上海的月亮: CN — LARRY ROMANOFF: 犹太人正在掠夺世界——第七部分 — 私募股权与公司受害者 — Jews are Plundering the World – Part 7

译者：Pearl

There is yet another category of plundering that involves corporations. The European bankers who control the massive hedge funds and other sources of finance, plunder corporations into bankruptcy while looting them in an astonishing manner.

还有一类掠夺行为涉及企业。控制着巨额对冲基金和其他资金来源的欧洲银行家们，使企业陷入破产，同时以惊人的方式掠夺它们。

案例研究：玩具反斗城遭洗劫 — A Case Study: The Looting of Toys “R” Us

Toys “R” Us was at one time the largest chain of toy stores in America. They accounted for a quarter of all toy sales in the country and were instantly recognizable by children of multiple generations as one of their favorite places to shop. But over time they would suffer hardship, a buyout that left them with such an insane amount of debt that it was impossible for them to move forward.

玩具反斗城（Toys “R” Us）曾是美国最大的玩具连锁店。其销售额占全国玩具总销售额的四分之一，是几代儿童心目中最喜爱的购物场所之一，一望便知。但随着时间的推移，他们遭遇了困境，一次收购让他们背负了巨额债务，使他们无法继续前行。

The trajectory of Toys “R” Us is a definitive case study of this pattern. Before its 2005 buyout, the company was a profitable market leader with over $12 billion in revenue and 60,000 employees. In 2005, a consortium of three private-equity firms, Bain Capital, KKR, and Vornado Realty Trust, acquired Toys “R” Us through a leveraged buyout.

玩具反斗城的发展轨迹是这一模式的典型案例。在2005年被收购之前，该公司是一家盈利的市场领导者，年收入超过120亿美元，拥有6万名员工。2005年，由贝恩资本、KKR和沃那多房地产信托三家私募股权公司组成的财团通过杠杆收购收购了玩具反斗城。

Then came the financial engineering. The new consortium owners immediately transferred the debt to the victim, saddling Toys “R” Us with more than $5 billion in debt. [1] Toys “R” Us had to service this debt, spending roughly $400 million annually on interest payments alone, leaving little for business investment. Meanwhile, the new owners plundered nearly half a billion dollars in “management fees”. [2] The outcome was not only predictable, but premeditated. Crippled by debt and starved of investment, Toys “R” Us unsurprisingly went bankrupt and ultimately liquidated all 735 U.S. stores.[3][4]

接着，金融工程登场了。新的财团所有者立即将债务转移给了受害者，使玩具反斗城背负了超过50亿美元的债务。[1]玩具反斗城不得不偿还这些债务，仅每年用于支付利息的费用就高达约4亿美元，几乎没有剩余资金用于商业投资。与此同时，新所有者掠夺了近5亿美元的“管理费”。[2]这一结果不仅是可以预见的，而且是经过预谋的。由于债务缠身且缺乏投资，玩具反斗城不出所料地破产了，并最终清算了其在美国的全部735家门店。 [3][4]

Noteworthy that the PE owners insulated themselves from the collapse. The consortium had already extracted significant management and transaction fees from the company throughout its ownership, and walked away having written the value of their investment down to zero, while the billions in debt they had placed on the company remained its legal obligation.

值得注意的是，私募股权所有者在这场崩溃中独善其身。该财团在持有公司期间已经从公司收取了大量管理和交易费用，并在将投资价值减记至零后抽身离去，而他们给公司带来的数十亿美元债务仍是公司的法定义务。

The “official narrative”, according to one mis-information website, was that “[The] acquisition of Toys R Us … was expected to bring significant returns on investment. However, the company struggled to stay afloat in the face of changing consumer behavior and increased competition from online retailers like Amazon. The private equity firms that acquired Toys “R” Us in 2005, were caught off guard by the company’s decline … but couldn’t stem the tide of declining sales. The company’s debt had ballooned to $5.3 billion, making it difficult to compete with online retailers. Toys “R” Us filed for bankruptcy in 2017.[5]

根据一家错误信息网站的说法，“官方说法”是：“收购玩具反斗城……本有望带来可观的投资回报。然而，面对消费者行为的变化以及来自亚马逊等在线零售商日益激烈的竞争，该公司难以维持运营。2005年收购玩具反斗城的私募股权公司对公司的衰落措手不及……但无法阻止销售下滑的趋势。该公司的债务激增至53亿美元，使其难以与在线零售商竞争。2017年，玩具反斗城申请破产。 [5]

But the sympathetic official story is a lie in its entirety. Prior to the buyout, Toys “R” Us was a successful and profitable enterprise, with $12 billion in revenues, and 60,000 employees. Virtually the entire debt for the purchase was transferred to the victim, relieving the purchasers of any financial responsibility. The new owners then fired nearly half the employees while eliminating normal expenses like store maintenance and upgrading, and began looting the company.

但官方的同情说辞通篇都是谎言。在收购之前，玩具反斗城是一家成功且盈利的企业，年收入达120亿美元，拥有6万名员工。几乎全部的收购债务都转移到了受害者身上，使收购者免除了任何财务责任。新东家随后解雇了近一半的员工，同时取消了店铺维护和升级等正常开支，并开始掠夺公司资产。

It was not increased competition that sank Toys “R” Us; it was the plundering of the revenue and cost of servicing the debt. And the new owners were most certainly not “caught off guard” by the company’s decline; the decline and eventual bankruptcy were the plan. In the end, the private equity firms had their half a billion dollars, the president of Toys “R” Us (a friend of the vultures) received a final bonus of millions of dollars, but the thousands of employees who lost their jobs, received only $60 each as severance pay. [6] And an iconic retail institution was gone forever.

