The new fad in private equity is to hoover up primary care practices, particularly ones that focus on Medicare, despite the lack of an economic model for increasing profits.
Read more...David Silber, the chief investment officer of Milwaukee’s pension fund, lays waste to the notion that private equity data and legal agreements need to be kept under lock and key.
Read more...A carry fee reporting scandal that started at CalPERS has spread to CalSTRS as California Treasurer John Chiang says he’ll ask questions.
Read more...One of the class markers of the private equity industry is that its members routinely fly on private jets. That’s because the larger and even some of the smaller firms charge their private jet travel to private equity portfolio companies.
Read more...The top elected official on CalPERS’ board, State Treasurer John Chiang, says he wants CalPERS to get serious about providing carry fee data. That’s a good start, but board members like Chiang need to get serious about addressing how CalPERS’ staff shirks its fiduciary duties and evades board oversight.
Read more...CalPERS is in even more hot water as the influential Sacramento Bee raises its eyebrows about CalPERS’ lack of attentiveness about fees.
Read more...CalPERS takes some steps to clean its private equity house by getting carry fee information, but only by virtue of feeling serious external pressure. And the way it responded show that the rot runs deep.
Read more...The SEC has (finally) taken action against a major private equity firm, KKR, slapping it with close to $30 million in charges.
Read more...CalPERS is suffering a richly deserved hit to its reputation by virtue being too chummy with private equity general partners and thus neglecting its duties as a fiduciary.
Read more...A bad man’s guide to how private equity ditches pensions in bankruptcy—legally.
Read more...Pam Martens and Russ Martens published a mind-boggling expose yesterday on how the SEC is refusing to stop an abuse by major banks that increases systemic risk.
Read more...Another day, yet another private equity exposé, this one on an atypically simple-minded scam.
Read more...We are not making it up. Private equity limited partners like CalPERS have no idea what they are paying in carry fees, one of the biggest costs they incur.
Read more...We are now 35 years into a finance-led counterrevolution. If you care about income inequality, student loan debt slavery, foreclosure abuses, and other products of the success of this effort, it behooves you, as Sun Tzu urged, to understand your enemy.
Read more...Barney Frank says that he stands by Dodd Frank registration of private equity firms, walking back a widely-reported earlier remark that gave the industry great cheer.
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