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24 September 2014 @ 07:53 am
Organized crime  
An article on why the British middle classes aren't that revolting tells of a scam that sounds all too familiar to my American ears:
Phones4U was bought by the private equity house, BC Partners, in 2011 for £200m. BC then borrowed £205m and, having saddled the company with vast amounts of debt, paid themselves a dividend of £223m. Crippled by debt, the company has now collapsed into administration.
Private equity has been doing that sort of thing over here for years, and it is so acceptable that one of its most successful perpetrators, Willard Romney, ran for president himself instead of hiding behind a more palatable candidate, as the malefactors of great wealth have traditionally done. In the old science fiction gimmick of having the future look back on us with horror and mockery, I suggest:
Back in the day, a PE guy ran for president.

Who did he run against, a pimp?


Thanx to Making Light for the link
 
 
 
houseboatonstyxhouseboatonstyx on September 24th, 2014 02:36 pm (UTC)
chris_gerrib had a similar story about Olive Garden.

I wonder if these people are building a rocket to some other planet, or something.