What's so private (or equity-based) about private equity? David Pauly says these firms aren't...

|By:, SA News Editor

What's so private (or equity-based) about private equity? David Pauly says these firms aren't putting up much "equity" to speak of, larding themselves with debt instead. And firms like Blackstone (BX) and KKR have no business calling themselves private investors now that they're public companies.