Saturday, December 08, 2007
Henry Kravis, founding partner in the private equity company KKR, made $450 million last year--that's $1.3 million per day, or $51,369 per hour. He did it largely by borrowing money to take over public companies, then selling off the company's assets to pay the debt, laying off thousands of workers, and slashing benefits for those who remained.
private equity is described as a firm that takes over “public companies using primarily borrowed money.”
“To pay off this debt,” the film says, “they then sell off assets of the companies, fire thousands of workers and radically cut benefits of the remaining employees. It is the same product, in the same building, with the same customers as before.”
For more on Henry Kravis and other borrow-and-buyout corporations, check out the FACTS page.
The War on Greed hits the New York Times! "A Movie and Protesters Single Out Henry Kravis" and director Robert Greenwald discusses issues raised in the film on CNBC's "Closing Bell".
War on Greed premiere in New York City, outside of Henry Kravis' house:
BRAVE NEW FILMS