Masters of the universe
Spend any length of time covering the private equity industry and, sooner rather than later, the four-word line will crop up. Four words, and the mind darts back to the champagne-infused LBO binge of 1980s Wall Street. Four mere words, and a picture immediately forms of an industry – despite its profound transformation since that decade – still caught in a contradiction; a conflict between its impulse to use its considerable power, and the need to accept such power must face, for responsibility’s sake, certain limits.
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