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The Buyout of America: How Private Equity Is Destroying Jobs and Killing the American Economy Paperback – Bargain Price, November 30, 2010
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About the Author
From Publishers Weekly
Copyright © Reed Business Information, a division of Reed Elsevier Inc. All rights reserved. --This text refers to an alternate Paperback edition.
Top Customer Reviews
Kosman has a mountain of data and stories to tell which clarify the dangers PE firms impose on our economy. It's not just the 10% of American workers that are either terminated or extremely overworked being affected. The investors marshaled by the PE management also often come up short - losing money in pension funds, investment bank loans and other macro-economic areas that further hurt the economy.
The author provides names and extensive details making his book a strong opening salvo for the discussion he wants to bring the American people (and others) into. He has a web site listed in the book that is also for this purpose. Kosman predicts that defaults on PE investment loans between 2012-15 will lead to the next credit crisis and it is about the same size as the mortgage crisis we are in now. The same easy lending policies that allowed subprime loans for houses also funded massive leverage buyouts via PE financiers. The PE financiers are so greedy in Kosman's account that it is incredible, yet he backs it up pretty convincingly. The lavish lifestyle and cavalier attitude towards society of LBO kings is pretty well known anyway, but this book details the savage business practices that leave a wake of destruction where only the PE interests are assured of walking away whole.
It is amazing how much these PE financial wizards get away with in Kosman's accounts and that leads to what I think is the books' primary weakness.Read more ›
Very well written; very well researched. Makes an excellent case
for the chaotic influence of private equity on our economy.
The chapter on what private equity did to the mattress industry is a major eye opener. You can't believe what you're reading, and PE is so pervasive it is really scary.
Author really talented guy. Obviously a guy with some integrity who "chose" to avoid a career in PE.
And if you're thinking about voting for Romney;
you might read chapter 6.
Wow -- it's hard to believe this guy is still credible as a businessman and/ or job creator.
Great book. Wish I'd read it sooner.
When Kosman describes what PE firms actually do, what comes to mind is the scene from the gangster film Goodfellas where Ray Liotta's character relates what happened when the mob 'invested' in another character's restaurant business and proceeded to milk it dry, load it up with all kinds of debt and then burn it down to collect the insurance money. The only real difference between that and what PE firms do is that PE firms do it legally. The mindset, however, is exactly the same.
Highly recommended for anyone with an interest in learning about just what private equity firms do and why it matters.
Most Recent Customer Reviews
Excellent Read on the operational impact of Private Equity.Published 7 months ago by Amazon Customer
Many ordinary folks never even heard of Bain Capital and the private equity industry until the US presidential elections of 2012. Now the cat is out of the bag. Read morePublished on January 3, 2014 by paul
I regard this as an extraordinarily important book that should be widely read and widely discussed. It would have been particularly important for this to have occurred prior to... Read morePublished on January 27, 2013 by Biged
We are only just beginning to learn the fall-out that occurs when private equity firms take over businesses. Read morePublished on December 30, 2012 by Cynsha
Private Equity (PE) firms have been in the news a great deal of late, especially with the candidacy of Mitt Romney for president. Read morePublished on November 22, 2012 by George Fulmore
By his own admission, Josh Koshman knew little about Private Equity when he began this book. He doesn`t seem to have learned much. Read morePublished on August 4, 2012 by MG in NY
This book is awesome.
Read Kosman's Rolling Stone column detailing why Bain is the worst of capitalism to get a sense of what you are in for. Read more
If you want to have a superb understanding of how Mitt Romney got so rich, this book paints a picture of the entire private equity industry and clearly shows the difference between... Read morePublished on May 18, 2012 by T. Cannon
This book is about the history of private equity, what it means, how it operates, and the wreckage the industry generates. Private equity means making money. Read morePublished on July 19, 2011 by Judah