CINXE.COM

<!DOCTYPE html><html lang="en" dir="ltr"><head><meta charSet="utf-8"/><meta name="viewport" content="width=device-width,initial-scale=1"/><link rel="icon" href="https://cdn.theatlantic.com/_next/static/images/favicon-3888b0e329526a975703e3059a02b92d.ico"/><link rel="apple-touch-icon" href="https://cdn.theatlantic.com/_next/static/images/apple-touch-icon-default-b504d70343a9438df64c32ce339c7ebc.png"/><link rel="apple-touch-icon" sizes="76x76" href="https://cdn.theatlantic.com/_next/static/images/apple-touch-icon-76x76-d5accc11b8265af76495fbfa9d38dd3b.png"/><link rel="apple-touch-icon" sizes="120x120" href="https://cdn.theatlantic.com/_next/static/images/apple-touch-icon-120x120-419ba228184c040a691628d3dd82c206.png"/><link rel="apple-touch-icon" sizes="152x152" href="https://cdn.theatlantic.com/_next/static/images/apple-touch-icon-152x152-aafde20dd981a38fcd549b29b2b3b785.png"/><meta name="application-name" content="theatlantic"/><meta name="msapplication-TileColor" content="#FFFFFF"/><meta name="msapplication-TileImage" content="https://cdn.theatlantic.com/_next/static/images/apple-touch-icon-default-b504d70343a9438df64c32ce339c7ebc.png"/><meta property="og:site_name" content="The Atlantic"/><meta property="og:locale" content="en_US"/><meta property="fb:admins" content="577048155,17301937"/><meta property="fb:app_id" content="100770816677686"/><meta property="fb:pages" content="29259828486,1468531833474495,1061579677251147,457711054591520,370457103090695,1631141167169115,148681772342453,1510507419185410,128344747344340,128377530562508,236061986423933"/><meta name="p:domain_verify" content="68e1a0361a557708fefc992f3309ed70"/><meta name="twitter:site" content="@theatlantic"/><meta name="twitter:domain" content="theatlantic.com"/><script type="application/ld+json">{"@context":"https://schema.org","@type":"WebSite","name":"The Atlantic","url":"https://www.theatlantic.com","inLanguage":"en-US","issn":"1072-7825","potentialAction":{"@type":"SearchAction","target":"https://www.theatlantic.com/search/?q={q}","query-input":"required name=q"}}</script><script type="application/ld+json">{"@context":"https://schema.org","@type":"Organization","@id":"https://www.theatlantic.com/#publisher","name":"The Atlantic","url":"https://www.theatlantic.com","logo":{"@type":"ImageObject","width":{"@type":"QuantitativeValue","unitCode":"E37","value":224},"height":{"@type":"QuantitativeValue","unitCode":"E37","value":224},"url":"https://cdn.theatlantic.com/assets/media/files/atlantic-logo--224x224.png"},"sameAs":["https://www.facebook.com/TheAtlantic","https://twitter.com/theatlantic"]}</script><style id="_vis_opt_path_hide">#paywall,#nonMeteredNudge,#gate {opacity:0;}</style><title>The Secretive Industry Devouring the U.S. Economy - The Atlantic</title><meta name="description" content="Private equity has made one-fifth of the market effectively invisible to investors, the media, and regulators."/><meta property="krux:title" content="The Secretive Industry Devouring the U.S. Economy - The Atlantic"/><meta property="krux:description" content="Private equity has made one-fifth of the market effectively invisible to investors, the media, and regulators."/><link rel="canonical" href="https://www.theatlantic.com/ideas/archive/2023/10/private-equity-publicly-traded-companies/675788/"/><link rel="image_src" href="https://cdn.theatlantic.com/static/theatlantic/img/lacroix-default-thumbnail.png"/><meta name="author" content="Rogé Karma"/><link rel="ia:markup_url" href="https://www.theatlantic.com/facebook-instant/article/675788/"/><meta property="article:publisher" content="https://www.facebook.com/TheAtlantic/"/><meta property="article:opinion" content="false"/><meta property="article:content_tier" content="free"/><meta property="article:tag" content="ideas"/><meta property="article:section" content="Ideas"/><meta property="article:published_time" content="2023-10-30T11:30:00Z"/><meta property="article:modified_time" content="2023-11-08T02:49:07Z"/><meta name="robots" content="index, follow, max-image-preview:large"/><meta property="og:title" content="The Secretive Industry Devouring the U.S. Economy"/><meta property="og:description" content="Private equity has made one-fifth of the market effectively invisible to investors, the media, and regulators."/><meta property="og:url" content="https://www.theatlantic.com/ideas/archive/2023/10/private-equity-publicly-traded-companies/675788/"/><meta property="og:type" content="article"/><meta property="og:image" content="https://cdn.theatlantic.com/thumbor/iB_IXBBT3XahAMwWZLNeQ_fEdhQ=/2x20:963x524/960x504/media/img/mt/2023/10/StockMarketPoof/original.gif"/><meta property="twitter:card" content="summary_large_image"/><meta name="FacebookShareMessage" content=""A private economy is one in which companies can more easily get away with wrongdoing and an economic crisis can take everyone by surprise," Rogé Karma writes. "And to a startling degree, a private economy is what we already have.""/><meta name="TwitterShareMessage" content=""A private economy is one in which companies can more easily get away with wrongdoing and an economic crisis can take everyone by surprise," Rogé Karma writes. "And to a startling degree, a private economy is what we already have.""/><link rel="alternate" type="application/rss+xml" title="The Atlantic" href="/feed/all/"/><link rel="alternate" type="application/rss+xml" title="Best of The Atlantic" href="/feed/best-of/"/><meta name="referrer" content="unsafe-url"/><meta name="apple-mobile-web-app-capable" content="yes"/><meta name="apple-mobile-web-status-bar-style" content="black"/><meta name="apple-mobile-web-app-title" content="The Atlantic"/><meta name="keywords" content="private-equity industry, publicly traded company, private-equity fund, number of American public companies, private equity, company private, national economy, much money, fair disclosure, private-equity firms, next half century, U.S. stock market, public companies, private funds, economic stability, new government agency, horror stories, own partners, good way, private equity darkness, gone public, Private companies, corporate equity, Policy makers, Public hearings, death of the IPO, market’s madnessElisabeth de Fontenay, Great Depression, big deal, nonbank lenders, total control, Roaring ’20s, great work, economic crisis, unlimited amount of money, private economy, law professor, higher education, careful academic studies, private-equity deals end, better place, corporate finance, Duke University, current trends, direct threat, research director, much capital, hard way, niche industry, wave of deregulatory reforms" itemID="#keywords"/><meta name="news_keywords" content="private-equity industry, publicly traded company, private-equity fund, number of American public companies, private equity, company private, national economy, much money, fair disclosure, private-equity firms, next half century, U.S. stock market, public companies, private funds, economic stability, new government agency, horror stories, own partners, good way, private equity darkness, gone public, Private companies, corporate equity, Policy makers, Public hearings, death of the IPO, market’s madnessElisabeth de Fontenay, Great Depression, big deal, nonbank lenders, total control, Roaring ’20s, great work, economic crisis, unlimited amount of money, private economy, law professor, higher education, careful academic studies, private-equity deals end, better place, corporate finance, Duke University, current trends, direct threat, research director, much capital, hard way, niche industry, wave of deregulatory reforms"/><meta name="sailthru.title" content="The Secretive Industry Devouring the U.S. Economy"/><meta name="sailthru.description" content="Private equity has made one-fifth of the market effectively invisible to investors, the media, and regulators."/><meta name="sailthru.tags" content="new-rules,ideas,author-roge-karma"/><meta name="sailthru.date" content="2023-10-30T11:30:00Z"/><link rel="preload" as="font" type="font/woff2" href="https://www.theatlantic.com/packages/fonts/garamond/AGaramondPro-Regular.woff2" crossorigin=""/><link rel="preload" as="font" type="font/woff2" href="https://www.theatlantic.com/packages/fonts/graphik/Graphik-Regular-Web.woff2" crossorigin=""/><link rel="preload" as="font" type="font/woff2" href="https://www.theatlantic.com/packages/fonts/graphik/Graphik-Semibold-Web.woff2" crossorigin=""/><link rel="preload" as="font" type="font/woff2" href="https://www.theatlantic.com/packages/fonts/logic/LogicMonospace-Medium.woff2" crossorigin=""/><link rel="preload" as="font" type="font/woff2" href="https://www.theatlantic.com/packages/fonts/logic/LogicMonospace-Regular.woff2" crossorigin=""/><script type="application/ld+json">{"@context":"https://schema.org","@type":"NewsArticle","headline":"The Secretive Industry Devouring the U.S. Economy","alternativeHeadline":"The Secretive Industry Devouring the U.S. Economy","description":"Private equity has made one-fifth of the market effectively invisible to investors, the media, and regulators.","url":"https://www.theatlantic.com/ideas/archive/2023/10/private-equity-publicly-traded-companies/675788/","datePublished":"2023-10-30T11:30:00Z","dateModified":"2023-11-08T02:49:07Z","isAccessibleForFree":true,"hasPart":{"@type":"WebPageElement","isAccessibleForFree":true,"cssSelector":".article-content-body"},"publisher":{"@id":"https://www.theatlantic.com/#publisher"},"mainEntityOfPage":{"@type":"WebPage","@id":"https://www.theatlantic.com/ideas/archive/2023/10/private-equity-publicly-traded-companies/675788/"},"image":[{"@type":"ImageObject","width":{"@type":"QuantitativeValue","unitCode":"E37","value":720},"height":{"@type":"QuantitativeValue","unitCode":"E37","value":405},"url":"https://cdn.theatlantic.com/thumbor/z9fcd1SPZ9RDhRLjCs2HzumxfdE=/1x0:965x542/720x405/media/img/mt/2023/10/StockMarketPoof/original.gif"},{"@type":"ImageObject","width":{"@type":"QuantitativeValue","unitCode":"E37","value":960},"height":{"@type":"QuantitativeValue","unitCode":"E37","value":540},"url":"https://cdn.theatlantic.com/thumbor/j46ndE6sj1BBs3_vsXowNBwva5A=/1x0:965x542/960x540/media/img/mt/2023/10/StockMarketPoof/original.gif"},{"@type":"ImageObject","width":{"@type":"QuantitativeValue","unitCode":"E37","value":540},"height":{"@type":"QuantitativeValue","unitCode":"E37","value":540},"url":"https://cdn.theatlantic.com/thumbor/cELI-I834r68QgfhTaGtjBSn08A=/204x0:746x542/540x540/media/img/mt/2023/10/StockMarketPoof/original.gif"}],"author":[{"@type":"Person","name":"Rogé Karma","sameAs":"https://www.theatlantic.com/author/roge-karma/"}],"articleSection":"Ideas"}</script><link rel="preload" as="image" href="https://cdn.theatlantic.com/thumbor/j46ndE6sj1BBs3_vsXowNBwva5A=/1x0:965x542/960x540/media/img/mt/2023/10/StockMarketPoof/original.gif" imageSrcSet="https://cdn.theatlantic.com/thumbor/ceBGZTUB0XWRyhFxoU7FR-BVOgU=/1x0:965x542/750x422/media/img/mt/2023/10/StockMarketPoof/original.gif 750w, https://cdn.theatlantic.com/thumbor/u5YnhlXBkjIweWXPNFR2mvu0dOM=/1x0:965x542/828x466/media/img/mt/2023/10/StockMarketPoof/original.gif 828w, https://cdn.theatlantic.com/thumbor/j46ndE6sj1BBs3_vsXowNBwva5A=/1x0:965x542/960x540/media/img/mt/2023/10/StockMarketPoof/original.gif 960w" imageSizes="(min-width: 976px) 976px, 100vw"/><meta name="next-head-count" content="64"/><link rel="preload" href="https://cdn.theatlantic.com/_next/static/css/b95b4320f6718b0c.css" as="style"/><link rel="stylesheet" href="https://cdn.theatlantic.com/_next/static/css/b95b4320f6718b0c.css" data-n-g=""/><link rel="preload" href="https://cdn.theatlantic.com/_next/static/css/0b4366e1c8817ebe.css" as="style"/><link rel="stylesheet" href="https://cdn.theatlantic.com/_next/static/css/0b4366e1c8817ebe.css" data-n-p=""/><link rel="preload" href="https://cdn.theatlantic.com/_next/static/css/e10f1f1032756c59.css" as="style"/><link rel="stylesheet" href="https://cdn.theatlantic.com/_next/static/css/e10f1f1032756c59.css" data-n-p=""/><link rel="preload" href="https://cdn.theatlantic.com/_next/static/css/0a568afbc2554cc7.css" as="style"/><link rel="stylesheet" href="https://cdn.theatlantic.com/_next/static/css/0a568afbc2554cc7.css" data-n-p=""/><link rel="preload" href="https://cdn.theatlantic.com/_next/static/css/7e60642d630ed6f4.css" as="style"/><link rel="stylesheet" href="https://cdn.theatlantic.com/_next/static/css/7e60642d630ed6f4.css" data-n-p=""/><link rel="preload" href="https://cdn.theatlantic.com/_next/static/css/0a33952225252f86.css" as="style"/><link rel="stylesheet" href="https://cdn.theatlantic.com/_next/static/css/0a33952225252f86.css" data-n-p=""/><link rel="preload" href="https://cdn.theatlantic.com/_next/static/css/46047a12f0663966.css" as="style"/><link rel="stylesheet" href="https://cdn.theatlantic.com/_next/static/css/46047a12f0663966.css"/><noscript data-n-css=""></noscript><link rel="preload" href="https://cdn.theatlantic.com/_next/static/chunks/9587.03e639dfa3e4199a.js" as="script"/><link rel="preload" href="https://cdn.theatlantic.com/_next/static/chunks/webpack-516a0acb39e75310.js" as="script"/><link rel="preload" href="https://cdn.theatlantic.com/_next/static/chunks/framework-ca706bf673a13738.js" as="script"/><link rel="preload" href="https://cdn.theatlantic.com/_next/static/chunks/main-9af27423854a1f43.js" as="script"/><link rel="preload" href="https://cdn.theatlantic.com/_next/static/chunks/pages/_app-faecc48980ced587.js" as="script"/><link rel="preload" href="https://cdn.theatlantic.com/_next/static/chunks/6729-7978443139836095.js" as="script"/><link rel="preload" href="https://cdn.theatlantic.com/_next/static/chunks/8286-b35c81576953924b.js" as="script"/><link rel="preload" href="https://cdn.theatlantic.com/_next/static/chunks/436-aadfbd871a794704.js" as="script"/><link rel="preload" href="https://cdn.theatlantic.com/_next/static/chunks/9843-267e63e874251a37.js" as="script"/><link rel="preload" href="https://cdn.theatlantic.com/_next/static/chunks/899-448b91a629016ff2.js" as="script"/><link rel="preload" href="https://cdn.theatlantic.com/_next/static/chunks/2912-ebf029ed4116b01f.js" as="script"/><link rel="preload" href="https://cdn.theatlantic.com/_next/static/chunks/6772-2c0b832574392efa.js" as="script"/><link rel="preload" href="https://cdn.theatlantic.com/_next/static/chunks/6392-1397c4f8500d73b6.js" as="script"/><link rel="preload" href="https://cdn.theatlantic.com/_next/static/chunks/4947-607d15e1756278f9.js" as="script"/><link rel="preload" href="https://cdn.theatlantic.com/_next/static/chunks/3297-543c6448c0812417.js" as="script"/><link rel="preload" href="https://cdn.theatlantic.com/_next/static/chunks/365-09c3f00366a4c3f6.js" as="script"/><link rel="preload" href="https://cdn.theatlantic.com/_next/static/chunks/8849-ca6c5b68c97b8238.js" as="script"/><link rel="preload" href="https://cdn.theatlantic.com/_next/static/chunks/9310-d0d5baafd7a7f3b8.js" as="script"/><link rel="preload" href="https://cdn.theatlantic.com/_next/static/chunks/4742-509dbec7680a76ec.js" as="script"/><link rel="preload" href="https://cdn.theatlantic.com/_next/static/chunks/1730-999b0129269ea1cb.js" as="script"/><link rel="preload" href="https://cdn.theatlantic.com/_next/static/chunks/2093-764360aebf316f7a.js" as="script"/><link rel="preload" href="https://cdn.theatlantic.com/_next/static/chunks/5273-4d82a687024fdc4f.js" as="script"/><link rel="preload" href="https://cdn.theatlantic.com/_next/static/chunks/2381-907c18d9ebbfaace.js" as="script"/><link rel="preload" href="https://cdn.theatlantic.com/_next/static/chunks/pages/%5Bchannel%5D/archive/%5Byear%5D/%5Bmonth%5D/%5Bslug%5D/%5Bid%5D-6d3cbb2be5666618.js" as="script"/></head><body><div id="__next"><div data-event-surface="article"><div></div><nav class="Nav_root__HcZek" aria-labelledby="site-navigation" data-event-module="site nav" id="main-navigation"><div class="Nav_mainNav__iPsWc"><a href="#main-content" class="Nav_skipLink__P4Y5R">Skip to content</a><h2 id="site-navigation" class="Nav_visuallyHide__Lzzui">Site Navigation</h2><div class="Nav_flexContainer__9iJ4H"><ul class="Nav_leftContainer__Xs54R"><li class="Nav_navListItem__l2afO Nav_visuallyHideOnMobile__N9bs2"><a href="/" class="Nav_navLink__34Bol"><svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 87.83 134" class="Nav_bigA__c1aIb"><title>The Atlantic</title><path d="M24.48 95.13c-.56 0-.74-.37-.74-.93l13.08-55.88c.19-.94.93-.94 1.12 0L50.09 94.2c0 .56-.19.93-.75.93zM48.22.19a22.54 22.54 0 01-7.66 5.05c-.75.19-.94.37-1.13 1.12l-26.72 112.5c-2 9-4.67 10.66-11.77 11.22a.88.88 0 00-.94.93v2.06a.88.88 0 00.92.93h25.6a.88.88 0 00.93-.93V131a.88.88 0 00-.93-.93c-9.53 0-10.47-2.81-8.6-10.66l4.49-19.25a1.18 1.18 0 011.12-.93h26.74a1.19 1.19 0 011.13.93l5 23.18c1.12 5-.75 6.17-7.1 6.73a.88.88 0 00-.93.93v2.06a.88.88 0 00.93.93h37.62a.88.88 0 00.94-.93V131a.88.88 0 00-.94-.93c-5.79-.56-8.22-1.5-9.34-6.73L49.34.57c-.19-.56-.75-.75-1.12-.38"></path></svg></a></li><li class="Nav_navListItem__l2afO Nav_hamburgerLi__gP6Dn"><button class="NavHamburgerButton_root__OgJkB" aria-expanded="false" aria-controls="expanded-nav" aria-label="Open Main Menu"><div class="NavHamburgerButton_burger__jIWmI"><div class="NavHamburgerButton_box__J5rDn"><div class="NavHamburgerButton_inner__dKlIy"></div></div></div></button><div class="Nav_expandedNav__o5Zj_"><div hidden="" class="ExpandedNav_root__r3hKE" id="expanded-nav"><div class="ExpandedNav_mobileHeader__QEenD" data-event-element="mobile links"><button class="ExpandedNav_searchButton__85mWm" aria-label="Search