The New Tycoons

Inside the Trillion Dollar Private Equity Industry That Owns Everything

Kelly, Jason, 1973-

(Book - 2012)
Average Rating: 1 stars out of 5.
The New Tycoons
Inside the Trillion Dollar Industry That OwnsEverything What do Dunkin' Donuts, J. Crew, Toys "R" Us, and Burger Kinghave in common? They are all currently or just recently were owned,operated, and controlled by private equity firms. The NewTycoons: Inside the Trillion Dollar Private Equity Industry ThatOwns Everything takes the reader behind the scenes of thesefirms: their famous billionaire founders, the overlapping storiesof their creation and evolution, and the outsized ambitions thatled a group of clever bankers from small shops operating in acorner of Wall Street into powerhouse titans of capital. This isthe story of the money and the men who handle it. Go inside the private worlds of founders Henry Kravis, SteveSchwarzman, David Bonderman, and more in The New Tycoons, and discover how these men have transformed the industry and builtthe some of the most powerful and most secretive houses of money inthe world. With numerous private equity firms going public for the firsttime, learn how these firms operate, where their money comes fromand where it goes, and how every day millions of customers,employees, and retirees play a role in that complex tangle ofmoney Author Jason Kelly tells the story of how thirty some years agoa group of colleagues with $120,000 of their own savings foundedwhat would become one of the largest private equity shops in theworld, completing the biggest buyout the world has ever seen, andmaking them all billionaires in the process Presents a never-before-seen look inside a secretive andpowerful world on the verge of complete transformation as theindustry and its leaders gain public profiles, scrutiny, andpolitical positions Analyzing the founders and the firms at a crucial moment, whenthey've elevated themselves beyond their already lofty ambitionsinto the world of public opinion and valuation, New Tycoons looks at one of the most important, yet least examined,trillion-dollar corners of the global economy and what it portendsfor these new tycoons.

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Publisher: Hoboken, N.J. : Bloomberg Press/Wiley, c2012
ISBN: 1118205464
Branch Call Number: HG4751 .K45 2012
Characteristics: xxii, 232 p. : ill. ; 24 cm


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Apr 16, 2013
  • StarGladiator rated this: 0.5 stars out of 5.

This book is horrible; a wishy-washy nebulous promotional advertisement by someone I'm surprised is with Bloomberg News? There is one recondite information item rarely seen in print: one of the original, and long-time investors with the Carlyle Group was the Mellon family (not really surprising, after all). The author, instead of reporting on the backgrounds of these PE/LBO lords, gives us a "touchy-feely" backgrounders on them. He would have us believe these are men of integrity (Peter G. Peterson of the Blackstone Group was expelled from MIT for massive cheating) and rocket scientsts (Dan Quayle is a private equity guy, after all????). On p. 91 the author mischaracterizes the credit default swap - - a major instrument involved in the global economic meltdown - - while not going into asset stripping at all. I'm sure this Jason Kelly is pumping for a future job with a PE firm? Why no mention of those "commissions" that Peterson was appointed to and what they were about? Why the omission of the incredibly close connection between David Rockefeller and Peter G. Peterson? No mention of the Blackstone Group going public, yet still paying the same capital gains tax rate when they should be paying the greater corporate tax rate? Too many omissions, no important inclusion of the facts, and the facts tell the real story: leveraged buyout firms are debt machines, subsidized by the public. [To anyone truly interested in private equity/LBO firms, read Josh Kosman's outstanding "The Buyout of America"]


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