Private equity really is the last step in late stage capitalism, isn’t it? When the profits have been wholly privatized and the externalies wholly dumped on the public will the cycle be complete. We see this with oil and gas assets all the time- as a well or production site falls out of favour by a large oil company because they are unprofitable under their metrics, those assets are sold to smaller, leaner companies that can make a profit on them. Right up until they are owned by the smallest, shadiest companies that ring out the last few dollars before abandoning the asset altogether and declaring bankruptcy. And then who gets left holding the bag on the cleanup of that orphan well? You and I. There is nobody left to hold accountable.

Because explicit or not, we expect governments to backstop this activity. And when it all goes wrong, the fingers get pointed at the government for not properly regulating the activity in the first place.