The Atlantic"><svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 16 16" class="ExpandedNav_searchIcon__2EngD"><path d="M15.85 15.15l-5.27-5.28a6 6 0 10-.71.71l5.28 5.27a.48.48 0 00.7 0 .48.48 0 000-.7zM1 6a5 5 0 115 5 5 5 0 01-5-5z"></path></svg></button><div><a class="ExpandedNav_mostPopular__EbSyn" href="/most-popular/">Popular</a><a class="ExpandedNav_latest__zSrBe" href="/latest/">Latest</a><a class="ExpandedNav_newsletters__W83ni" href="/newsletters/">Newsletters</a></div></div><div class="ExpandedNav_container__sDhOz"><div class="ExpandedNav_sections__oGeXo" data-event-element="sections"><h2 class="ExpandedNav_title__C8QcN ExpandedNav_sectionTitle___xWBI">Sections</h2><ul class="ExpandedNav_sectionUl__mLUY1"><li class="ExpandedNav_sectionLi__tZz7K"><a href="/politics/" class="ExpandedNav_sectionLink__3iXo9">Politics</a></li><li class="ExpandedNav_sectionLi__tZz7K"><a href="/ideas/" class="ExpandedNav_sectionLink__3iXo9">Ideas</a></li><li class="ExpandedNav_sectionLi__tZz7K"><a href="https://www.theatlantic.com/category/fiction/" class="ExpandedNav_sectionLink__3iXo9">Fiction</a></li><li class="ExpandedNav_sectionLi__tZz7K"><a href="/technology/" class="ExpandedNav_sectionLink__3iXo9">Technology</a></li><li class="ExpandedNav_sectionLi__tZz7K"><a href="/science/" class="ExpandedNav_sectionLink__3iXo9">Science</a></li><li class="ExpandedNav_sectionLi__tZz7K"><a href="https://www.theatlantic.com/photo/" class="ExpandedNav_sectionLink__3iXo9">Photo</a></li><li class="ExpandedNav_sectionLi__tZz7K"><a href="/business/" class="ExpandedNav_sectionLink__3iXo9">Business</a></li><li class="ExpandedNav_sectionLi__tZz7K"><a href="/culture/" class="ExpandedNav_sectionLink__3iXo9">Culture</a></li><li class="ExpandedNav_sectionLi__tZz7K"><a href="/projects/planet/" class="ExpandedNav_sectionLink__3iXo9">Planet</a></li><li class="ExpandedNav_sectionLi__tZz7K"><a href="/international/" class="ExpandedNav_sectionLink__3iXo9">Global</a></li><li class="ExpandedNav_sectionLi__tZz7K"><a href="/books/" class="ExpandedNav_sectionLink__3iXo9">Books</a></li><li class="ExpandedNav_sectionLi__tZz7K"><a href="/audio/" class="ExpandedNav_sectionLink__3iXo9">Audio</a></li><li class="ExpandedNav_sectionLi__tZz7K"><a href="/health/" class="ExpandedNav_sectionLink__3iXo9">Health</a></li><li class="ExpandedNav_sectionLi__tZz7K"><a href="/education/" class="ExpandedNav_sectionLink__3iXo9">Education</a></li><li class="ExpandedNav_sectionLi__tZz7K"><a href="/projects/" class="ExpandedNav_sectionLink__3iXo9">Projects</a></li><li class="ExpandedNav_sectionLi__tZz7K"><a href="https://www.theatlantic.com/category/features/" class="ExpandedNav_sectionLink__3iXo9">Features</a></li><li class="ExpandedNav_sectionLi__tZz7K"><a href="/family/" class="ExpandedNav_sectionLink__3iXo9">Family</a></li><li class="ExpandedNav_sectionLi__tZz7K"><a href="/events/" class="ExpandedNav_sectionLink__3iXo9">Events</a></li><li class="ExpandedNav_sectionLi__tZz7K"><a href="https://www.theatlantic.com/category/washington-week-atlantic/" class="ExpandedNav_sectionLink__3iXo9">Washington Week</a></li><li class="ExpandedNav_sectionLi__tZz7K"><a href="https://www.theatlantic.com/progress/" class="ExpandedNav_sectionLink__3iXo9">Progress</a></li><li class="ExpandedNav_sectionLi__tZz7K"><a href="/newsletters/" class="ExpandedNav_sectionLink__3iXo9">Newsletters</a></li></ul></div><div class="ExpandedNav_moreLinks__G4VPb" data-event-element="more links"><ul class="ExpandedNav_moreLinksList__u0bVY"><li class="ExpandedNav_moreLinksListItem__UrTkv"><a href="/archive/" class="ExpandedNav_moreLinksItem__JhFzM"><img alt="" loading="lazy" class="Image_root__XxsOp Image_lazy__hYWHV ExpandedNav_moreLinksImg__IY3fl" src="https://cdn.theatlantic.com/_next/static/images/nav-archive-promo-5541b02ae92f1a9276249e1c6c2534ee.png" width="80" height="80"/><span>Explore The Atlantic Archive</span></a></li><li class="ExpandedNav_moreLinksListItem__UrTkv"><a href="/free-daily-crossword-puzzle/" class="ExpandedNav_moreLinksItem__JhFzM"><svg width="80" height="80" viewBox="0 0 64 64" fill="none" xmlns="http://www.w3.org/2000/svg" class="ExpandedNav_moreLinksImg__IY3fl"><g clip-path="url(#crossword-promo_svg__clip0_1939_66324)"><path fill="#E7131A" d="M0 0h64v64H0z"></path><path d="M37.988 26.531H26.516v11.474h11.472V26.53zM37.988 38.805H26.516V50.28h11.472V38.805zM25.715 26.531H14.243v11.474h11.472V26.53zM50.26 26.531H38.789v11.474h11.473V26.53zM36.469 16.842c.096.183.156.39.156.612a1.326 1.326 0 11-1.326-1.327c.197 0 .384.047.552.124.167-.464.303-1.137.338-1.993h-5.287c-.039.968-.217 1.908-.527 2.584.096.183.156.39.156.612a1.326 1.326 0 11-1.327-1.327c.198 0 .384.047.552.124.167-.464.303-1.137.339-1.993h-3.58v11.474h11.472V14.258h-.992c-.038.968-.216 1.908-.526 2.584z" fill="#fff"></path><path d="M47.487 17.853a.4.4 0 010-.8c.135 0 .36-.27.552-.803a1.313 1.313 0 00-.552-.124 1.326 1.326 0 101.326 1.327c0-.222-.06-.428-.156-.612-.282.615-.674 1.012-1.17 1.012zM41.393 17.853a.4.4 0 010-.8c.135 0 .36-.27.552-.803a1.313 1.313 0 00-.552-.124 1.326 1.326 0 101.326 1.327c0-.222-.06-.428-.156-.612-.282.615-.673 1.012-1.17 1.012zM35.298 17.853a.4.4 0 010-.8c.135 0 .36-.27.552-.803a1.313 1.313 0 00-.552-.124 1.326 1.326 0 101.326 1.327c0-.222-.06-.428-.156-.612-.282.615-.673 1.012-1.17 1.012zM29.204 17.853a.4.4 0 010-.8c.136 0 .36-.27.552-.803a1.313 1.313 0 00-.552-.124 1.326 1.326 0 101.327 1.327c0-.222-.06-.428-.156-.612-.282.615-.673 1.012-1.17 1.012zM23.11 17.853a.4.4 0 010-.8c.135 0 .36-.27.552-.803a1.313 1.313 0 00-.552-.124 1.326 1.326 0 101.326 1.327c0-.222-.06-.428-.156-.612-.282.615-.673 1.012-1.17 1.012zM17.016 17.853a.4.4 0 010-.8c.135 0 .36-.27.552-.803a1.313 1.313 0 00-.552-.124 1.326 1.326 0 101.326 1.327c0-.222-.06-.428-.156-.612-.282.615-.672 1.012-1.17 1.012z" fill="#E7131A"></path><path d="M50.66 13.458h-1.476c-.072-1.85-.652-3.605-1.698-3.605-1.045 0-1.624 1.753-1.697 3.605h-2.7c-.071-1.85-.651-3.605-1.698-3.605-1.045 0-1.624 1.753-1.697 3.605h-2.7c-.072-1.85-.652-3.605-1.698-3.605-1.045 0-1.624 1.753-1.697 3.605H30.9c-.072-1.85-.652-3.605-1.698-3.605-1.045 0-1.624 1.753-1.697 3.605h-2.697c-.072-1.85-.652-3.605-1.698-3.605-1.045 0-1.624 1.753-1.697 3.605h-2.7c-.071-1.85-.651-3.605-1.698-3.605-1.045 0-1.624 1.753-1.697 3.605h-1.476a.4.4 0 00-.4.4V50.68c0 .22.18.4.4.4H50.66a.4.4 0 00.4-.4V13.858c0-.221-.178-.4-.4-.4zm-20.565.8c-.035.855-.171 1.528-.338 1.992-.192.532-.417.803-.552.803a.4.4 0 000 .8c.497 0 .888-.398 1.17-1.012.31-.676.488-1.616.527-2.583h5.288c-.036.855-.172 1.528-.339 1.992-.192.532-.417.803-.552.803a.4.4 0 000 .8c.498 0 .888-.398 1.17-1.012.311-.676.489-1.616.528-2.583h.992V25.73H26.515V14.258h3.58zm20.166 23.747H38.788V26.53h11.473v11.474zM14.243 26.53h11.472v11.474H14.243V26.53zm34.57-9.078a1.326 1.326 0 11-1.327-1.327c.198 0 .384.047.552.124-.192.532-.416.803-.552.803a.4.4 0 000 .8c.498 0 .888-.398 1.17-1.012.097.184.157.39.157.612zm-7.42.4c.497 0 .888-.398 1.17-1.012.096.183.156.39.156.612a1.326 1.326 0 11-1.326-1.327c.197 0 .384.047.552.124-.192.532-.417.803-.552.803a.4.4 0 000 .8zm-3.405 20.152H26.515V26.53h11.473v11.474zM24.436 17.453a1.326 1.326 0 11-1.326-1.327c.197 0 .384.047.552.124-.192.532-.417.803-.552.803a.4.4 0 000 .8c.497 0 .888-.398 1.17-1.012.097.184.156.39.156.612zm-6.094 0a1.326 1.326 0 11-1.326-1.327c.198 0 .384.047.552.124-.192.532-.417.803-.552.803a.4.4 0 000 .8c.498 0 .888-.398 1.17-1.012.097.184.156.39.156.612zm8.173 21.352h11.473V50.28H26.515V38.805zm20.971-28.152c.253 0 .817.96.892 2.805h-1.782c.075-1.844.638-2.805.89-2.805zm-6.093 0c.253 0 .817.96.891 2.805h-1.782c.076-1.844.638-2.805.89-2.805zm-6.095 0c.253 0 .817.96.892 2.805h-1.782c.075-1.844.638-2.805.89-2.805zm-6.094 0c.253 0 .817.96.891 2.805h-1.781c.075-1.844.637-2.805.89-2.805zm-6.094 0c.252 0 .816.96.89 2.805h-1.78c.074-1.844.637-2.805.89-2.805zm-6.094 0c.253 0 .817.96.891 2.805h-1.781c.075-1.844.637-2.805.89-2.805z" fill="#000"></path></g><defs><clipPath id="crossword-promo_svg__clip0_1939_66324"><path fill="#fff" d="M0 0h64v64H0z"></path></clipPath></defs></svg><span>Play The Atlantic crossword</span></a></li><li class="ExpandedNav_moreLinksListItem__UrTkv"><a href="/audio/" class="ExpandedNav_moreLinksItem__JhFzM"><svg width="80" height="80" viewBox="0 0 64 64" fill="none" xmlns="http://www.w3.org/2000/svg" class="ExpandedNav_moreLinksImg__IY3fl"><path fill="#FAF4EB" d="M0 0h63.998v64H0z"></path><path d="M25.267 31.27h-1.171v12.138h1.17a.392.392 0 00.393-.392V31.662a.392.392 0 00-.392-.393v.002zM38.34 31.662v11.354c0 .217.175.392.392.392h1.171V31.271h-1.17a.392.392 0 00-.393.392v-.002z" fill="#000"></path><path d="M44.605 33.479c.106-.69.163-1.398.163-2.12 0-7.343-5.718-13.296-12.77-13.296-7.05 0-12.768 5.953-12.768 13.296 0 .722.057 1.429.163 2.12l-1.413.58v6.56l2.033.834a3.194 3.194 0 001.586 1.65c.411.193.869.305 1.353.305h.34V31.271h-.34c-.174 0-.345.017-.511.044a3.14 3.14 0 00-1.236.48c-.005-.145-.011-.289-.011-.434 0-6.25 4.847-11.334 10.805-11.334 5.958 0 10.805 5.085 10.805 11.334 0 .145-.005.29-.01.433a3.163 3.163 0 00-1.748-.523h-.34v12.137h.34a3.197 3.197 0 002.939-1.953l2.033-.835v-6.56l-1.413-.58v-.001zM35.71 49.806a.498.498 0 100 .997.498.498 0 000-.997zM30.235 50.8a.498.498 0 100-.996.498.498 0 000 .997zM28.059 48.218a.498.498 0 100 .997.498.498 0 000-.997zM32.104 50.072a.498.498 0 100-.997.498.498 0 000 .997zM33.105 47.731a.498.498 0 100 .997.498.498 0 000-.997zM29.675 48.09a.498.498 0 10.996 0 .498.498 0 00-.996 0zM35.71 48.156a.498.498 0 10-.997 0 .498.498 0 00.997 0zM37.508 49.085a.498.498 0 100 .996.498.498 0 000-.996zM39 47.336a.498.498 0 100 .996.498.498 0 000-.996zM39.159 45.754a.498.498 0 100 .996.498.498 0 000-.996zM40.74 46.07a.498.498 0 100 .997.498.498 0 000-.997zM40.266 44.33a.498.498 0 100 .997.498.498 0 000-.997zM34.47 49.983a.498.498 0 10-.996 0 .498.498 0 00.997 0zM27.746 51.075a.498.498 0 100-.997.498.498 0 000 .997zM29.736 51.668a.498.498 0 100 .996.498.498 0 000-.996zM32.375 52.8a.498.498 0 100-.997.498.498 0 000 .997zM48.894 42.2a.498.498 0 100 .997.498.498 0 000-.997zM50.794 25.623a.497.497 0 10.7.082.497.497 0 00-.7-.082zM50.32 27.679a.497.497 0 10.7.082.497.497 0 00-.7-.082zM48.52 25.229a.497.497 0 10.78-.614.497.497 0 00-.78.614zM48.809 20.633a.498.498 0 10.616.781.498.498 0 00-.616-.781zM52.468 24.48a.497.497 0 10.78-.614.497.497 0 00-.78.615zM54.84 24.769a.498.498 0 10.617.781.498.498 0 00-.616-.781zM55.338 27.141a.497.497 0 10.782-.617.497.497 0 10-.782.617zM53.817 27.018a.497.497 0 10-.781.614.497.497 0 00.781-.614zM57.145 29.216a.498.498 0 10-.616-.781.498.498 0 00.616.781zM55.064 23.779a.498.498 0 10-.617-.782.498.498 0 00.617.782zM40.054 13.142a.498.498 0 10-.617-.781.498.498 0 00.617.781zM53.735 21.578a.498.498 0 10-.616-.78.498.498 0 00.616.78zM55.85 31.981a.497.497 0 10-.78.614.497.497 0 00.78-.614zM54.84 33.58a.498.498 0 10.617.781.498.498 0 00-.616-.78zM56.316 35.18a.497.497 0 10.617.784.497.497 0 00-.617-.783zM55.966 37.762a.498.498 0 10.616.781.498.498 0 00-.616-.781zM56.498 33.18a.498.498 0 10.617.781.498.498 0 00-.617-.781zM53.13 41.909a.498.498 0 10.617.78.498.498 0 00-.617-.78zM42.078 49.183a.498.498 0 10.617.781.498.498 0 00-.617-.781zM40.255 50.41a.498.498 0 10.616.782.498.498 0 00-.616-.782zM36.42 51.49a.498.498 0 10.618.782.498.498 0 00-.617-.782zM33.851 51.728a.498.498 0 10.617.78.498.498 0 00-.617-.78zM38.312 50.842a.498.498 0 10.616.781.498.498 0 00-.616-.78zM50.653 43.918a.498.498 0 10-.617-.78.498.498 0 00.617.78zM50.393 44.936a.498.498 0 10.616.782.498.498 0 00-.616-.782zM57.489 31.298a.497.497 0 10-.782.617.497.497 0 10.782-.617zM51.652 19.689a.497.497 0 10-.617-.784.497.497 0 00.617.784zM51.154 21.688a.498.498 0 10-.616-.782.498.498 0 00.616.782zM48.69 19.641a.497.497 0 10.781-.614.497.497 0 00-.781.614zM48.465 17.63a.498.498 0 10-.617-.782.498.498 0 00.617.781zM46.498 16.596a.5.5 0 00.554-.435.5.5 0 00-.99-.118.5.5 0 00.436.553zM46.244 18.243a.5.5 0 00.435.554.5.5 0 00.554-.436.5.5 0 00-.435-.553.5.5 0 00-.554.435zM45.325 15.307a.5.5 0 00.554-.435.5.5 0 00-.989-.118.5.5 0 00.435.553zM42.096 13.917a.5.5 0 00.554-.435.5.5 0 00-.435-.553.5.5 0 00-.554.434.5.5 0 00.435.554zM49.606 18.61a.5.5 0 00.554-.435.5.5 0 00-.989-.119.5.5 0 00.435.554zM45.478 17.63a.498.498 0 10-.616-.782.498.498 0 00.616.781zM43.392 17.311a.497.497 0 10-.782.617.497.497 0 10.782-.617zM54.34 36.596a.498.498 0 10.781-.618.498.498 0 00-.782.618zM53.384 36.69a.498.498 0 10-.617-.782.498.498 0 00.617.782zM51.95 37.01a.497.497 0 10-.7-.082c.172.217.483.253.7.083zM53.176 31.27a.498.498 0 10.616.782.498.498 0 00-.616-.781zM54.792 30.407a.498.498 0 10.616.782.498.498 0 00-.616-.782zM52.13 32.454a.498.498 0 10.617.781.498.498 0 00-.617-.781zM53.656 35.098a.498.498 0 10-.616-.781.498.498 0 00.616.781zM53.384 30.417a.498.498 0 10-.617-.782.498.498 0 00.617.782zM54.654 28.826a.498.498 0 10-.616-.782.498.498 0 00.616.782zM51.187 31.662a.497.497 0 10-.781.616.497.497 0 10.781-.616zM48.774 26.268a.497.497 0 10.7.082.497.497 0 00-.7-.082zM49.475 29.322a.498.498 0 10-.617-.781.498.498 0 00.617.781zM49.974 33.465a.498.498 0 10-.617-.782.498.498 0 00.617.782zM50.242 35.438a.498.498 0 10-.616-.78.498.498 0 00.616.78zM48.915 34.097a.497.497 0 10-.662.742.497.497 0 00.662-.742zM47.957 35.54a.497.497 0 10-.662.743.497.497 0 10.662-.743zM47.582 37.525a.497.497 0 10-.662.743.497.497 0 10.662-.743zM51.792 34.599a.498.498 0 10-.617-.782.498.498 0 00.617.782zM49.54 29.909a.498.498 0 10.617.781.498.498 0 00-.617-.781zM52.032 28.215a.498.498 0 10.617.78.498.498 0 00-.617-.78zM53.158 26.426a.497.497 0 10-.7-.082c.171.217.483.253.7.082zM48.578 32.179a.498.498 0 10-.617-.782.498.498 0 00.617.782zM50.89 30.403a.5.5 0 00.988.118.5.5 0 00-.989-.118zM46.624 25.265a.498.498 0 10.617.78.498.498 0 00-.617-.78z" fill="#000"></path><path d="M45.827 31.83a.497.497 0 10.7.082.497.497 0 00-.7-.083zM47.58 33.16a.497.497 0 10-.781.613.497.497 0 00.781-.614zM47.74 27.738a.498.498 0 10-.616-.782.498.498 0 00.616.782zM47.95 30.243a.5.5 0 00-.99-.119.5.5 0 00.99.119zM46.367 30.243a.5.5 0 00-.99-.119.5.5 0 00.99.119zM46.683 28.345a.5.5 0 00-.99-.119.5.5 0 00.99.119zM45.734 26.921a.5.5 0 00-.99-.118.5.5 0 00.99.118zM51.545 23.233a.497.497 0 10.781-.614.497.497 0 00-.781.614zM6.538 28.26a.499.499 0 10.51-.853.499.499 0 00-.51.852zM7.67 26.127a.499.499 0 10.51-.854.499.499 0 00-.51.854zM22.566 14.925a.499.499 0 10.51-.853.499.499 0 00-.51.853zM14.93 46.545a.499.499 0 10-.51.854.499.499 0 00.51-.854zM14.43 45.648a.499.499 0 10-.856-.512.499.499 0 00.856.512zM8.545 24.343a.499.499 0 10.51-.853.499.499 0 00-.51.853zM9.538 22.678a.5.5 0 10.51-.853.5.5 0 00-.51.853zM8.556 29.822a.499.499 0 10-.856-.512.499.499 0 00.856.512zM17.15 16.267a.498.498 0 10-.616-.781.498.498 0 00.616.781zM6.896 33.144a.498.498 0 10-.616-.782.498.498 0 00.616.782zM9.125 33.325a.498.498 0 10-.616-.781.498.498 0 00.616.781zM7.207 34.31a.498.498 0 10-.782.617.498.498 0 00.782-.618zM15.916 46.436a.498.498 0 100-.997.498.498 0 000 .997zM16.595 48.48a.498.498 0 100-.996.498.498 0 000 .997zM18.442 49.436a.498.498 0 100-.997.498.498 0 000 .997zM13.869 18.485a.498.498 0 100-.997.498.498 0 000 .997zM18.393 15.409a.498.498 0 100-.997.498.498 0 000 .997zM21.04 14.363a.497.497 0 10-.701-.704.497.497 0 00.702.704zM25.524 12.75a.497.497 0 10-.702-.704.497.497 0 00.702.704zM28.182 12.285a.497.497 0 10-.702-.704.497.497 0 00.702.704zM18.673 47.005a.498.498 0 10-.997 0 .498.498 0 00.997 0zM12.707 42.075a.498.498 0 10-.001.997.498.498 0 000-.997zM12.512 39.8a.498.498 0 10-.07-.993.498.498 0 00.07.994zM10.954 40.65a.498.498 0 100-.997.498.498 0 000 .997zM11.492 41.112a.498.498 0 100 .996.498.498 0 000-.996zM9.543 41.143a.498.498 0 100 .997.498.498 0 000-.997zM14.316 40.844a.498.498 0 10-.996 0 .498.498 0 00.996 0zM13.704 38.478a.498.498 0 100-.996.498.498 0 000 .996zM15.03 36.2a.498.498 0 10-.997 0 .498.498 0 00.997 0zM14.652 33.933a.498.498 0 100-.997.498.498 0 000 .997zM11.635 35.752a.498.498 0 100-.997.498.498 0 000 .997zM12.41 33.66a.498.498 0 100-.996.498.498 0 000 .997zM8.618 37.754a.498.498 0 10-.996 0 .498.498 0 00.996 0zM8.329 39.347a.498.498 0 100 .996.498.498 0 000-.996zM11.083 38.577a.498.498 0 10-.997 0 .498.498 0 00.997 0zM10.124 37.434a.498.498 0 100-.996.498.498 0 000 .996zM7.317 36.843a.498.498 0 100-.997.498.498 0 000 .997zM12.525 37.447a.497.497 0 10-.702-.704.497.497 0 00.702.704zM12.242 29.982a.498.498 0 100 .996.498.498 0 000-.996zM9.54 35.253a.498.498 0 10-.997 0 .498.498 0 00.997 0zM11.192 33.647a.498.498 0 10-.996 0 .498.498 0 00.996 0zM15.171 28.82a.498.498 0 100-.997.498.498 0 000 .996zM17.296 28.661a.498.498 0 100-.997.498.498 0 000 .997zM16.7 29.59a.498.498 0 10-.997 0 .498.498 0 00.996 0zM18.282 30.064a.498.498 0 10-.996 0 .498.498 0 00.996 0zM19.386 21.03a.498.498 0 100 .996.498.498 0 000-.996zM17.714 32.372a.498.498 0 100-.997.498.498 0 000 .997zM16.665 33.488a.498.498 0 100-.996.498.498 0 000 .996zM16.225 35.07a.498.498 0 100-.997.498.498 0 000 .997zM16.665 36.63a.498.498 0 100-.997.498.498 0 000 .996zM11.908 25.748a.498.498 0 100-.997.498.498 0 000 .997zM15.123 21.001a.498.498 0 100 .997.498.498 0 000-.997zM15.047 20.157a.498.498 0 100-.997.498.498 0 000 .997zM16.58 18.614a.498.498 0 100-.996.498.498 0 000 .997zM15.621 17.62a.498.498 0 10.001-.997.498.498 0 000 .997zM13.37 20.775a.498.498 0 100-.997.498.498 0 000 .997zM11.91 20.248a.498.498 0 10.001-.996.498.498 0 000 .996zM11.35 21.843a.498.498 0 100-.997.498.498 0 000 .997zM14.343 26.426a.498.498 0 100-.996.498.498 0 000 .996zM13.206 25.16a.498.498 0 100-.997.498.498 0 000 .996zM11.76 27.034a.498.498 0 10.997 0 .498.498 0 