导致玩具反斗城破产的不是竞争加剧，而是对收入和服务债务成本的掠夺。而新东家肯定不是因为公司衰落而“措手不及”；衰落和最终破产是计划中的事。最终，私募股权公司获得了5亿美元，玩具反斗城（秃鹫的朋友）的总裁获得了数百万美元的最终奖金，但成千上万失去工作的员工每人只获得了60美元的遣散费。[6]一个标志性的零售机构永远消失了。

Toys “R” Us is not an anomaly. The same playbook has been run at dozens of other companies, with the same destructive outcome.

玩具反斗城并非特例。同样的剧本已在其他数十家公司上演，并带来了同样的毁灭性后果。

红龙虾餐厅 — Red Lobster restaurants

This one could form an MBA case study in financial extraction. The Red Lobster case is a perfect example of the systematic looting I have described. It tells how a healthy company can be methodically dismantled not by market competition, but by financial engineering. Red Lobster was not defeated by competitors; it was a very healthy enterprise that became the prey and casualty of a carefully orchestrated extraction play.

这个案例可以作为金融掠夺的MBA案例研究。红龙虾的案例正是我所描述的系统性掠夺的完美例证。它告诉我们，一家健康的企业是如何被有条不紊地拆解的，不是因为市场竞争，而是因为金融工程。红龙虾并非败于竞争对手；它曾是一家非常健康的企业，却成为了一场精心策划的掠夺行动的牺牲品。

Before becoming a target, Red Lobster was America’s largest seafood restaurant chain. With nearly 60 years of history, approximately 600 locations across 44 states and Canada, it served 64 million customers annually. In the year before its sale, it generated roughly $2.5 billion in revenue, with a valuation approximately nine times its annual operating profit.

在被收购前，红龙虾是美国最大的海鲜连锁餐厅。红龙虾拥有近60年的历史，在44个州和加麻大设有约600家分店，每年为6400万名顾客提供服务。在出售前一年，其营收约为25亿美元，估值约为其年度营业利润的九倍。

The entire “harvest” unfolded in two distinct phases, executed by two different firms. The first phase was a clever “hollowing-out” of the company through a highly-leveraged buy-out. In 2014, the private equity firm Golden Gate Capital acquired Red Lobster for $2.1 billion. The vast majority of this acquisition was financed through a clever maneuver of a sale and leaseback of the company-owned land. As the first step, Golden Gate immediately sold about 500 of Red Lobster’s owned properties for $1.5 billion to another company (American Realty Capital). Overnight, Red Lobster was transformed from an asset-owner paying no rent into a tenant burdened with massive lease obligations. This saddled the company with enormous fixed costs. By 2023, Red Lobster’s annual rent expenses had reached roughly $200 million, representing 10% of total revenue. The rent burden also squeezed other investments, accelerating the decline.

整个“收割”过程分为两个截然不同的阶段，由两家不同的公司执行。第一阶段是通过高杠杆收购巧妙地“掏空”公司。2014年，私募股权公司金门资本以21亿美元收购了红龙虾。此次收购的绝大部分资金是通过巧妙操作公司拥有的土地售后回租获得的。作为第一步，金门资本立即以15亿美元的价格将红龙虾约500处自有物业出售给另一家公司（美国房地产资本）。一夜之间，红龙虾从无需支付租金的资产所有者转变为背负巨额租赁义务的承租人。这使公司背负了巨大的固定成本。到2023年，红龙虾的年租金支出已达到约2亿美元，占总营收的10%。租金负担还挤压了其他投资，加速了公司的衰落。

After Golden Gate had extracted most of the company’s value, the second phase consisted of a total value extraction by a seafood giant named Thai Union Group. This company was Red Lobster’s primary seafood supplier, and used the chain as an outlet for its excess inventory, effectively draining all of Red Lobster’s cash and revenue through forced purchases of its products. Red Lobster’s losses were immediately in the millions. By forcing loss-making promotions and exclusive supply arrangements, Thai Union relentlessly milked the company’s remaining value. After extracting what it could, Thai Union announced in January 2024 that it was writing off its investment and abandoning the company.

在金门（Golden Gate）榨取了公司大部分价值后，第二阶段由一家名为泰联集团（Thai Union Group）的海鲜巨头全面榨取价值。这家公司是红龙虾（Red Lobster）的主要海鲜供应商，并利用该连锁店作为其过剩库存的销路，通过强制购买其产品，有效地榨干了红龙虾的所有现金和收入。红龙虾的损失立即达到了数百万美元。通过强制亏损促销和独家供应安排，泰联无情地榨取了公司剩余的价值。在榨取了所有能榨取的价值后，泰联于2024年1月宣布注销其投资并放弃该公司。

In the aftermath, there was wreckage everywhere. This carefully planned harvest resulted in a comprehensive social catastrophe. The major shareholders and executives pocketed the vast majority of the gains, while the enormous social costs –worker unemployment, lost pensions, community decline, and public bailout burdens– were borne by society and ordinary citizens

.事后，四处都是残骸。这场精心策划的收割行动最终酿成了全面的社会灾难。大股东和高管们将绝大部分收益中饱私囊，而巨大的社会成本——工人失业、养老金损失、社区衰落以及公共救助负担——却由社会和普通公民承担。

Red Lobster filed for bankruptcy in 2024 with less than $30 million in cash, but more than $1 billion in debt. Nearly 40,000 employees lost their jobs and livelihoods literally overnight. The hundreds of store closures damaged many communities from lost tax revenue, community blight, and severe effects on multiple supply chains. This entire fiasco involved very clever systematic looting. The private equity firm did not create value through operational improvement; it generated immediate profit by selling the company’s core assets which were real estate locations owned by the chain. Through the sale-leaseback mechanism, the enormous debt incurred from the acquisition was transferred onto the target company in the form of crushing rent obligations, rapidly deteriorating its balance sheet. The fusion of supplier and shareholder roles led to turning Red Lobster into a dumping ground for the supplier’s inventory.

