These Are The Plunderers

These Are The Plunderers, How Private Equity Runs - and Wrecks - America, by Gretchen Morgenson and Joshua Rosner, Simon and Schuster 2023

Investigative journalist Gretchen Morgenson and Joshua Rosner take a shocking look at how private equity influences Wall St, and what happens to investors and workers  when they do.  These Are The Plunderers, as the book's title, is shocking, starting with a history of powerful capitalism in the US.  The 2008 financial crisis as a primary example is covered, as are other stories looking at strategies of private equity firms.  

The authors add to the 2008 crisis the most recent impact of the Covid shutdown on the for-profit healthcare industry.  In fact, their chapter on healthcare, "Capitalism on Steroids" will give you pause.

The author's Epilogue, "Who will stop the bleeding?" offers insight and examples of legislative moves that they have observed, some quite effective, while others remain in the wings.  For the middle class especially, private equity can have great economic sway, and the authors posit that having a government watching, and/or lawsuits, may deter or weaken private equity and their board members' ability to move and influence.  The authors close with "we wait and hope."

Patricia E. Moody

FORTUNE magazine  "Pioneering Woman in Mfg" 

IndustryWeek IdeaXchange Xpert

A Mill Girl at Blue Heron Journal, on-line resource for business thought-leaders and decision-makers,  patriciaemoody@gmail.com