You can argue whether or not private equity firms are ethical when they lay off workers to maximize profits. But can anyone seriously make a good case for lying about the amount they're willing to pay during bidding, only to start lowering the offer as soon as they've made it into one-on-one negotiation with the seller and the bank? Bain doesn't do this anymore, but they did do it in Romney's day. Evidently he felt no more responsibility to his fellow 1%ers than he did for anyone else.
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