红龙虾于2024年申请破产，当时其现金不足3000万美元，但负债却超过10亿美元。近4万名员工几乎在一夜之间失去了工作和生计。数百家门店的关闭给许多社区造成了损失，包括税收减少、社区衰败以及对多条供应链的严重影响。这场彻头彻尾的失败涉及非常巧妙的系统性掠夺。这家私募股权公司并未通过运营改进创造价值；它通过出售公司核心资产（即连锁店拥有的房地产）来获取即时利润。通过售后回租机制，收购产生的巨额债务以沉重的租金负担形式转移到了目标公司身上，迅速恶化了其资产负债表。供应商和股东角色的融合导致红龙虾沦为供应商库存的倾销地。

This same event has been perpetrated many times. Red Lobster is simply the latest body on the floor.It was always the same. The Jewish vultures would buy a successful company with borrowed money, transfer the debt to the purchased victim, and suck out all the cash until the company was bankrupt. In every case, a good, successful and profitable company was gone, many thousands of employees lost their livelihoods and pensions while the private equity partners became billionaires.

这样的事件已经发生过很多次。红龙虾只是最新一家倒下的企业。情况总是这样。犹太秃鹫会用借来的钱收购一家成功的公司，将债务转移到被收购的公司身上，然后榨干所有现金，直到公司破产。每一次，一家优秀、成功且盈利的公司都会消失，成千上万的员工失去生计和养老金，而私募股权合伙人则成为亿万富翁。

This is plundering and predation on a massive scale. The private equity model I am describing is not a series of isolated failures but a recurring, systematic practice of financial extraction. The evidence confirms that for many large, established companies, the primary goal of a leveraged buyout (LBO) is not to build long-term value but to generate massive, short-term profits for a small group of financiers, generally at the cost of the company, its workers, and its community.

这是大规模的掠夺和掠夺行为。我所描述的私募股权模式并非一系列孤立的失败案例，而是一种反复出现的、系统性的金融榨取行为。证据表明，对于许多大型老牌公司而言，杠杆收购（LBO）的主要目标并非创造长期价值，而是为一小群金融家创造巨额短期利润，而这一目标的实现往往以牺牲公司、员工和社区的利益为代价。

机制：为何一家健康公司会破产 — The Mechanism: Why a Healthy Company Goes Bankrupt

Spirit Airlines jets sat on the tarmac as operations ceased for the company at Logan Airport in Boston, Massachusetts on May 2, 2026. Low-cost US carrier Spirit Airlines said on Saturday that all of its flights have been cancelled as it started an “orderly wind-down of operations,” citing spiking fuel prices in recent weeks as a key factor.

2026年5月2日，美国马萨诸塞州波士顿洛根机场，Spirit Airlines的飞机停在停机坪上，公司运营已暂停。美国廉价航空公司Spirit Airlines周六表示，由于近几周燃油价格飙升，公司决定“有序停止运营”，所有航班均已取消。

The core of this predation is a leveraged buyout (LBO). A PE firm acquires a public company using borrowed money, which debt is then transferred to the target company’s balance sheet. This saddles a previously healthy business with a mountain of debt that must be serviced with its own revenue. [7] In a typical LBO, the PE firm contributes only a small fraction of equity, and the debt-to-earnings ratio often far exceeds healthy levels. [8] Further, PE firms almost never reinvest profits. To the contrary, they frequently make the victim company take on more debt to issue a massive “special dividend” to the PE owners. This is direct extraction; sucking all available money out of the company and totally depleting its credit, leaving it even more leveraged. According to a 2025 PitchBook report, these leveraging practices are rising to “record levels”.

这种掠夺行为的核心是杠杆收购（LBO）。私募股权公司使用借来的资金收购一家上市公司，随后将债务转移到目标公司的资产负债表上。这使得原本健康的业务背负了巨额债务，而这些债务必须用其自身的收入来偿还。[7]在典型的杠杆收购中，私募股权公司仅贡献一小部分股权，而债务与收益之比往往远超健康水平。[8]此外，私募股权公司几乎从不将利润用于再投资。相反，它们经常让受害公司承担更多债务，以向私募股权所有者发放巨额“特别股息”。这是直接的榨取；将公司所有可用资金全部榨干，并彻底耗尽其信用，使其杠杆率更高。根据PitchBook 2025年的一份报告，这些杠杆化做法正上升至“创纪录水平”。 [9]

Important to note that there is no value creation in any of this activity. The victim company is almost inevitably starved of capital for R&D, store maintenance, innovation, and even operations, as its cash flow is diverted to paying down the acquisition debt, and funding dividends to the owners. This process makes bankruptcy almost inevitable. In fact, it is proven that these practices make PE-owned companies about 10 times more likely to go bankrupt than those not owned by them.[10] The PE firms receive vast profits regardless, through management fees and special dividends that are paid even as the victim company goes under.

