Plunder
Private Equity's Plan to Pillage America
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Narrated by:
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Kevin Kenerly
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By:
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Brendan Ballou
About this listen
The authoritative exposé of private equity: what it is, how it kills businesses and jobs, how the government helps, and how we stop it
Private equity surrounds us. Firms like Blackstone, Carlyle, and KKR are among the largest employers in America and hold assets that rival those of small countries. Yet few understand what these firms are or how they work.
In Plunder, Brendan Ballou explains how private equity has reshaped American business by raising prices, reducing quality, cutting jobs, and shifting resources from productive to unproductive parts of the economy. Ballou vividly illustrates how many private equity firms buy up retailers, medical practices, prison services, nursing-home chains, and mobile-home parks, among other businesses, using little of their own money to do it and avoiding debt and liability for their actions. Forced to take on huge debts and pay extractive fees, companies purchased by private equity firms are often left bankrupt, or shells of their former selves, with consequences to communities that long depended on them.
Perhaps most startling is Ballou’s insight into how this is happening with the active support of various arms of the government. But, as Ballou reveals in an agenda for reigning in the industry, private equity can be stopped from wreaking further havoc.
©2023 Brendan Ballou (P)2023 PublicAffairsListeners also enjoyed...
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In the minds of historians and the American public alike, Franklin Delano Roosevelt was one of our greatest presidents, not least because he supposedly saved America from the Great Depression. But as historian Jim Powell reveals in this groundbreaking book, Roosevelt's New Deal policies actually prolonged and exacerbated the economic disaster.
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Scones for the Tea Party
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13 Bankers
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Even after the ruinous financial crisis of 2008, America is still beset by the depredations of an oligarchy that is now bigger, more profitable, and more resistant to regulation than ever. Anchored by six megabanks, which together control assets amounting to more than 60 percent of the country's gross domestic product, these financial institutions (now more emphatically "too big to fail") continue to hold the global economy hostage.
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Big Dirty Money
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How ordinary Americans suffer when the rich and powerful use tax doges or break the law to get richer and more powerful - and how we can stop it. There is an elite crime spree happening in America, and the privileged perps are getting away with it. Selling loose cigarettes on a city sidewalk can lead to a choke-hold arrest, and death, if you are not among the top one percent.
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The Loss of Glass-Steagal has led to Cheating
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Homewreckers
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In the spirit of Evicted, Bait and Switch, and The Big Short, a shocking, heart-wrenching investigation into America’s housing crisis and the modern-day robber barons who are making a fortune off the backs of the disenfranchised working and middle class - among them, Donald Trump and his inner circle.
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Amazing book - I hope it changes things and mobilizes people to take action!
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Fault Lines
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Raghuram Rajan was one of the few economists who warned of the global financial crisis before it hit. Now, as the world struggles to recover, it's tempting to blame what happened on just a few greedy bankers who took irrational risks and left the rest of us to foot the bill. In Fault Lines, Rajan argues that serious flaws in the economy are also to blame, and warns that a potentially more devastating crisis awaits us if they aren't fixed.
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A REAL SNOOZER
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William D. Cohan is no knee-jerk advocate for Wall Street and the big banks. He's one of America's most respected financial journalists and the progressive best-selling author of House of Cards. He has long been critical of the bad behavior that plagued much of Wall Street in the years leading up to the 2008 financial crisis, and because he spent 17 years as an investment banker on Wall Street, he is an expert on its inner workings as well.
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An Inch Deep and A Mile Wide
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Hostile Takeover
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Hostile Takeover is a rebellious challenge to the "upper management" of government, who are choking American prosperity and liberty. Matt Kibbe exposes the privileged collusion of Washington insiders - and maps out a proven plan for how to return power from the self-appointed "experts" back to the people. Dubbed "one of the Tea Party's masterminds" by Newsweek, Kibbe reveals how grassroots citizens can and will check the federal behemoth and restore the American enterprise.
