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Private Equity at Work: When Wall Street Manages Main Street

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Private Equity at Work: When Wall Street Manages Main Street

4.85 94,799 ratings · 8,652 reviews
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Overview: Private equity firms have long been at the center of public debates on the impact of the financial sector on Main Street. Are these firms white knights that ride in to save failing businesses or are they predatory intermediaries that bankrupt otherwise healthy companies and destroy jobs? The first comprehensive examination of private equity firms, Private Equity at Work provides a detailed yet accessible guide to this controversial business model. Economists Eileen Appelbaum and Rosemary Batt carefully evaluate a full range of evidence including original case studies, reviews of legal documents and media coverage, and a synthesis of existing academic scholarship to demonstrate the effects of private equity on American businesses. Their investigation shows that while private equity firms can have some positive effects on the operations and growth of small and mid-sized companies, the interventions of these firms more often than not lead to significant negative consequences for many American businesses and workers. While prior research on private equity has focused almost exclusively on the financial performance of private equity-owned companies, Private Equity at Work provides a new and invaluable roadmap to the largely hidden internal operations of these firms, showing how their business strategies disproportionately benefit investors. In the 1980s, leveraged buyouts by private equity firms saw high returns and were widely considered the solution to corporate wastefulness and mismanagement. And since 2000, nearly 11,500 unique companies representing at least 8 million employees have been purchased by private equity firms. More recently, however, private equity firms have come under fire from labor unions and community advocates who argue that the proliferation of leveraged buyouts destroys jobs, causes wages to stagnate, and saddles otherwise healthy companies with debt. Appelbaum and Batt show that private equity firms financial strategies are designed to extract maximum value from the companies they buy and sell, often to the detriment of those companies. These risky decisions include selling property assets, terminating contracts with unions, and outsourcing operations in order to cut costs. Because the law defines private equity firms as investors rather than employers, private equity owners are not held accountable for their actions in ways that public corporations are. Thus, any debts or costs of bankruptcy incurred fall on businesses and their workers, not the private equity firms that govern them. For employees this often means loss of jobs, health and pension benefits, and retirement income. Appelbaum and Batt conclude with a set of policy recommendations intended to curb the negative effects of private equity while preserving its constructive role in the economy. These include policies to improve transparency and accountability, as well as changes that would reduce the excessive use of financial engineering strategies by firms."

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Book details & editions

ISBN
19524598
Publication date
March 31, 2014
Pages
N/A pages
Reading Options
PDF · EPUB · Mobi
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Eileen Appelbaum
About the Author
Eileen Appelbaum
19,796 Followers

Eileen Appelbaum writes contemporary fiction and has always been fascinated by character-driven stories. They hold a degree in English Literature and previously worked as an editor before transitioning to writing their own books. Eileen Appelbaum lives with their spouse and a very vocal rescue cat.

