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Private equity firms: unaccountable accountability and anti-social behaviour

Author

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  • Abraham J. Briloff
  • Leonore A. Briloff

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.

Suggested Citation

  • Abraham J. Briloff & Leonore A. Briloff, 2013. "Private equity firms: unaccountable accountability and anti-social behaviour," International Journal of Economics and Accounting, Inderscience Enterprises Ltd, vol. 4(1), pages 1-21.
    • Handle: RePEc:ids:ijecac:v:4:y:2013:i:1:p:1-21
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