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An amazing book from an interesting perspective
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Phishing for Phools
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Ever since Adam Smith, the central teaching of economics has been that free markets provide us with material well-being, as if by an invisible hand. In Phishing for Phools, Nobel Prize-winning economists George Akerlof and Robert Shiller deliver a fundamental challenge to this insight, arguing that markets harm as well as help us. As long as there is profit to be made, sellers will systematically exploit our psychological weaknesses and our ignorance through manipulation and deception.
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Useful for a certain audience, but ...
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Who Stole My Pension?
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It’s estimated that there are over 50 million pensioners - in the United States alone. Like the United States, the United Kingdom, Japan, Italy, Germany and many other countries around the world are all in big trouble when it comes to the solvency of their pension funds. Who Stole My Pension? was written to give them guidance, resources, and tools so they can take action...and stop the looting.
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Very Eye Opening
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The Great American Stick Up
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Instead of going where other journalists have gone in search of this story - the board rooms and trading floors of the big Wall Street firms - Scheer goes back to Washington, D.C., a veritable crime scene, beginning in the 1980s, where the captains of the finance industry, their lobbyists and allies among leading politicians destroyed an American regulatory system that had been functioning effectively since the era of the New Deal.
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A great telling of an unfortunate part of history
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The Instant Economist
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Economics isn't just about numbers: It's about politics, psychology, history, and so much more. We are all economists - when we work, save for the future, invest, pay taxes, and buy our groceries. Yet many of us feel lost when the subject arises. Award-winning professor Timothy Taylor here tackles all the key questions and hot topics of both microeconomics and macroeconomics, so you can understand and discuss economics on a personal, national, and global level.
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Timothy Taylor is the best
- By Jake on 02-15-15
By: Timothy Taylor
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As people reach for social justice and better lives, they create public goods that must be kept out of the market. When private interests take over, they strip public goods of their power to lift people up, creating instead a tool to diminish democracy, further inequality, and separate us from each other. The Privatization of Everything, by the founder of In the Public Interest, chronicles the efforts to turn our public goods into private profit centers. Ever since Ronald Reagan labeled government a dangerous threat, privatization has touched every aspect of our lives.
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A brilliant analysis
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Private equity firms have long been at the center of public debates on the impact of the financial sector on Main Street companies. Are these firms financial innovators that save failing businesses or financial predators that bankrupt otherwise healthy companies and destroy jobs? The first comprehensive examination of this topic, Private Equity at Work provides a detailed yet accessible guide to this controversial business model.
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Agenda driven, bad narration
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You’ve got big dreams for your business, but the odds are not in your favor. You’re struggling to scale. Sometimes, it’s hard to stay profitable. You know you need expert advice to grow. CEO coach and executive thought leader Adam Coffey has been where you are. He, too, dared to dream of that elusive billion-dollar exit. Then he took his companies to triple digit growth.
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Gave me a lot to think about
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What listeners say about Plunder
Average customer ratingsReviews - Please select the tabs below to change the source of reviews.
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- Miropress
- 06-22-23
From Maxed Out to PE - where are we heading?
I have been training corporate bankers in risk analysis for over a quarter of a century. After the subprime crisis, I started saying that the next crisis would be caused by PE funds, although I did not predict the extent to which they would game the system. The bubble will eventually burst, as the processes described are not sustainable. It just makes me angry that those excesses destroy free market economy.
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- V. M. Ranjan
- 02-28-24
This is an Insightful book
This is a great book from a knowledgeable source. Worth a listen to better understand the radical transformation of the finance industry over the past 15 years.
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- marwalk
- 06-17-23
Be prepared to be angry
Be prepared to be angry when you read this book. Many people are already aware that private equity companies are financial vultures and corporate cannibals. In this book Brendan Ballou draws the curtain back from the insatiable lust for financial gain of private equity firm operators, while being impervious to the devastation and literal death they cause. They accomplish this through a deliberate strategy of preying on constituencies who are least able to defend themselves. The extreme profits made from these activities provides an irresistible incentive for persons so inclined to engage in these tactics—the inhumanity of these individuals is rarely made public.