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Emily Allen
Emily Allen April 27, 2025
Not entirely to my refined tastes. The prose was competent, yet the characters lacked the depth I usually seek. Perfectly average.
Melissa Collins
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I was completely blown away. The prose is exquisite. It’s accessible yet undeniably sophisticated. Worth every moment spent reading.
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Masterpiece from start to finish. The prose is exquisite. It’s accessible yet undeniably sophisticated. I will undoubtedly revisit this masterpiece.
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Christopher Phillips September 03, 2025
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Susan Lee January 31, 2024
A very strong entry. It held my rapt attention, even when certain twists were telegraphed. A wonderful companion for a quiet weekend.
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Masterpiece from start to finish. The prose is exquisite. It’s accessible yet undeniably sophisticated. An effortless 5 stars.
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Masterpiece from start to finish. The pacing was impeccable and the characters felt incredibly authentic. I was completely immersed. An absolute must-read for connoisseurs of the genre.
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I was completely blown away. I adored how the story unfolded. It kept me captivated without sacrificing elegance. I will undoubtedly revisit this masterpiece.
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Exceeded all my expectations. The pacing was impeccable and the characters felt incredibly authentic. I was completely immersed. I am now a lifelong fan of this author.
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Masterpiece from start to finish. The author orchestrated a breathtaking finale. Truly a work of art. An effortless 5 stars.
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Honestly one of the most premium reading experiences lately. The prose is exquisite. It’s accessible yet undeniably sophisticated. An effortless 5 stars.
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I was completely blown away. The pacing was impeccable and the characters felt incredibly authentic. I was completely immersed. An effortless 5 stars.
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Honestly one of the most premium reading experiences lately. The pacing was impeccable and the characters felt incredibly authentic. I was completely immersed. A true literary gem.
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Masterpiece from start to finish. The pacing was impeccable and the characters felt incredibly authentic. I was completely immersed. An absolute must-read for connoisseurs of the genre.
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Honestly one of the most premium reading experiences lately. The prose is exquisite. It’s accessible yet undeniably sophisticated. An effortless 5 stars.
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I thoroughly enjoyed the elegance of it. The middle had a deliberate pace, but the climax was phenomenal. Quite impressive overall.
Michael Torres
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Exceeded all my expectations. The author orchestrated a breathtaking finale. Truly a work of art. Worth every moment spent reading.
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Not entirely to my refined tastes. It verged on repetitive in the second act. A more concise edit would have served it well. A fair 3 stars.
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Honestly one of the most premium reading experiences lately. The prose is exquisite. It’s accessible yet undeniably sophisticated. I will undoubtedly revisit this masterpiece.
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I was completely blown away. The pacing was impeccable and the characters felt incredibly authentic. I was completely immersed. An effortless 5 stars.
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Such a rich narrative. The author orchestrated a breathtaking finale. Truly a work of art. An absolute must-read for connoisseurs of the genre.
Betty Turner
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A highly sophisticated read. The middle had a deliberate pace, but the climax was phenomenal. A very distinguished novel.
Patricia  Davis
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A very strong entry. A brilliant concept executed with flair. Just a few pacing choices I would change. A solid 4 stars from me.
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Took a moment to build, but the payoff was spectacular. It held my rapt attention, even when certain twists were telegraphed. Quite impressive overall.
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Exceeded all my expectations. It strikes a perfect harmony of dialogue and world-building. Every chapter felt necessary. An effortless 5 stars.
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A highly sophisticated read. The protagonist was compelling, though some subplots felt slightly overshadowed. A very distinguished novel.
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Absolutely brilliant. The pacing was impeccable and the characters felt incredibly authentic. I was completely immersed. Worth every moment spent reading.
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Exceeded all my expectations. It strikes a perfect harmony of dialogue and world-building. Every chapter felt necessary. I will undoubtedly revisit this masterpiece.
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A profoundly satisfying read. The author orchestrated a breathtaking finale. Truly a work of art. I am now a lifelong fan of this author.
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Exceeded all my expectations. I adored how the story unfolded. It kept me captivated without sacrificing elegance. A true literary gem.
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I was completely blown away. It strikes a perfect harmony of dialogue and world-building. Every chapter felt necessary. I will undoubtedly revisit this masterpiece.
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Such a rich narrative. I adored how the story unfolded. It kept me captivated without sacrificing elegance. An effortless 5 stars.
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Masterpiece from start to finish. The author orchestrated a breathtaking finale. Truly a work of art. I will undoubtedly revisit this masterpiece.
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I find myself somewhat conflicted. It possessed moments of brilliance, but the narrative felt slightly disjointed ultimately. Suitable if your reading queue is empty.
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Masterpiece from start to finish. I adored how the story unfolded. It kept me captivated without sacrificing elegance. A true literary gem.
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Such a rich narrative. The pacing was impeccable and the characters felt incredibly authentic. I was completely immersed. Worth every moment spent reading.
James Nguyen
