Less pomp and circumstance
Date: August 19, 2010
IF PRIVATE-EQUITY outfits were once the kings of capitalism then during the credit crunch they behaved a bit like George III. Gripped by a bout of madness, they overpaid for firms at the top of the economic cycle and loaded them with too much debt. Today private-equity types are quick to admit things got out of control, just as in the buy-out booms of the late 1980s and 1990s. Most big shops, including Blackstone, are keen to clean up the mess and move on. Yet it will take the industry a long time to rebuild its credibility.
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Source: The Economist
