These Are the Plunderers: How Private Equity Runsand WrecksAmerica

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Pulitzer Prizewinning and New York Times bestselling financial journalist Gretchen Morgenson and financial policy analyst Joshua Rosner investigate the insidious world of private equity, revealing how it leeches profits from everyday Americans, tanks the companies it acquires, and puts our entire economic system at risk.

Much has been written about the widening gulf between rich and poor, the pernicious effects our deepening income inequality has on the USs well-being, and how our style of capitalism has failed to provide a living wage for so many Americans. But nothing has fully detailed the crucial role a small cohort of elite financiers has played in this dispiriting outcome over the past thirty years. Pulitzer Prizewinning journalist and bestselling author Gretchen Morgenson, with coauthor Joshua Rosner, unmask the small group of celebrated Wall Street financiers, and their government enablers, who use excessive debt and dubious practices to undermine our nations economy for their own enrichment: private equity.

These are the Plunderers lucidly and maddeningly traces the thirty-year history of corporate takeovers in America and private equitys increasing dominance. Morgenson and Rosner investigate some of the biggest names in private equity, exposing how they buy companies, load them with debt, and then bleed them of assets and profits. All while prosecutors and regulators stand idle.

Morgenson and Rosner show how companies absorbed by private equity have worse outcomes for everyone but the financiers: employees are more likely to lose their jobs or their benefits; companies are more likely to go bankrupt; patients are more likely to have higher healthcare costs; residents of nursing homes are more likely to die; towns struggle when private equity buys the main businesses, crippling the local economy; andschool teachers, firefighters, medical technicians, and other public workers are more likely to have lower returns on their pensions because of the fees private equity extracts from their investments. In other words: we are all worse off because of private equity.

These are the Plunderers exposes the greed and pillaging in private equity, revealing the many ways these billionaires have bled our economy, and, in turn, us.

Reviews

DamningMorgensen and Rosner excel at capturing the complex financial maneuverings in crisp, accessible prose, and horror stories about how buyouts shortchanged nursing home residents and life insurance policy holders drive home the callousness of the private equity business model. Fiery and incisive, this is an essential account of how Wall Street pilfers the pockets of ordinary Americans.
Publishers Weekly, *starred review*

Readers will be drawn into the duos storytelling, and even those who arent financially savvy will be able to grasp the topic. Its a must-read for all for help in understanding a different side of capitalism.
Booklist,*starred review*

The troubled story of private equity, which is anything but equitable. A well-documented, maddening book that cries out for legislative reform and regulation.
Kirkus Reviews

A meticulous and devastating takedown of a powerful force in Western capitalism, infused with just the right amount of indignation at how the powerless bear most of the awful burden.
Brad Stone, author of Amazon Unbound and The Everything Store

This is the fourth estate working at its best: explaining to readers an ever-growing number of examples where private equity has extracted wealth, not created it, for the benefit of a privileged few. Done right, PE can play a positive role in our economy. Done wrong, its consequences are ruinous as demonstrated in this must-read book.
Sheila Bair, former chair of the FDIC and author ofNew York TimesbestsellerBull by the Horns

These Are the Plunderers is a masterpiece of investigative journalism. Morgenson and Rosner expose nothing less than an organized, merciless, and astoundingly profitable attack on Americas middle class. If you want to understand why Wall Street is booming, good jobs are disappearing, and venerable companies are collapsing, the story is all here. This book names the names and follows the money.
Christopher Leonard, New York Times bestselling author of Kochland and The Lords of Easy Money

A critical and urgent look behind the scenes at the characters and mechanics that increasingly dictate our systems of influence, power, and money. Morgenson and Rosner make the complex legibleand the stakes couldnt be higher.
Mary Childs, co-host of NPRs Planet Money and author of The Bond King

[A] definitive, inside story of how our winner-take-all economy came to be. The private equity billionaires youll meet on these fascinating pages are the new robber barons. While the watchdogs were asleep, this investigative journalist and policy analyst show how they plundered America and, at last, hold them accountable. Ida Tarbell would sure be proud of them.
Jill Abramson, author ofMerchants of Truthand former executive editor ofThe New York Times

Author Bio

Gretchen Morgensonis the senior financial reporter for the NBC News Investigative Unit. A former stockbroker, she won the Pulitzer Prize in 2002 for her trenchant and incisive reporting on Wall Street. Previously atThe New York TimesandThe Wall Street Journal, she and coauthor Joshua Rosner wrote theNew York Timesbestseller Reckless Endangerment: How Outsized Ambition, Greed, and Corruption Led to Economic Armageddon about the mortgage crisis.

Joshua Rosneris managing director at independent research consultancy Graham Fisher and Co., advising regulators, policymakers, and institutional investors on banking and financial markets. He has been interviewed on PBS, CBS, NBC, CNN, Bloomberg, CNBC, and Fox News, and featured in or written for TheNew York Times, The Wall Street Journal, Reuters, Economist,Barrons, andHuffPost.Joshua is the coauthor of theNew York TimesbestsellerReckless Endangermentwith Gretchen Morgenson.