Word: putted
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Dates: during 2000-2009
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...private equity-owned company, and that, says longtime industry reporter Josh Kosman, is a big problem. In his new book, The Buyout of America: How Private Equity Will Cause the Next Great Credit Crisis, Kosman argues that private-equity firms not only pillage the companies they buy, but also put the broader economy at risk by making those companies take on copious amounts of debt. TIME's Barbara Kiviat spoke with Kosman about where he thinks the industry is headed...
...that analogy work? Private-equity firms used the same cheap credit that caused the housing bubble to buy companies. There are about 100 of these firms - KKR, Blackstone and Carlyle are some of the bigger ones - and they buy a company the same way we would buy a house. Put down about 20% and borrow about 80%. The big difference is, the company they're buying borrows the 80%, so they're the ones responsible for repayment. These loans were structured the same way and sold to the same people as mortgages. And the same kind of crazy prices were...
...haven't we seen more evidence of this yet? I think the media hasn't put it together, but it actually is starting. The default rate for the past 12 months is roughly 12% - that's very high. Half of those companies that have defaulted, according to Standard & Poor's, had some type of private-equity involvement in their corporate life. A lot of those are PE-owned companies, ranging from Chrysler to the Tribune Company to Simmons Bedding. We've already seen the tip of the iceberg...
...Last year, Georgia stormed to victory with three children singing in an imaginary bee language. Eager to defend its title, Georgia put this year's act through four months of training and arrived in Kiev with an entourage of 21 people, including two vocal coaches, a stage producer, a choreographer and a psychologist. Maia Baratashvili, head of Georgia's delegation, sees Junior Eurovision not as a mere variety show, but as a glimpse into the region's collective psyche. "The West is leading today, so the countries of the former Soviet Union want to see themselves as a part...
...year since the Mumbai attacks, the Indian government has taken several steps to tighten security. It has improved co-ordination between the state and central intelligence agencies, devoted more men and equipment to security services and put intense diplomatic pressure on Pakistan to crack down on LeT and other jihadist groups. But there has been little discussion of how pervasive, low-level corruption can compromise national security. The various brokers and middlemen who helped Sabahuddin never knew he was involved with a jihadist group; he appeared to be simply another young man living in the gray margins of Indian society...