The Phaserl


Dr. Paul Craig Roberts – The Whole Thing is a House of Cards Based in Corruption

from The Daily Coin:

The character that makes a man is not necessarily his accomplishments. How many people do you remember that gave you an honest handshake? Kept their word when it mattered most? Stood by you during your darkest hour? These people are few and far between in most peoples lives. In other peoples lives, sadly, they are nonexistent. It seems there is a total disconnect developing between truth and lies. Lies have become truth and truth has become very, very dangerous; some may argue deadly. Just look at the rash of banker “siuicides” over the past three-four months. There have been so many, I can no longer keep count.

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3 comments to Dr. Paul Craig Roberts – The Whole Thing is a House of Cards Based in Corruption

  • wauhoo

    Way to go Rory. Perhaps the best ever PCR interview. Very personal near the end. Thank you.

  • rich

    Big Investors Rebelling Against Private Equity Fees

    In a remarkable and long-overdue change in attitude, institutional investors are starting to tell private equity titans that they think they don’t earn their outsized pay. And that’s before you get to all the grifting they’ve been exposed to be doing on top of that.

    The Wall Street Journal described a confrontation at a conference in Paris, with a pension fund manager responsible overseeing private equity investments calling out the unjustifiable level of private equity fees. The reason this contretemps is striking is that it represents yet another fracture between private equity limited partners and the general partners who operate the funds over the rules of the game. It follows a simmering revolt in the UK over the general partners’ secrecy regime, which investors correctly see as an anti-compteitive practice that prevents them from negotiating better terms.

    In the row in Paris, a manager at a Dutch pension fund described how private equity funds represented a mere 6% of fund assets yet represented over 50% of total fees paid.

    Remember that IRR makes returns look better than they really are, but this is metric the general partners have managed to get limited partners to accept. If the difference between a 17+% return and an 11% return didn’t get your attention, Phalippou explains further how the complexity of private equity fees are not standardized leads to more opportunities for mischief:

    Other investors joined in the criticism, with Carlyle’s David Rubenstein making the tired observation that investors wouldn’t be able to attract the “talent” needed to acquire good companies.
    In fact, if you look at the business model of many of the largest private equity firms, the “talent” resides in their sales skills, not in their investment acumen.

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