00-.996 0zM9.499 25.113a.498.498 0 10.997 0 .498.498 0 00-.997 0zM13.357 22.923a.498.498 0 10-.07-.994.498.498 0 00.07.994zM11.248 23.943a.498.498 0 100-.997.498.498 0 000 .997zM9.829 30.444a.498.498 0 100-.997.498.498 0 000 .997zM6.477 30.706a.498.498 0 100-.996.498.498 0 000 .996zM40.136 14a.5.5 0 10.857.513.5.5 0 00-.857-.512zM39.218 15.744a.499.499 0 10.51-.853.499.499 0 00-.51.853zM39.038 17.507a.499.499 0 10.51-.853.499.499 0 00-.51.853zM37.456 17.982a.499.499 0 10.51-.853.499.499 0 00-.51.853zM41.253 15.885a.499.499 0 10.51-.854.499.499 0 00-.51.854zM41.353 17.536a.499.499 0 10-.857-.512.499.499 0 00.857.512zM8.566 31.717a.498.498 0 100-.997.498.498 0 000 .997zM9.944 31.593a.498.498 0 10.997 0 .498.498 0 00-.997 0zM11.185 29.07a.498.498 0 10.996 0 .498.498 0 00-.996 0zM8.995 27.706a.498.498 0 100-.997.498.498 0 000 .997zM10.51 28.41a.498.498 0 100-.997.498.498 0 000 .997zM13.48 29.227a.498.498 0 10.001-.996.498.498 0 000 .996zM15.417 32.092a.498.498 0 100-.997.498.498 0 000 .997zM13.704 32.215a.498.498 0 100-.997.498.498 0 000 .997zM14.501 30.37a.498.498 0 100-.997.498.498 0 000 .996zM44.77 48.378a.498.498 0 00-.518.85.498.498 0 00.518-.85zM44.012 45.958a.499.499 0 00.517-.85.498.498 0 00-.517.85zM42.917 46.809a.498.498 0 10-.851-.517.498.498 0 00.851.517zM46.904 44.45a.498.498 0 10.516-.849.498.498 0 00-.517.85zM46.057 44.471a.498.498 0 10-.852-.516.498.498 0 00.852.516zM44.79 43.206a.498.498 0 10-.851-.517.498.498 0 00.851.517zM46.407 46.65a.498.498 0 10-.852-.516.498.498 0 00.852.517zM44.657 47.563a.498.498 0 10-.852-.516.498.498 0 00.852.516zM46.963 47.375a.498.498 0 00-.517.85.498.498 0 00.517-.85zM39.595 48.876a.498.498 0 00-.518.85.498.498 0 00.518-.85zM41.32 47.967a.498.498 0 00-.517.849.498.498 0 00.517-.85zM36.547 47.83a.498.498 0 10.851.517.498.498 0 00-.851-.516zM33.264 45.833a.498.498 0 100 .997.498.498 0 000-.997zM35.394 45.468a.498.498 0 10-.997 0 .498.498 0 00.997 0zM36.23 46.249a.498.498 0 10.852.517.498.498 0 00-.852-.517zM37.813 44.351a.498.498 0 10.852.517.498.498 0 00-.852-.517zM47.713 45.044a.498.498 0 00-.517.85.498.498 0 00.517-.85zM49.34 44.473a.499.499 0 00-.518.85.498.498 0 00.518-.85zM48.94 46.502a.498.498 0 10-.516.849.498.498 0 00.516-.849zM50.182 41.493a.498.498 0 10.347.933.498.498 0 00-.347-.933zM49.576 40.558a.498.498 0 10-.934.348.498.498 0 00.934-.348zM46.79 42.667a.498.498 0 10-.346-.933.498.498 0 00.347.933zM47.899 39.962a.498.498 0 10-.933.348.498.498 0 00.933-.348zM51.826 41.47a.497.497 0 10-.346-.932.497.497 0 00.346.933zM49.417 38.224a.498.498 0 10-.933.347.498.498 0 00.933-.347zM50.899 38.714a.498.498 0 10-.933.348.498.498 0 00.933-.348zM49.917 36.489a.498.498 0 10-.934.348.498.498 0 00.934-.348zM51.808 37.923a.498.498 0 10.347.933.498.498 0 00-.347-.933zM25.17 15.247a.498.498 0 100-.996.498.498 0 000 .996zM25.17 16.549a.498.498 0 10.998 0 .498.498 0 00-.997 0zM41.896 19.856a.498.498 0 10-.996 0 .498.498 0 00.996 0zM43.262 18.78a.498.498 0 100 .996.498.498 0 000-.997zM52.1 43.393a.498.498 0 10-.414.906.498.498 0 00.414-.906zM54.618 40.212a.496.496 0 00-.494.501.496.496 0 00.502.494.496.496 0 00.494-.502.496.496 0 00-.502-.493zM54.758 37.561a.496.496 0 00-.493.501.496.496 0 00.501.494.496.496 0 00.494-.502.496.496 0 00-.502-.493zM53.63 39.454a.496.496 0 00-.502-.493.497.497 0 10.502.494zM15.092 23.477a.498.498 0 10.347.932.498.498 0 00-.347-.932zM16.58 20.122a.498.498 0 10.996 0 .498.498 0 00-.997 0zM15.584 26.195a.498.498 0 10.997 0 .498.498 0 00-.997 0zM18.37 27.473a.498.498 0 100-.996.498.498 0 000 .996zM17.454 22.898a.498.498 0 100 .996.498.498 0 000-.996zM17.454 24.796a.498.498 0 100 .996.498.498 0 000-.996zM19.924 19.307a.498.498 0 100 .997.498.498 0 000-.997zM18.988 23.441a.498.498 0 10-.07-.994.498.498 0 00.07.994zM16.878 21.428a.498.498 0 100 .997.498.498 0 000-.997zM30.591 13.057a.497.497 0 10.346.932.497.497 0 00-.346-.932zM30.323 15.714a.498.498 0 10-.346-.933.498.498 0 00.346.933zM32.607 12.294a.498.498 0 100-.996.498.498 0 000 .996zM27.075 16.225a.498.498 0 10.933-.348.498.498 0 00-.933.348zM32.284 16.261a.498.498 0 10-.347-.933.498.498 0 00.347.933zM36.416 13.586a.499.499 0 10-.71-.699.499.499 0 00.71.7zM37.33 12.522a.499.499 0 10-.712-.7.499.499 0 00.712.7zM35.19 12.328a.499.499 0 10-.71-.7.499.499 0 00.71.7zM35.425 16.1a.499.499 0 10.697-.709.499.499 0 00-.697.709zM37.708 15.619a.499.499 0 10-.712-.7.499.499 0 00.712.7zM37.516 14.336a.499.499 0 10.697-.708.499.499 0 00-.697.708zM32.283 13.41a.499.499 0 10.711.7.499.499 0 00-.711-.7zM43.28 15.606a.499.499 0 10.71.7.499.499 0 00-.71-.7zM43.688 14.83a.499.499 0 10-.711-.7.499.499 0 00.71.7zM34.645 14.847a.499.499 0 10-.711-.699.499.499 0 00.711.7zM22.876 13.54a.499.499 0 10.51-.854.499.499 0 00-.51.855zM26.427 13.996a.499.499 0 10.51-.853.499.499 0 00-.51.853zM28.11 13.745a.499.499 0 10.857.511.499.499 0 00-.856-.511zM30.125 12.127a.499.499 0 10.51-.853.499.499 0 00-.51.853zM19.727 46.404a.498.498 0 10.139-.688.497.497 0 00-.14.69v-.002zM21.264 16.28a.498.498 0 10.584-.807.498.498 0 00-.584.807zM23.283 17.712a.497.497 0 10-.806-.584.497.497 0 00.806.584zM21.883 20.704a.497.497 0 10-.806-.584.497.497 0 00.806.584zM22.367 18.346a.498.498 0 10-.584.806.498.498 0 00.584-.806zM23.632 19.295a.498.498 0 10-.583.806.498.498 0 00.583-.806zM21.258 21.825a.498.498 0 10-.583.807.498.498 0 00.583-.807zM19.194 44.97a.498.498 0 10-.984-.156.498.498 0 00.984.155zM17.093 44.084a.498.498 0 10-.156.983.498.498 0 00.156-.983zM18.877 43.184a.498.498 0 10.156-.983.498.498 0 00-.156.983zM19.72 47.355a.498.498 0 10-.156.983.498.498 0 00.156-.983zM13.898 44.147a.498.498 0 10.156-.983.498.498 0 00-.156.983zM11.166 43.092a.498.498 0 10-.156.983.498.498 0 00.156-.983zM12.732 44.693a.497.497 0 10-.643.758.497.497 0 00.643-.758zM25.903 49.082a.498.498 0 10-.156.983.498.498 0 00.156-.983zM25.294 48.085a.497.497 0 10.983.156.497.497 0 00-.983-.156zM24.187 46.662a.498.498 0 10.983.155.498.498 0 00-.983-.155zM25.294 45.397a.498.498 0 10.983.155.498.498 0 00-.983-.155zM26.56 43.657a.498.498 0 10.983.155.498.498 0 00-.983-.155zM26.718 47.136a.498.498 0 10.983.156.498.498 0 00-.983-.156zM27.826 45.397a.498.498 0 10.983.155.498.498 0 00-.983-.155zM29.567 46.187a.497.497 0 10.982.156.497.497 0 00-.982-.156zM31.308 45.238a.498.498 0 10.983.156.498.498 0 00-.983-.156zM31.308 47.294a.498.498 0 10.983.156.498.498 0 00-.983-.156zM26.826 51.355a.498.498 0 10-.156.983.498.498 0 00.156-.983zM30.548 44.587a.498.498 0 10-.997 0 .498.498 0 00.997 0zM29.282 42.847a.498.498 0 10-.996 0 .498.498 0 00.996 0zM29.575 38.505a.498.498 0 100-.996.498.498 0 000 .996zM31.662 35.834a.498.498 0 10-.997 0 .498.498 0 00.997 0zM30.306 40.375a.498.498 0 100-.997.498.498 0 000 .997zM32.148 40.878a.498.498 0 10-.996 0 .498.498 0 00.996 0zM31.79 37.449a.498.498 0 100 .996.498.498 0 000-.996zM31.722 43.48a.498.498 0 100-.997.498.498 0 000 .997zM30.529 42.559a.498.498 0 100-.996.498.498 0 000 .996zM29.302 36.017a.498.498 0 100-.996.498.498 0 000 .996zM28.369 37.669a.498.498 0 10-.997 0 .498.498 0 00.997 0zM28.526 40.805a.498.498 0 100-.997.498.498 0 000 .997zM26.943 39.856a.498.498 0 100-.997.498.498 0 000 .997zM27.832 41.465a.497.497 0 10-.782.616.497.497 0 10.782-.617zM34.047 41.036a.498.498 0 10-.997 0 .498.498 0 00.997 0zM34.413 43.321a.498.498 0 100-.996.498.498 0 000 .996zM33.305 44.903a.498.498 0 100-.997.498.498 0 000 .997zM36.224 34.494a.498.498 0 10-.156.983.498.498 0 00.156-.983zM32.743 34.494a.498.498 0 10-.156.983.498.498 0 00.156-.983zM34.484 35.601a.498.498 0 10-.156.984.498.498 0 00.156-.984zM33.692 37.341a.498.498 0 10-.156.984.498.498 0 00.156-.984zM34.642 39.081a.498.498 0 10-.156.983.498.498 0 00.156-.983zM32.585 39.081a.498.498 0 10-.156.983.498.498 0 00.156-.983zM27.256 36.342a.498.498 0 10-.983-.156.498.498 0 00.983.156zM27.732 34.76a.498.498 0 10-.983-.156.498.498 0 00.983.156zM24.091 50.586a.497.497 0 10.2.974.497.497 0 00-.2-.974zM18.644 19.065a.498.498 0 100-.996.498.498 0 000 .996zM20.551 18.461a.498.498 0 100-.996.498.498 0 000 .996zM23.87 48.901a.498.498 0 10-.993.073.498.498 0 00.993-.073zM22.269 50.1a.498.498 0 10.072.994.498.498 0 00-.072-.994zM20.79 49.487a.498.498 0 10.072.993.498.498 0 00-.072-.993zM22.41 47.385a.498.498 0 10.994-.073.498.498 0 00-.993.073zM21.18 47.61a.498.498 0 10.072.994.498.498 0 00-.072-.993zM18.676 16.562a.498.498 0 10.934-.348.498.498 0 00-.934.348zM14.854 39.586a.498.498 0 100-.997.498.498 0 000 .997zM15.8 43.505a.498.498 0 10-.072-.993.498.498 0 00.072.993zM17.084 40.175a.498.498 0 10-.991-.098.498.498 0 00.991.098zM16.189 38.41a.498.498 0 100-.996.498.498 0 000 .996zM15.417 41.84a.498.498 0 100-.996.498.498 0 000 .997zM17.218 42.632a.498.498 0 100-.997.498.498 0 000 .997zM13.37 35.253a.498.498 0 100-.996.498.498 0 000 .996zM49.084 22.632a.498.498 0 10.617.781.498.498 0 00-.617-.781zM50.237 24.878a.497.497 0 10.782-.614.497.497 0 00-.782.614zM45.455 19.456a.498.498 0 10-.616-.781.498.498 0 00.616.781zM47.968 22.41a.498.498 0 10-.616-.78.498.498 0 00.616.78zM44.428 24.595a.498.498 0 10.616.781.498.498 0 00-.616-.781zM46.643 19.785a.498.498 0 10.616.781.498.498 0 00-.616-.781zM43.84 20.982a.497.497 0 10.781-.617.497.497 0 10-.781.617zM45.445 23.155a.498.498 0 10.617.782.498.498 0 00-.617-.782zM47.057 24.12a.497.497 0 10.781-.614.497.497 0 00-.781.614zM45.431 22.146a.497.497 0 10.782-.617.497.497 0 10-.782.617zM23.47 16.052a.498.498 0 10.997 0 .498.498 0 00-.996 0z" fill="#000"></path><path d="M32 9.223C16.56 9.223 4 19.44 4 32s12.56 22.777 28 22.777c15.438 0 27.998-10.217 27.998-22.777S47.438 9.223 32 9.223zm0 45.268C16.718 54.49 4.285 44.4 4.285 32 4.286 19.598 16.72 9.51 32 9.51c15.28 0 27.713 10.088 27.713 22.49S47.28 54.49 31.999 54.49z" fill="#000"></path><path d="M20.474 43.53c-.633 0-.633.982 0 .982s.633-.982 0-.982zM22.063 44.815c-.633 0-.633.982 0 .982s.633-.982 0-.982zM23.804 44.34c-.633 0-.633.982 0 .982s.633-.982 0-.982zM19.265 25.229c.633 0 .633-.982 0-.982s-.633.982 0 .982zM26.64 18.624c.634 0 .634-.982 0-.982-.632 0-.632.982 0 .982zM24.925 18.14c-.633 0-.633.982 0 .982s.633-.982 0-.982zM29.206 16.432c-.633 0-.633.982 0 .982s.633-.982 0-.982zM31.105 16.432c-.633 0-.633.982 0 .982s.633-.982 0-.982zM34.036 17.08c.633 0 .633-.982 0-.982s-.633.982 0 .982zM42.333 21.879c.633 0 .633-.982 0-.982s-.633.982 0 .982zM39.453 18.273c-.633 0-.633.982 0 .982s.633-.982 0-.982zM35.813 17.008c-.633 0-.633.982 0 .982s.633-.982 0-.982zM43.673 23.527c.633 0 .633-.982 0-.982s-.633.982 0 .982zM42.463 44.949c.633 0 .633-.982 0-.982s-.633.982 0 .982zM36.468 38.162a.498.498 0 100 .997.498.498 0 000-.997zM36.943 39.586a.498.498 0 100 .996.498.498 0 000-.996zM37.22 43.013a.498.498 0 10-.851-.517.498.498 0 00.851.517zM36.745 44.595a.498.498 0 10-.851-.517.498.498 0 00.851.517zM35.123 37.075a.498.498 0 10.851.517.498.498 0 00-.85-.517zM36.547 36.443a.498.498 0 10.851.516.498.498 0 00-.851-.516zM35.342 41.944c.633 0 .633-.983 0-.983s-.633.983 0 .983zM25.778 28.582a.498.498 0 10-.156.983.498.498 0 00.156-.983zM25.462 26.684a.498.498 0 10-.156.983.498.498 0 00.156-.983zM27.222 28.14a.498.498 0 100-.997.498.498 0 000 .996zM24.373 25.925a.498.498 0 100-.997.498.498 0 000 .997zM22.79 30.037a.498.498 0 100-.997.498.498 0 000 .997zM24.215 30.512a.498.498 0 100-.997.498.498 0 000 .997zM23.581 28.297a.498.498 0 10.001-.996.498.498 0 000 .996zM28.171 26.083a.498.498 0 100-.997.498.498 0 000 .997zM33.013 27.19a.498.498 0 100-.996.498.498 0 000 .996zM35.188 28.462a.498.498 0 100-.997.498.498 0 000 .997zM31.143 27.603a.498.498 0 100-.997.498.498 0 000 .997zM30.141 28.947a.498.498 0 100-.996.498.498 0 000 .996zM33.572 28.59a.498.498 0 10-.996 0 .498.498 0 00.996 0zM27.855 29.47a.498.498 0 10.996 0 .498.498 0 00-.996 0zM28.459 27.33a.498.498 0 10.997 0 .498.498 0 00-.997 0zM35.501 26.602a.498.498 0 100-.997.498.498 0 000 .997zM33.827 25.487a.498.498 0 100-.997.498.498 0 000 .997zM30.712 25.825a.498.498 0 100-.996.498.498 0 000 .996zM29.554 24.634a.498.498 0 10-.617-.78.498.498 0 00.617.78zM29.983 30.845a.498.498 0 100-.996.498.498 0 000 .996zM27.696 31.21a.498.498 0 10.997 0 .498.498 0 00-.997 0zM26.114 30.736a.498.498 0 10.997 0 .498.498 0 00-.997 0zM36.212 32.864a.497.497 0 10-.982-.156.497.497 0 00.982.156zM37.794 33.654a.498.498 0 10-.983-.155.498.498 0 00.983.155zM36.054 29.7a.497.497 0 10-.983-.156.497.497 0 00.983.156zM35.42 31.282a.498.498 0 10-.983-.156.498.498 0 00.983.156zM37.478 31.44a.498.498 0 10-.983-.155.498.498 0 00.983.155zM33.68 30.491a.498.498 0 10-.983-.156.498.498 0 00.983.156zM31.939 31.44a.498.498 0 10-.983-.156.498.498 0 00.983.156zM31.939 29.384a.498.498 0 10-.983-.156.498.498 0 00.983.156zM36.42 25.324a.498.498 0 10.157-.983.498.498 0 00-.156.983zM33.32 22.1a.498.498 0 10.001-.996.498.498 0 000 .997zM31.234 22.195a.498.498 0 10.997 0 .498.498 0 00-.997 0zM29.84 23.27a.498.498 0 100-.997.498.498 0 000 .996zM28.256 22.479a.498.498 0 100-.997.498.498 0 000 .997zM27.465 24.06a.498.498 0 100-.997.498.498 0 000 .997zM25.725 24.218a.498.498 0 100-.996.498.498 0 000 .996zM26.516 25.958a.498.498 0 100-.997.498.498 0 000 .997zM33.436 23.64a.498.498 0 100-.997.498.498 0 000 .996zM35.951 22.891a.498.498 0 10.997 0 .498.498 0 00-.997 0zM34.685 21.784a.498.498 0 10.996 0 .498.498 0 00-.996 0zM31.577 24.483a.498.498 0 10.156-.984.498.498 0 00-.156.984zM30.31 21.794a.498.498 0 10.156-.984.498.498 0 00-.156.984zM37.907 24.483a.498.498 0 10.156-.984.498.498 0 00-.156.984zM34.69 23.586a.498.498 0 10.983.155.498.498 0 00-.983-.155zM32.858 33.265a.498.498 0 10-.996 0 .498.498 0 00.996 0zM31.434 33.74a.498.498 0 10-.996 0 .498.498 0 00.997 0zM28.48 34.175a.498.498 0 00.517-.85.498.498 0 00-.517.85zM26.58 33.384a.498.498 0 00.518-.85.498.498 0 00-.517.85zM33.945 31.92a.498.498 0 00-.517.85.498.498 0 00.517-.85zM34.578 33.344a.498.498 0 00-.517.85.498.498 0 00.517-.85zM41.224 30.097a.5.5 0 10-.59-.805.5.5 0 00.59.805zM39.008 28.357a.5.5 0 10-.59-.805.5.5 0 00.59.805zM40.674 28.579a.5.5 0 10-.59-.806.5.5 0 00.59.806zM40.32 26.947a.5.5 0 10-.59-.806.5.5 0 00.59.806zM37.943 26.547a.5.5 0 00-.587-.806.5.5 0 00.587.806zM39.24 25.726a.5.5 0 10-.59-.806.5.5 0 00.59.806zM37.302 28.013a.497.497 0 10-.702-.704.497.497 0 00.702.704zM39.813 29.885a.497.497 0 10-.966.235.497.497 0 00.966-.235zM38.303 29.757a.497.497 0 10-.966.235.497.497 0 00.966-.235zM29.075 32.14c0 .632.983.632.983 0 0-.634-.983-.634-.983 0z" fill="#000"></path></svg><span>Listen to Podcasts and Articles</span></a></li></ul></div><div class="ExpandedNav_print__7d4vw" data-event-element="print edition"><h2 class="ExpandedNav_title__C8QcN ExpandedNav_printTitle__PKCL7">The Print Edition</h2><div class="ExpandedNav_printContainer__Lp_nj"><a href="/magazine/" class="ExpandedNav_printImgLink__gcbdt"><img alt="" loading="lazy" class="Image_root__XxsOp Image_lazy__hYWHV ExpandedNav_printImg__hHeRU" src="https://www.theatlantic.com/magazine/images/current-issue.large.jpg" width="266" height="200"/></a><div class="ExpandedNav_printLinks__gNywy"><div class="ExpandedNav_topPrintLinks__UytSB"><a href="/magazine/" class="ExpandedNav_latestIssue__iDXQm">Latest Issue</a><a href="/magazine/backissues/" class="ExpandedNav_pastIssues__nkE14">Past Issues</a></div><hr class="ExpandedNav_hr__5T2Ez"/><a href="https://accounts.theatlantic.com/products/gift" class="ExpandedNav_giveAGift__vyp0c">Give a Gift</a></div></div></div></div></div></div></li><li class="Nav_navListItem__l2afO Nav_hideOnTablet__wyFPd Nav_searchLi__yxgD4"><button class="NavSearchButton_root__DcP_y" aria-label="Search The Atlantic" aria-expanded="false" aria-controls="nav-desktop-search" data-event-element="search icon" data-event-verb="opened" data-event-surface="search" data-event-module="search overlay"><svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 16 16" class="NavSearchButton_searchIcon__Acpm1"><path d="M15.85 15.15l-5.27-5.28a6 6 0 10-.71.71l5.28 5.27a.48.48 0 00.7 0 .48.48 0 000-.7zM1 6a5 5 0 115 5 5 5 0 01-5-5z"></path></svg></button><div data-event-surface="search" data-event-module="search overlay" class="SearchOverlay_root__lmUcH" hidden="" id="nav-desktop-search"><div data-focus-guard="true" tabindex="0" style="width:1px;height:0px;padding:0;overflow:hidden;position:fixed;top:1px;left:1px"></div><div data-focus-lock-disabled="false" aria-modal="true" aria-labelledby="search-label" role="dialog"><form method="GET" action="/search/" class="SearchOverlay_searchForm___U0R_"><div class="SearchInput_root__6XLPB"><div class="VisuallyHidden_root__yoK4r"><label for="search-input-:Rbjekaqm:">Search The Atlantic</label></div><button type="submit" title="Submit" class="SearchInput_searchButton__u0CP0"><svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 16 16" aria-hidden="true" width="20"><path d="M15.85 15.15l-5.27-5.28a6 6 0 10-.71.71l5.28 5.27a.48.48 0 00.7 0 .48.48 0 000-.7zM1 6a5 5 0 115 5 5 5 0 01-5-5z"></path></svg></button><input type="search" name="q" id="search-input-:Rbjekaqm:" class="SearchInput_searchInput__5hWhI SearchInput_hideClear__re5AE" placeholder="Search The Atlantic..." autoComplete="off" required=""/></div><div class="QuickLinks_quickLinksContainer__F_iFd"><div class="QuickLinks_quickLinksHeading__ms7Ht">Quick Links</div><ul class="QuickLinks_quickLinksList__e7x66"><li class="QuickLinks_quickLinkListItem__59_09"><a class="QuickLinks_quickLink__w_Fp0" href="/audio" data-event-element="quick link" data-event-position="1"><img alt="Audio" loading="lazy" class="Image_root__XxsOp Image_lazy__hYWHV QuickLinks_quickLinkImage__FTMBA" src="https://cdn.theatlantic.com/media/files/audio/intro_sprint_2_emblem.png" width="148" height="148"/><div class="QuickLinks_quickLinkLabel__TYtIC">Audio</div></a></li><li