Bonus Weekend Edition. Welcome back to those of you who, like me, didn’t work on Friday.
Hollow Bullishness: The Economist isn’t impressed by the “butch subculture” of private equity and predicts the industry will have to “admit its sins.”
On The Other Hand: Carl Icahn explains his attraction to secondary debt (who isn’t at these prices) and points one positive of PE.
Meanwhile: A predicted $130 billion-plus in LP stakes is expected to change hands on the secondary market in the next two years, according to FT.
Neuberger: More bumps in the road for the NB sale, according to Megan Davies at Dealzone. Stay tuned tomorrow to see if any last minute bids appear on the deadline of the 45-day post-bankruptcy auction process.
Why TARP Was Abandoned: There aren’t enough people in Washington to handle the bailout (not taking resumes I’m sure).
Word: Merriam-Webster’s word of the year-“bailout”-has sparked a debate about what the word “bailout” actually means. Bailout beat “maverick,” “vet” and “bipartisan.” Click to read the official definition of “bailout” and also read about the embarrassingly dumb 2007 word of the year.
Cursed: The stadium naming rights curse history includes Anheuser, Enron, Wal-Mart, Adelpia, Pro Player, and of course, Citi.
Scandal In Washington: Rangel has a secret workout room.