The Ultimate Bubble? Politics & Power (Vanity Fair)
Indeed, few people in private equity—in the middle of the greatest financial crisis of the era, even as everybody in private equity awaits the collapse of everyone else in private equity—have actually lost their jobs. Even with no business to be done, it’s business as usual. This is an extraordinary demonstration of denial, or of a dreamworld, or of an alternative reality—or of my father’s dictum. Nobody knows if the world’s great P.E. firms are out of business—the guys who run these firms may not even know.
