this post was submitted on 04 Oct 2024
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Ding ding ding. People hear "going private" and think "mom 'n pop shop". But PE firms are vultures. Actually no, that's mean to vultures.
How Private Equity Consumed America - Wendover Productions
It always amuses me when a certain type of person hears "private company" and thinks that means "better than public"
Like the concentration of wealth makes it more moral or intelligent.
Well "Going private" doesn't mean anything. It can mean PE. It can mean "traditional" personal/family ownership (e.g. Musk with Twitter). It can also mean moving to a co-op model (theoretically I don't think anything stops a bankrupt publicly-traded company being bought by its workers). "Private" doesn't sit anywhere on the political spectrum; even Marxists can generally agree that co-operatives are in principle better than publicly-traded companies.
Unfortunately PE firms are usually the ones who win the bid when a company "goes private" because the PE business model is driven by speculation and leveraged buyouts, and (at least in the US) supported by advantageous tax rates. Even from a purely capitalist perspective it's an objective failure that harms the macro-economy. It's not even capitalism anymore; it's oligarchic.