In a new article for The Atlantic, Rogé Karma describes how private equity has consumed the U.S. economy, relying heavily on John Coates and his new book, The Problem of Twelve. Karma writes:
Information as basic as who actually owns a company, how it makes its money, or whether it is profitable is “disappearing indefinitely into private equity darkness,” as the Harvard Law professor John Coates writes in his book The Problem of Twelve. This is not a recipe for corporate responsibility or economic stability. A private economy is one in which companies can more easily get away with wrongdoing and an economic crisis can take everyone by surprise. And to a startling degree, a private economy is what we already have.
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