Private Equity Is Debt Fueled Job Destruction Tax Scheme- Inside Story, The Schwarzman Eight
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Uploaded by billparish11 on Oct 11, 2011
Financial analyst Bill Parish discusses the inside story on private equity and hedge funds, some of the main players involved in them and how they evade taxation. He also explains why the current debate over carried interest is taking attention away from much larger issues, including the reality that these firms are involved in a debt fueled job destruction tax scheme.
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@billparish11 What are your thought on dividend capitalization ? A practice common among PE shops
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The name of the game for private equity is to "race to the carry." For example, if Oregon PERS invests $1 billion in a partnership with KKR, and KKR returns cash of $2 billion, KKR earns its standard management fee of 1.5 percent or $30 million in addition to $200 million in carry fees.
billparish11 4 months ago
Can you explain the carry fee for a non-financial person
billparish11 4 months ago
If you invest $100, everything returned above that earns a 20 percent carry fee. The carry fee has nothing to do with profitability but rather results from the private equity partners ability to extract cash from the business by piling on debt, non-payment of taxes, etc. This is also why they immediately slash wages and benefits, outsource aggressively, etc. They generally have little interest in long term profitability.
billparish11 4 months ago