Why did Toys "R" Us, Payless, and Red Lobster go bankrupt? They were profitable businesses until they were bought by Private Equity firms. Financial investigator Richard Steel reveals the legalized plunder of the global economy in "The Asset Strippers." Steel explains the "Leveraged Buyout" (LBO) model in plain English: PE firms buy a company using massive debt, then transfer that debt onto the company's own books, charge millions in "management fees," sell off the real estate, and leave the hollowed-out shell to die. The investors walk away rich; the workers lose their jobs and pensions. The book argues that this sector contributes almost nothing to productivity but extracts immense wealth from the real economy, impacting everything from emergency rooms to vet clinics and trailer parks. "The Asset Strippers" is a furious, data-driven exposé of how the financial sector has cannibalized the productive sector, disguised as "efficiency."

Author