class="QuickLinks_quickLinkListItem__59_09"><a class="QuickLinks_quickLink__w_Fp0" href="/free-daily-crossword-puzzle/" data-event-element="quick link" data-event-position="2"><img alt="Crossword Puzzle" loading="lazy" class="Image_root__XxsOp Image_lazy__hYWHV QuickLinks_quickLinkImage__FTMBA" src="https://cdn.theatlantic.com/media/files/2025/crossword_icon_intro_sprint_2.png" width="148" height="148"/><div class="QuickLinks_quickLinkLabel__TYtIC">Crossword Puzzle</div></a></li><li class="QuickLinks_quickLinkListItem__59_09"><a class="QuickLinks_quickLink__w_Fp0" href="/archive/" data-event-element="quick link" data-event-position="3"><img alt="Magazine Archive" loading="lazy" class="Image_root__XxsOp Image_lazy__hYWHV QuickLinks_quickLinkImage__FTMBA" src="https://cdn.theatlantic.com/media/files/archive-thumbnail.png" width="148" height="148"/><div class="QuickLinks_quickLinkLabel__TYtIC">Magazine Archive</div></a></li><li class="QuickLinks_quickLinkListItem__59_09"><a class="QuickLinks_quickLink__w_Fp0" href="https://accounts.theatlantic.com/accounts/subscription/" data-event-element="quick link" data-event-position="4"><img alt="Your Subscription" loading="lazy" class="Image_root__XxsOp Image_lazy__hYWHV QuickLinks_quickLinkImage__FTMBA" src="https://cdn.theatlantic.com/media/files/YourSubscription_300x300.jpg" width="148" height="148"/><div class="QuickLinks_quickLinkLabel__TYtIC">Your Subscription</div></a></li></ul></div><button type="button" aria-label="Close Search" class="SearchOverlay_closeButton___zntA" data-event-verb="closed" data-event-element="close icon"><svg viewBox="0 0 16 16" xmlns="http://www.w3.org/2000/svg" class="SearchOverlay_closeIcon__DrMMb"><path d="M9.525 8l6.159 6.159a1.078 1.078 0 11-1.525 1.525L8 9.524l-6.159 6.16a1.076 1.076 0 01-1.525 0 1.078 1.078 0 010-1.525L6.476 8 .315 1.841A1.078 1.078 0 111.841.316L8 6.476l6.16-6.16a1.078 1.078 0 111.524 1.525L9.524 8z" fill-rule="evenodd"></path></svg></button></form></div><div data-focus-guard="true" tabindex="0" style="width:1px;height:0px;padding:0;overflow:hidden;position:fixed;top:1px;left:1px"></div></div></li><li class="Nav_navListItem__l2afO Nav_hideOnTablet__wyFPd"><a class="Nav_navLink__34Bol" href="/most-popular/">Popular</a></li><li class="Nav_navListItem__l2afO Nav_hideOnTablet__wyFPd"><a class="Nav_navLink__34Bol" href="/latest/">Latest</a></li><li class="Nav_navListItem__l2afO Nav_hideOnTablet__wyFPd"><a class="Nav_navLink__34Bol" href="/newsletters/">Newsletters</a></li></ul><div aria-hidden="true" class="Nav_middleContainer__7JzLF" data-event-element="wordmark"><a href="/" class="Nav_hideAboveMobile__1lhmL Nav_mobileBigALink__eWXD_" tabindex="-1"><svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 87.83 134" class="Nav_mobileBigA__9PTCs Nav_hideOnMobile__IESg8"><path d="M24.48 95.13c-.56 0-.74-.37-.74-.93l13.08-55.88c.19-.94.93-.94 1.12 0L50.09 94.2c0 .56-.19.93-.75.93zM48.22.19a22.54 22.54 0 01-7.66 5.05c-.75.19-.94.37-1.13 1.12l-26.72 112.5c-2 9-4.67 10.66-11.77 11.22a.88.88 0 00-.94.93v2.06a.88.88 0 00.92.93h25.6a.88.88 0 00.93-.93V131a.88.88 0 00-.93-.93c-9.53 0-10.47-2.81-8.6-10.66l4.49-19.25a1.18 1.18 0 011.12-.93h26.74a1.19 1.19 0 011.13.93l5 23.18c1.12 5-.75 6.17-7.1 6.73a.88.88 0 00-.93.93v2.06a.88.88 0 00.93.93h37.62a.88.88 0 00.94-.93V131a.88.88 0 00-.94-.93c-5.79-.56-8.22-1.5-9.34-6.73L49.34.57c-.19-.56-.75-.75-1.12-.38"></path></svg></a><a href="/" class="Nav_navLink__34Bol" tabindex="-1"><svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 214 33.24" class="Nav_logo__RLN3C"><path d="M39.39 13.2c-2.4 0-4.43 1.82-7 5.32-1.18 1.64-2.7 4-3.37 5-.38.51-.68.43-.47-.12l1.78-4.56 6.36-17.5C37 .62 34.46-.25 34 .62v.09c-1.09 2.32-3.12 3.08-6.75 2.95S16.32 1.52 10.8 1.52C3.88 1.52 0 5.78 0 10.8c0 2.82 1.85 4.64 4.34 4.55a2.27 2.27 0 002.41-1.81 1.2 1.2 0 00-1.56-1.43c-2.45.51-3.29-1.18-3.29-2.49 0-3.12 2.66-5.44 8.22-5.44 1.43 0 4.22.34 7.17.67-3.75 11.3-7.55 21.77-8.48 24.25a2.07 2.07 0 01-1.35 1.44c-1.34.42-1.77.46-2.61.67-1.27.3-1.06 1.35-.17 1.31 1.6-.09 3.67-.3 5.31-.3 2 0 5.61.17 6.16.21 1 .09 1.14-1.14.3-1.26-.59-.09-1.56-.25-2.49-.38-1.1-.13-1.43-.59-1.18-1.48.55-1.47 7-20.11 8.27-24 2 .25 3.71.42 4.84.5 2.33.14 4.57 0 6.5-1.41l-5.1 14.4-4.47 12.33c-.76 2 2.1 2.15 2.74.93a81.64 81.64 0 017.63-12.36c1.86-2.7 3.59-4.31 4.81-4.31.93 0 1.47.51 1.47 1.65 0 1.52-.71 3.88-2.15 7.89-1.89 5.23-2.61 6.62-3.24 6.66s-1.86-1.52-2.53-1.69a1.39 1.39 0 00-1.65.72c-.34.59-.12 2.49 2.74 2.62 3.42.16 6.33-3.34 8.35-8.94 1.39-3.8 1.73-5.74 1.73-7.13 0-2.7-1.26-3.97-3.33-3.97zm57.9 18.09c-2.15-.5-3-1.3-3-2.15l.09-1.77c0-1.3 1-20.49 1.22-23.36.17-2.11-2.24-2-3.25-.76l-2 2.57C87.89 8.9 78 21.68 73.17 27.67A11.5 11.5 0 0168 31.25c-.8.21-.72 1.06.17 1.06.71 0 2.82-.25 4.38-.25s4.43.12 5.15.16 1-.76 0-1c-2-.59-3-1-3-1.52s.46-1.22 1.56-2.74c.84-1.18 2.86-3.84 5.1-6.79H91c-.21 4.05-.46 8.31-.5 9.15a1.14 1.14 0 01-.93 1.14l-2.15.63c-.59.17-.85 1.27.08 1.23 2.11-.13 3.88-.3 4.81-.3 1.39 0 3.75.3 4.85.34s.94-.85.13-1.07zm-6-15.47c0 .76-.09 1.6-.13 2.49h-8.25c3.84-5.07 7.89-10.38 8.23-10.89s.67-.25.63.13c-.13 1.86-.34 5.27-.5 8.27zM55.08 13.5c-3.67-.17-7.76 4.09-9.7 10.5-1.9 6.2.21 8.77 2.53 8.77 1.69 0 4.51-2.19 6.07-4.72.55-.89.13-1.82-.71-.89-1.06 1.14-2.49 2.36-4 2.07-1-.17-1.94-1.9-.46-6.2 3.54-.17 7.71-2.19 8.77-5.53.92-2.88-.98-3.96-2.5-4zm.38 3.12c-.89 2.61-4 4.8-6.24 5.35 2.15-5.69 4.21-7.21 5.52-7.17.72 0 1.06.82.72 1.82zm53.94-1h3.42c.76 0 1.14-.21 1.3-.76.3-.72.13-1.06-.63-1.06h-3.42l1.65-4.38c.21-.59 0-.89-.34-.89h-1.77c-.46 0-.63.13-.84.72L107 13.83h-2.7c-.38 0-.68-.08-.93 1.06-.09.55 0 .76.55.76h2.4l-4.09 10.67a45.64 45.64 0 00-1.69 4.68c-.25 1.48.64 2.07 1.73 1.86 2.15-.38 5.23-2.62 8-6.12.76-1 .13-1.64-.63-.84a34.4 34.4 0 01-3.67 3.16c-1.1.72-1.64.21-1.26-.84zm38.04-1c.25-.59-.59-.76-2.53-1.13-.59-.13-.93.5-1.94 2.61a4 4 0 00-3.5-1.43c-3.08.08-6.88 2.86-10 7.12-2.49 3.42-3.25 5.78-2.78 8.31a3.11 3.11 0 003.08 2.52c2.32.08 4.64-2.11 7-4.52l1.48-1.48c.42-.42.8-.17.54.34a23.77 23.77 0 00-1.89 4.17c-.3 1.48.5 1.86 1.64 1.69 2.19-.29 5.61-2.32 8.23-5.94.75-1.06 0-1.65-.68-.85a26.62 26.62 0 01-3.75 3.29c-1.14.76-1.65.55-1.31-.34.17-.55.8-2.07 6.41-14.36zm-9.74 11c-2.66 2.45-4.81 4.22-6.29 4.22-1 0-1.47-.43-1.56-1.14-.25-1.86 1.44-4.68 2.83-6.58 2.4-3.16 5.36-5.78 7.25-5.78 1.31 0 2 .55 2.11 1.35.25 1.46-2.19 5.93-4.34 7.87zm58.58-12.71c-2.07 0-4.85 1.47-7.47 4.38-.84 1-.21 1.65.59.93a20.28 20.28 0 012.87-2.19c.89-.55 1.48-.13 1.22.67-.21.64-.84 2.2-1.3 3.25l-2.87 6.58c-.8 1.86-1.56 3.71-1.73 4.22-.38 1.31.29 2 1.35 2 2 0 4.77-1.65 7.42-4.6.84-1 .21-1.64-.59-.93a28 28 0 01-3.12 2.4c-.88.54-1.52.12-1.22-.68.21-.59.84-1.94 1.26-2.91l2.91-6.58c.85-1.94 1.82-4 2-4.55.32-1.28-.31-1.99-1.32-1.99zm2.53-10.21a2.39 2.39 0 00-2.53 2.15 2.09 2.09 0 001.85 2.45 2.43 2.43 0 002.49-2.11 2.08 2.08 0 00-1.81-2.49zm11.68 10.84c-3.71-.17-7.68 4.13-9.62 10.46s.17 8.77 2.62 8.77c1.69 0 4.51-2 6.2-4.72.55-.89.13-1.82-.72-.89-1.05 1.14-2.4 2.19-3.79 2.11s-2.37-2-.76-6.62c2.36-6.66 4-7.42 4.72-7.47s2.19 1.86 3.08 2.07a1.36 1.36 0 001.64-.71c.38-.72.14-2.83-3.37-3zm-23.95.29h-3.42l1.64-4.38c.22-.59 0-.89-.33-.89h-1.78c-.46 0-.63.13-.84.72l-1.73 4.55h-2.74c-.38 0-.67-.08-.93 1.06-.08.55.05.76.55.76h2.41l-4.09 10.67a43.34 43.34 0 00-1.69 4.68c-.26 1.48.63 2.07 1.73 1.86 2.15-.38 5.23-2.62 8-6.12.76-1 .13-1.64-.64-.84a34.33 34.33 0 01-3.68 3.16c-1.1.72-1.65.21-1.27-.84l4.71-12.6h3.42c.76 0 1.14-.21 1.31-.76.29-.69.12-1.03-.63-1.03zm-63.6 11.9a40.24 40.24 0 01-3.8 3.33c-1.1.72-1.64.21-1.26-.84L128.17.97c.17-.42.08-1-.51-1a58.6 58.6 0 00-6 .68c-.34.08-.51.59-.13.71l2.28.85c.46.17.51.38.21 1.14l-8.84 22.97a43.34 43.34 0 00-1.69 4.68c-.25 1.48.63 2.07 1.73 1.86 2.28-.38 5.52-2.62 8.35-6.29.76-1.01.13-1.64-.63-.84zm43.39.08l2.49-5c1.35-2.74 1.61-4 1.61-4.93 0-1.81-.93-2.74-2.83-2.74-2.66 0-4.77 2.11-8 6.66-.89 1.22-1.48 2.15-2.66 3.67-.38.47-.67.42-.46-.13l1.64-4.09a17 17 0 001.35-4.47c0-1.09-.46-1.6-1.64-1.6-1.44 0-3.25.76-6.41 4.77-1.14 1.47 0 1.64.38 1.18.63-.64 2-2.07 2.91-2.87s1.72-.55 1.39.42a18.36 18.36 0 01-.8 2.24l-5 12.27c-.68 1.69 2.53 2.07 3.08.8 1.73-4 5.52-9 7.08-11.22 2.28-3.25 4.26-5.48 5.69-5.48.76 0 1.1.42 1.1 1.22a5.83 5.83 0 01-.59 2l-3.54 7.55c-1 2-1.94 4.13-2.11 4.68-.42 1.31.3 2 1.43 2 2 0 4.77-1.65 7.43-4.6.84-1 .21-1.64-.59-.93a29 29 0 01-3.12 2.41c-.92.59-1.56.12-1.26-.72.21-.6.97-2.16 1.43-3.09z"></path></svg></a></div><div class="Nav_rightContainer__CBCcP"><ul class="NavAccountLinks_root__8VKLM" data-event-element="account links"><li class="NavAccountLinks_navListItem__Lxooj"><a href="https://accounts.theatlantic.com/login/" class="NavAccountLinks_navLink__ctd7M NavAccountLinks_hideOnMobile__Eokx4">Sign In</a></li><li class="NavAccountLinks_navListItem__Lxooj"><a href="https://www.theatlantic.com/subscribe/navbar/" class="NavAccountLinks_subscribe__2DNuJ">Subscribe</a></li></ul></div></div></div></nav><div class="Nav_fixedPosPlaceholder__0nyHE"></div><div class="Nav_overlay__zlKnQ" data-testid="overlay"></div><div></div><main id="main-content" data-event-surface="article" data-flatplan-layout="standard" class=""><aside class="ArticleBentoRecirc_root___wAIa" style="background-color:#fbfafa;color:#000000" aria-labelledby="more-in-series-heading" data-event-surface="article" data-event-module="project bar"><div class="ArticleBentoRecirc_intro__MlV2j"><div class="ArticleBentoRecirc_headingContainer__mY2V3"><h2 class="ArticleBentoRecirc_desktopHeading__YZv_N" id="more-in-series-heading"><a data-event-element="more from" href="https://www.theatlantic.com/projects/new-rules/">More From The New Rules</a></h2><h2 class="ArticleBentoRecirc_mobileHeading__RzzKy">More From The New Rules</h2><span class="ArticleBentoRecirc_sponsor__zhHJ1"><gpt-ad class="GptAd_root__pAvcS Logo_root__GuE0u" format="logo" sizes-at-0="logo" data-logo-format="text"></gpt-ad></span></div><a href="https://www.theatlantic.com/projects/new-rules/" class="ArticleBentoRecirc_button__F1Fj9">Explore This Series</a></div><ul class="ArticleBentoRecirc_articles__qE_Gu"><li class="ArticleBentoRecirc_article__drQUh"><a href="https://www.theatlantic.com/ideas/archive/2025/02/nih-nsf-science-doge/681645/" class="ArticleBentoRecirc_articleLink__LBkjA"><figure class="ArticleBentoRecirc_articleFigure__g9vgl" data-event-element="image" data-event-position="1"><picture class="ArticleBentoRecirc_articlePicture__wR05Z"><img alt="Red scissors cutting a $100 bill" loading="lazy" class="Image_root__XxsOp Image_lazy__hYWHV ArticleBentoRecirc_articleImage__M6dMP" srcSet="https://cdn.theatlantic.com/thumbor/J1apYhQhOleunANCD-AofQoSKo0=/438x0:1563x1125/80x80/media/img/mt/2025/02/25_2_10_Deming_DOGE_ineffecient_final_2/original.jpg, https://cdn.theatlantic.com/thumbor/vetfkiRmrC_CpGIhd1XEU9BKa7A=/438x0:1563x1125/160x160/media/img/mt/2025/02/25_2_10_Deming_DOGE_ineffecient_final_2/original.jpg 2x" src="https://cdn.theatlantic.com/thumbor/J1apYhQhOleunANCD-AofQoSKo0=/438x0:1563x1125/80x80/media/img/mt/2025/02/25_2_10_Deming_DOGE_ineffecient_final_2/original.jpg" width="80" height="80"/></picture></figure><h3 class="ArticleBentoRecirc_articleTitle__8fFYc" data-event-element="title" data-event-position="1">DOGE Is Failing on Its Own Terms</h3></a><a class="ArticleBentoRecirc_articleAuthor__kirBf" href="https://www.theatlantic.com/author/david-deming/" data-event-element="author" data-event-position="1">David Deming</a></li><li class="ArticleBentoRecirc_article__drQUh"><a href="https://www.theatlantic.com/politics/archive/2025/02/trump-tariffs-canada-mexico/681570/" class="ArticleBentoRecirc_articleLink__LBkjA"><figure class="ArticleBentoRecirc_articleFigure__g9vgl" data-event-element="image" data-event-position="2"><picture class="ArticleBentoRecirc_articlePicture__wR05Z"><img alt="A blank price tag stamped haphazardly with a capital "T"" loading="lazy" class="Image_root__XxsOp Image_lazy__hYWHV ArticleBentoRecirc_articleImage__M6dMP" srcSet="https://cdn.theatlantic.com/thumbor/BW12WqNKpUwwQrz8jm464Z-d9pA=/438x0:1563x1125/80x80/media/img/mt/2025/02/20250204_trump_tarriffs_2/original.jpg, https://cdn.theatlantic.com/thumbor/8w3x6g2mZiAuG3VgFUodlZ-CXu8=/438x0:1563x1125/160x160/media/img/mt/2025/02/20250204_trump_tarriffs_2/original.jpg 2x" src="https://cdn.theatlantic.com/thumbor/BW12WqNKpUwwQrz8jm464Z-d9pA=/438x0:1563x1125/80x80/media/img/mt/2025/02/20250204_trump_tarriffs_2/original.jpg" width="80" height="80"/></picture></figure><h3 class="ArticleBentoRecirc_articleTitle__8fFYc" data-event-element="title" data-event-position="2">The Tariffs Were Never Real</h3></a><a class="ArticleBentoRecirc_articleAuthor__kirBf" href="https://www.theatlantic.com/author/roge-karma/" data-event-element="author" data-event-position="2">Rogé Karma</a></li><li class="ArticleBentoRecirc_article__drQUh"><a href="https://www.theatlantic.com/ideas/archive/2025/02/nitrous-oxide-drug-loophole/681532/" class="ArticleBentoRecirc_articleLink__LBkjA"><figure class="ArticleBentoRecirc_articleFigure__g9vgl" data-event-element="image" data-event-position="3"><picture class="ArticleBentoRecirc_articlePicture__wR05Z"><img alt="Illustration showing nitrous-oxide canisters" loading="lazy" class="Image_root__XxsOp Image_lazy__hYWHV ArticleBentoRecirc_articleImage__M6dMP" srcSet="https://cdn.theatlantic.com/thumbor/t89e4MLKbVbe4V9ZK8tbtai3uyA=/438x0:1563x1125/80x80/media/img/mt/2025/01/20250123_nitrous_2/original.jpg, https://cdn.theatlantic.com/thumbor/f018A_W4vwHtwIBIcOoMHgPfl3U=/438x0:1563x1125/160x160/media/img/mt/2025/01/20250123_nitrous_2/original.jpg 2x" src="https://cdn.theatlantic.com/thumbor/t89e4MLKbVbe4V9ZK8tbtai3uyA=/438x0:1563x1125/80x80/media/img/mt/2025/01/20250123_nitrous_2/original.jpg" width="80" height="80"/></picture></figure><h3 class="ArticleBentoRecirc_articleTitle__8fFYc" data-event-element="title" data-event-position="3">The Illegal Drug at Every Corner Store</h3></a><a class="ArticleBentoRecirc_articleAuthor__kirBf" href="https://www.theatlantic.com/author/amogh-dimri/" data-event-element="author" data-event-position="3">Amogh Dimri</a></li><li class="ArticleBentoRecirc_article__drQUh ArticleBentoRecirc_hideAtBreak__gKcJW"><a href="https://www.theatlantic.com/ideas/archive/2025/01/deepseek-ai-investment-tech/681516/" class="ArticleBentoRecirc_articleLink__LBkjA"><figure class="ArticleBentoRecirc_articleFigure__g9vgl" data-event-element="image" data-event-position="4"><picture class="ArticleBentoRecirc_articlePicture__wR05Z"><img alt="A downward stock-market arrow colliding with a stack of computer chips" loading="lazy" class="Image_root__XxsOp Image_lazy__hYWHV ArticleBentoRecirc_articleImage__M6dMP" srcSet="https://cdn.theatlantic.com/thumbor/4jQe4h1SH28GwByVO8UND305o4k=/540x150:1415x1025/80x80/media/img/mt/2025/01/chip/original.jpg, https://cdn.theatlantic.com/thumbor/r13H0WVH2iXhTLWZRHiVrosX2Lg=/540x150:1415x1025/160x160/media/img/mt/2025/01/chip/original.jpg 2x" src="https://cdn.theatlantic.com/thumbor/4jQe4h1SH28GwByVO8UND305o4k=/540x150:1415x1025/80x80/media/img/mt/2025/01/chip/original.jpg" width="80" height="80"/></picture></figure><h3 class="ArticleBentoRecirc_articleTitle__8fFYc" data-event-element="title" data-event-position="4">DeepSeek’s Chatbot Has an Important Message</h3></a><a class="ArticleBentoRecirc_articleAuthor__kirBf" href="https://www.theatlantic.com/author/james-surowiecki/" data-event-element="author" data-event-position="4">James Surowiecki</a></li></ul></aside><article class="ArticleLayout_article__RHFMN article-content-body"><header class="ArticleHero_root__3w7kV ArticleHero_articleStandard__2tcdv" data-event-module="hero"><div class=""><div class="ArticleHero_defaultArticleLockup__vb8lz"><div class="ArticleHero_rubric__e4rjD"><div class="ArticleRubric_root__HNhbf" id="rubric" data-flatplan-rubric="true"><a class="ArticleRubric_link__nl9hy" href="https://www.theatlantic.com/ideas/" data-event-element="rubric">Ideas</a></div></div><div class="ArticleHero_title__PQ4pC"><h1 class="ArticleTitle_root__VrZaG" data-flatplan-title="true">The Secretive Industry Devouring the U.S. Economy</h1></div><div class="ArticleHero_dek__EqdkK" data-flatplan-description="true"><p class="ArticleDek_root__P3leE">Private equity has made one-fifth of the market effectively invisible to investors, the media, and regulators.</p></div><div class="ArticleHero_byline__iFT6A"><div class="ArticleBylines_root__IBR5V"><address id="byline">By <a class="ArticleBylines_link__kNP4C" href="https://www.theatlantic.com/author/roge-karma/" data-event-element="author" data-flatplan-author-link="true">Rogé Karma</a></address></div></div></div><div class="ArticleLeadArt_root__nRSLU"><figure class="ArticleLeadFigure_root__Bj81R ArticleLeadFigure_standard__20Izv"><div class="ArticleLeadFigure_media__R1npW" data-flatplan-lead_figure_media="true"><picture><source media="(prefers-reduced-motion)" srcSet="https://cdn.theatlantic.com/thumbor/KqAoGR-ALX6d3-jBGpkilpaU03I=/1x0:965x542/750x422/filters:still()/media/img/mt/2023/10/StockMarketPoof/original.gif 750w, https://cdn.theatlantic.com/thumbor/Q5D6I_yQHCbAUkh-3rYKLBMBRZE=/1x0:965x542/828x466/filters:still()/media/img/mt/2023/10/StockMarketPoof/original.gif 828w, https://cdn.theatlantic.com/thumbor/XEuPcHpzWO4gGxZIDfEDeJhbvmI=/1x0:965x542/960x540/filters:still()/media/img/mt/2023/10/StockMarketPoof/original.gif 960w" sizes="(min-width: 976px) 976px, 100vw"/><img alt="A photo illustration of the Wall Street bull disappearing in a white cloud" class="Image_root__XxsOp ArticleLeadArt_image__HZS4B" sizes="(min-width: 976px) 976px, 100vw" srcSet="https://cdn.theatlantic.com/thumbor/ceBGZTUB0XWRyhFxoU7FR-BVOgU=/1x0:965x542/750x422/media/img/mt/2023/10/StockMarketPoof/original.gif 750w, https://cdn.theatlantic.com/thumbor/u5YnhlXBkjIweWXPNFR2mvu0dOM=/1x0:965x542/828x466/media/img/mt/2023/10/StockMarketPoof/original.gif 828w, https://cdn.theatlantic.com/thumbor/j46ndE6sj1BBs3_vsXowNBwva5A=/1x0:965x542/960x540/media/img/mt/2023/10/StockMarketPoof/original.gif 960w" src="https://cdn.theatlantic.com/thumbor/j46ndE6sj1BBs3_vsXowNBwva5A=/1x0:965x542/960x540/media/img/mt/2023/10/StockMarketPoof/original.gif" id="article-lead-image" width="960" height="540"/></picture></div><figcaption class="ArticleLeadFigure_caption__Byu7W ArticleLeadFigure_standardCaption__PsDkd" data-flatplan-lead_figure_caption="true">Illustration by The Atlantic. Sources: Shutterstock; Getty.