值得注意的是，这一系列活动并未创造任何价值。由于现金流被挪用于偿还收购债务和向所有者支付股息，受害公司在研发、店铺维护、创新乃至运营方面几乎不可避免地会面临资金匮乏的困境。这一过程使得破产几乎成为必然。事实上，有证据表明，这些做法使得私募股权公司拥有的公司破产的可能性大约是非其拥有的公司的10倍。[10]无论如何，私募股权公司都会通过管理费和特殊股息获得巨额利润，即便受害公司已经破产，这些股息也会照常支付。

The New York Times ran an article titled, “Private Equity Is Gutting America – and getting away with it”. [11] According to this report, “Over the last decade, private equity firms were responsible for nearly 600,000 job losses in the retail sector alone. In nursing homes, where the firms have been particularly active, private equity ownership is responsible for an estimated – and astounding – 20,000 premature deaths over a 12-year period. Similar tales of woe abound in mobile homes, prison health care, emergency medicine, ambulances, apartment buildings and elsewhere. The Institutional Investor wrote that private-equity-owned companies were experiencing “Record Bankruptcies”. [12] They stated that “Data from S&P Global Market Intelligence [13] show that 110 U.S. companies backed by private equity and venture capital filed for bankruptcy in 2024, up more than 15 percent from the previous year”.

《纽约时报》发表了一篇题为“私募股权正在掏空美国——而且还在逍遥法外”的文章。[11]根据这篇报道，“在过去十年中，仅在零售业，私募股权公司就导致了近60万个工作岗位的流失。在养老院这一私募股权公司尤为活跃的领域，据估计，在12年的时间里，私募股权所有权导致了惊人的2万例过早死亡。在活动房屋、监狱医疗保健、急诊医学、救护车、公寓楼和其他领域，类似的悲惨故事比比皆是。《机构投资者》杂志写道，私募股权公司旗下的企业正经历着“创纪录的破产”。[12]他们表示，“标普全球市场情报[13]的数据显示，2024年，有110家获得私募股权和风险投资支持的美国公司申请破产，比上一年增长了15%以上”。

凯雷集团和HCR Manor Care — The Carlyle Group and HCR Manor Care

According to a US Congressional website, “Consider the case of the Carlyle Group and the nursing home chain HCR ManorCare. In 2007, Carlyle – a private equity firm with around $400 billion in assets under management – bought HCR ManorCare for a little over $6 billion, most of which was borrowed money that ManorCare, not Carlyle, would have to pay back. As the new owner, Carlyle sold nearly all of ManorCare’s real estate and quickly recovered its initial investment. This meant, however, that ManorCare (like Red Lobster) was forced to pay nearly half a billion dollars a year in rent to occupy buildings it once owned. Carlyle also extracted over $80 million in transaction and advisory fees from the company it had just bought, draining ManorCare of money. ManorCare soon instituted various cost-cutting programs and laid off hundreds of workers. Health code violations spiked. People suffered. The daughter of one resident told The Washington Post that “my mom would call us every day crying when she was in there” and that “it was dirty, like a run-down motel. Roaches and ants all over the place.”[14]

根据美国国会网站，“以凯雷集团和养老院连锁企业HCR ManorCare为例。2007年，凯雷——一家管理着约4000亿美元资产的私募股权公司——以略高于60亿美元的价格收购了HCR ManorCare，其中大部分资金是借来的，而还款责任在于ManorCare而非凯雷。作为新东家，凯雷出售了ManorCare几乎所有的房地产，并迅速收回了其初始投资。然而，这意味着ManorCare（与红龙虾一样）被迫每年支付近5亿美元的租金，以租用其曾经拥有的建筑。凯雷还从刚收购的公司中榨取了超过8000万美元的交易费和咨询费，导致ManorCare资金枯竭。ManorCare很快制定了各种成本削减计划，并解雇了数百名员工。违反卫生法规的情况激增。人们深受其害。一位住户的女儿告诉《华盛顿邮报》，“我妈妈在那里时，每天都会给我们打电话哭诉”，并说“那里很脏，就像破败的汽车旅馆。到处都是蟑螂和蚂蚁。” [14]

In 2018, ManorCare filed for bankruptcy, with over $7 billion in debt. But that was immaterial to Carlyle, which had already recovered the money it invested and made millions more in fees. Carlyle managed to avoid any legal liability for its actions.

2018年，ManorCare申请破产，负债超过70亿美元。但这对于凯雷而言无关紧要，因为凯雷已经收回了投资资金，并赚取了数百万美元的费用。凯雷成功避免了因其行为而产生的任何法律责任。

社会和经济后果 — Social and Economic Consequences

This is not victimless financial engineering. The wreckage is borne by people and communities. When a large company disappears, the effects on a city or community can be severe. There are huge job losses resulting in unemployment and wage stagnation in the area. When a large employer liquidates, the damage radiates outward. The loss of tax revenue, local spending, and community institutions hollows out towns, leaving them to struggle. This financial devastation in communities is a central theme in investigative reports. These predators severely increase the growing inequality in Western nations, because the practice creates a new class of billionaires by stripping ordinary people of their livelihoods. The PE executives grow extraordinarily wealthy by extracting value from a company, while the workers are left with nothing, and the public often ends up holding the bag when the bankrupt company’s pension obligations and debts are left unpaid.

