In the Unconventional Newlywed, I respond to a Sunday piece from The New York Times:
In a Romney Believer, Private Equity’s Risks and Rewards
By Julie Creswell, The New York Times
Living loan-reliant and preparing to file joint taxes for the first time, Mitt Romney’s income tax controversy is unpleasantly timely for the Unconventional Newlywed. Sure, this stage of life implies serious budgeting, but the flippant “we don’t make the rules” attitude of private equity executives like Romney and Marc J. Leder is an insult to my efforts and begs for more exploration of the men behind such arrogance.
I applaud The New York Times’ attempt to summarize the nebulous private equity industry through the persona of Marc J. Leder. While broadly informative on the life of Leder, this piece avoids discussing the ethic rationale of a man who profits from systematic dismantling companies like Friendly’s – symbols of a working man’s world. Had Leder ever visited Friendly’s ? Does he have any concern for these companies?
Tacit cynicism of private equity practices does surface from time to time, as the writer herself admits she cannot clearly explain the overarching societal good of companies that buy other companies to “bleed the life out of them.”
Like most Americans, I agree Leder and other so-called “vulture capitalists” need not apologize for the wealth they have deftly shuffled and amassed in their trade. Mere acknowledgement of how deviant his income is from most Americans, whose money financed Sun Capital, is a good place to begin more enlightening conversation about such a controversial industry.
Is there a Marc J. Leder out there who is concerned with this unfair, parasitic accumulation of wealth and willing to explain how we continue to let it happen? If so, I would be interested in seeing an interview with him in next week’s paper.