Angry. Agitated. Annoyed.

When I first told someone I was reading about private equity, they immediately wondered if I was starting an MBA or preparing to engage in some nefarious economic activity. Upon replying that the book was a deep journalistic account into how private equity screwed the American people, their eyes slowly widened. And after further explaining that the story followed the lives of four different average Americans in four different parts of the country in four different industries ravaged by private equity, they were immediately hooked.

That is the power of Bad Company, the outstanding tome by Megan Greenwell. I’ve been reading her work for well over a decade, but I’m most familiar with the work she did as the editor of Deadspin. Born from the scorched earth essay she wrote in 2019 before resigning from that site due to the negative influences of Great Hill Partners, the book’s subtitle reveals the obvious intent, but the prose is anything but dry or academic. Instead, she provides an intensely personal account of how this seemingly arcane and mysterious financial instrument has completely consumed, enveloped, and destroyed how the most basic economic activities happen in the United States. She sits patiently with Liz as Toys R Us falls apart, watches as Roger fights to build a hospital that actually takes care of people, follows Natalia pursue a career in journalism, and trails Loren as she battles to provide affordable housing to low-income families.

Greenwell’s narration is powerful and impeccable without being overwrought or heavy-handed. Not only does she deliver the goods in terms of research and reportage, but her main characters pulse with life. They are relatable and realistic without any pretense or affect. You can’t help but connect with the depth and breadth of their emotions, situations, feelings, actions, and reactions. These are real people who have been ruined by the machinations of private equity, yet they have each risen above and succeeded despite all odds – giving hope to everyone else who reads this excellent book.