A new book by a Pulitzer Prize winner unsuccessfully tries to take down the private equity industry and fixates on Leon Black. Here's what it gets wrong.
and subsequent litigation with former partners. And more than any of those mostly irrelevant asides,"Plunderers" digs deep into the first major transaction that made Apollo as a firm: the 1991 acquisition of the insurer Executive Life.
Last year, another equally unconvincing Leon Black-obsessed book —"Two and Twenty," by a former Apollo partner — reached the exact opposite conclusions as"PlunderersThere are plenty of legitimate issues with private equity highlighted by"Plunderers": the fees charged, the transparency provided, the tax policies applied and the impact on wealth inequality, for instance.
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