Irish Times reported:
There are more than 3,000 US private equity firms. They manage about $825 billion in assets, up from $80 billion in 1996. Two of the largest companies – the Carlyle Group and KKR – each have more than 720,000 employees in their portfolio companies.While Carlyle and fellow private equity underwriters (PEU) grew tenfold worker pay stagnated and employers shifted cost and responsibility for healthcare and retirement to the employee.
PEU miserliness applies only to employees and taxes. Affiliates are very generous with interest expense and grand payouts to executives and sponsors.
President Trump's tax plan is expected to be a PEU boon.
Ross came from private equity to the White House, as did many other Trump PEU appointees. It's billionaires looking after billionaires minted after 1980.Commerce Secretary Wilbur Ross said that the combination of changes on taxes, trade and regulations being pushed by the administration would accelerate the pace of economic gains."There is no reason that we should not be able to hit that — if not beat it," Ross said at the White House news briefing.
In 1980, there were only 24 private equity firms and deal volume only modestly exceeded $1 billion.PEUs grew from 24 to over 3,000. Now every retired politician can be employed by one. Who needs a think tank or university? Politicians Red and Blue love PEU.
