A01=Gretchen Morgenson
A01=Joshua Rosner
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American capitalism
American economy
Apollo
asset stripping
assets
Author_Gretchen Morgenson
Author_Joshua Rosner
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book about private equity
books about private equity
books about the economy
business
capitalism
capitalism critique
Category1=Non-Fiction
Category=KCX
COP=United States
corporate debt
corporate takeover
corporate takeovers
Covid
debt
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economic inequality
economic system
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eq_business-finance-law
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finance
finance books
financial journalism
financial system
income inequality
Language_English
middle class
nursing home buyouts
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pension fund losses
Plunder
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private equity
private equity book
private equity nonfiction
profits
PS=Active
rich and poor
rich get richer
softlaunch
understanding the economy
Wall Street
Wall Street investigation
wealth gap
Product details
- ISBN 9781982191283
- Weight: 558g
- Dimensions: 152 x 229mm
- Publication Date: 22 Jun 2023
- Publisher: Simon & Schuster
- Publication City/Country: US
- Product Form: Hardback
- Language: English
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Pulitzer Prize–winning and New York Times bestselling financial journalist Gretchen Morgenson and policy analyst Joshua Rosner investigate the insidious debt-laden world of private equity, revealing how it leeches profits from everyday Americans, tanks the companies it acquires, and puts our entire economic system at risk.
Much has been written about the widening gulf between rich and poor, the pernicious effects our deepening income inequality has on the US’s well-being, and how our style of capitalism has failed to provide a living wage for so many Americans. But nothing has fully detailed the crucial role a small cohort of elite financiers has played in this dispiriting outcome over the past thirty years. Until now. Pulitzer Prize–winning journalist and bestselling author Gretchen Morgenson, with coauthor Joshua Rosner, unmask the small group of celebrated Wall Street financiers who use excessive debt and dubious practices to undermine our nation’s economy while enriching themselves: private equity.
These Are the Plunderers lucidly and maddeningly traces the thirty-year history of corporate takeovers in America and private equity’s increasing dominance. Morgenson and Rosner investigate some of the biggest names in private equity, exposing how they buy companies, load them with debt, and then bleed them of assets and profits.
Private equity relies on debt—and lots of it. Morgenson and Rosner show how companies absorbed by private equity have worse outcomes for everyone but the financiers: patients at private equity-owned nursing homes are more likely to die; companies owned by private equity are more likely to go bankrupt; healthcare costs are higher at private equity-owned operations; workers at private equity-owned companies across the nation are more likely to have their benefits and pensions slashed or lose their jobs; retirees from private industry as well as school teachers, firefighters, medical technicians, and other public workers have lower returns on their pensions because of the fees private equity extracts from their investments. You’re worse off because of private equity.
These Are the Plunderers exposes the greed and pillaging in private equity, revealing the many ways these billionaires have bled our economy.
Much has been written about the widening gulf between rich and poor, the pernicious effects our deepening income inequality has on the US’s well-being, and how our style of capitalism has failed to provide a living wage for so many Americans. But nothing has fully detailed the crucial role a small cohort of elite financiers has played in this dispiriting outcome over the past thirty years. Until now. Pulitzer Prize–winning journalist and bestselling author Gretchen Morgenson, with coauthor Joshua Rosner, unmask the small group of celebrated Wall Street financiers who use excessive debt and dubious practices to undermine our nation’s economy while enriching themselves: private equity.
These Are the Plunderers lucidly and maddeningly traces the thirty-year history of corporate takeovers in America and private equity’s increasing dominance. Morgenson and Rosner investigate some of the biggest names in private equity, exposing how they buy companies, load them with debt, and then bleed them of assets and profits.
Private equity relies on debt—and lots of it. Morgenson and Rosner show how companies absorbed by private equity have worse outcomes for everyone but the financiers: patients at private equity-owned nursing homes are more likely to die; companies owned by private equity are more likely to go bankrupt; healthcare costs are higher at private equity-owned operations; workers at private equity-owned companies across the nation are more likely to have their benefits and pensions slashed or lose their jobs; retirees from private industry as well as school teachers, firefighters, medical technicians, and other public workers have lower returns on their pensions because of the fees private equity extracts from their investments. You’re worse off because of private equity.
These Are the Plunderers exposes the greed and pillaging in private equity, revealing the many ways these billionaires have bled our economy.
Gretchen Morgenson is the senior financial reporter for the NBC News Investigative Unit. A former stockbroker, she won the Pulitzer Prize in 2002 for her “trenchant and incisive” reporting on Wall Street. Previously at The New York Times and The Wall Street Journal, she and coauthor Joshua Rosner wrote the New York Times bestseller Reckless Endangerment: How Outsized Ambition, Greed, and Corruption Led to Economic Armageddon about the mortgage crisis.
Joshua Rosner is managing director at independent research consultancy Graham Fisher and Co., advising regulators, policymakers, and institutional investors on banking and financial markets. He has been interviewed on PBS, CBS, NBC, CNN, Bloomberg, CNBC, and Fox News, and featured in or written for The New York Times, The Wall Street Journal, Reuters, Economist, Barron’s, and HuffPost. Joshua is the coauthor of the New York Times bestseller Reckless Endangerment with Gretchen Morgenson.
Joshua Rosner is managing director at independent research consultancy Graham Fisher and Co., advising regulators, policymakers, and institutional investors on banking and financial markets. He has been interviewed on PBS, CBS, NBC, CNN, Bloomberg, CNBC, and Fox News, and featured in or written for The New York Times, The Wall Street Journal, Reuters, Economist, Barron’s, and HuffPost. Joshua is the coauthor of the New York Times bestseller Reckless Endangerment with Gretchen Morgenson.
