Anodyne
Sunday, October 04, 2009
 

"Private equity" at the trough -- must-read article from the NYT. My version of capitalism doesn't include sweetheart deals for folks like the outside investors profiled in this piece, who profit regardless of the health of their underlying "investment."

"Thomas H. Lee Partners of Boston has not only escaped unscathed, it has made a profit. The investment firm, which bought Simmons in 2003, has pocketed around $77 million in profit, even as the company’s fortunes have declined. THL collected hundreds of millions of dollars from the company in the form of special dividends. It also paid itself millions more in fees, first for buying the company, then for helping run it. Last year, the firm even gave itself a small raise."
- posted by cjb @ 10:10 PM


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