Ballou documents the repeated practice of purchasing a company (with someone else's money), selling off its property for an quick profit, and then charging that company to lease back the property it once owned as well as pay exorbitant fees for the privilege of being owned by the private equity company. This emphasis on extraction above all else causes layoffs and poor service to customers, as well as often poor return to investors. Another, different and especially egregious, example is private equity operation of prison phone systems. In addition to excessive call charges to prisoners who cannot afford them, the law enforcement jurisdictions responsible for the prisons themselves receive some of the profits—a practice that walks and quacks like a blatant conflict of interest. Further examples of private equity short term profit extraction are similarly documented for nursing homes, hospitals, rental properties, and retail chains. Suing these companies is like chasing shape shifting phantoms that do tangible damage, while obscuring themselves from accountability.
The uncanny alliance between politicians, courts, and regulators in turning a blind eye and their even assisting this plunder of employees, customers, prisoners, and investors is difficult to fathom—until their political campaign contributions and intense lobbying are taken into account. Government officials at all levels are susceptible to influence, coercion, and co-opting by private equity operators, who expend significant funds on influence to provide favorable conditions for destructive private equity practices. At this stage, most of the government is captured at some level by these influences—yes, mainly through Republicans, although the Democrats being in power by itself does not ensure a clean slate. It's strangely axiomatic that the amount of campaign money a candidate amasses often determines the differences between being elected and defeated—and it's equally perplexing why the voting public is influenced by political ads to this unconscionable extent.
There are recourses available for stopping these cruel practices, which Ballou enumerates at the end of the book—if you read nothing else, read that part. Due to their outsized influence on government legislatures, administrations, and courts, the most reliable approach to rein in private equity excesses appears to be to kick them in the profits. Once these destructive behaviors are seen to be unprofitable, the bleeding from everyone else will at least be stanched—we should support effective efforts to apply the pressure now.
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- Robert Pratt
- 05-06-23
Great topic and great detail
Many compelling stories of the macro economic and even personal harms of the rise of private equity. Though I share much of the author's critique and policy interests, I wish the book had more high level political and economic context. There's plenty of history, to be sure, but it seems aimed at gotchas about the voting records of specific politicians rather than discussing the sometimes very reasonable choices the American electorate and leaders made that had unintended side effects. Here, we get the side effects without the counterweight of many of the positive primary effects of policy initiatives. Still a good read on an issue of rapidly growing importance.
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- Devin
- 05-10-23
Excellent
The only way it could be better is by spending more time of the standard counter arguments. For the Kool-aid drinkers in the industry, exhaustive examples will never be enough.
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- Anonymous User
- 07-25-23
Good but unbalanced
As someone who is not knowledgeable about the topic, this book taught me lots. That said I can’t say how biased the author is.
The low star reviews claim that the author is biased, inexperienced, and or misleading. Though with audible there is no info on reviewers, so I can’t say they are credible.
I really did get a lot from this book, after all before reading I had no idea what Private equity was or what PE firms did. The author does rag very hard on the companies, but doesn’t say that they shouldn’t exist, just that they need badly regulation.
This book may be unbalanced, as it doesn’t mention many redeeming aspects of PE, but I would say that’s for a purpose. This book is a rallying cry to educate people on PE and to make changes to the law to limit them.
My favorite parts of this book were those that mention PE’s grip on the US government.
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- jennys
- 10-17-23
Informative and Frustrating
This is an excellent explanation of Private Equity. The author does a good job of "piercing the corporate veil" in explaining how Private Equity has harmed average American people. It's very frustrating how greedy these corporations are. The upside is we are given some ideas on how to combat the worst of PE offenses. I highly recommend you educate yourself by consuming the information in this book.
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- Consumer Expert!
- 07-09-23
Eye opening!!
If you want to stay ignorant then skip, if not put that credit to good use.
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- Honest Reviewer
- 08-10-23
Interesting but a bit biased
Focuses almost entirely on the negative side of private equity with almost none of the benefits provided by the industry. A more balanced treatment would have been better
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- Becky Lea
- 11-11-23
Makes you angry!
Important, far reaching topic that is not being examined or talked about enough. Good job exposing this topic that can impact all of us!
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