After 16 years at the helm of Houdaille Industries, CEO Jerry Saltarelli wanted out. Since 1941, he'd poured his heart and soul into the company, starting out as a young lawyer and moving up the executive ranks. As CEO, he'd helped the company transform from a manufacturer of bumpers and shock absorbers into a nationwide construction and machine tools conglomerate.
With the company on solid footing, he was ready to retire, but there was a problem. Houdaille-cash-rich and with minimal debt was the kind of company in vogue with the corporate raiders of 1970s Wall Street, and the New York Times declared that a takeover might prove irresistible. This would likely lead to restructuring and layoffs-bleeding the company of its value and tossing aside its way of doing business. Saltarelli wanted none of that. All he wanted was a way to sell his stake while keeping Houdaille independent, doing right by his colleagues, and protecting his legacy.
As he pondered his predicament, Saltarelli got a phone call from an unfamiliar trio of bankers. Jerome Kohlberg Jr., Henry Kravis, and George Roberts, friends from their time engineering deals at Bear Stearns, had started investment bank KKR just two years prior. They presented Saltarelli with a plan that they said could check all the CEO's boxes: a leveraged buyout, or LBO. Saltarelli had to admit he'd never heard the term.
20 YEARS AGO, PRIVATE EQUITY HAD A 75% CHANCE OF BEATING THE MARKET. SINCE 2006, THOSE ODDS HAVE DROPPED TO WORSE THAN A COIN FLIP.
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In the Name of the Mother - How Shyamala Gopalan Harris raised a presidential contender
Shyamala Gopalan Harris did not believe in coddling. Pay her daughters, Kamala and Maya, an allowance for doing chores? “If you do the dishes, you should get two dollars,” scoffed the woman who this past summer, almost two decades after we spoke, would launch a million coconut memes. “You ate from the damn dishes!” Reward the future vice president of the United States—and possible future president—for good grades? Ridiculous. “What does that tell you?” her mother chided. “It says, ‘You know, I really thought you were stupid. Oh, you surprised Mommy!’ No.”
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A few months ago, a man crawling along a rooftop in Pennsylvania tried to murder Donald Trump at a campaign rally. Hours later, press releases started to circulate, from analysts, think tanks, politicians, and pundits, all offering to cut through the swell of confusion and misinformation.
Food + Health / Global Warning - Why Project 2025 is an environmental catastrophe in the making
When President Joe Biden took office, Democrats held a slim majority in the House of Representatives and a single-vote edge in the Senate. Despite the monumental odds, he has presided over the most productive presidential term for climate action in American history. Under Biden’s direction, the federal government took up the arduous task of incorporating climate considerations into scores of administrative operations and procedures. The epa cracked down on superpollutants and issued stricter emissions regulations for passenger vehicles. The Inflation Reduction Act, the biggest climate spending bill Congress has ever passed, brings the nation closer to its goal of slashing carbon emissions in half by 2030.
Trumpnesia - To get a second chance, Trump needs voters to forget his disastrous presidency.
One of the most oft-quoted sentences ever penned by a philosopher is George Santayana’s observation that “those who cannot remember the past are condemned to repeat it.” In 2024, this aphorism is practically a campaign slogan. Donald Trump, seeking to become the first former president since Grover Cleveland to return to the White House after being voted out of the job, has waged war on remembrance. In fact, he’s depending on tens of millions of voters forgetting the recent past. This election is an experiment in how powerful a memory hole can be.
WHEN IN DROUGHT
This obscure yet adaptable grain could be a healthy staple for a warming planet.
BAD HABITS
A spate of recent horror movies recycle tired tropes about nuns-and reveal society's ongoing discomfort with independent women.
Taking the Fifth For a glimpse of the Supreme Court after a second Trump term, look at the radical circuit court that's already driving America to the right.
Imagine obamacare is dead and millions of Americans have lost health coverage.
THE ARCHITECT
TRUMP WANTS TO BE KING. RUSS VOUGHT HAS A PLAN TO MAKE IT HAPPEN.
Losing Faith
As an evangelical leader, I enticed lawmakers and federal judges to adopt a conservative Christian agenda. Donald Trump’s rise proved how wrong I was.
GOD'S COUNTRY
These Christian nationalists have a plan to take over Americafrom small towns to the highest court in the land.
