After Deadspin's Laura Wagner published an incredible, brave, detailed look at how her new private equity masters -- Jim Spanfeller/Great Hill Partners -- were running Gawker now that they'd acquired it from Univision, the company (now called "G/O Media") struck back. Read the rest
The Washington Post's Drew Harwell takes a deep look at the the use of facial recognition products like Bunk1 at summer camps, in a deliciously terrible piece that alternates between Bunk1's president Rob Burns and Waldo Photos's founder Rodney Rice explaining that everyone loves this and it makes everyone happy, and counsellors, parents, campers and photographers (as well as child development experts and civil libertarians) explaining how it is just fucking terrible, which Rice dismisses as "privacy hysteria." Read the rest
James Daunt gave up a brief career in banking and opened a small, family-owned chain of London bookstores bearing the family name (the original store, in Marylebone High Street, is literally the most beautiful English-language bookstore I've ever set foot in); in 2011, he took over management of Waterstones, the UK's last, foundering bookstore chain, and effected a miraculous turnaround by devolving purchasing to the managers who knew local tastes best, ending the practice of soliciting "co-op" payments from publishers to order in and stock massive piles of their frontlist titles, most of which would end up being returned. Read the rest
Private equity firms like Blackstone and KKR have acquired massive health companies like Teamhealth and Emcare, which bill out doctors to the hospitals they work for, taking those doctors out of the hospitals' insurance agreements and massively hiking their fees -- that's why when you go to a hospital, even one that's covered by your insurer, you still end up with massive surprise bills for your care. Read the rest
Yesterday, I published a brief analysis of Elizabeth Warren's plan to close the loopholes that allows private equity to defraud investors, creditors and workers to make billions while destroying the real economy. Read the rest
Elizabeth Warren's bid for the Democratic 2020 presidential nomination has been dominated by a series of bold, detailed policy proposals that are designed to enact deep, structural changes in American law and policy to reverse 40 years of post-Reagan corruption and wealth accumulation by the richest 1%. Read the rest
LA has the nation's worst homelessness problem, a (literal) epidemic so terrible it distorts the national statistics. Read the rest
On October 5, the Journal of the American Academy of Dermatology published a peer-reviewed article by Drs Sailesh Konda and Joseph Francis, enumerating the problems with the burgeoning field of "corporatized," private-equity-backed dermatology practices, often affiliated with private-equity-backed pathology labs, showing data to support the conclusion that private equity investment flowed to dermatology practices that were "outliers" in performing rare, high-cost procedures, including some that generated outsized Medicare billings. Read the rest
California is one of the hot-zones in the world's urban housing crisis, driven by a combination of opposition to highrise/high-density living and the mass purchase of foreclosed properties following the 2008 crisis by giant Wall Street landlords who have steadily ratcheted up rents and evictions in a big to safeguard the flow of payments to bondholders who get a share of the rents extracted from struggling tenants living in dangerous, substanding housing. Read the rest
When the private equity raiders who took over Toys R Us, saddled it up with debt, extracted $200,000,000 and then crashed it, they took the employee severance fund with them, but that wasn't the final indignity the titans of finance inflicted on the workforce before turning them out on the unemployment line. Read the rest
Blackstone is the largest private equity fund in the world; when the 2008 crash hit and banks used the trillions in taxpayer bailouts to fund mass evictions of working people who'd been tricked into taking out predatory mortgages, Blackstone started bulk-buying them, creating rent-backed bonds (called Single-Family Rental Securities or SERS) that are the even-shittier successors to the mortgage-backed securities that detonated the world economy in 2008. Read the rest
GDP and stock market performance are the two metrics that economists (and politicians) use to measure the health of a nation's economy, and by those metrics, Trump is doing a hell of a job. Read the rest
Private equity's favorite shell game is to take over profitable businesses, sell off their assets, con banks into loaning them hundreds of millions of dollars, cash out in the form of bonuses and dividends, then let the businesses fail and default on their debts. Read the rest
The Eviction Lab is a collaboration between Princeton University and Matthew Desmond, author of Evicted: Poverty and Profit in the American City Paperback; the lab's team gathered the court records of ever landlord-tenant proceeding in every court in every county in America for the past 16 years. Read the rest
The traditional explanation for the retail apocalypse is that Walmart and Amazon killed malls and big-box stores, but that account is incomplete -- the real story includes massive asset-stripping by debt-financed private equity vultures who paid themselves lavishly to run beloved businesses into the ground. Read the rest
Labour leader and PM-in-waiting Jeremy Corbyn has promised that when he is Prime Minister, his government will introduce regulations that ban the finance-driven, asset-stripping hostile takeovers of UK companies, in a bid to make finance the "servants of industry not the masters of us all." Read the rest
After the subprime crisis, vulture funds swept into the hardest-hit areas and bought thousands of foreclosed-upon homes at firesale prices and floated bonds based on the expected returns from the rents they'd be able to charge in an America with the lowest levels of home-ownership in modern history. Read the rest