这并非无受害者的金融工程。其破坏性后果由人民和社区承担。当一家大公司消失时，对城市或社区的影响可能十分严重。大量失业导致该地区失业率和工资停滞不前。当一家大雇主破产时，其破坏性影响会向外辐射。税收损失、地方支出减少和社区机构衰落掏空了城镇，使它们陷入困境。社区遭受的这种金融破坏是调查报告的核心主题。这些掠夺者严重加剧了西方国家日益加剧的不平等现象，因为这种做法通过剥夺普通人的生计，创造了一个新的亿万富翁阶层。私募股权公司的高管通过从公司中榨取价值而变得异常富有，而工人则一无所有，当破产公司的养老金义务和债务未得到偿还时，公众往往成为最终的受害者。

This predation is enabled by a legal system that allows investors to load a portfolio company with debt while insulating themselves from liability. After a company goes bankrupt, the PE firm faces virtually no risk of claw-backs, and the public pays the cost of the wreckage through unemployment insurance, healthcare, and other social safety nets. The top executives, meanwhile, often walk away with millions in bonuses and compensation.

这种掠夺行为之所以能够发生，是因为法律制度允许投资者向被投资公司施加大量债务，同时使自己免于承担责任。公司破产后，私募股权公司几乎不会面临追回资金的风险，而公众则通过失业保险、医疗保健和其他社会保障体系来承担由此造成的损失。与此同时，高管们往往能带着数百万的奖金和补偿金全身而退。

The practices at Toys “R” Us and Red Lobster are not anomalies. They are the logical endpoint of an extractive financial model that prioritises short-term returns for a tiny elite over the long-term health of companies, the stability of employment, and the welfare of communities. It is a form of capital accumulation without production. Value is not created in these events, but is instead extracted and transferred upwards. And the problems are increasing. Private equity assets under management have grown from approximately $5 trillion in 2016 to over 12 trillion in 2023, meaning the scale of potential predation is massive and accelerating. The private equity industry exposes a systemic failure in the Western capitalist model. It is an economic model that has perfected the art of privatising profits and socialising losses, a financial strategy that enriches the few at the cost of the many.

玩具反斗城和红龙虾的做法并非特例。它们是榨取式金融模式的必然结果，这种模式将少数精英的短期回报置于公司的长期健康、就业稳定和社区福祉之上。这是一种没有生产的资本积累形式。在这些事件中，价值并非被创造，而是被榨取并向上转移。问题日益严重。私募股权基金管理的资产从2016年的约5万亿美元增长到2023年的超过12万亿美元，这意味着潜在的掠夺规模巨大且正在加速。私募股权行业暴露了西方资本主义模式的系统性失败。这种经济模式完善了利润私有化和损失社会化的艺术，这是一种以多数人为代价使少数人致富的金融策略。

In a prior essay on “Killing Chinese Brands”, [15] I covered the sale of Nanfu Battery to the PE firm of Morgan Stanley, and the resulting disaster. The article covers several other beloved Chinese brands that suffered the same fate at foreign hands. I recommend you read at least the portion on Nanfu Battery. It will help you to understand that this private-equity disease is spreading worldwide.

在之前的一篇关于“扼杀中国品牌”的文章在之前的一篇关于“扼杀中国品牌”的文章[15]中，我介绍了南孚电池被出售给私募股权公司摩根士丹利及其引发的灾难。该文还提到了其他几个深受喜爱的中国品牌，它们在外国人手中遭遇了同样的命运。我建议你至少读一下关于南孚电池的部分。这将有助于你理解这种私募股权的弊病正在全球范围内蔓延。中，我介绍了南孚电池被出售给私募股权公司摩根士丹利及其引发的灾难。该文还提到了其他几个深受喜爱的中国品牌，它们在外国人手中遭遇了同样的命运。我建议你至少读一下关于南孚电池的部分。这将有助于你理解这种私募股权的弊病正在全球范围内蔓延。

惠普公司 — Hewlett-Packard

Hewlett-Packard Company or HP is an American information technology corporation headquartered in the Stanford Research Park in Palo Alto CA. It provides hardware, software and services.

惠普公司（Hewlett-Packard Company，简称HP）是一家总部位于美国加利福尼亚州帕洛阿尔托斯坦福研究园区的美国信息技术公司，提供硬件、软件和服务。

The same is happening with Hewlett-Packard (HP). The company has been taken over by private equity and is being bled dry. Most likely within a few years, HP will either go bankrupt or the bones will be merged into another corporation and HP will cease to exist. HP’s decline aligns with a well-documented, systematic pattern. The evidence confirms that the once-trusted company has been transformed by financial engineering. The company’s trajectory from one of Silicon Valley’s most respected pioneers to a “fallen giant” is not a story of market misfortune, but of a methodical dismantling of its founding principles.[16]

惠普公司（HP）也遭遇了同样的境遇。该公司已被私募股权公司收购，正在被榨干。很可能在几年内，惠普要么破产，要么其核心业务将被并入另一家公司，而惠普将不复存在。惠普的衰落符合一种有据可查的系统性模式。证据表明，这家曾经备受信赖的公司已被金融工程所改变。该公司从硅谷最受尊敬的先驱之一沦为“堕落的巨人”，这并非市场不幸的故事，而是其创立原则被有条不紊地瓦解的结果。 [16]

The founders’ “HP Way” was a management philosophy that emphasised respect for employees, R&D and innovation, and a long-term view, and was the bedrock of the company’s success. The decline began with the 1999 appointment of Carly Fiorina as CEO, who broke from the engineering-led culture.

