Someone Always Makes Out Like A Bandit

Recession Stuff: Wanna get really angry? Michael Moore frothing-against-capitalism angry? Read this one about how private equity firms manage to make huge profits while driving companies into bankruptcy. In the main example, Thomas H. Lee Partners -- you remember them, Clear Channel employees -- took huge "special dividends" and fees to make a $77 million profit from Simmons, the mattress company, even as the company was being managed into bankruptcy, destroying investors, other bondholders, and employees. They borrow money throught he company to pay themselves a dividend, then leave the company (and its investors and employees) with the debt. It's what they do.

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