LBOs uye Kutyisa Kwavo kuUnited States Economy

Iyi Nhepfenyuro Yenhepfenyuro Inogona Kukonzera Izvo Zvimwe Zvemari Crisis

A leveraged buyout apo imwe kambani inokwereta mari yakawanda kutenga imwe. Mumwe mutengi anokwereta mari kuburikidza nekutora zvisungo kuvashambadziri, mari yehuta , uye mabhangi . Kufanana neumwe humwe hutano, mutengi achaisa zvinhu zvake semari. Asi BBO inobvumira kuisa zvinhu zvekambani iyo inoda kuitenga sezvikwata zvakare.

Izvozvo zvinobvumira kambani duku kukwereta mari kutenga kambani yakakura zvikuru isina ngozi yakawanda pachayo.

Dambudziko rose rinotakuriswa nekambani inoshandiswa nekambani. Ndokusaka chikwereti ichiiswa pamabhuku ayo. Kana pane dambudziko kubhadhara chikwereti, zvinhu zvaro zvinotengeswa kubva pakutanga uye zvichange zvikanganiswa. Vaya vashoma, kuwana kambani inoenda kune zvisingabhadhari.

Aya maitiro anowanzoitwa nemakambani ari oga ekutengesa anotenga kambani yevanhu kuti vaitore sega. Iko kunopa mutengi nguva yekuita shanduko dzinodiwa kuita kuti chinangwa chekambani chibatsire zvikuru. Ichazotengesa kambani inowanikwa gare gare pane imwe purogiramu, kazhinji nokuitora iyo zvakare zvakare muIAPO. Izvo zvakaita seflipper yekambani panzvimbo yeimba.

Chikwereti chinofanira kupa zvibereko zvakakura zvekugadzirisa dambudziko racho. Kubhadhara kunokwidzika kwakanyanya kunogona kuwanzana kukonzera kubhadhara kwekambani yakatengwa. Ndicho chikonzero, pasinei nemichero yavo inonakidza, mabheji anoshandiswa nereveraged anobudisa izvo zvinozivikanwa sezvisungo zvisingabatsiri . Vanodanwa zvisina maturo nokuti kazhinji pfuma yega yega haina kukwana kubhadhara chikwereti, uye saka vanokweretesa vanokuvarawo zvakare.

Pane Chero Chekudzivirira Kubva kuRBOs?

The Federal Reserve nemamwe mabhengi ehurumende vakabudisa nhungamiro muna 2013 kumabanki avo kuti varware LBO ngozi. Vakakurudzira mabhizinesi kuti vasabhadhara mari yeLBOs iyo yakabvumira chikwereti kuva kanopfuura katanhatu mari yegore yekambani yakatarwa. Vatongi vakataurira mabhengi kuti vadzivirire maLBOs akatambanudza kubhadhara nguva kana kuti asina zvibvumirano zvekuchengetedza chikwereti.

Vatongi vanogona kubhadhara mabhanhire kusvika ku $ 1 mamiriyoni pazuva kana vasingateereri.

Asi kushandiswa kwemitemo hakusi nyore. Vazhinji vebhangi vanogunun'una kuti mitemo haisi pachena zvakakwana. Kune nzira dzakasiyana dzekuverenga mari. Mamwe maitiro anogona kutevera, asi kwete ose, mirayiridzo. Mabhangi anoda kuve nechokwadi kuti vose vanotongwa zvakafanana.

Mabhangi ane chikonzero chekufunganya. Dhaka yakabvumira mamwe mabhanga kudarika huwandu hwakarongedzwa mune dzimwe nguva. Iyo inotengeswa inongotarisira mabhengi ekunze, Goldman Sachs, uye Morgan Stanley . Ihofisi yeChinyorwa yeDhipatimendi inotarisira mabhangi emarudzi. Izvo zvinosanganisira Bhizinesi reAmerica, Citigroup, JP Morgan Chase uye Wells Fargo.