创始人的“惠普之道”是一种管理理念，强调尊重员工、研发与创新以及长远眼光，是公司成功的基石。1999年卡莉·菲奥莉娜（Carly Fiorina）被任命为首席执行官后，公司开始走下坡路，她打破了以工程为主导的文化。

The printer business model has been corrupted from an ecosystem of value to a mechanism of entrapment. These practices have become so brazen that HP is now the subject of multiple lawsuits and government actions for “planned obsolescence”. While private equity plunders HP, HP is likewise busy plundering its customers. One major area is with “ink cartridge shrinkflation”, where HP reduced the ink volume in deskjet cartridges from 60 mls, to 30 mls, to 15 mls, and down to as little as 3 mls in some cases. The selling price of the cartridges remained the same or became even higher. When customers naturally rebelled and turned to third-party cartridges, HP secretly downloaded software to disable the printers.

打印机商业模式已从价值生态系统堕落为陷阱机制。这些行为变得如此厚颜无耻，以至于惠普（HP）现在因“计划性淘汰”而成为多起诉讼和政府行动的对象。在私募股权掠夺惠普的同时，惠普也同样忙于掠夺其客户。一个主要领域是“墨盒缩水式通胀”，惠普将台式打印机墨盒中的墨水量从60毫升减少到30毫升，再到15毫升，在某些情况下甚至减少到3毫升。墨盒的售价保持不变甚至更高。当客户自然反抗并转向第三方墨盒时，惠普会秘密下载软件来禁用打印机。

HP also created an “Instant Ink” subscription program which was even worse, and which has been the target of class-action lawsuits. Customer plaintiffs claim that HP remotely disables their printers when they try to cancel their subscriptions. In 2020, the Italian Antitrust Authority fined HP €10 million for this practice, [17] and consumer groups in the US and Europe forced the company to establish a compensation fund. There have also been multiple lawsuits, [18] but HP refuses to relent.

惠普还创建了一个名为“Instant Ink”的订阅计划，该计划甚至更糟糕，并已成为集体诉讼的目标。客户原告声称，当他们试图取消订阅时，惠普会远程禁用他们的打印机。2020年，意大利反垄断机构因这一行为对惠普处以1000万欧元的罚款[17]，美国和欧洲的消费者团体也迫使该公司设立赔偿基金。此外，还有多起诉讼[18]，但惠普拒绝让步。

Faced with collapsing hardware sales, HP’s response has been to double down on the very practices that are driving customers away. The strategy is transparent: squeeze the remaining user base even harder. This narrative of a once-great company transformed by private equity extraction is powerfully reinforced by the data. The numbers show a business in a state of managed decline, milking a legacy customer base for as much profit as possible before the brand equity is completely exhausted and the company is bankrupt.

面对硬件销售的崩溃，惠普（HP）的应对措施是加倍压榨那些正在赶走客户的做法。这一策略显而易见：对剩余的用户群施加更大的压力。这种关于一家曾经伟大的公司被私募股权榨取所改变的说法，得到了数据的强有力支持。数据显示，该企业正处于有管理的衰退状态，在品牌资产完全耗尽、公司破产之前，尽可能地从传统用户群中榨取利润。

The financial logic is that HP’s business model has long relied on the “razor and blades” principle. Sell printers at razor-thin margins (or even at a loss) and profit from the recurring sale of expensive ink and toner. These actions have become so extreme that it is now cheaper to just throw away an HP printer when the ink cartridge is empty. The product’s value has been so degraded that it became disposable.

其财务逻辑在于，惠普的商业模式长期以来一直依赖于“剃刀与刀片”原理。以极低的利润率（甚至亏损）销售打印机，然后从反复销售昂贵的墨水和墨粉中获利。这些行为已经变得如此极端，以至于当墨盒用完后，直接扔掉惠普打印机反而更划算。产品的价值已经如此贬值，以至于它变成了可随意丢弃的物品。

This is the inevitable result of a financialised approach that prioritises short-term extraction – plundering – over long-term customer relationships.The enforcement mechanism for this model ensures that only genuine HP cartridges can be used, but there has been an enormous consumer backlash. HP’s business practices have been the subject of intense criticism and legal action. In 2020, the Italian Antitrust Authority fined HP €10 million for its “aggressive commercial policy” of using firmware updates to brick printers using non-HP cartridges. Class-action lawsuits in the US and Europe have also targeted HP’s subscription programs, alleging the company remotely disables printers and cartridges when customers try to cancel.

这是一种金融化策略的必然结果，该策略将短期获利（掠夺）置于长期客户关系之上。这种模式的执行机制确保了只有正品惠普（HP）墨盒才能使用，但此举引发了消费者的强烈反对。惠普的商业行为一直受到激烈批评和法律诉讼。2020年，意大利反垄断机构以惠普“激进的商业政策”为由，对其处以1000万欧元的罚款，该政策利用固件更新使使用非惠普墨盒的打印机无法使用。美国和欧洲的集体诉讼也针对惠普的订阅计划，指控该公司在客户试图取消订阅时远程禁用打印机和墨盒。

My prediction that HP will be gone in a few years is a logical conclusion for a company that has abandoned its core. HP is no longer an engineering firm; it is a financial firm that happens to sell printers. The systematic dismantling of HP’s R&D and the deployment of predatory monetisation tactics are the direct, predictable consequences of the same financial logic identified in the cases of Toys “R” Us and Red Lobster. HP is the ultimate case study of a once-great industrial giant hollowed out by Jewish financial engineering. It serves as a microcosm of the broader tragedy: a healthy, productive entity destroyed not by market forces, but by a parasitic financial logic that extracts wealth while creating nothing of lasting value.

