Private equity firms: unaccountable accountability and anti-social behaviour
by Abraham J. Briloff; Leonore A. Briloff
International Journal of Economics and Accounting (IJEA), Vol. 4, No. 1, 2013

Abstract: The tale of Hospital Corporation of America (HCA) is a cautionary lesson concerning the exploits of private equity entities, who aided-and-abetted by insiders, reduced a healthy and vibrant corporation (HCA) into a crippled debt-laden basket-case. Perhaps, the best analogy is one of a vampire, whereby real assets were drained from HCA through a complex of charges for fees, taxes and other devices. This was not the usual fairytale of a turnaround of private equity firms' contribution to America's future, by making a failing firm into a more efficient enterprise. Rather, this is a case of taking a successful business and reducing it to a shadow of its former self.

Online publication date: Tue, 29-Apr-2014

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