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“And while the pensioners make for a tidier narrative, the reality is that no one benefits nearly as much from private equity as private equity itself. The system is designed so that firms put in less money and shoulder less risk than anyone else, yet reap the lion’s share of the profits. Benefiting retired teachers and firefighters might be a desirable side effect, but the point is to earn returns for private equity executives. Stephen Schwarzman didn’t earn $37 billion by putting teachers’ and firefighters’ interests first.”
― Bad Company: Private Equity and the Death of the American Dream
― Bad Company: Private Equity and the Death of the American Dream
“Private equity and other investment firms spent $42 million on congressional races in the 2020 election cycle, two-thirds of which went to Democrats. Just four senators and sixty-two representatives didn’t get any private equity donations, a mere 12 percent of all elected members. In 2022, New York Democrat Chuck Schumer, the Senate majority leader, pulled in more than $1.2 million in industry contributions, three times more than the runner-up. Kyrsten Sinema, the Arizona Democrat-turned-independent who killed the 2022 provision that would have closed the carried-interest loophole, received more than half a million dollars in private equity donations in the previous election cycle. The industry’s primary lobbying group, meanwhile, has long boasted about its ability to stave off efforts to regulate private equity’s favored strategies. The American Investment Council spends as much as $3 million a year lobbying”
― Bad Company: Private Equity and the Death of the American Dream
― Bad Company: Private Equity and the Death of the American Dream
eric’s 2025 Year in Books
Take a look at eric’s Year in Books, including some fun facts about their reading.
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