Steven Rattner has a dire warning about Elizbeth Warren:
Less discussed is her intention to impose vast new regulatory burdens and to revamp the way business functions, which could have an even more negative effect on our economy. Many of America’s global champions, like banks and tech giants, would be dismembered. Private equity, which plays a useful role in driving business efficiency, would be effectively eliminated.
Interesting week to be making this claim! Let’s check in with the SUPERGENIUSES of efficiency at Great Hill Partners:
By now, journalists at publications owned by private equity expect major changes, cost cuts, and layoffs. Private equity is supposed to squeeze better margins out of debt-ridden or incompetently run operations. But under Great Hill’s ownership, Deadspin appears headed in the other direction, with traffic down by 75 percent in a week since the layoffs, according to Chartbeat data provided to Intelligencer. According to multiple sources, Jim Spanfeller, the CEO installed by Great Hill to run G/O, has reached out to at least one departed Deadspin staffer in an effort to convince them to return to work. (A representative for G/O Media said the company would welcome back most of its writers.)
I am but the humble country owner of a very mildly profitable media enterprise, but a 75% drop in traffic seems bad for revenues? Picking random fights with valuable employees over inane bullshit you can’t even explain at meetings seems not really all that efficient? Just spitballing here.
But, yes, in Elizabeth Warren’s America, I worry about who would destroy our popular websites and newspapers and retail chains by saddling them with debt and looting the assets. Whatever would we do without this immensely valuable service?