This book looks at the increase in leveraged buyouts (LBO) of U.S.
companies by private equity funds prior to the slowdown in mid-2007
which has raised questions about the potential impact of these
deals. Some praise LBOs for creating new governance structures for
companies and providing longer term investment opportunities for
investors. Others criticise LBOs for causing job losses and
burdening companies with too much debt. This book addresses the
effect of recent private equity LBOs on acquired companies and
employment, the impact of LBOs jointly undertaken by two or more
private equity funds on competition, the Securities and Exchange
Commission's (SEC) oversight of private equity funds and their
advisers, and regulatory oversight of commercial and investment
banks that have financed recent LBOs. The U.S. Government
Accountability Office (GAO) reviewed academic research, analysed
recent LBO data, conducted case studies, reviewed regulators'
policy documents and examinations, and interviewed regulatory and
industry officials, and academics. The GAO recommends that the
federal financial regulators give increased attention to ensuring
that their oversight of leveraged lending at their regulated
institutions takes into consideration systemic risk implications
raised by changes in the broader financial markets.
General
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