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Private equity has long held a reputation for being ruthless, a no holds barred industry.
These were very scrappy mercenary dealmakers and With their really iconic investments of that era,
like RJR Nabisco,
they had no real compulsion about breaking up a company and selling off different parts,
which really struck a nerve in the mainstream of America.
My colleague Antoine Guerra says that in the 1980s,
the private equity industry relied on deals that used lots of debt.
That kind of strategy often led to collateral damage for workers,
while PE executives took home massive windfalls.
In the mid 1980s, the private equity firm KKR did a leveraged buyout of grocery store chain Safeway,
and they used a very small sliver of equity to buy what was one of America's biggest companies.
And after they acquired the supermarket, you know,
the company went through brutal layoffs and salary cuts and it became hugely controversial.