Link: https://www.nytimes.com/2020/07/02/opinion/private-equity-inequality.html?searchResultPosition=2
7/2/2020
By: Mehrsa Baradaran
The private equity industry, which has led to more than 1.3 million job losses over the last decade, reveals the truth about free markets.
7/2/2020
By: Mehrsa Baradaran
The private equity industry, which has led to more than 1.3 million job losses over the last decade, reveals the truth about free markets.
“It’s hard to separate what’s good for the United States and what’s good for Bank of America,” said its former chief executive, Ken Lewis, in 2009. That was hardly true at the time, but the current crisis has revealed that the health of the finance industry and stock market is completely disconnected from the actual financial health of the American people. As inequality, unemployment and evictions climb, the Dow Jones surges right alongside them — one line compounding suffering, the other compounding returns for investors.