I don't entirely disagree with you and I'm not trying to score points by dunking on an unpopular boogieman. There are certainly poorly structured and operated c

I don't entirely disagree with you and I'm not trying to score points by dunking on an unpopular boogieman. There are certainly poorly structured and operated companies, and acquisitions by companies that improve their management and capital structure are good. I just think that - in paricular, with the debt market we have right now, that leveraged buyout firms are on the net bad. I think it's maybe as much or more a consequence of poor yield options and gutted regulations, structured products are like buying sausage in the days of Upton Sinclair. There is too much capital out there, I hate to say. There is a lack of discrimination on the fixed income market that would have put brakes on lousy LBO operators, and there are enough of them because the funding is available. That is magnified by engineered bankruptcies and pension haircutting/offloading, which goes beyond the destructive business outcomes I see lately.