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Slash and burn: is private equity out of control?
Key Excerpts from Article on Website of The Guardian (One of the UK's Leading Newspapers)
Posted: August 7th, 2025
https://www.theguardian.com/business/2024/oct/10/slash-and-b...
Preschools and funeral homes, car washes and copper mines, dermatologists and datacentres – private equity is anywhere and everywhere that money changes hands. If it can in any way be marketed or monetised, private equity firms have bought it. By some estimates, these firms now control more than $13tn invested in more than 50,000 companies worldwide. “We cannot overestimate the reach of private equity across the global economy,” Sachin Khajuria, a former partner at Apollo Global Management, which manages half a trillion dollars in assets, wrote in 2022. More and more people, especially the relatively poor, may live almost their entire lives in systems owned by one or another private equity firm: financiers are their landlords, their electricity providers, their ride to work, their employers, their doctors, their debt collectors. Private equity firms and related asset managers “increasingly own the physical as well as financial world around us,” the scholar Brett Christophers writes. “All of our lives are now part of their investment portfolios.” In order to drive up profits, private equity-controlled dental chains have induced children to undergo multiple unnecessary root canals. One child even died as a result. Some of the most heinous accounts have come from private equity-owned treatment centres for young people with behavioural problems, where children have been physically abused, raped and killed. These cases are extreme, but they are not isolated.
Note: BlackRock and Vanguard manage over $11 trillion and $8 trillion respectively—an unprecedented concentration of financial power. We hear outrage about billionaires and oligarchs, but rarely about private equity firms, who are backed by both political parties and are drastically reshaping our economy, contributing to environmental destruction, and extracting wealth from communities in the US and all over the world. For more along these lines, read our concise summaries of financial inequality and financial industry corruption.
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