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Kushner ứng phó với dịch Covid-19
21 Apr, 2020
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Unlike the world war buildups, Kushner’s “Dollar-a-Year” men are not a peripheral minor part of the government bureaucracies otherwise run by capable public servants, but central to it.
...There are roughly four thousand private equity funds that control about $5 trillion worth of corporations, which is a sixth of the total value of all public companies. The industry has exploded since 2000; today, the number of private equity owned firms outnumbers the number of public companies, and private equity is more significant as a source of financing than initial public offerings in the stock market.
...The goal of private equity isn’t usually to find businesses who need capital to produce better products and services, but to exploit unused pricing power. Sometimes this means taking control of a business that can charge more to customers, but it can also be pricing power used against the taxpayer, workers, investors, or the nation itself. Robert Smith of Vista Equity Partners, for instance, has made billions by buying up mid-level software corporations in niche industries (like Yoga studio software) and raising prices on the small businesses who depend on it. Private equity funds were behind the offshoring craze in the mid-2000s, selling key manufacturing capacity to China. Sycamore Partners, another private equity firm, bought Staples, and then immediately took out a billion dollar special dividend.
...In this pandemic, private equity executives are indeed ripping the throat out of anyone they can, exploiting whatever market power they have. Feinberg’s Cerberus threatened to close down a hospital it owns in Pennsylvania if the state didn’t offer to assume $24 million in expenses. Another private equity baron, Joel Freedman, bought Philadelphia’s Hahnemann University Hospital in 2018, in a comical display of greed. This hospital served the poor, and Freedman closed it down so he could use the land to build luxury apartments. When the city recently asked to use the empty hospital during the pandemic, Freedman demanded $1M/month in rent. (He also got a substantial tax break in the bailout bill.)
Tags: economics
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