Inouya IWBO Inotyisa

Mabhanga akawanda kwazvo haana kuteerera mitemo. Somugumisiro, zvinotyisa makumi mana kubva muzana zveUnited States zvakabatanidzwa zvinodarika zvakaderedzwa nezvikwereti. Ndiyo yakakwirira kubva muna 2008 matambudziko emari . Muna 2007, 52 muzana yezvikwereti zvaive pamusoro pezvikwata zvinorayirwa.

Vatongi vanofunga kuti, kana pane chero rudzi rwekudengenyeka, mabhandi achagadziridzwazve ane chikwereti chakaipa zvikuru pamabhuku avo. Inguva ino bedzi iyo ichava chisungo chisina maturo panzvimbo pezvikwereti zvepa subprime .

Ichokwadi, inoratidzika seyo yatotanga.

MunaMuvhuro 2014, BBO huru pane imwe nguva yakava yechisere yekushambadza yakawanda. Simba Future Holdings rakaparadzwa ne $ 43 bhiriyoni chikwereti chakanga chakasungirirwa kuti chibhadhere nokuda kwekutenga kwayo. Vaya vatatu vakaputsa chibvumirano chacho, KKR, TPG naGoldman Sachs vakatenga kambani ye $ 31.8 mabhiriyoni muna 2007 uye vakatora $ 13 mabhiriyoni mune chikwereti kambani yakambove nayo.

Ikambani yavakatenga, TXU Corp, yakanga iri yeTexas inoshandiswa nehutano hwemari. Vashandi vemapurisa havana kuziva kuti mutengo wemagetsi wakanga uri kuda kudonha nekuda kwekuwanikwa kwea shale mafuta uye gasi. Vakabhadhara dhora guru kune vashandi kuti vatore kambani yega, vachifunga kuti gesi mitengo yaizosimuka panzvimbo. Iko kambani yakarasikirwa nevatengi 400 000, sezvo vashandi veTexas vaisarudzwa. Mumwewo chikwereti akafanirwa kubvumirana kukanganwira kubhadhara $ 23 mabhiriyoni mune chikwereti, kuwedzera kune $ 8 mabhiriyoni maharabaker akasimudza.

LBOs Hurt Job Growth uye Economic Growth

Zvimwe zvikamu zvina zvakakosha zvikuru zveBBO zvaive zvakajeka zvakare:

1. First Data ($ 26,5 mabhiriyoni) akangobhadhara CEO itsva kuti atendeuke.
2. Alltel ($ 25.7 mabhiriyoni) yakangotengeswa kuVerizon ye $ 5.9 mabhiriyoni, pamwe ne $ 22,2 mabhiriyoni muzvakasara chikwereti. Kazhinji mushure mekubatana kwakafanana neizvi, mabasa akarasika sezvo makambani anoedza kuwana zvakanyatsoshanda mabasa.
3. HJHeinz ($ 23.6 mabhiriyoni) akavhara michero kuti awane mari yakawanda.
4. Equity Office Properties ($ 22.9 mabhiriyoni) akatengesa zvinopfuura hafu yezvivakwa zvaro zvema 543 zvekutengeserana.

Iyi mienzaniso mikuru yekuti maBBO anokanganisa sei hupfumi. Vadzidzisi vatsva vanofanira kuwana nzira dzekuwedzera mari yekubhadhara chikwereti. Nzira yakanakisisa yekuita izvi ndeyokutengesa zvivakwa, kusimbisa mabasa uye kuderedza headcount. Zvose izvi zvinoderedza mabasa, kana kuti zvishoma kumisa basa rokukura. (Chinyorwa: "Kukurukurwa Kuwedzerwa Kwekutsvaga Kwakawanikwa Kunokonzera Bust, Sei Shale Boom Kuurayiwa TXU," The Wall Street Journal , Kubvumbi 30, 2014.)