These Are the Plunderers

How Private Equity Runs—and Wrecks—America

Gretchen Morgenson, Joshua Rosner

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Hardback

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English

Simon & Schuster
18 October 2023

Economics & Business; Financial crises & disasters

A Wall Street Journal Bestseller

Pulitzer Prize–winning and New York Times bestselling financial journalist Gretchen Morgenson and financial policy analyst Joshua Rosner investigate the insidious world of private equity in this “masterpiece of investigative journalism” (Christopher Leonard, bestselling author of Kochland)—revealing how it puts our entire economy and us at risk.

Much has been written about the widening gulf between rich and poor and how our style of capitalism has failed to provide a living wage for so many Americans. But nothing has fully detailed the outsized role a small cohort of elite financiers has played in this inequality. Pulitzer Prize–winning 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 nation’s economy for their own enrichment: private equity.

These Are the Plunderers traces the thirty-year history of corporate takeovers in America and private equity’s 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 idly by.

The authors 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 faster; towns struggle when private equity buys their main businesses, crippling the local economy; and school 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 is a “meticulous and devastating takedown of a powerful force in Western capitalism” (Brad Stone, bestselling author of Amazon Unbound) that exposes the greed and pillaging in private equity, revealing the many ways these billionaires have bled the economy, and, in turn, us.

By: Gretchen Morgenson, Joshua Rosner
Imprint: Simon & Schuster
Country of Publication: United States
Dimensions: Height: 229mm, Width: 152mm, Spine: 43mm
Weight: 558g
ISBN: 9781982191283
ISBN 10: 1982191287
Pages: 400
Publication Date: 18 October 2023
Audience: General/trade , ELT Advanced
Format: Hardback
Publisher's Status: Active

Gretchen Morgenson is 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 at The New York Times and The Wall Street Journal, she and coauthor Joshua Rosner wrote the New York Times bestseller Reckless Endangerment: How Outsized Ambition, Greed, and Corruption Led to Economic Armageddon about the mortgage crisis. Joshua Rosner is 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 The New York Times, The Wall Street Journal, Reuters, Economist, Barron’s, and HuffPost. Joshua is the coauthor of the New York Times bestseller Reckless Endangerment with Gretchen Morgenson.

Reviews for These Are the Plunderers: How Private Equity Runs—and Wrecks—America

Praise for These are the Plunderers: 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 of New York Times bestseller Bull 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 America's 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 legible-and the stakes couldn't be higher. -Mary Childs, co-host of NPR's 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 you'll 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 of Merchants of Truth and former executive editor of The New York Times