These Are the Plunderers: How Private Equity Runs-and Wrecks-America

Gretchen Morgenson and Joshua Rosner's book "These Are the Plunderers" investigates 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.

Format: Hardback
Length: 400 pages
Publication date: 22 June 2023
Publisher: Simon & Schuster

Pulitzer Prize-winning financial journalist Gretchen Morgenson and policy analyst Joshua Rosner delve into the intricate and debt-ridden realm of private equity, shedding light on its detrimental impact on everyday Americans, the decline of the companies it acquires, and the fragility of our entire economic system. While much attention has been focused on the growing divide between the rich and the poor, the deleterious consequences of income inequality on the well-being of the United States, and the failure of capitalism to provide a decent living wage for many Americans, the role of a select group of elite financiers in this distressing outcome has remained largely unexplored. Until now. In their groundbreaking book, "These Are the Plunderers," Morgenson and Rosner expose the small cohort of celebrated Wall Street financiers who exploit excessive debt and dubious practices to undermine the nation's economy while enriching themselves: private equity.

"These Are the Plunderers" meticulously chronicles the thirty-year history of corporate takeovers in America, highlighting private equity's growing dominance. Morgenson and Rosner conduct in-depth investigations into some of the most prominent names in private equity, unveiling their tactics of buying companies, loading them with debt, and extracting assets and profits.

Private equity relies heavily on debt, and Morgenson and Rosner illustrate how companies acquired by private equity often experience worse outcomes for all stakeholders except the financiers. Patients in private equity-owned nursing homes are more likely to die, companies owned by private equity are more prone to bankruptcy, healthcare costs are higher at private equity-owned operations, and workers at private equity-owned companies across the nation are more likely to face job insecurity and lower wages.

The book also delves into the political and regulatory implications of private equity's practices. Morgenson and Rosner argue that private equity has contributed to the erosion of worker protections, the concentration of wealth in the hands of a few, and the undermining of democratic institutions. They call for greater oversight and regulation of the private equity industry to protect the interests of ordinary Americans and ensure the stability of our economic system.

"These Are the Plunderers" is a powerful and eye-opening exploration of the private equity industry, offering a comprehensive account of its history, practices, and consequences. It is a must-read for anyone interested in understanding the challenges facing our economy and the urgent need for reform.

Weight: 574g
Dimension: 167 x 237 x 38 (mm)
ISBN-13: 9781982191283