Brendan Ballou on his new book Plunder, the problems with private equity from Twitter to your local doctor, and solutions to fix the industry.
Brendan Ballou is the author of Plunder: Private Equity’s Plan to Pillage America. Brendan is also a federal prosecutor, and served as special counsel for private equity in the antitrust division at the Department of Justice. Now, the idea behind private equity or PE is simple: a private equity firm gathers up a bunch of cash, raises some investor cash, and takes on a lot of debt to buy various companies, often taking them off the public stock market.
And that gives you a short burst of cash from the sale, but then you’re shouldered with the ongoing obligation to pay back the things that you once owned. We also mentioned dividend recapitalizations, where a firm will direct a company to borrow money to pay itself a profit. These sorts of things have been on the books for a long time. I think private equity firms have been really smart about identifying the opportunities here and using them.
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