Tag: Private equity

The Tragedy of the Yale Commons

When 18-year-old Stephen A. Schwarzman, the son of a Philadelphia dry-goods store owner, entered Yale in 1965, he took his meals, like all freshmen, in the Commons, a vast, baronial dining hall in a cluster of beaux-arts colossi that the university had constructed for its bicentennial in 1901. The Commons seemed to him like “a […]

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The Tragedy of the Yale Commons

When 18-year-old Stephen A. Schwarzman, the son of a Philadelphia dry-goods store owner, entered Yale in 1965, he took his meals, like all freshmen, in the Commons, a vast, baronial dining hall in a cluster of beaux-arts colossi that the university had constructed for its bicentennial in 1901. The Commons seemed to him like “a […]

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CalPERS Should Thank Us for Publicizing, and Therefore Undermining Their Repeated Efforts to Hand Private Equity Portfolio to BlackRock: BlackRock’s Mark Wiseman Fired for Affair With Subordinate, Leading to Suspension of New Investments from “Warren Buffett” Style Megafund

CalPERS should start to recognize that our hounding of the giant pension fund is to prevent it from doing things that will harm beneficiaries. The fact that the fund’s top management nevertheless seems determined to keep doing things that are at best wrong-headed, and too often are dishonest and obviously corrupt, should be getting a […]

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CalPERS Still Owns Toxic National Enquirer Via Hedge Fund Chatham; CEO Marcie Frost Falsely Says It Was Sold; Columbia Journalism Review Depicts Pending Sale as a Sham

When is a sale not a sale? 1. When it hasn’t closed 2. When the sale is so heavily subsidized as to be questionable Both look applicable with the still-not-consummated “sale” of the National Enquirer, as confirmed in a well-reported story, Bad Romance, at the Columbia Journalism Review, which went live in late November. As […]

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The Privatized Internet — Entire .ORG Domain Registry Sold to Investment Equity Firm “Ethos Capital”; Registration Fee Restrictions Removed

Yves here. Yet more privatization of the commons….this one via private equity playing rentier with domain names. By Thomas Neuberger. Originally published at DownWithTyranny! Cover of a 2015 book glorifying the privatization of the Internet via “a unique and vibrant interplay between government and private industry.” Nothing dollarable is safe. The love of money is […]

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How Taylor Swift Dragged Private Equity Into Her Fight Over Music Rights

A little over a week ago, a troubling alert appeared on the smartphone of an executive at the private equity giant the Carlyle Group: The firm had been invoked by Taylor Swift. In an open letter posted to social media, the pop megastar had implored her fans to intervene in what might otherwise have been […]

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Democrats’ Private Equity Hearing Fail: Abject Incompetence, Corruption, or Mere Unseriousness?

Even though I didn’t have high expectations for the House Financial Services Committee hearing yesterday on private equity, America for Sale? I didn’t expect it to be a train wreck either. Today I will focus on the process issues, as in why this hearing ginned up by Team Dem sucked (Lambert insisted I not use […]

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Private Equity Under the Hot Lights Today at House Financial Services Committee Hearing, “America for Sale?”

Private equity is finally getting some long overdue official scrutiny via a series of Congressional moves. One is the full House Financial Services Committee meeting today, at 10:00 AM, America for Sale? An Examination of the Practices of Private Funds. You will find the live webcast at that link, as well as links on that […]

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How the Fed Boosts the 1%: Even the Upper Middle Class Loses Share of Household Wealth to the 1%. Bottom Half Gets Screwed

Yves here. Wolf Richter gives an important, granular take on the way the top 1% is pulling even further away from everyone else in wealth accumulation, enabled by the Fed. There’s a lot of anecdotal confirmation for his view that even the top 10% ex the 1% aren’t really doing all so well. For instance, […]

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You Can’t ‘Stick to Sports’

Two weeks ago, I was fired as acting editor in chief of Deadspin, where I’d worked since 2009. The entire staff resigned, following me out the door after we had refused a new company mandate to “stick to sports.” Jim Spanfeller, installed as chief executive of G/O Media by the private equity firm that bought […]

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Electronic Voting Machine Debacle Continues in 2019, Setting Dangerous Precedent for 2020

By Lambert Strether of Corrente As readers know, I’m a strong advocate of hand-marked paper ballots (HMPB), hand-counted in public (HMPB-CP), and we’ve periodically written on this topic at NC; see HMPB-CP in Quebec (2012), paper ballots in India (2016), a review of the literaure (2018), Virginia’s return to paper ballots (2017), “ballot marking devices” […]

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CalPERS Follows Naked Capitalism Recommendation: Does 180 on Emerging Managers by Dumping Managers, Slashing Commitments, Defying Board-Authorized Plan Through 2020

CalPERS will never have the decency to admit this site has been right even when they followed our investment advice. The short version is that CalPERS, with a great deal of fanfare and board huzzahs, announced last year that it planned to increase its funding of its worst-performning private equity strategy, its emerging manager program. […]

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Public Pension Funds Criticized for Profiting From Private Equity’s “Surprise Billing” Abuse

We’ve described how private equity is behind the stunningly widespread abuse known as “surprise billing” or “balance billing”. This occurs when Americans with health insurance get hit with “out of network” charges for ambulances, emergency room services, or even with scheduled surgeries when they did what they could to make sure that only medical professionals […]

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Deadspin’s Last Staff Member Quits. But Deadspin Is Not Dead, the Boss Says.