我预测惠普将在几年内消失，这是该公司放弃核心业务的必然结果。惠普已不再是工程公司，而是一家碰巧销售打印机的金融公司。惠普研发部门的系统性解散以及掠夺性货币化策略的部署，是玩具反斗城和红龙虾案例中所体现的同一金融逻辑的直接、可预测的后果。惠普是犹太金融工程掏空昔日辉煌工业巨头的终极案例研究。它是一个更广泛悲剧的缩影：一个健康、富有成效的实体不是被市场力量摧毁，而是被一种寄生性的金融逻辑摧毁，这种逻辑在创造任何持久价值的同时榨取财富。

系统性掠夺的证据 — The Evidence of Systemic Plunder

Countries are being looted by the IMF and World Bank. And governments are being looted through privatisation, through tax cuts for the top 1%, through regulatory capture.

各国正遭受国际货币基金组织和世界银行的掠夺。政府则通过私有化、为最富有的1%人群减税以及监管被俘虏等方式遭受掠夺。

This practice of private equity firms, and the bankers from The City of London who finance them, plundering successful corporations is part of a systemic worldwide pattern. The public are being plundered through infrastructure and water privatisation, through student loans at 17.99%, through rapacious health care prices and health insurance costs, through payday loans, and so much else. Countries are being looted by the IMF and World Bank. And governments are being looted through privatisation, through tax cuts for the top 1%, through regulatory capture.

私募股权公司及其来自伦敦金融城的银行家们掠夺成功企业的行为，是全球系统性模式的一部分。公众正通过基础设施和供水私有化、17.99%的学生贷款、高昂的医疗保健价格和医疗保险费用、发薪日贷款以及其他诸多方式遭受掠夺。各国正被国际货币基金组织和世界银行掠夺。政府则通过私有化、对顶层1%人群减税以及监管被俘虏等方式遭受掠夺。

With corporations, we have leveraged buyouts, debt transfer, dividend recaps, leading to bankruptcy, mass layoffs, pension losses, and increased unemployment and poverty. With infrastructure, we have the privatisation of water, energy, transport, communications, leading to higher prices, neglected maintenance, public loss of control. With education, we have student loans at 18%, an entire indebted generation, delayed homeownership, and asset-less young generations.

在企业方面，我们采用了杠杆收购、债务转移、股息再融资等手段，导致企业破产、大规模裁员、养老金损失，以及失业和贫困的增加。在基础设施方面，我们对水务、能源、交通、通信等进行了私有化，导致价格上涨、维护被忽视、公共控制权丧失。在教育方面，学生贷款率高达18%，整整一代人负债累累，购房被推迟，年轻一代变得无资产。

With healthcare, we have the for-profit insurance, for-profit hospitals, and excessive drug pricing. The result is that the US spends 18% of GDP on health, yet with one of the worst outcomes among the OECD. These predatory practices lead to bankruptcies from medical bills, with 500,000 annual medical bankruptcies in US. With payday loans, we have interest rates in the hundreds of percent, resulting in poverty and asset seizures.

在医疗保健领域，我们存在着营利性保险、营利性医院以及药品定价过高的问题。其结果是，美国在医疗方面的支出占国内生产总值的18%，但在经合组织国家中，其医疗成果却跻身最差之列。这些掠夺性行为导致许多人因医疗费用而破产，美国每年有50万人因医疗费用而破产。在发薪日贷款方面，利率高达数百%，导致人们陷入贫困和资产被没收。

With national economies, we have IMF structural adjustments and World Bank privatisation mandates, leading to a nearly total loss of social services and massive plundering of a nation’s resources. We can reference Greece, Argentina, Jamaica, and Yugoslavia. We have tax policies with repeated huge reductions for the top 1%, while public services are starved and the infrastructure crumbles. The tax policies are combined with regulatory capture, deregulation, and little legal enforcement. The consistency across these domains is not accidental. In each case, a small group of(almost exclusively Jewish) actors extracts wealth from a larger, less organised group (workers, citizens, patients, students, taxpayers) by exploiting legal loopholes, information asymmetry, and political influence.

在国民经济方面，我们面临着国际货币基金组织（IMF）的结构性调整和世界银行的私有化指令，这导致社会服务几乎完全丧失，国家资源遭到大规模掠夺。我们可以参考希腊、阿根廷、牙买加和南斯拉夫的例子。我们的税收政策一再对最富有的1%人群进行大幅减税，而公共服务却极度匮乏，基础设施也破败不堪。税收政策与监管被俘、放松监管和执法不力相结合。这些领域的一致性并非偶然。在每种情况下，一小群（几乎完全是犹太人）行为者通过利用法律漏洞、信息不对称和政治影响力，从更大、组织性更差的群体（工人、公民、病人、学生、纳税人）中榨取财富。

In all cases, the unifying principle is that all risk is transferred to the public while the rewards are retained by the few:

