LYCOS RETRIEVER 
Henry Kravis: People
built 257 days ago
While the “stars are aligned” in the private equity industry, Mr. Kravis acknowledged that “there will be something that will slow the growth rate” of the sector. “Trees don’t grow to the sky,” he teased, but he strongly suggested that there is a “misunderstanding on the part of the public and government” about what private equity funds are up to. This is largely due, he said, to the confusion people have between the mandate and behaviours of a hedge fund versus a private equity fund. While very much an issue in Europe, Mr. Kravis ... sees confusion in the United States.
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You have to give it to Henry Kravis. Few people would have the nerve to stand up in front of a crowd of pension fund and other institutional investors and joke about jacking them for billions.
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The first set of hostages are those honest people who -- rather than trying to avoid taxes like the Henry Kravises -- paid too much in taxes. The IRS says that up to 32 million tax refunds could be delayed because the AMT tax bill has been indefinitely stalled.
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Some on this stream ask if Kravis is happy. A study in the paper a while back said people with huge wealth are on general more happy as a group, but not any happier than the happy people without wealth. So people are more likely to be happy if they are rich, but if they are poor and happen to be happy anyway, they are just as happy.
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