Blackstone acquires CCG

[birdman42]

Originally Posted by mechanicalman

The premise of your argument is pretty flawed. This is a private equity investment, meaning they will likely hire more people (creating more good jobs in your words) and invest in more and better services to fuel growth. If some entrepreneurs get wealthy in that process, why begrudge them? I think the idea of running a business until you retire or pass it along to (odds are, dysfunctional heirs) is a pretty antiquated version of the American dream.

I hope you're speaking from personal experience and not just parroting the "job creators" trope. That's certainly not the way it worked for me or my wife. She worked for a long-established public company (a household name) that got taken private in the mid-80s. Five years later it was gone after it had been stripped of all its assets. Fortunately the govt (big, bad govt, right?) stepped in and wouldn't let them strip out the pension funds. We were out in Indiana recently and the entire site is razed.

I worked for a private company that was thriving with a thousand employees. The owner was aging and decided to sell to a private equity firm. First the different divisions were carved out. Then, in what was left of my division, the layoffs began. After three years there were only half as many employees as before. The founder made out well and the equity firm is raking in bucks, but the employees and ex-employees not so much.

And now a card, just to keep this on topic.


Bill