</figcaption></figure></div></div><div class="ArticleHero_articleUtilityBar__JbQFj"><div class="ArticleHero_timestamp__bKhcB"><time class="ArticleTimestamp_root__b3bL6" dateTime="2023-10-30T11:30:00Z" data-flatplan-timestamp="true">October 30, 2023</time> </div><div class="ArticleHero_articleUtilityBarTools__ZHw8s"><div class="ArticleShare_root__Mq0RB" tabindex="-1"><button class="ArticleShare_shareButton__X0cIe" aria-haspopup="true" aria-controls=":Rp2pb32qm:" aria-expanded="false" aria-label="Open Share Menu" data-action="click share - expand" data-event-verb="shared" data-event-element="share dropdown">Share<svg width="15" height="15" fill="none" xmlns="http://www.w3.org/2000/svg" class="ArticleShare_buttonIcon__B86vV"><path fill-rule="evenodd" clip-rule="evenodd" d="M7.335.272a.25.25 0 01.337 0l4.623 4.204a.25.25 0 01.017.353l-.336.37a.25.25 0 01-.353.016L8.004 1.926v7.9a.25.25 0 01-.25.25h-.5a.25.25 0 01-.25-.25V1.924l-3.62 3.291a.25.25 0 01-.353-.016l-.336-.37a.25.25 0 01.016-.353L7.335.272zM.5 7.545a.25.25 0 00-.25.25v6.75c0 .138.112.25.25.25h14a.25.25 0 00.25-.25v-6.75a.25.25 0 00-.25-.25H14a.25.25 0 00-.25.25v6H1.25v-6a.25.25 0 00-.25-.25H.5z" fill="currentColor"></path></svg></button></div><button class="SaveButton_saveButton__7LYFZ" aria-label="Save"><span class="SaveButton_text__fiZgx">Save </span><svg width="12" height="16" fill="none" xmlns="http://www.w3.org/2000/svg" class="SaveButton_icon__HFNiD SaveButton_unsaved__bP4MN"><path fill-rule="evenodd" clip-rule="evenodd" d="M6 10.828l5 3.31V1H1v13.139l5-3.31zM.776 15.486A.5.5 0 010 15.07V.5A.5.5 0 01.5 0h11a.5.5 0 01.5.5v14.57a.5.5 0 01-.776.416L6.138 12.12a.25.25 0 00-.276 0L.776 15.486z" fill="currentColor"></path><path fill-rule="evenodd" clip-rule="evenodd" d="M5.572 8.75c0 .138.111.25.25.25h.5a.25.25 0 00.25-.25V6.57H8.75A.25.25 0 009 6.32v-.5a.25.25 0 00-.25-.25H6.572V3.25a.25.25 0 00-.25-.25h-.5a.25.25 0 00-.25.25v2.32H3.25a.25.25 0 00-.25.25v.5c0 .138.112.25.25.25h2.322v2.18z" fill="currentColor"></path></svg></button></div></div><gpt-ad class="GptAd_root__pAvcS ArticleInjector_root__I7x9v LeadArticleAd_root__tdCqm s-native s-native--standard s-native--streamline" format="injector" sizes-at-0="mobile-wide" targeting-pos="injector-article-start" sizes-at-976="desktop-wide"></gpt-ad><div class="ArticleInjector_clsAvoider__dqIAm" style="--placeholderHeight:298px"></div></header><div class="ArticleAudio_root__4Qcq3" data-view-action="view - audio player - start" data-view-label="675788" data-event-module="audio player" data-event-content-type="narrated" data-event-module-state="start" data-event-view="true"><div class="ArticleAudio_container__b5Yj2"><div><div class="ArticleAudio_imgContainer__qDu_f"><img alt="A photo illustration of the Wall Street bull disappearing in a white cloud" class="Image_root__XxsOp ArticleAudio_img__BFda3" sizes="80px" srcSet="https://cdn.theatlantic.com/thumbor/u58MfcsYnn7QgCJ18NAJFjl4FU4=/204x0:746x542/80x80/media/img/mt/2023/10/StockMarketPoof/original.gif 80w, https://cdn.theatlantic.com/thumbor/YaykLP5qim30H_xXLTNQXraFpPs=/204x0:746x542/96x96/media/img/mt/2023/10/StockMarketPoof/original.gif 96w, https://cdn.theatlantic.com/thumbor/2MCRFM3dCkYOGE99V0gVspClvmE=/204x0:746x542/128x128/media/img/mt/2023/10/StockMarketPoof/original.gif 128w, https://cdn.theatlantic.com/thumbor/PqrBxUmzmJV74h7Js-KBAhIf4io=/204x0:746x542/160x160/media/img/mt/2023/10/StockMarketPoof/original.gif 160w, https://cdn.theatlantic.com/thumbor/rj3Wny88vHg46LqBXgKdMR7tLC8=/204x0:746x542/192x192/media/img/mt/2023/10/StockMarketPoof/original.gif 192w, https://cdn.theatlantic.com/thumbor/KguxBopABCuyLOspJtyo6hVdOCo=/204x0:746x542/256x256/media/img/mt/2023/10/StockMarketPoof/original.gif 256w, https://cdn.theatlantic.com/thumbor/kaWicLrTJ7M9QJZzpmXs5IDzSvE=/204x0:746x542/384x384/media/img/mt/2023/10/StockMarketPoof/original.gif 384w, https://cdn.theatlantic.com/thumbor/9507bT30MQkftCtRLNTfnVo6ddU=/204x0:746x542/512x512/media/img/mt/2023/10/StockMarketPoof/original.gif 512w" src="https://cdn.theatlantic.com/thumbor/u58MfcsYnn7QgCJ18NAJFjl4FU4=/204x0:746x542/80x80/media/img/mt/2023/10/StockMarketPoof/original.gif" width="80" height="80"/></div></div><div><div class="ArticleAudio_text__DsxgL"><span>Listen</span><span class="ArticleAudio_speed__YBmbh"><button class="ArticleAudio_speedBtn__tipaO">-</button><span>1.0x</span><button class="ArticleAudio_speedBtn__tipaO">+</button></span></div><div class="ArticleAudio_player__hOjo_"><div class="ArticleAudio_progressBarContainer__IbGRE"><input data-event-verb="scrubbed" class="ArticleAudio_slider__AnzMp" data-event-element="slider" type="range" max="770.7" style="--player-elapsed:0;--player-duration:770.7" role="progressbar" value="0"/></div><div class="ArticleAudio_timeContainer__8S55D" aria-hidden="true"><span class="ArticleAudio_time__TIPIP">0:00</span><span class="ArticleAudio_time__TIPIP ArticleAudio_duration__qdjYp">12:50</span></div><div class="ArticleAudio_buttonContainer__c3yS8"><button id="rewind" class="ArticleAudio_button__Xvn0e" disabled="" aria-label="rewind 15 seconds" click-event-element="skip backwards" data-event-verb="rewound"><svg width="40" height="40" fill="none" xmlns="http://www.w3.org/2000/svg" class="ArticleAudio_rewindFwd__7N__7" aria-hidden="true"><path fill-rule="evenodd" clip-rule="evenodd" d="M10.344 5.314l-3.563 7.83 8.563.83-2.126-3.682a11.945 11.945 0 016-1.606c6.628 0 12 5.373 12 12 0 6.628-5.372 12-12 12A11.995 11.995 0 018.82 26.682l-1.732 1c2.42 4.188 6.946 7.006 12.13 7.006 7.732 0 14-6.268 14-14 0-7.733-6.268-14-14-14-2.55 0-4.941.681-7 1.873l-1.874-3.246z" fill="currentColor"></path><path d="M11.842 23.607h2.368v-4.615l-1.783.997-.691-1.263 2.686-1.49h1.503v6.371h2.368v1.33h-6.45v-1.33zm13.857-1.25c0 1.57-1.263 2.7-3.165 2.713-1.064.013-1.982-.186-3.312-.758l.599-1.277c1.117.492 1.769.665 2.593.665.878 0 1.61-.425 1.61-1.237 0-.678-.559-1.13-1.437-1.13-.518 0-1.17.173-1.822.505l-1.117-.439.28-4.163h5.266v1.33h-4.017l-.106 1.902a3.645 3.645 0 011.822-.465c1.69 0 2.806.997 2.806 2.354z" fill="currentColor"></path></svg></button><button class="ArticleAudio_playButton__JvBX0" aria-label="play" data-event-element="play pause button" data-event-verb="played"><svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 12 12" class="ArticleAudio_play__bBFV4" aria-hidden="true"><path fill="currentColor" d="M3 12V0l9 6-9 6z"></path></svg></button><button id="fast-forward" class="ArticleAudio_button__Xvn0e" disabled="" aria-label="fast forward 15 seconds" click-event-element="skip forward" data-event-verb="skipped"><svg width="40" height="40" fill="none" xmlns="http://www.w3.org/2000/svg" class="ArticleAudio_rewindFwd__7N__7" aria-hidden="true"><path fill-rule="evenodd" clip-rule="evenodd" d="M29.656 5.314l3.562 7.83-8.562.83 2.126-3.682a11.944 11.944 0 00-6-1.606c-6.628 0-12 5.373-12 12 0 6.628 5.372 12 12 12 4.443 0 8.323-2.415 10.397-6.005l1.733 1c-2.42 4.188-6.946 7.006-12.13 7.006-7.733 0-14-6.268-14-14 0-7.733 6.267-14 14-14 2.55 0 4.94.681 7 1.873l1.874-3.246z" fill="currentColor"></path><path d="M14.28 23.607h2.367v-4.615l-1.782.997-.692-1.263 2.687-1.49h1.503v6.371h2.367v1.33h-6.45v-1.33zm13.857-1.25c0 1.57-1.264 2.7-3.166 2.713-1.064.013-1.981-.186-3.311-.758l.598-1.277c1.117.492 1.77.665 2.594.665.878 0 1.61-.425 1.61-1.237 0-.678-.56-1.13-1.437-1.13-.519 0-1.17.173-1.822.505l-1.118-.439.28-4.163h5.267v1.33h-4.017l-.106 1.902a3.645 3.645 0 011.822-.465c1.689 0 2.806.997 2.806 2.354z" fill="currentColor"></path></svg></button></div></div></div></div><p class="ArticleAudio_promo__4zkGZ">Listen to more stories on <a class="ArticleAudio_link__bjoip" href="https://curio.io/l/66v0gi9v?fw=1"><span class="ArticleAudio_vendor__lO_xJ">curio</span></a></p></div><section class="ArticleBody_root__2gF81" data-event-module="article body" data-flatplan-body="true"><p class="ArticleParagraph_root__4mszW" data-flatplan-paragraph="true"><em><small>Updated at 9:30 a.m. ET on October 30, 2023</small></em></p><p class="ArticleParagraph_root__4mszW ArticleParagraph_dropcap__uIVzg" data-flatplan-paragraph="true" data-flatplan-dropcap="true">T<span class="smallcaps">he publicly traded company </span>is disappearing. In 1996, about 8,000 firms were listed in the U.S. stock market. Since then, the national economy has grown by nearly $20 trillion. The population has increased by 70 million people. And yet, today, the number of American public companies stands at <a data-event-element="inline link" href="https://www.cnn.com/2023/06/09/investing/premarket-stocks-trading/index.html">fewer than 4,000</a>. How can that be?</p><p class="ArticleParagraph_root__4mszW" data-flatplan-paragraph="true">One answer is that the private-equity industry is devouring them. When a private-equity fund buys a publicly traded company, it takes the company private—hence the name. (If the company has not yet gone public, the acquisition keeps that from happening.) This gives the fund total control, which in theory allows it to find ways to boost profits so that it can sell the company for a big payday a few years later. In practice, going private can have more troubling consequences. The thing about public companies is that they’re, well, public. By law, they have to disclose information about their finances, operations, business risks, and legal liabilities. Taking a company private exempts it from those requirements.</p><p class="ArticleParagraph_root__4mszW" data-flatplan-paragraph="true">That may not have been such a big deal when private equity was a niche industry. Today, however, it’s anything but. In 2000, private-equity firms managed about 4 percent of total U.S. corporate equity. By 2021, that number was closer to 20 percent. In other words, private equity has been growing nearly five times faster than the U.S. economy as a whole.</p><p id="injected-recirculation-link-0" class="ArticleRelatedContentLink_root__VYc9V" data-view-action="view link - injected link - item 1" data-event-element="injected link" data-event-position="1"><a href="https://www.theatlantic.com/ideas/archive/2022/12/stock-market-inflation-interest-rates-recession/672612/">James Surowiecki: The method in the market’s madness</a></p><p class="ArticleParagraph_root__4mszW" data-flatplan-paragraph="true">Elisabeth de Fontenay, a law professor at Duke University who studies corporate finance, told me that if current trends continue, “we could end up with a completely opaque economy.”</p><p class="ArticleParagraph_root__4mszW" data-flatplan-paragraph="true">This should alarm you even if you’ve never bought a stock in your life. One-fifth of the market has been made effectively invisible to investors, the media, and regulators. Information as basic as who actually owns a company, how it makes its money, or whether it is profitable is “disappearing indefinitely into private equity darkness,” as the Harvard Law professor John Coates writes in his book <a data-event-element="inline link" href="https://tertulia.com/book/the-problem-of-twelve-when-a-few-financial-institutions-control-everything-john-coates/9798987053546?affiliate_id=atl-347"><em>The Problem of Twelve</em></a>. This is not a recipe for corporate responsibility or economic stability. A private economy is one in which companies can more easily get away with wrongdoing and an economic crisis can take everyone by surprise. And to a startling degree, a private economy is what we already have.</p><p class="ArticleParagraph_root__4mszW ArticleParagraph_dropcap__uIVzg" data-flatplan-paragraph="true" data-flatplan-dropcap="true">A<span class="smallcaps">merica learned </span>the hard way what happens when corporations operate in the dark. Before the Great Depression, the whole U.S. economy functioned sort of like the crypto market in 2021. Companies could raise however much money they wanted from whomever they wanted. They could claim almost anything about their finances or business model. Investors often had no good way of knowing whether they were being defrauded, let alone whether to expect a good return.</p><p class="ArticleParagraph_root__4mszW" data-flatplan-paragraph="true">Then came the worst economic crisis in U.S. history. From October to December of 1929, the stock market lost 50 percent of its value, with more losses to come. Thousands of banks collapsed, wiping out the savings of millions of Americans. Unemployment spiked to 25 percent. The Great Depression generated a crisis of confidence for American capitalism. Public hearings revealed just how rampant corporate fraud had become before the crash. In response, Congress passed the Securities Act of 1933 and the Securities Exchange Act of 1934. These laws launched a regime of “full and fair disclosure” and created a new government agency, the Securities and Exchange Commission, to enforce it. Now if companies wanted to raise money from the public, they would have to disclose a wide array of information to the public. This would include basic details about the company’s operations and finances, plus a comprehensive list of major risks facing the company, plans for complying with current and future regulations, and documentation of outstanding legal liabilities. All of these disclosures would be reviewed for accuracy by the SEC.</p><p class="ArticleParagraph_root__4mszW" data-flatplan-paragraph="true">This regime created a new social contract for American capitalism: scale in exchange for transparency. Private companies were limited to 100 investors, putting a hard limit on how quickly they could grow. Any business that wanted to raise serious capital from the public had to submit itself to the new reporting laws. Over the next half century, this disclosure regime would underwrite the longest period of economic growth and prosperity in U.S. history. But it didn’t last. Beginning in the “Greed Is Good” 1980s, a wave of deregulatory reforms made it easier for private companies to raise capital. Most important was the National Securities Markets Improvement Act of 1996, which allowed private funds to raise an unlimited amount of money from an unlimited number of institutional investors. The law created a loophole that effectively broke the scale-for-transparency bargain. Tellingly, 1997 was the year the <a data-event-element="inline link" href="https://www.federalreserve.gov/econres/notes/feds-notes/the-post-covid-stock-listing-boom-20220617.html">number</a> of public companies in America peaked.</p><p id="injected-recirculation-link-1" class="ArticleRelatedContentLink_root__VYc9V" data-view-action="view link - injected link - item 2" data-event-element="injected link" data-event-position="2"><a href="https://www.theatlantic.com/magazine/archive/2018/11/private-inequity/570808/">From the November 2018 issue: The death of the IPO</a></p><p class="ArticleParagraph_root__4mszW" data-flatplan-paragraph="true">“Suddenly, private companies could raise all the money they want without even thinking about an IPO,” De Fontenay said. “That completely undermined the incentives companies had to go public.” Indeed, from 1980 to 2000, an average of 310 companies went public every year; from 2001 to 2022, only 118 did. The number briefly shot up during the coronavirus pandemic but has since fallen. (Over the same time period, the rate of mergers and acquisitions <a data-event-element="inline link" href="https://www.theatlantic.com/business/archive/2016/01/2015-mergers-acquisitions/423096/">soared</a>, which also helps explain the decline in public companies.)</p><p class="ArticleParagraph_root__4mszW" data-flatplan-paragraph="true">Meanwhile, private equity has matured into a multitrillion-dollar industry, devoted to making short-term profits from highly leveraged transactions, operating with almost no regulatory or public scrutiny. Not all private-equity deals end in calamity, of course, and not all public companies are paragons of civic virtue. But the secrecy in which private-equity firms operate emboldens them to act more recklessly—and makes it much harder to hold them accountable when they do. Private-equity investment in nursing homes, to take just one example, <a data-event-element="inline link" href="https://www.ineteconomics.org/uploads/papers/WP_118-Appelbaum-and-Batt-2-rb-Clean.pdf">has grown</a> from about $5 billion at the turn of the century to more than $100 billion today. The results have not been pretty. The industry seems to have recognized that it could improve profit margins by cutting back on staffing while relying more on psychoactive medication. Stories abound of patients being <a data-event-element="inline link" href="https://www.washingtonpost.com/business/economy/opioid-overdoses-bedsores-and-broken-bones-what-happened-when-a-private-equity-firm-sought-profits-in-caring-for-societys-most-vulnerable/2018/11/25/09089a4a-ed14-11e8-baac-2a674e91502b_story.html">rushed</a> to the hospital after being overprescribed opioids, of bedside call buttons so <a data-event-element="inline link" href="https://www.newyorker.com/news/dispatch/when-private-equity-takes-over-a-nursing-home">poorly attended</a> that residents suffer in silence while waiting for help, of nurses being <a data-event-element="inline link" href="https://time.com/5843893/nursing-homes-workers-coronavirus/">pressured</a> to work while sick with COVID. A 2021 study <a data-event-element="inline link" href="https://www.nber.org/digest/202104/how-patients-fare-when-private-equity-funds-acquire-nursing-homes">concluded</a> that private-equity ownership was associated with about 22,500 premature nursing-home deaths from 2005 to 2017—<em>before</em> the wave of death and misery wrought by the pandemic.