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There was a good reason for this. Economics satisfied the two most basic needs of investment bankers. First investment bankers wanted practical people, willing to subordinate their educations to their careers. Economics, which was becoming an ever more abstruse science, producing mathematical treat…

Require reporting on the ultimate parent entity of nursing homes. Private equity firms often obscure their ultimate ownership of nursing homes to avoid legal liability. The Center for Medicare or Medicaid Services has regulations that require homes to disclose any investors with a 5 percent or grea…

The salespeople were themselves under tremendous pressure. Managers allegedly forced people to stand at their desks when they missed sales targets and prodded them to make bets on one another’s performances.95 One manager had a “Guess Who” game where she showed her team’s metrics and asked people t…

The 911 dispatch was just one small part of private equity’s expansion into emergency services; the far larger part was its acquisition of ambulance companies. It may be surprising to learn that ambulances were once free, overwhelmingly provided by the government—especially for younger people who h…

The situation was even worse in Bayonne, New Jersey, which had taken a similar deal with KKR and its operating partner a few years before. In announcing the agreement, the parties made big promises. A law firm hired by the water authority estimated that the city could save over $35 million over for…