These Are the Plunderers
How Private Equity Runs-and Wrecks-America
Published on 22. June 2023
Book
Hardback
400 pages
978-1-9821-9128-3 (ISBN)
Description
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.
Reviews / Votes
"Amazing investigative work about a powerful but largely unknown segment of the American financial world."-Investigative Reports & Editors "Damning...Morgensen and Rosner excel at capturing the complex financial maneuverings in crisp, accessible prose, and horror stories about how buyouts shortchanged nursing home residents and life insurance policy holders drive home the callousness of the private equity business model. Fiery and incisive, this is an essential account of how Wall Street pilfers the pockets of ordinary Americans."
-Publishers Weekly, *starred review*
"Readers will be drawn into the duo's storytelling, and even those who aren't financially savvy will be able to grasp the topic. It's a must-read for all for help in understanding a different side of capitalism."
-Booklist, *starred review*
"As Gretchen Morgenson and Joshua Rosner so lucidly explain, these 'modern privateers' simply act as dealers reshuffling marked cards in the deck of American capitalism. In the high stakes game they're playing, it's a deck that's stacked against the rest of us."
-Shelf Awareness
"The troubled story of private equity, which is anything but equitable.... A well-documented, maddening book that cries out for legislative reform and regulation."
-Kirkus Reviews
"A meticulous and devastating takedown of a powerful force in Western capitalism, infused with just the right amount of indignation at how the powerless bear most of the awful burden."
-Brad Stone, author of Amazon Unbound and The Everything Store
"This is the fourth estate working at its best: explaining to readers an ever-growing number of examples where private equity has extracted wealth, not created it, for the benefit of a privileged few. Done right, PE can play a positive role in our economy. Done wrong, its consequences are ruinous as demonstrated in this must-read book."
-Sheila Bair, former chair of the FDIC and author of New York Times bestseller Bull by the Horns
"These Are the Plunderers is a masterpiece of investigative journalism. Morgenson and Rosner expose nothing less than an organized, merciless, and astoundingly profitable attack on America's middle class. If you want to understand why Wall Street is booming, good jobs are disappearing, and venerable companies are collapsing, the story is all here. This book names the names and follows the money."
-Christopher Leonard, New York Times bestselling author of Kochland and The Lords of Easy Money
"A critical and urgent look behind the scenes at the characters and mechanics that increasingly dictate our systems of influence, power, and money. Morgenson and Rosner make the complex legible-and the stakes couldn't be higher."
-Mary Childs, co-host of NPR's "Planet Money" and author of The Bond King
"[A] definitive, inside story of how our winner-take-all economy came to be. The private equity billionaires you'll meet on these fascinating pages are the new robber barons. While the watchdogs were asleep, this investigative journalist and policy analyst show how they plundered America and, at last, hold them accountable. Ida Tarbell would sure be proud of them."
-Jill Abramson, author of Merchants of Truth and former executive editor of The New York Times
More details
Language
English
Place of publication
New York
United States
Product notice
sewn/stitched
Cloth over boards
Illustrations
8-pg 4-c insert
Dimensions
Height: 232 mm
Width: 170 mm
Thickness: 37 mm
Weight
590 gr
ISBN-13
978-1-9821-9128-3 (9781982191283)
Copyright in bibliographic data and cover images is held by Nielsen Book Services Limited or by the publishers or by their respective licensors: all rights reserved.
Schweitzer Classification
Other editions
Additional editions
Gretchen Morgenson | Joshua Rosner
These Are the Plunderers
How Private Equity Runs-and Wrecks-America
E-Book
04/2023
Simon + Schuster LLC
€15.81
Available for download
Persons
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.