</p><p class="ArticleParagraph_root__4mszW" data-flatplan-paragraph="true">Eventually, the public got wind of what was happening. The pandemic death count focused attention on the industry. Journalists and watchdog groups exposed the worst of the behaviors. Policy makers and regulators, at long last, began to take action. But by then, much of the damage had been done. “If we had some form of disclosure, we probably would have seen regulatory action a decade earlier,” Coates told me. “But instead, we’ve had 10-plus years of experimentation and abuse without anyone knowing.”</p><p class="ArticleParagraph_root__4mszW" data-flatplan-paragraph="true">Something similar could be said about any number of industries, including <a data-event-element="inline link" href="https://www.nber.org/papers/w24976">higher education</a>, <a data-event-element="inline link" href="https://www.theatlantic.com/magazine/archive/2021/11/alden-global-capital-killing-americas-newspapers/620171/">newspapers</a>, <a data-event-element="inline link" href="https://www.theatlantic.com/magazine/archive/2018/07/toys-r-us-bankruptcy-private-equity/561758/">retail</a>, and <a data-event-element="inline link" href="https://www.theatlantic.com/ideas/archive/2020/02/how-private-equity-ruined-fairway/606625/">grocery stores</a>. Across the economy, private-equity firms are known for laying off workers, evading regulations, reducing the quality of services, and <a data-event-element="inline link" href="https://www.theatlantic.com/ideas/archive/2023/05/private-equity-firms-bankruptcies-plunder-book/673896/">bankrupting companies</a> while ensuring that their own partners are paid handsomely. The veil of secrecy makes all of this easier to execute and harder to stop.</p><p class="ArticleParagraph_root__4mszW" data-flatplan-paragraph="true">Private-equity funds dispute much of the criticism of the industry. They argue that the horror stories are exaggerated and that a handful of problematic firms shouldn’t tarnish the rest of the industry, which is doing great work. Freed from onerous disclosure requirements, they claim, private companies can build more dynamic, flexible businesses that generate greater returns for shareholders. But the lack of public information makes verifying these claims difficult. <a data-event-element="inline link" href="https://www.hbs.edu/ris/Publication%20Files/ReplicatingPE_201512_3859877f-bd53-4d3e-99aa-6daec2a3a2d3.pdf">Most</a> <a data-event-element="inline link" href="https://papers.ssrn.com/sol3/papers.cfm?abstract_id=473341">careful</a> <a data-event-element="inline link" href="https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2597259">academic</a> <a data-event-element="inline link" href="https://www.jstor.org/stable/30225708">studies</a> find that although private-equity funds slightly outperformed the stock market on average prior to the early 2000s, they no longer do so. When you take into account their high fees, they appear to be a worse investment than a simple index fund.</p><p class="ArticleParagraph_root__4mszW" data-flatplan-paragraph="true">“These companies basically get to write their own stories,” says Alyssa Giachino, the research director at the Private Equity Stakeholder Project. “They produce their own reports. They come up with their own numbers. And there’s no one making sure they are telling the truth.”</p><p class="ArticleParagraph_root__4mszW ArticleParagraph_dropcap__uIVzg" data-flatplan-paragraph="true" data-flatplan-dropcap="true">I<span class="smallcaps">n the Roaring ’20s,</span> the lack of corporate disclosure allowed a massive financial crisis to build up without anyone noticing. A century later, the growth of a new shadow economy could pose similar risks.</p><p class="ArticleParagraph_root__4mszW" data-flatplan-paragraph="true">The hallmark of a private-equity deal is the so-called leveraged buyout. Funds take on massive amounts of debt to buy companies, with the goal of reselling in a few years at a profit. If all of that debt becomes hard to pay back—because of, say, an economic downturn or rising interest rates—a wave of defaults could ripple through the financial system. In fact, this has happened before: The original leveraged buyout mania of the 1980s <a data-event-element="inline link" href="https://www.latimes.com/archives/la-xpm-1989-10-29-op-140-story.html">helped spark</a> the 1989 stock-market crash. Since then, private equity has grown into a $12 trillion industry and has begun raising much of its money from unregulated, nonbank lenders, many of which are owned by the same private-equity funds taking out loans in the first place.</p><p class="ArticleParagraph_root__4mszW" data-flatplan-paragraph="true">Meanwhile, interest rates have reached a 20-year high, posing <a data-event-element="inline link" href="https://www.wsj.com/articles/private-equity-exits-sink-to-one-of-lowest-points-in-over-a-decade-86b684b6">a direct threat</a> to private equity’s debt-heavy business model. In response, many private-equity funds have migrated toward even <a data-event-element="inline link" href="https://www.bloomberg.com/news/articles/2023-09-26/private-equity-is-piling-debt-on-itself-like-never-before?sref=BGQFqz7X">riskier forms</a> of backroom financing. Many of these involve taking on even more debt on <a data-event-element="inline link" href="https://www.ft.com/content/afc90e17-253d-49a7-bc39-dc5fbe31e648">the assumption</a> that market conditions will soon improve enough to restore profitability. If that doesn’t happen—and many of these big deals fail—the implications could be massive.</p><p id="injected-recirculation-link-2" class="ArticleRelatedContentLink_root__VYc9V" data-view-action="view link - injected link - item 3" data-event-element="injected link" data-event-position="3"><a href="https://www.theatlantic.com/ideas/archive/2023/10/private-equity-hospitals-health-care/675779">Joe Nocera and Bethany McLean: What financial engineering does to hospitals</a></p><p class="ArticleParagraph_root__4mszW" data-flatplan-paragraph="true">The industry counters that private markets are a better place for risky deals precisely because they have fewer ties to the real economy. A traditional bank has a bunch of ordinary depositors, whereas if a private-equity firm goes bust, the losers are institutional investors: pension funds, university endowments, wealthy fund managers. Bad, but not catastrophic. The problem, once again, is that no one knows how true that story is. Banks have to disclose information to regulators about how much they’re lending, how much capital they’re holding, and how their loans are performing. Private lenders sidestep all of that, meaning that regulators can’t know what risks exist in the system or <a data-event-element="inline link" href="https://www.reuters.com/business/finance/blackstones-first-quarter-earnings-plunge-real-estate-slowdown-2023-04-20/">how tied they are</a> to the real economy.</p><p class="ArticleParagraph_root__4mszW" data-flatplan-paragraph="true">“Everything could be just fine,” says Ana Arsov, a managing director at Moody’s Investors Service who leads research on private lending. “But the point is that we don’t have the information we need to assess risk. Who is making these loans? How big are they? What are the terms? We just don’t know. So the worry is that the leverage in the system might grow and grow and grow without anyone noticing. And we really don’t know what the effects could be if something goes wrong.”</p><p class="ArticleParagraph_root__4mszW" data-flatplan-paragraph="true">The government appears to be at least somewhat <a data-event-element="inline link" href="https://www.fdic.gov/news/speeches/2023/spsept2023.html#:~:text=According%20to%20the%20findings%20of,to%20their%20reliance%20on%20leverage">aware</a> of this problem. In August, the SEC <a data-event-element="inline link" href="https://www.sec.gov/news/statement/crenshaw-statement-private-fund-advisers-082323">proposed</a> a new rule requiring private-equity fund advisers to give more information to their investors. That’s better than nothing, but it hardly addresses the bad behavior or systemic risk. Nearly a century ago, Congress concluded that the nation’s economic system could not survive as long as its most powerful companies were left to operate in the shadows. It took the worst economic cataclysm in American history to learn that lesson. The question now is what it will take to learn it again.</p><hr class="ArticleLegacyHtml_root__WFd2I ArticleLegacyHtml_standard__kC_zi"/><p class="ArticleParagraph_root__4mszW" data-flatplan-paragraph="true"><em><small>This article originally stated that Ana Arsov works for Moody's Analytics. In fact, she works for Moody's Investors Service. </small></em></p><div class="ArticleBody_divider__GpNxD" id="article-end"></div></section><div data-event-module="footer"><div class="ArticleWell_root__fueCa"><section class="ArticleFoundationLine_root__xjHk8"><hr class="ArticleFoundationLine_divider__qg_j1"/><p class="ArticleFoundationLine_content__5_Lto">Support for this project was provided by the William and Flora Hewlett Foundation.</p></section><div data-event-module="author footer" class="ArticleFooter_authorFooter__5NsdY"><div class="SectionHeading_root__3GnqT"><h3 class="SectionHeading_heading__iNkek">About the Author</h3></div><div class="ArticleBio_root__ua8zj"><address id="article-writer-0" class="ArticleBio_author__6pDyl" data-event-element="author" data-event-position="1" data-flatplan-bio="true"><div class="ArticleBio_content__O0ZVF"><div class="ArticleBio_topContainer__QYRU4"><a class="ArticleBio_headshotContainer__Am2nR" href="https://www.theatlantic.com/author/roge-karma/" data-event-element="image"><img alt="" loading="lazy" class="Image_root__XxsOp Image_lazy__hYWHV ArticleBio_headshot__6Aykd" src="https://cdn.theatlantic.com/thumbor/cKgih0ppS48Qp9ov-2M_Jx0eZLM=/0x0:2120x2120/120x120/media/img/authors/2023/10/Headshot_final/original.jpg" width="60" height="60"/></a><div><div class="ArticleBio_bioNameMulti__gvg_b"><a href="https://www.theatlantic.com/author/roge-karma/" data-event-element="author name">Rogé Karma</a></div><div class="ArticleAuthorFollow_root__Oyvdr"><button class="ArticleAuthorFollow_followButton__0_Sod" aria-haspopup="true" aria-controls=":Rkt8pb32qm:" aria-expanded="false" aria-label="Open Author Newsletter Signup" data-event-verb="followed" data-event-element="follow button"><div class="ArticleAuthorFollow_buttonIcon__ofx09"></div>Follow</button></div></div></div><div class="ArticleBio_bioSection__Hef4P"><div class="ArticleBio_bioSection__Hef4P" data-flatplan-bio="true"><a href="https://www.theatlantic.com/author/roge-karma/" class="author-link" data-label="https://www.theatlantic.com/author/roge-karma/" data-action="click author - name" >Rogé Karma</a> is a staff writer at <em>The Atlantic. </em></div><div class="ArticleBio_moreStories__LKpwT"><p class="ArticleBio_contentHeading__cmbmT">More Stories</p><a class="ArticleBio_storyLink__xuRiU" href="https://www.theatlantic.com/politics/archive/2025/02/trump-tariffs-canada-mexico/681570/" data-event-element="more stories" data-event-position="1"><p>The Tariffs Were Never Real</p></a><a class="ArticleBio_storyLink__xuRiU" href="https://www.theatlantic.com/politics/archive/2025/02/trump-federal-bureaucracy-dismantling/681552/" data-event-element="more stories" data-event-position="2"><p>Purging the Government Could Backfire Spectacularly</p></a></div></div></div></address></div></div></div></div><gpt-ad class="GptAd_root__pAvcS ArticleInjector_root__I7x9v s-native s-native--standard s-native--streamline" format="injector" sizes-at-0="mobile-wide,native,house" targeting-pos="injector-most-popular" sizes-at-976="desktop-wide,native,house"></gpt-ad><div class="ArticleInjector_clsAvoider__dqIAm"></div></article><div></div></main><div></div><div></div></div></div><script id="__NEXT_DATA__" type="application/json">{"props":{"isLoggedIn":false,"hasPaywallAccess":false,"hasAdFree":false,"pageProps":{"id":"BlogArticle:675788","isTnfCompatible":true,"layout":"standard","hasMeter":false,"url":"https://www.theatlantic.com/ideas/archive/2023/10/private-equity-publicly-traded-companies/675788/","dateModified":"2023-11-08T02:49:07Z","__typename":"BlogArticle","notFound":false,"urqlState":{"1338659475":{"data":"{\"article\":{\"__typename\":\"BlogArticle\",\"id\":\"BlogArticle:675788\",\"authors\":[{\"url\":\"https://www.theatlantic.com/author/roge-karma/\",\"displayName\":\"Rogé Karma\",\"__typename\":\"Author\",\"id\":\"Author:38525\",\"isFollowable\":true,\"biography\":{\"default\":\"\u003ca href=\\\"https://www.theatlantic.com/author/roge-karma/\\\" class=\\\"author-link\\\" data-label=\\\"https://www.theatlantic.com/author/roge-karma/\\\" data-action=\\\"click author - name\\\" \u003eRogé Karma\u003c/a\u003e is a staff writer at \u003cem\u003eThe Atlantic. \u003c/em\u003e\",\"__typename\":\"Biography\"},\"headshot\":{\"width\":120,\"height\":120,\"srcSet\":\"https://cdn.theatlantic.com/thumbor/cKgih0ppS48Qp9ov-2M_Jx0eZLM=/0x0:2120x2120/120x120/media/img/authors/2023/10/Headshot_final/original.jpg, https://cdn.theatlantic.com/thumbor/lorLleaqZGDdybskQDDqvrvY49w=/0x0:2120x2120/240x240/media/img/authors/2023/10/Headshot_final/original.jpg 2x\",\"url\":\"https://cdn.theatlantic.com/thumbor/cKgih0ppS48Qp9ov-2M_Jx0eZLM=/0x0:2120x2120/120x120/media/img/authors/2023/10/Headshot_final/original.jpg\",\"__typename\":\"BasicImage\"},\"river\":{\"edges\":[{\"cursor\":\"MjAyNS0wMi0wNCAxNzo0MzowMHw2ODE1NzA=\",\"node\":{\"id\":\"BlogArticle:681570\",\"title\":\"The Tariffs Were Never Real\",\"url\":\"https://www.theatlantic.com/politics/archive/2025/02/trump-tariffs-canada-mexico/681570/\",\"__typename\":\"BlogArticle\"},\"__typename\":\"PromoEdge\"},{\"cursor\":\"MjAyNS0wMi0wMyAxMTo1NTowMHw2ODE1NTI=\",\"node\":{\"id\":\"BlogArticle:681552\",\"title\":\"Purging the Government Could Backfire Spectacularly\",\"url\":\"https://www.theatlantic.com/politics/archive/2025/02/trump-federal-bureaucracy-dismantling/681552/\",\"__typename\":\"BlogArticle\"},\"__typename\":\"PromoEdge\"},{\"cursor\":\"MjAyNS0wMS0xMSAxMDowMDowMHw2ODEyNzQ=\",\"node\":{\"id\":\"BlogArticle:681274\",\"title\":\"What the H-1B Visa Fight Is Really About\",\"url\":\"https://www.theatlantic.com/ideas/archive/2025/01/trump-musk-sanders-immigration/681274/\",\"__typename\":\"BlogArticle\"},\"__typename\":\"PromoEdge\"}],\"__typename\":\"RiverConnection\"},\"slug\":\"roge-karma\",\"socialMedia\":[]}],\"authorContext\":null,\"categories\":[],\"content\":[{\"__typename\":\"ArticleParagraphContent\",\"subtype\":null,\"idAttr\":\"\",\"innerHtml\":\"\u003cem\u003e\u003csmall\u003eUpdated at 9:30 a.m. ET on October 30, 2023\u003c/small\u003e\u003c/em\u003e\"},{\"__typename\":\"ArticleParagraphContent\",\"subtype\":\"DROPCAP\",\"idAttr\":\"\",\"innerHtml\":\"T\u003cspan class=\\\"smallcaps\\\"\u003ehe publicly traded company \u003c/span\u003eis disappearing. In 1996, about 8,000 firms were listed in the U.S. stock market. Since then, the national economy has grown by nearly $20 trillion. The population has increased by 70 million people. And yet, today, the number of American public companies stands at \u003ca data-event-element=\\\"inline link\\\" href=\\\"https://www.cnn.com/2023/06/09/investing/premarket-stocks-trading/index.html\\\"\u003efewer than 4,000\u003c/a\u003e. How can that be?\"},{\"__typename\":\"ArticleParagraphContent\",\"subtype\":null,\"idAttr\":\"\",\"innerHtml\":\"One answer is that the private-equity industry is devouring them. When a private-equity fund buys a publicly traded company, it takes the company private—hence the name. (If the company has not yet gone public, the acquisition keeps that from happening.) This gives the fund total control, which in theory allows it to find ways to boost profits so that it can sell the company for a big payday a few years later. In practice, going private can have more troubling consequences. The thing about public companies is that they’re, well, public. By law, they have to disclose information about their finances, operations, business risks, and legal liabilities. Taking a company private exempts it from those requirements.\"},{\"__typename\":\"ArticleParagraphContent\",\"subtype\":null,\"idAttr\":\"\",\"innerHtml\":\"That may not have been such a big deal when private equity was a niche industry. Today, however, it’s anything but. In 2000, private-equity firms managed about 4 percent of total U.S. corporate equity. By 2021, that number was closer to 20 percent. In other words, private equity has been growing nearly five times faster than the U.S. economy as a whole.