The Illusions of Private Equity

January 24, 2012

The controversy over Mitt Romney’s work at Bain Capital has led me to realize that private equity is a poorly understood business whose economic effects have not yet been fully explored and are in many respects pernicious. This is not a knock on Romney, who in my view would be a mediocre candidate for President however he had made his fortune (although that view might be modified if he had gained it through supreme business creativity like, say, Jeff Bezos of Amazon.)

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