But with super-low interest rates, investors in search of yield were still willing to buy debt. As for Pelosi, she doesnt want to see companies backed by venture capital excluded from federal relief, given her Silicon Valley constituents. The reason is as simple as it is galling: while great private fortunes, such as that of Blackstones Stephen Schwarzman (net worth: $17.5 billion and Apollos Leon Black ($7.5 billion), have been made from private equitys march through the world, its losses, to a remarkable degree, will belong to all of us. The Next Financial Crisis Lurks Underground, Coronavirus May Kill Our Fracking Fever Dream. Coronavirus May Kill Our Fracking Fever Dream - The New York Times In the first half of 2019, when oil was around $55 a barrel, only a few top-tier companies were profitable. If private equity suffers, the blow will reverberate throughout the entire economy. In 2019, Mclean launched a podcast titled Making a Killing on Luminary. This kind of rewrites the economics of oil trading.. Its essential that we do the same today. Previous assignments include editor-at-large, columnist for Fortune, and a contributor to Slate. Bethany McLean. Hot & Bothered is produced by Colin Kinniburgh. McLean is a contributing editor at Vanity Fair and co-author of the Enron book The Smartest Guys in the Room. Americas energy independence was an illusion created by cheap debt. As a subscriber, you have 10 gift articles to give each month. FILE - In this Friday, June 12, 2020 file photo, a nurse uses a swab to perform a coronavirus test in Salt Lake City. If private equity is handed billions in taxpayer money, it could use some of it to pay themselves hefty fees today, then pocket even more of it down the road, when they sell their portfolio companies and collect their 20% of the taxpayer-enabled gains. Thanks to all the cheap money made available by the Fed, companies owned by private-equity firms could simply refinance their debts at lower rates, thereby getting a fresh lease on life. Its thanks to those who are able to contribute that were able to make the podcast free for anyone to listen to. Portfolio, a Penguin Random House imprint . Nursing home COVID-19 outbreak reported in Merced County, CA | Merced All the Devils Are Here: The Hidden History of the Financial Crisis is a nonfiction book by authors Bethany McLean and Joseph Nocera about the 2008 financial crisis. Ad Choices. All information these cookies collect is aggregated and therefore anonymous . Best-selling author Bethany McLean reveals the true story of fracking's impact - on Wall Street, the economy, and geopolitics. According to the Institutional Limited Partners Association (ILPA), a lobbying group which represents CalPERs and other public investors, businesses backed by private equity employ more than 8.8 million Americans at over 35,000 companies, accounting for a staggering 5% of the United States GDP.

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