\"},{\"__typename\":\"ArticleRelatedContentLink\",\"idAttr\":\"injected-recirculation-link-0\",\"innerHtml\":\"\u003ca href=\\\"https://www.theatlantic.com/ideas/archive/2022/12/stock-market-inflation-interest-rates-recession/672612/\\\"\u003eJames Surowiecki: The method in the market’s madness\u003c/a\u003e\",\"index\":0},{\"__typename\":\"ArticleParagraphContent\",\"subtype\":null,\"idAttr\":\"\",\"innerHtml\":\"Elisabeth de Fontenay, a law professor at Duke University who studies corporate finance, told me that if current trends continue, “we could end up with a completely opaque economy.”\"},{\"__typename\":\"ArticleParagraphContent\",\"subtype\":null,\"idAttr\":\"\",\"innerHtml\":\"This should alarm you even if you’ve never bought a stock in your life. One-fifth of the market has been made effectively invisible to investors, the media, and regulators. Information as basic as who actually owns a company, how it makes its money, or whether it is profitable is “disappearing indefinitely into private equity darkness,” as the Harvard Law professor John Coates writes in his book \u003ca data-event-element=\\\"inline link\\\" href=\\\"https://tertulia.com/book/the-problem-of-twelve-when-a-few-financial-institutions-control-everything-john-coates/9798987053546?affiliate_id=atl-347\\\"\u003e\u003cem\u003eThe Problem of Twelve\u003c/em\u003e\u003c/a\u003e. This is not a recipe for corporate responsibility or economic stability. A private economy is one in which companies can more easily get away with wrongdoing and an economic crisis can take everyone by surprise. And to a startling degree, a private economy is what we already have.\"},{\"__typename\":\"ArticleParagraphContent\",\"subtype\":\"DROPCAP\",\"idAttr\":\"\",\"innerHtml\":\"A\u003cspan class=\\\"smallcaps\\\"\u003emerica learned \u003c/span\u003ethe hard way what happens when corporations operate in the dark. Before the Great Depression, the whole U.S. economy functioned sort of like the crypto market in 2021. Companies could raise however much money they wanted from whomever they wanted. They could claim almost anything about their finances or business model. Investors often had no good way of knowing whether they were being defrauded, let alone whether to expect a good return.\"},{\"__typename\":\"ArticleParagraphContent\",\"subtype\":null,\"idAttr\":\"\",\"innerHtml\":\"Then came the worst economic crisis in U.S. history. From October to December of 1929, the stock market lost 50 percent of its value, with more losses to come. Thousands of banks collapsed, wiping out the savings of millions of Americans. Unemployment spiked to 25 percent. The Great Depression generated a crisis of confidence for American capitalism. Public hearings revealed just how rampant corporate fraud had become before the crash. In response, Congress passed the Securities Act of 1933 and the Securities Exchange Act of 1934. These laws launched a regime of “full and fair disclosure” and created a new government agency, the Securities and Exchange Commission, to enforce it. Now if companies wanted to raise money from the public, they would have to disclose a wide array of information to the public. This would include basic details about the company’s operations and finances, plus a comprehensive list of major risks facing the company, plans for complying with current and future regulations, and documentation of outstanding legal liabilities. All of these disclosures would be reviewed for accuracy by the SEC.\"},{\"__typename\":\"ArticleParagraphContent\",\"subtype\":null,\"idAttr\":\"\",\"innerHtml\":\"This regime created a new social contract for American capitalism: scale in exchange for transparency. Private companies were limited to 100 investors, putting a hard limit on how quickly they could grow. Any business that wanted to raise serious capital from the public had to submit itself to the new reporting laws. Over the next half century, this disclosure regime would underwrite the longest period of economic growth and prosperity in U.S. history. But it didn’t last. Beginning in the “Greed Is Good” 1980s, a wave of deregulatory reforms made it easier for private companies to raise capital. Most important was the National Securities Markets Improvement Act of 1996, which allowed private funds to raise an unlimited amount of money from an unlimited number of institutional investors. The law created a loophole that effectively broke the scale-for-transparency bargain. Tellingly, 1997 was the year the \u003ca data-event-element=\\\"inline link\\\" href=\\\"https://www.federalreserve.gov/econres/notes/feds-notes/the-post-covid-stock-listing-boom-20220617.html\\\"\u003enumber\u003c/a\u003e of public companies in America peaked.\"},{\"__typename\":\"ArticleRelatedContentLink\",\"idAttr\":\"injected-recirculation-link-1\",\"innerHtml\":\"\u003ca href=\\\"https://www.theatlantic.com/magazine/archive/2018/11/private-inequity/570808/\\\"\u003eFrom the November 2018 issue: The death of the IPO\u003c/a\u003e\",\"index\":1},{\"__typename\":\"ArticleParagraphContent\",\"subtype\":null,\"idAttr\":\"\",\"innerHtml\":\"“Suddenly, private companies could raise all the money they want without even thinking about an IPO,” De Fontenay said. “That completely undermined the incentives companies had to go public.” Indeed, from 1980 to 2000, an average of 310 companies went public every year; from 2001 to 2022, only 118 did. The number briefly shot up during the coronavirus pandemic but has since fallen. (Over the same time period, the rate of mergers and acquisitions \u003ca data-event-element=\\\"inline link\\\" href=\\\"https://www.theatlantic.com/business/archive/2016/01/2015-mergers-acquisitions/423096/\\\"\u003esoared\u003c/a\u003e, which also helps explain the decline in public companies.)\"},{\"__typename\":\"ArticleParagraphContent\",\"subtype\":null,\"idAttr\":\"\",\"innerHtml\":\"Meanwhile, private equity has matured into a multitrillion-dollar industry, devoted to making short-term profits from highly leveraged transactions, operating with almost no regulatory or public scrutiny. Not all private-equity deals end in calamity, of course, and not all public companies are paragons of civic virtue. But the secrecy in which private-equity firms operate emboldens them to act more recklessly—and makes it much harder to hold them accountable when they do. Private-equity investment in nursing homes, to take just one example, \u003ca data-event-element=\\\"inline link\\\" href=\\\"https://www.ineteconomics.org/uploads/papers/WP_118-Appelbaum-and-Batt-2-rb-Clean.pdf\\\"\u003ehas grown\u003c/a\u003e from about $5 billion at the turn of the century to more than $100 billion today. The results have not been pretty. The industry seems to have recognized that it could improve profit margins by cutting back on staffing while relying more on psychoactive medication. Stories abound of patients being \u003ca data-event-element=\\\"inline link\\\" href=\\\"https://www.washingtonpost.com/business/economy/opioid-overdoses-bedsores-and-broken-bones-what-happened-when-a-private-equity-firm-sought-profits-in-caring-for-societys-most-vulnerable/2018/11/25/09089a4a-ed14-11e8-baac-2a674e91502b_story.html\\\"\u003erushed\u003c/a\u003e to the hospital after being overprescribed opioids, of bedside call buttons so \u003ca data-event-element=\\\"inline link\\\" href=\\\"https://www.newyorker.com/news/dispatch/when-private-equity-takes-over-a-nursing-home\\\"\u003epoorly attended\u003c/a\u003e that residents suffer in silence while waiting for help, of nurses being \u003ca data-event-element=\\\"inline link\\\" href=\\\"https://time.com/5843893/nursing-homes-workers-coronavirus/\\\"\u003epressured\u003c/a\u003e to work while sick with COVID. A 2021 study \u003ca data-event-element=\\\"inline link\\\" href=\\\"https://www.nber.org/digest/202104/how-patients-fare-when-private-equity-funds-acquire-nursing-homes\\\"\u003econcluded\u003c/a\u003e that private-equity ownership was associated with about 22,500 premature nursing-home deaths from 2005 to 2017—\u003cem\u003ebefore\u003c/em\u003e the wave of death and misery wrought by the pandemic.\"},{\"__typename\":\"ArticleParagraphContent\",\"subtype\":null,\"idAttr\":\"\",\"innerHtml\":\"Eventually, the public got wind of what was happening. The pandemic death count focused attention on the industry. Journalists and watchdog groups exposed the worst of the behaviors. Policy makers and regulators, at long last, began to take action. But by then, much of the damage had been done. “If we had some form of disclosure, we probably would have seen regulatory action a decade earlier,” Coates told me. “But instead, we’ve had 10-plus years of experimentation and abuse without anyone knowing.”\"},{\"__typename\":\"ArticleParagraphContent\",\"subtype\":null,\"idAttr\":\"\",\"innerHtml\":\"Something similar could be said about any number of industries, including \u003ca data-event-element=\\\"inline link\\\" href=\\\"https://www.nber.org/papers/w24976\\\"\u003ehigher education\u003c/a\u003e, \u003ca data-event-element=\\\"inline link\\\" href=\\\"https://www.theatlantic.com/magazine/archive/2021/11/alden-global-capital-killing-americas-newspapers/620171/\\\"\u003enewspapers\u003c/a\u003e, \u003ca data-event-element=\\\"inline link\\\" href=\\\"https://www.theatlantic.com/magazine/archive/2018/07/toys-r-us-bankruptcy-private-equity/561758/\\\"\u003eretail\u003c/a\u003e, and \u003ca data-event-element=\\\"inline link\\\" href=\\\"https://www.theatlantic.com/ideas/archive/2020/02/how-private-equity-ruined-fairway/606625/\\\"\u003egrocery stores\u003c/a\u003e. Across the economy, private-equity firms are known for laying off workers, evading regulations, reducing the quality of services, and \u003ca data-event-element=\\\"inline link\\\" href=\\\"https://www.theatlantic.com/ideas/archive/2023/05/private-equity-firms-bankruptcies-plunder-book/673896/\\\"\u003ebankrupting companies\u003c/a\u003e while ensuring that their own partners are paid handsomely. The veil of secrecy makes all of this easier to execute and harder to stop.\"},{\"__typename\":\"ArticleParagraphContent\",\"subtype\":null,\"idAttr\":\"\",\"innerHtml\":\"Private-equity funds dispute much of the criticism of the industry. They argue that the horror stories are exaggerated and that a handful of problematic firms shouldn’t tarnish the rest of the industry, which is doing great work. Freed from onerous disclosure requirements, they claim, private companies can build more dynamic, flexible businesses that generate greater returns for shareholders. But the lack of public information makes verifying these claims difficult. \u003ca data-event-element=\\\"inline link\\\" href=\\\"https://www.hbs.edu/ris/Publication%20Files/ReplicatingPE_201512_3859877f-bd53-4d3e-99aa-6daec2a3a2d3.pdf\\\"\u003eMost\u003c/a\u003e \u003ca data-event-element=\\\"inline link\\\" href=\\\"https://papers.ssrn.com/sol3/papers.cfm?abstract_id=473341\\\"\u003ecareful\u003c/a\u003e \u003ca data-event-element=\\\"inline link\\\" href=\\\"https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2597259\\\"\u003eacademic\u003c/a\u003e \u003ca data-event-element=\\\"inline link\\\" href=\\\"https://www.jstor.org/stable/30225708\\\"\u003estudies\u003c/a\u003e find that although private-equity funds slightly outperformed the stock market on average prior to the early 2000s, they no longer do so. When you take into account their high fees, they appear to be a worse investment than a simple index fund.\"},{\"__typename\":\"ArticleParagraphContent\",\"subtype\":null,\"idAttr\":\"\",\"innerHtml\":\"“These companies basically get to write their own stories,” says Alyssa Giachino, the research director at the Private Equity Stakeholder Project. “They produce their own reports. They come up with their own numbers. And there’s no one making sure they are telling the truth.”\"},{\"__typename\":\"ArticleParagraphContent\",\"subtype\":\"DROPCAP\",\"idAttr\":\"\",\"innerHtml\":\"I\u003cspan class=\\\"smallcaps\\\"\u003en the Roaring ’20s,\u003c/span\u003e the lack of corporate disclosure allowed a massive financial crisis to build up without anyone noticing. A century later, the growth of a new shadow economy could pose similar risks.\"},{\"__typename\":\"ArticleParagraphContent\",\"subtype\":null,\"idAttr\":\"\",\"innerHtml\":\"The hallmark of a private-equity deal is the so-called leveraged buyout. Funds take on massive amounts of debt to buy companies, with the goal of reselling in a few years at a profit. If all of that debt becomes hard to pay back—because of, say, an economic downturn or rising interest rates—a wave of defaults could ripple through the financial system. In fact, this has happened before: The original leveraged buyout mania of the 1980s \u003ca data-event-element=\\\"inline link\\\" href=\\\"https://www.latimes.com/archives/la-xpm-1989-10-29-op-140-story.html\\\"\u003ehelped spark\u003c/a\u003e the 1989 stock-market crash. Since then, private equity has grown into a $12 trillion industry and has begun raising much of its money from unregulated, nonbank lenders, many of which are owned by the same private-equity funds taking out loans in the first place.\"},{\"__typename\":\"ArticleParagraphContent\",\"subtype\":null,\"idAttr\":\"\",\"innerHtml\":\"Meanwhile, interest rates have reached a 20-year high, posing \u003ca data-event-element=\\\"inline link\\\" href=\\\"https://www.wsj.com/articles/private-equity-exits-sink-to-one-of-lowest-points-in-over-a-decade-86b684b6\\\"\u003ea direct threat\u003c/a\u003e to private equity’s debt-heavy business model. In response, many private-equity funds have migrated toward even \u003ca data-event-element=\\\"inline link\\\" href=\\\"https://www.bloomberg.com/news/articles/2023-09-26/private-equity-is-piling-debt-on-itself-like-never-before?sref=BGQFqz7X\\\"\u003eriskier forms\u003c/a\u003e of backroom financing. Many of these involve taking on even more debt on \u003ca data-event-element=\\\"inline link\\\" href=\\\"https://www.ft.com/content/afc90e17-253d-49a7-bc39-dc5fbe31e648\\\"\u003ethe assumption\u003c/a\u003e that market conditions will soon improve enough to restore profitability. If that doesn’t happen—and many of these big deals fail—the implications could be massive.\"},{\"__typename\":\"ArticleRelatedContentLink\",\"idAttr\":\"injected-recirculation-link-2\",\"innerHtml\":\"\u003ca href=\\\"https://www.theatlantic.com/ideas/archive/2023/10/private-equity-hospitals-health-care/675779\\\"\u003eJoe Nocera and Bethany McLean: What financial engineering does to hospitals\u003c/a\u003e\",\"index\":2},{\"__typename\":\"ArticleParagraphContent\",\"subtype\":null,\"idAttr\":\"\",\"innerHtml\":\"The industry counters that private markets are a better place for risky deals precisely because they have fewer ties to the real economy. A traditional bank has a bunch of ordinary depositors, whereas if a private-equity firm goes bust, the losers are institutional investors: pension funds, university endowments, wealthy fund managers. Bad, but not catastrophic. The problem, once again, is that no one knows how true that story is. Banks have to disclose information to regulators about how much they’re lending, how much capital they’re holding, and how their loans are performing. Private lenders sidestep all of that, meaning that regulators can’t know what risks exist in the system or \u003ca data-event-element=\\\"inline link\\\" href=\\\"https://www.reuters.com/business/finance/blackstones-first-quarter-earnings-plunge-real-estate-slowdown-2023-04-20/\\\"\u003ehow tied they are\u003c/a\u003e to the real economy.\"},{\"__typename\":\"ArticleParagraphContent\",\"subtype\":null,\"idAttr\":\"\",\"innerHtml\":\"“Everything could be just fine,” says Ana Arsov, a managing director at Moody’s Investors Service who leads research on private lending. “But the point is that we don’t have the information we need to assess risk. Who is making these loans? How big are they? What are the terms? We just don’t know. So the worry is that the leverage in the system might grow and grow and grow without anyone noticing. And we really don’t know what the effects could be if something goes wrong.”\"},{\"__typename\":\"ArticleParagraphContent\",\"subtype\":null,\"idAttr\":\"\",\"innerHtml\":\"The government appears to be at least somewhat \u003ca data-event-element=\\\"inline link\\\" href=\\\"https://www.fdic.gov/news/speeches/2023/spsept2023.html#:~:text=According%20to%20the%20findings%20of,to%20their%20reliance%20on%20leverage\\\"\u003eaware\u003c/a\u003e of this problem. In August, the SEC \u003ca data-event-element=\\\"inline link\\\" href=\\\"https://www.sec.gov/news/statement/crenshaw-statement-private-fund-advisers-082323\\\"\u003eproposed\u003c/a\u003e a new rule requiring private-equity fund advisers to give more information to their investors. That’s better than nothing, but it hardly addresses the bad behavior or systemic risk. Nearly a century ago, Congress concluded that the nation’s economic system could not survive as long as its most powerful companies were left to operate in the shadows. It took the worst economic cataclysm in American history to learn that lesson. The question now is what it will take to learn it again.