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02/2010
“Private-equity (PE) firms run something of a shell game,” says Josh Kosman, author of “The Buyout of America: How private equity will cause the next great credit crisis.” “They buy companies with other people’s money by structuring acquisitions like mortgages. The critical difference is that while we pay our mortgages, PE firms have the businesses they buy take the loans, making them responsible for repayment.