulated industry that oversees about
$400 billion in annual business.

Brutes like Kravis haven't amassed such treasure by playing nice.
During their takeover rampages, they often crush workers and leave
communities for dead. And now, as we've seen over the last month,
when the tax man comes calling, these barbarians start taking

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