\"},{\"__typename\":\"ArticleLegacyHtml\",\"tagName\":\"HR\",\"idAttr\":\"\",\"className\":\"\",\"style\":\"\",\"innerHtml\":\"\"},{\"__typename\":\"ArticleParagraphContent\",\"subtype\":null,\"idAttr\":\"\",\"innerHtml\":\"\u003cem\u003e\u003csmall\u003eThis article originally stated that Ana Arsov works for Moody's Analytics. In fact, she works for Moody's Investors Service. \u003c/small\u003e\u003c/em\u003e\"}],\"editorialProject\":{\"river\":{\"edges\":[{\"node\":{\"__typename\":\"BlogArticle\",\"url\":\"https://www.theatlantic.com/ideas/archive/2025/02/nih-nsf-science-doge/681645/\",\"title\":\"DOGE Is Failing on Its Own Terms\",\"authors\":[{\"url\":\"https://www.theatlantic.com/author/david-deming/\",\"displayName\":\"David Deming\",\"id\":\"Author:38433\",\"slug\":\"david-deming\",\"__typename\":\"Author\"}],\"riverImage\":{\"id\":\"Image:1729997:80x80:1x,2x\",\"url\":\"https://cdn.theatlantic.com/thumbor/J1apYhQhOleunANCD-AofQoSKo0=/438x0:1563x1125/80x80/media/img/mt/2025/02/25_2_10_Deming_DOGE_ineffecient_final_2/original.jpg\",\"srcSet\":\"https://cdn.theatlantic.com/thumbor/J1apYhQhOleunANCD-AofQoSKo0=/438x0:1563x1125/80x80/media/img/mt/2025/02/25_2_10_Deming_DOGE_ineffecient_final_2/original.jpg, https://cdn.theatlantic.com/thumbor/vetfkiRmrC_CpGIhd1XEU9BKa7A=/438x0:1563x1125/160x160/media/img/mt/2025/02/25_2_10_Deming_DOGE_ineffecient_final_2/original.jpg 2x\",\"reducedMotionSrcSet\":null,\"width\":80,\"height\":80,\"altText\":\"Red scissors cutting a $100 bill\",\"__typename\":\"BasicImage\"}},\"__typename\":\"PromoEdge\"},{\"node\":{\"__typename\":\"BlogArticle\",\"url\":\"https://www.theatlantic.com/politics/archive/2025/02/trump-tariffs-canada-mexico/681570/\",\"title\":\"The Tariffs Were Never Real\",\"authors\":[{\"url\":\"https://www.theatlantic.com/author/roge-karma/\",\"displayName\":\"Rogé Karma\",\"id\":\"Author:38525\",\"slug\":\"roge-karma\",\"__typename\":\"Author\"}],\"riverImage\":{\"id\":\"Image:1727997:80x80:1x,2x\",\"url\":\"https://cdn.theatlantic.com/thumbor/BW12WqNKpUwwQrz8jm464Z-d9pA=/438x0:1563x1125/80x80/media/img/mt/2025/02/20250204_trump_tarriffs_2/original.jpg\",\"srcSet\":\"https://cdn.theatlantic.com/thumbor/BW12WqNKpUwwQrz8jm464Z-d9pA=/438x0:1563x1125/80x80/media/img/mt/2025/02/20250204_trump_tarriffs_2/original.jpg, https://cdn.theatlantic.com/thumbor/8w3x6g2mZiAuG3VgFUodlZ-CXu8=/438x0:1563x1125/160x160/media/img/mt/2025/02/20250204_trump_tarriffs_2/original.jpg 2x\",\"reducedMotionSrcSet\":null,\"width\":80,\"height\":80,\"altText\":\"A blank price tag stamped haphazardly with a capital \\\"T\\\"\",\"__typename\":\"BasicImage\"}},\"__typename\":\"PromoEdge\"},{\"node\":{\"__typename\":\"BlogArticle\",\"url\":\"https://www.theatlantic.com/ideas/archive/2025/02/nitrous-oxide-drug-loophole/681532/\",\"title\":\"The Illegal Drug at Every Corner Store\",\"authors\":[{\"url\":\"https://www.theatlantic.com/author/amogh-dimri/\",\"displayName\":\"Amogh Dimri\",\"id\":\"Author:38993\",\"slug\":\"amogh-dimri\",\"__typename\":\"Author\"}],\"riverImage\":{\"id\":\"Image:1726810:80x80:1x,2x\",\"url\":\"https://cdn.theatlantic.com/thumbor/t89e4MLKbVbe4V9ZK8tbtai3uyA=/438x0:1563x1125/80x80/media/img/mt/2025/01/20250123_nitrous_2/original.jpg\",\"srcSet\":\"https://cdn.theatlantic.com/thumbor/t89e4MLKbVbe4V9ZK8tbtai3uyA=/438x0:1563x1125/80x80/media/img/mt/2025/01/20250123_nitrous_2/original.jpg, https://cdn.theatlantic.com/thumbor/f018A_W4vwHtwIBIcOoMHgPfl3U=/438x0:1563x1125/160x160/media/img/mt/2025/01/20250123_nitrous_2/original.jpg 2x\",\"reducedMotionSrcSet\":null,\"width\":80,\"height\":80,\"altText\":\"Illustration showing nitrous-oxide canisters\",\"__typename\":\"BasicImage\"}},\"__typename\":\"PromoEdge\"},{\"node\":{\"__typename\":\"BlogArticle\",\"url\":\"https://www.theatlantic.com/ideas/archive/2025/01/deepseek-ai-investment-tech/681516/\",\"title\":\"DeepSeek’s Chatbot Has an Important Message\",\"authors\":[{\"url\":\"https://www.theatlantic.com/author/james-surowiecki/\",\"displayName\":\"James Surowiecki\",\"id\":\"Author:27855\",\"slug\":\"james-surowiecki\",\"__typename\":\"Author\"}],\"riverImage\":{\"id\":\"Image:1726265:80x80:1x,2x\",\"url\":\"https://cdn.theatlantic.com/thumbor/4jQe4h1SH28GwByVO8UND305o4k=/540x150:1415x1025/80x80/media/img/mt/2025/01/chip/original.jpg\",\"srcSet\":\"https://cdn.theatlantic.com/thumbor/4jQe4h1SH28GwByVO8UND305o4k=/540x150:1415x1025/80x80/media/img/mt/2025/01/chip/original.jpg, https://cdn.theatlantic.com/thumbor/r13H0WVH2iXhTLWZRHiVrosX2Lg=/540x150:1415x1025/160x160/media/img/mt/2025/01/chip/original.jpg 2x\",\"reducedMotionSrcSet\":null,\"width\":80,\"height\":80,\"altText\":\"A downward stock-market arrow colliding with a stack of computer chips\",\"__typename\":\"BasicImage\"}},\"__typename\":\"PromoEdge\"}],\"__typename\":\"RiverConnection\"},\"__typename\":\"EditorialProject\",\"displayName\":\"The New Rules\",\"url\":\"https://www.theatlantic.com/projects/new-rules/\",\"accentColor\":\"#fbfafa\",\"textColor\":\"#000000\",\"presentedByUrl\":\"\",\"presentedByDisplayName\":\"\",\"foundationLineArticle\":\"Support for this project was provided by the William and Flora Hewlett Foundation.\",\"slug\":\"new-rules\"},\"primaryCategory\":{\"__typename\":\"Channel\",\"displayName\":\"Ideas\",\"url\":\"https://www.theatlantic.com/ideas/\",\"slug\":\"ideas\"},\"reviews\":[],\"embeds\":[],\"preview\":null,\"tags\":[],\"layout\":\"standard\",\"secondaryByline\":\"\",\"dek\":\"Private equity has made one-fifth of the market effectively invisible to investors, the media, and regulators.\",\"url\":\"https://www.theatlantic.com/ideas/archive/2023/10/private-equity-publicly-traded-companies/675788/\",\"shareText\":\"\\\"A private economy is one in which companies can more easily get away with wrongdoing and an economic crisis can take everyone by surprise,\\\" Rogé Karma writes. \\\"And to a startling degree, a private economy is what we already have.\\\"\",\"shareTitle\":\"The Secretive Industry Devouring the U.S. Economy\",\"title\":\"The Secretive Industry Devouring the U.S. Economy\",\"datePublished\":\"2023-10-30T11:30:00Z\",\"editorsNote\":null,\"leadArt\":{\"__typename\":\"LeadArtImage\",\"image\":{\"url\":\"https://cdn.theatlantic.com/thumbor/j46ndE6sj1BBs3_vsXowNBwva5A=/1x0:965x542/960x540/media/img/mt/2023/10/StockMarketPoof/original.gif\",\"width\":960,\"height\":540,\"srcSet\":\"https://cdn.theatlantic.com/thumbor/ceBGZTUB0XWRyhFxoU7FR-BVOgU=/1x0:965x542/750x422/media/img/mt/2023/10/StockMarketPoof/original.gif 750w, https://cdn.theatlantic.com/thumbor/u5YnhlXBkjIweWXPNFR2mvu0dOM=/1x0:965x542/828x466/media/img/mt/2023/10/StockMarketPoof/original.gif 828w, https://cdn.theatlantic.com/thumbor/j46ndE6sj1BBs3_vsXowNBwva5A=/1x0:965x542/960x540/media/img/mt/2023/10/StockMarketPoof/original.gif 960w\",\"reducedMotionSrcSet\":\"https://cdn.theatlantic.com/thumbor/KqAoGR-ALX6d3-jBGpkilpaU03I=/1x0:965x542/750x422/filters:still()/media/img/mt/2023/10/StockMarketPoof/original.gif 750w, https://cdn.theatlantic.com/thumbor/Q5D6I_yQHCbAUkh-3rYKLBMBRZE=/1x0:965x542/828x466/filters:still()/media/img/mt/2023/10/StockMarketPoof/original.gif 828w, https://cdn.theatlantic.com/thumbor/XEuPcHpzWO4gGxZIDfEDeJhbvmI=/1x0:965x542/960x540/filters:still()/media/img/mt/2023/10/StockMarketPoof/original.gif 960w\",\"altText\":\"A photo illustration of the Wall Street bull disappearing in a white cloud\",\"captionText\":\"\",\"attributionText\":\"Illustration by The Atlantic. Sources: Shutterstock; Getty.\",\"attributionUrl\":\"\",\"__typename\":\"BasicImage\"}},\"audio\":{\"url\":\"https://traffic.megaphone.fm/ATL8597160435.mp3\",\"urlAdfree\":\"https://traffic.megaphone.fm/ATL1035244809.mp3\",\"duration\":770.7,\"vendor\":\"curio\",\"type\":\"narrated\",\"__typename\":\"Audio\"},\"hasAudioRights\":true,\"narratedAudioImage\":{\"url\":\"https://cdn.theatlantic.com/thumbor/u58MfcsYnn7QgCJ18NAJFjl4FU4=/204x0:746x542/80x80/media/img/mt/2023/10/StockMarketPoof/original.gif\",\"srcSet\":\"https://cdn.theatlantic.com/thumbor/u58MfcsYnn7QgCJ18NAJFjl4FU4=/204x0:746x542/80x80/media/img/mt/2023/10/StockMarketPoof/original.gif 80w, https://cdn.theatlantic.com/thumbor/YaykLP5qim30H_xXLTNQXraFpPs=/204x0:746x542/96x96/media/img/mt/2023/10/StockMarketPoof/original.gif 96w, https://cdn.theatlantic.com/thumbor/2MCRFM3dCkYOGE99V0gVspClvmE=/204x0:746x542/128x128/media/img/mt/2023/10/StockMarketPoof/original.gif 128w, https://cdn.theatlantic.com/thumbor/PqrBxUmzmJV74h7Js-KBAhIf4io=/204x0:746x542/160x160/media/img/mt/2023/10/StockMarketPoof/original.gif 160w, https://cdn.theatlantic.com/thumbor/rj3Wny88vHg46LqBXgKdMR7tLC8=/204x0:746x542/192x192/media/img/mt/2023/10/StockMarketPoof/original.gif 192w, https://cdn.theatlantic.com/thumbor/KguxBopABCuyLOspJtyo6hVdOCo=/204x0:746x542/256x256/media/img/mt/2023/10/StockMarketPoof/original.gif 256w, https://cdn.theatlantic.com/thumbor/kaWicLrTJ7M9QJZzpmXs5IDzSvE=/204x0:746x542/384x384/media/img/mt/2023/10/StockMarketPoof/original.gif 384w, https://cdn.theatlantic.com/thumbor/9507bT30MQkftCtRLNTfnVo6ddU=/204x0:746x542/512x512/media/img/mt/2023/10/StockMarketPoof/original.gif 512w\",\"width\":80,\"height\":80,\"altText\":\"A photo illustration of the Wall Street bull disappearing in a white cloud\",\"__typename\":\"BasicImage\"},\"seoTitle\":\"The Secretive Industry Devouring the U.S. Economy\",\"hasMeter\":false,\"channels\":[{\"slug\":\"ideas\",\"__typename\":\"Channel\"}],\"primaryChannel\":{\"slug\":\"ideas\",\"__typename\":\"Channel\",\"displayName\":\"Ideas\"},\"shareDek\":\"Private equity has made one-fifth of the market effectively invisible to investors, the media, and regulators.\",\"fbiaUrl\":\"https://www.theatlantic.com/facebook-instant/article/675788/\",\"canonicalUrl\":\"https://www.theatlantic.com/ideas/archive/2023/10/private-equity-publicly-traded-companies/675788/\",\"dateModified\":\"2023-11-08T02:49:07Z\",\"syndication\":\"ALL\",\"shareImage2x1\":null,\"shareImageGift2x1\":null,\"shareImageGiftSmall\":{\"url\":\"https://cdn.theatlantic.com/thumbor/MOIa_GxsTD7H2rkZfKjgBYCoVoE=/2x20:963x524/960x504/filters:watermark(https://cdn.theatlantic.com/media/files/badge_2x.png,-20,20,0,33)/media/img/mt/2023/10/StockMarketPoof/original.gif\",\"height\":504,\"width\":960,\"__typename\":\"BasicImage\"},\"shareImageSmall\":{\"url\":\"https://cdn.theatlantic.com/thumbor/iB_IXBBT3XahAMwWZLNeQ_fEdhQ=/2x20:963x524/960x504/media/img/mt/2023/10/StockMarketPoof/original.gif\",\"height\":504,\"width\":960,\"__typename\":\"BasicImage\"},\"watsonInfo\":{\"keywords\":[\"private-equity industry\",\"publicly traded company\",\"private-equity fund\",\"number of American public companies\",\"private equity\",\"company private\",\"national economy\",\"much money\",\"fair disclosure\",\"private-equity firms\",\"next half century\",\"U.S. stock market\",\"public companies\",\"private funds\",\"economic stability\",\"new government agency\",\"horror stories\",\"own partners\",\"good way\",\"private equity darkness\",\"gone public\",\"Private companies\",\"corporate equity\",\"Policy makers\",\"Public hearings\",\"death of the IPO\",\"market’s madnessElisabeth de Fontenay\",\"Great Depression\",\"big deal\",\"nonbank lenders\",\"total control\",\"Roaring ’20s\",\"great work\",\"economic crisis\",\"unlimited amount of money\",\"private economy\",\"law professor\",\"higher education\",\"careful academic studies\",\"private-equity deals end\",\"better place\",\"corporate finance\",\"Duke University\",\"current trends\",\"direct threat\",\"research director\",\"much capital\",\"hard way\",\"niche industry\",\"wave of deregulatory reforms\"],\"__typename\":\"WatsonInfo\"},\"shareImage1x1\":null,\"shareImage16x9\":null,\"shareImage4x3\":null,\"shareImageDefault\":{\"width\":960,\"height\":540,\"url\":\"https://cdn.theatlantic.com/thumbor/j46ndE6sj1BBs3_vsXowNBwva5A=/1x0:965x542/960x540/media/img/mt/2023/10/StockMarketPoof/original.gif\",\"__typename\":\"BasicImage\"},\"shareImageSquareDefault\":{\"width\":540,\"height\":540,\"url\":\"https://cdn.theatlantic.com/thumbor/cELI-I834r68QgfhTaGtjBSn08A=/204x0:746x542/540x540/media/img/mt/2023/10/StockMarketPoof/original.gif\",\"__typename\":\"BasicImage\"},\"shareImageLeadArt\":{\"image\":{\"width\":720,\"height\":405,\"url\":\"https://cdn.theatlantic.com/thumbor/z9fcd1SPZ9RDhRLjCs2HzumxfdE=/1x0:965x542/720x405/media/img/mt/2023/10/StockMarketPoof/original.gif\",\"__typename\":\"BasicImage\"},\"__typename\":\"LeadArtImage\"},\"slug\":\"private-equity-publicly-traded-companies\",\"grapeshot\":{\"segments\":[\"gv_safe\",\"gb_safe\",\"pos_gucci\",\"pos_mastercard\",\"pos_oceangate\",\"pos_safe_core\",\"pos_safe_strict\",\"pos_safety_delta\",\"gs_busfin_business\",\"gs_busfin\",\"gs_busfin_business_bnk\",\"gs_busfin_business_bnk_pveqt\",\"gs_busfin_economy\",\"gs_economy\",\"shadow9hu7_pos_bofa-kwlist\",\"gs_busfin_economy_markets\",\"gs_economy_markets\",\"gt_negative\",\"shadow9hu7_pos_lexus_fy23\"],\"__typename\":\"Grapeshot\"}}}"},"1599232160":{"data":"{\"article\":{\"primaryCategory\":{\"__typename\":\"Channel\"},\"editorialProject\":{\"river\":{\"edges\":[{\"id\":\"PromoEdge:681645\",\"__typename\":\"PromoEdge\"},{\"id\":\"PromoEdge:681570\",\"__typename\":\"PromoEdge\"},{\"id\":\"PromoEdge:681532\",\"__typename\":\"PromoEdge\"},{\"id\":\"PromoEdge:681516\",\"__typename\":\"PromoEdge\"}],\"__typename\":\"RiverConnection\"},\"__typename\":\"EditorialProject\"},\"__typename\":\"BlogArticle\"}}"},"1612248649":{"data":"{\"article\":{\"id\":\"BlogArticle:675788\",\"isTnfCompatible\":true,\"layout\":\"standard\",\"hasMeter\":false,\"url\":\"https://www.theatlantic.com/ideas/archive/2023/10/private-equity-publicly-traded-companies/675788/\",\"dateModified\":\"2023-11-08T02:49:07Z\",\"__typename\":\"BlogArticle\"}}"},"2021745665":{"data":"{\"breakingNews\":null}"}},"urqlClient":null},"isSocialBot":false},"page":"/[channel]/archive/[year]/[month]/[slug]/[id]","query":{"channel":"ideas","year":"2023","month":"10","slug":"private-equity-publicly-traded-companies","id":"675788"},"buildId":"3681e1a8cb","assetPrefix":"https://cdn.theatlantic.com","runtimeConfig":{"GTM_CONTAINER_ID":"GTM-NTQTB9V","GTM_CONTAINER_ID_NONCONSENTED":"GTM-5839GV7","GRAPHQL_API_URL":"https://graphql.theatlantic.com","GRAPHQL_API_KEY":"JakhyMEXwa9odtB8gBxFI63ITyKqDGkn7ciGVIJf","ADS_LIB_URL":"https://www.theatlantic.com/packages/hummingbirdjs/hummingbird.min.js","ACCOUNTS_FRONTEND_URL":"https://accounts.theatlantic.com","ENABLE_FEATURE_ARTICLE_RENDER":"false","RECAPTCHA_SITE_KEY":"6Lc9Z7AUAAAAAEYS1dgAG2_6tT3KLqZQ1z4kbDRc","BETA_ENV":false},"isFallback":false,"isExperimentalCompile":false,"dynamicIds":[9587,50649],"gip":true,"appGip":true,"scriptLoader":[]}</script><script nomodule="" src="https://cdn.theatlantic.com/_next/static/chunks/polyfills-c67a75d1b6f99dc8.js"></script><script async="" src="https://cdn.theatlantic.com/_next/static/chunks/9587.03e639dfa3e4199a.js"></script><script src="https://cdn.theatlantic.com/_next/static/chunks/webpack-516a0acb39e75310.js" async=""></script><script src="https://cdn.theatlantic.com/_next/static/chunks/framework-ca706bf673a13738.js" async=""></script><script src="https://cdn.theatlantic.com/_next/static/chunks/main-9af27423854a1f43.js" async=""></script><script src="https://cdn.theatlantic.com/_next/static/chunks/pages/_app-faecc48980ced587.js" async=""></script><script src="https://cdn.theatlantic.com/_next/static/chunks/6729-7978443139836095.js" async=""></script><script src="https://cdn.theatlantic.com/_next/static/chunks/8286-b35c81576953924b.js" async=""></script><script src="https://cdn.theatlantic.com/_next/static/chunks/436-aadfbd871a794704.js" async=""></script><script src="https://cdn.theatlantic.com/_next/static/chunks/9843-267e63e874251a37.js" async=""></script><script src="https://cdn.theatlantic.com/_next/static/chunks/899-448b91a629016ff2.js" async=""></script><script src="https://cdn.theatlantic.com/_next/static/chunks/2912-ebf029ed4116b01f.js" async=""></script><script src="https://cdn.theatlantic.com/_next/static/chunks/6772-2c0b832574392efa.js" async=""></script><script src="https://cdn.theatlantic.com/_next/static/chunks/6392-1397c4f8500d73b6.js" async=""></script><script src="https://cdn.theatlantic.com/_next/static/chunks/4947-607d15e1756278f9.js" async=""></script><script src="https://cdn.theatlantic.com/_next/static/chunks/3297-543c6448c0812417.js" async=""></script><script src="https://cdn.theatlantic.com/_next/static/chunks/365-09c3f00366a4c3f6.js" async=""></script><script src="https://cdn.theatlantic.com/_next/static/chunks/8849-ca6c5b68c97b8238.js" async=""></script><script src="https://cdn.theatlantic.com/_next/static/chunks/9310-d0d5baafd7a7f3b8.js" async=""></script><script src="https://cdn.theatlantic.com/_next/static/chunks/4742-509dbec7680a76ec.js" async=""></script><script src="https://cdn.theatlantic.com/_next/static/chunks/1730-999b0129269ea1cb.js" async=""></script><script src="https://cdn.theatlantic.com/_next/static/chunks/2093-764360aebf316f7a.js" async=""></script><script src="https://cdn.theatlantic.com/_next/static/chunks/5273-4d82a687024fdc4f.js" async=""></script><script src="https://cdn.theatlantic.com/_next/static/chunks/2381-907c18d9ebbfaace.js" async=""></script><script src="https://cdn.theatlantic.com/_next/static/chunks/pages/%5Bchannel%5D/archive/%5Byear%5D/%5Bmonth%5D/%5Bslug%5D/%5Bid%5D-6d3cbb2be5666618.js" async=""></script><script src="https://cdn.theatlantic.com/_next/static/3681e1a8cb/_buildManifest.js" async=""></script><script src="https://cdn.theatlantic.com/_next/static/3681e1a8cb/_ssgManifest.js" async=""></script></body></html>