Bad Company: How Private Equity is Reshaping Industries

In her new book Bad Company, journalist Megan Greenwell chronicles how private equity has upended industries from health care to local news—and the ways workers are fighting back against these changes.

Greenwell’s exploration dives deep into the often-overlooked consequences of private equity investments. These firms, driven by profit maximization, have transformed essential services and local institutions, leading to significant changes in how these sectors operate.

The Impact of Private Equity

Private equity has become a dominant force in various industries, often prioritizing short-term gains over long-term stability. This shift has profound implications for workers and consumers alike. Greenwell highlights several key areas affected by this trend:

• Health Care: The influx of private equity into health care has led to increased costs and reduced quality of care. Facilities are often stripped of resources to maximize profits, leaving patients and staff to bear the consequences.
• Local News: Many local news outlets have been acquired by private equity firms, resulting in layoffs and a decline in investigative journalism, which is crucial for a well-informed public.
• Education: The privatization of educational institutions has raised concerns about the quality of education and accessibility for students, as profit motives often overshadow educational values.

Workers’ Resistance

Despite the challenges posed by private equity, workers are not standing idly by. Greenwell documents various movements and initiatives aimed at pushing back against these corporate giants. Some notable examples include:

1. Union Organizing: Workers across different sectors are banding together to form unions, advocating for better wages and working conditions, and striving to reclaim their rights.
2. Grassroots Campaigns: Community-driven efforts are emerging to raise awareness about the negative impacts of private equity on local services, fostering solidarity among affected individuals.
3. Legislative Action: Some states are considering regulations to limit the influence of private equity in critical sectors, aiming to protect essential services from profit-driven motives.

Conclusion

Megan Greenwell’s Bad Company serves as a crucial reminder of the power dynamics at play in our economy. As private equity continues to reshape industries, the resilience and activism of workers will be essential in reclaiming their rights and ensuring that essential services remain accessible and equitable.

For more insights and detailed accounts, check out the book Explore More…”>here.