I'm never one for fantasizing about a "new era" on Wall Street or something the FT called a new era of 'accountable capitalism' (good grief, no); but maybe, just maybe, the level of disclosure is up, when you see something as plain and starkly written as this:
Add to that the reality that private equity firms generally don’t make their money by choosing good investments. They make it on an amazing Technicolor array of fees: management fees, deal completion fees, consulting fees, performance fees, special events fees, fees of every kind and stripe. Chalk it up to yet another racket of the bubble years.
I have to say that there are probably a few good private equity firms, a few who know certain industries and can really execute better than talent served on plates from over-paid search-firms.
The expansion of the field, however, naturally could have been expected to lower standards ...
INVINCIBLE WALL STREET
Anyway, the most important is that Wall Street still rules the world:
"Little noticed in the recent bail-out package is the favorable tax treatment private equity firms will receive when repurchasing their distressed debt." [see comment section]
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