And then there were none. The exodus of staff members at the popular sports website Deadspin started on Tuesday, with the firing of the interim editor in chief, Barry Petchesky, who had refused to obey an order from higher-ups to confine the site’s posts to sports-related subject matter. On Wednesday, more than eight staff members […]

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The Real Threat to Journalism Is Not Donald Trump

Earlier this month, private equity killed another news outlet. Splinter, a news and politics website where I’d previously worked, was shut down by its owners. Seven people lost their jobs—a comparatively small culling compared to the hardships some other media outlets have recently endured. Nevertheless, Splinter’s fate points in the direction of bloodlettings to come. […]

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CNBC Survey Finds Wall Street Democrats Will Sit Things Out if Elizabeth Warren’s Their Nominee

Elizabeth WarrenPhoto: Scott Olson (Getty) It’s all about the Benjamins, baby—even for Wall Street bigwigs who call themselves Democrats, who say they’ll sit out the election, or even wholesale back Donald Trump, if Elizabeth Warren, the big-banks-bashing senator from Massachusetts, is their party’s presidential nominee. That’s the finding of a recent informal survey by CNBC of private […]

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Wolf Richter: How Employees & Employers Get Bled by Health Insurance

Yves here. We’re heavy on health matters tonight because the Trump/Ukraine scandal is eating the news. These stats on health insurance costs are damning. And remember these are averages, so think of what it’s like for those who pay even more than the nosebleed levels shown. Our earlier story tonight, on private equity, describes one […]

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Who Advocates For Surprise Medical Billing? – Private Equity Hides Behind Physicians’ White Coats

Yves here. We’ve written about the role of private equity in acquiring specialized physicians’ practices, such as emergency room practices, which hospitals have bizarrely outsourced. Private equity mavens Eileen Appelbaum and Rosemary Batt documented the connection between these purchases and the rise of the patient-gouging too politely referred to as “surprise billing” or “balance billing” […]

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CalPERS Short-Changed by CIM in Pay-to-Play/Bribery Scandal; Looks Like Apollo Stiffed CalPERS Too

The ten year-old CalPERS CEO bribery scandal has abruptly resurfaced in an ugly fashion, as the Wall Street Journal indicates that one of the investment firms tainted by the scandal did not pay the full restitution promised to CalPERS CalPERS’ former CEO, Fred Buenrostro, is now in Federal prison serving a four-and-a-half year sentence for […]

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CalPERS Short-Changed by CIM in Pay-to-Play/Bribery Scancal; Looks Like Apollo Stiffed CalPERS Too

The ten year-old CalPERS CEO bribery scandal has abruptly resurfaced in an ugly fashion, as the Wall Street Journal indicates that one of the investment firms tainted by the scandal did not pay the full restitution promised to CalPERS CalPERS’ former CEO, Fred Buenrostro, is now in Federal prison serving a four-and-a-half year sentence for […]

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Another School Leadership Disaster: Private Companies Work an Insider Game to Reap Lucrative Contracts

Lambert here: More corruption in the professional class. By Jeff Bryant, a writing fellow and chief correspondent for Our Schools, a project of the Independent Media Institute. He is a communications consultant, freelance writer, advocacy journalist, and director of the Education Opportunity Network, a strategy and messaging center for progressive education policy. His award-winning commentary […]

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Air Ambulances Woo Rural Consumers With Memberships That May Leave Them Hanging

Lambert here: Wouldn’t you just know it, but AirMedCare is owned by private equity, whose talented analysts have figured out yet another way to screw desperate rural communities who have lost their hospitals, and collect on the mother of all out-of-network billing scams. Ditto the medical evacuation business generally. This story reinforces Eileen Applebaum and […]

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Hubert Horan: Can Uber Ever Deliver? Part Twenty-One: Mike Isaac’s Book Ignores Economics and Financial Results and Gets the Uber Story Almost Entirely Wrong

By Hubert Horan, who has 40 years of experience in the management and regulation of transportation companies (primarily airlines). Horan has no financial links with any urban car service industry competitors, investors or regulators, or any firms that work on behalf of industry participants One of the recurring themes of this series has been the […]

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