I am writing to you from New Jersey, where approximately 250,000 people work in the financial sector. Many are employed by the most prosperous Wall Street banks’ hedge funds, and private equity and venture capital firms. Some of them are friends and neighbors in my home town, Montclair, and have over the years helped me understand how high finance actually works. I fear they will not be happy with my new book, Wall Street’s War on Workers.
Researchers at California State Polytechnic University found that the bankruptcy rate for leveraged buyouts 10 years after was 20%, compared to just 2% for companies that weren’t leveraged buyout targets. Overall, a Harvard Business School study of thousands of leveraged buyouts between 1980 and 2013 shows that, on average, employment at bought-up firms shrank by 13%.
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