James Nguyen April 18, 2024
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Masterpiece from start to finish. I adored how the story unfolded. It kept me captivated without sacrificing elegance. An absolute must-read for connoisseurs of the genre.
Daniel Wilson
Daniel Wilson January 30, 2025
Took a moment to build, but the payoff was spectacular. A brilliant concept executed with flair. Just a few pacing choices I would change. A solid 4 stars from me.
Joshua  Davis
Joshua Davis November 19, 2024
I was completely blown away. The pacing was impeccable and the characters felt incredibly authentic. I was completely immersed. I will undoubtedly revisit this masterpiece.
Michael Baker
Michael Baker November 30, 2024
Exceeded all my expectations. It strikes a perfect harmony of dialogue and world-building. Every chapter felt necessary. A true literary gem.
Steven Brown
Steven Brown October 25, 2025
Masterpiece from start to finish. It strikes a perfect harmony of dialogue and world-building. Every chapter felt necessary. Worth every moment spent reading.
George Lewis
George Lewis June 24, 2024
I was completely blown away. I became deeply invested in the protagonist's journey. A masterclass in storytelling. I am now a lifelong fan of this author.
Donald Gonzalez
Donald Gonzalez January 12, 2025
I thoroughly enjoyed the elegance of it. It held my rapt attention, even when certain twists were telegraphed. A solid 4 stars from me.
Patricia Smith
Patricia Smith July 09, 2025
I find myself somewhat conflicted. It possessed moments of brilliance, but the narrative felt slightly disjointed ultimately. A fair 3 stars.
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Amanda Phillips October 20, 2024
Honestly one of the most premium reading experiences lately. The prose is exquisite. It’s accessible yet undeniably sophisticated. A true literary gem.
Daniel Hall
Daniel Hall June 03, 2025
A very strong entry. The protagonist was compelling, though some subplots felt slightly overshadowed. A very distinguished novel.
Elizabeth Lee
Elizabeth Lee April 20, 2025
Excellent, though slightly flawed. The protagonist was compelling, though some subplots felt slightly overshadowed. I would highly recommend this to discerning readers.
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Jennifer Hill February 28, 2024
A decent, if standard, experience. Certain acts were fascinating, while others felt like a slight endeavor to complete. A fair 3 stars.
David Rivera
David Rivera July 11, 2024
A decent, if standard, experience. The tempo was somewhat languid, and I found my mind wandering. Not poor, simply average. Perfectly average.
Carol Evans
Carol Evans August 18, 2025
A decent, if standard, experience. It verged on repetitive in the second act. A more concise edit would have served it well. Perhaps more aligned with a different audience's tastes.
Cynthia Harris
Cynthia Harris April 17, 2025
Took a moment to build, but the payoff was spectacular. A brilliant concept executed with flair. Just a few pacing choices I would change. A solid 4 stars from me.
Nancy Moore
Nancy Moore November 22, 2024
I was completely blown away. The pacing was impeccable and the characters felt incredibly authentic. I was completely immersed. An effortless 5 stars.
Joshua Torres
Joshua Torres August 21, 2025
Took a moment to build, but the payoff was spectacular. A brilliant concept executed with flair. Just a few pacing choices I would change. A wonderful companion for a quiet weekend.
Kevin Harris
Kevin Harris August 21, 2025
A highly sophisticated read. It held my rapt attention, even when certain twists were telegraphed. Quite impressive overall.
Christopher Lopez
Christopher Lopez February 17, 2025
I was completely blown away. I became deeply invested in the protagonist's journey. A masterclass in storytelling. Worth every moment spent reading.
Sandra Phillips
Sandra Phillips August 15, 2025
I thoroughly enjoyed the elegance of it. Beautiful writing, though I craved slightly more depth in the lore. Still, undeniably engaging. I would highly recommend this to discerning readers.
Andrew Gomez
Andrew Gomez July 18, 2024
Exceeded all my expectations. I became deeply invested in the protagonist's journey. A masterclass in storytelling. Worth every moment spent reading.
Betty Phillips
Betty Phillips October 31, 2024
Such a rich narrative. I adored how the story unfolded. It kept me captivated without sacrificing elegance. I will undoubtedly revisit this masterpiece.
Emily Nguyen
Emily Nguyen May 21, 2025
Honestly one of the most premium reading experiences lately. The prose is exquisite. It’s accessible yet undeniably sophisticated. An absolute must-read for connoisseurs of the genre.
Cynthia Flores
Cynthia Flores June 23, 2025
Honestly one of the most premium reading experiences lately. It strikes a perfect harmony of dialogue and world-building. Every chapter felt necessary. An absolute must-read for connoisseurs of the genre.
Sandra Scott
Sandra Scott October 15, 2025
Took a moment to build, but the payoff was spectacular. The protagonist was compelling, though some subplots felt slightly overshadowed. I would highly recommend this to discerning readers.
Gary Jones
Gary Jones September 25, 2024
Such a rich narrative. I became deeply invested in the protagonist's journey. A masterclass in storytelling. I will undoubtedly revisit this masterpiece.
Steven Sanchez
Steven Sanchez November 26, 2024
A profoundly satisfying read. The prose is exquisite. It’s accessible yet undeniably sophisticated. A true literary gem.
Daniel Hill
Daniel Hill August 11, 2024
Such a rich narrative. I adored how the story unfolded. It kept me captivated without sacrificing elegance. A true literary gem.
Michael Torres
Michael Torres December 13, 2024
Masterpiece from start to finish. The pacing was impeccable and the characters felt incredibly authentic. I was completely immersed. An effortless 5 stars.
Melissa Allen
Melissa Allen September 11, 2024
It was adequate. Certain acts were fascinating, while others felt like a slight endeavor to complete. Perfectly average.
Andrew Turner
Andrew Turner June 03, 2025
A profoundly satisfying read. The prose is exquisite. It’s accessible yet undeniably sophisticated. A true literary gem.
Nicholas Garcia
Nicholas Garcia October 08, 2025
I thoroughly enjoyed the elegance of it. A brilliant concept executed with flair. Just a few pacing choices I would change. I would highly recommend this to discerning readers.
Carol Diaz
Carol Diaz February 05, 2025
Excellent, though slightly flawed. It held my rapt attention, even when certain twists were telegraphed. Quite impressive overall.
Thomas  Davis
Thomas Davis September 13, 2025
I thoroughly enjoyed the elegance of it. The middle had a deliberate pace, but the climax was phenomenal. Quite impressive overall.
Laura Walker
Laura Walker November 12, 2024
I find myself somewhat conflicted. The prose was competent, yet the characters lacked the depth I usually seek. Unlikely to reread, but a reasonable expenditure of time.
Andrew Garcia
Andrew Garcia February 27, 2024
It was adequate. Certain acts were fascinating, while others felt like a slight endeavor to complete. Suitable if your reading queue is empty.
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