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How did Schwarzman afford to fete himself in this way, welcoming celebrities to his home and building literal temples to celebrate himself? In part, the answer lies in housing. Over the past fifteen years, private equity firms like Schwarzman’s have helped to lead what one commentator called “the b…

Consider the case of cheerleading competitions. Varsity Brands is the country’s leading organizer of these events. As alleged in a class action complaint, between 2015 and 2018, Varsity bought its three largest rivals, all of which are now owned by Varsity, which in turn is owned by Bain Capital.11…

Most private equity firms are paid on the 2-and-20 model: a 2 percent annual fixed fee on all the money it invests and 20 percent of all profits above a certain threshold. The United States taxes money made from investments—so-called capital gains—at a lower level than money made through ordinary l…

As the chapters in this book explain, private equity firms also hasten the “financialization” of the American economy through the increased power of banks and other financial institutions over companies that make and sell useful products and tangible goods. Today, the finance industry gets a quarte…