在所有情况下，一个共同的原则是，所有风险都转移给了公众，而少数人却保留了收益：

When a private equity firm loads a company with debt and it fails, the workers lose their jobs and pensions, but the PE partners keep their management fees.
当一家私募股权公司让一家公司负债累累而公司倒闭时，员工们失去了工作和养老金，但私募股权公司的合伙人却保住了他们的管理费。
When a government privatises water, the private operator raises prices and lets pipes decay. When it fails, the government (the public) bails it out or takes it back, but the shareholders have already taken their dividends.
当政府将供水私有化时，私人运营商会抬高价格，任由管道老化。当运营商经营失败时，政府（公众）会对其进行纾困或收回，但股东们已经拿走了他们的分红。
When a student borrows at 18% and cannot repay, the debt is non-dischargeable in bankruptcy (in the US). The lender is guaranteed by the state. The student bears the risk; the lender collects the interest.
当学生以18%的利率借款且无法偿还时，该债务在破产中（在美国）是不可免除的。贷款人由国家担保。学生承担风险；贷款人收取利息。
When the IMF imposes austerity on a country, the population bears the suffering (cuts to healthcare, education, food subsidies). The creditor banks, headquartered in London and New York are repaid in full, with interest. This is not a bug; it is the feature. The system is designed to ensure that the asset-holders never lose, and the asset-less never win.
当国际货币基金组织（IMF）对一国实施紧缩政策时，民众会承受由此带来的痛苦（医疗、教育和食品补贴被削减）。而总部设在伦敦和纽约的债权银行却能全额收回本金并获得利息。这并非系统漏洞，而是其固有特性。该体系的设计初衷就是确保资产持有者永远不会亏损，而一无所有者永远不会获利。

These are all related. They are all part of the same disease that is being spread by the same relatively small group of people. It isn’t a conspiracy in the usual sense, but an attitude of greed and Exclusion. And there is an underlying contempt for individuals, for the general public, and for societies as a whole. If this proceeds to the end, the result will be that all individuals will be asset-less, all governments will be asset-less, and only the corporations owned by this group of Jews – companies like Nestle, Pfizer, the arms manufacturers, will be solvent. If this practice carries to its logical conclusion, only these bankers and their private equity firms will have any assets at all. All other individuals, corporations, and governments, will be essentially bankrupt.

这些都是相互关联的。它们都是同一疾病的不同表现，而这一疾病正由同一相对较小的人群传播。这并非通常意义上的阴谋，而是一种贪婪和排外的态度。这背后是对个人、对公众、对整个社会的蔑视。如果这种情况持续下去，其结果将是所有个人都将一无所有，所有政府都将一无所有，只有这群犹太人拥有的公司——如雀巢、辉瑞、军火制造商——才有偿付能力。如果这种做法合乎逻辑地发展下去，那么只有这些银行家及其私募股权公司才会拥有任何资产。所有其他个人、公司和政府都将实质上破产。

This is the central core of the matter. We have examined across multiple domains: individual debt finance, corporations like HP and Toys “R” Us, infrastructure privatisation, countries like Yugoslavia and the Philippines, and the pattern is not merely a hypothesis but an observable, repeatable, and accelerating reality. What we have identified in this series of articles is the operational logic of a global financialised (Jewish) oligarchy that views all human institutions – companies, governments, public assets, and even individual lives – as resources to be extracted, not as entities to be sustained.

这是问题的核心所在。我们已对多个领域进行了研究：个人债务融资、惠普和玩具反斗城等企业、基础设施私有化、南斯拉夫和菲律宾等国家，而这一模式不仅仅是一个假设，而是一个可观察、可重复且不断加速的现实。我们在这一系列文章中揭示的是一个全球金融化（犹太）寡头集团的运作逻辑，它将所有人类机构——公司、政府、公共资产乃至个人生活——视为可榨取的资源，而非需要维持的实体。

As a crucial distinction, we must distinguish between a conspiracy and a shared attitude of greed and Exclusion. The bankers in The City of London, Wall Street, the IMF, and the actors in private equity, do not need to collude secretly.They share a common worldview, a common educational background, a common set of financial incentives, and a common legal framework that rewards extraction.They move in the same social circles, read the same publications, and rotate through the same institutions (Harvard Business School, Goldman Sachs, the Treasury, the IMF). This is not a conspiracy; it is a class interest acting with perfect coordination because its members (all Jews) think alike. The evidence for systemic plunder is overwhelming across every sector I have named.

一个至关重要的区别在于，我们必须区分阴谋与贪婪和排他性的共同态度。伦敦金融城、华尔街、国际货币基金组织（IMF）的银行家们以及私募股权行业的从业者们，并不需要秘密勾结。他们拥有共同的世界观、共同的教育背景、共同的财务激励，以及一个鼓励榨取的共同法律框架。他们活跃于同一社交圈，阅读相同的出版物，并在相同的机构（哈佛商学院、高盛、财政部、国际货币基金组织）之间轮换。这不是阴谋；而是一种阶级利益，其成员（均为犹太人）想法一致，因此行动高度协调。在我所列举的每个领域，系统性掠夺的证据都极为充分。

The cases I have listed above – Toys “R” Us, Red Lobster, ManorCare, confirm the thesis I have articulated about systemic predatory extraction. The rules of this system are redistributing the fruits of 21st-century labor on a massive scale. The consequences extend far beyond the bankruptcy of a single company. The main effect is wealth distribution. This financial model represents a massive, legal transfer of wealth. This wealth was created by management, workers and consumers over decades, and is being surreptitiously transferred from the many to a tiny Jewish financial elite at the top of the pyramid. But there is something much more serious and very poorly understood: When one enterprise after another is hollowed out from within, what is destroyed is not just tens of thousands of family livelihoods, but the very economic foundation and tax base upon which society depends.The (Jewish-owned) media’s misdirection is the deepest lie of this extraction. It successfully channels public anger toward false targets, obscuring the reality of systematic looting.

我上面列举的案例——玩具反斗城、红龙虾、美诺康——证实了我所阐述的关于系统性掠夺性榨取的论点。这一体系的规则是大规模地重新分配21世纪劳动成果。其后果远不止一家公司的破产。主要影响是财富分配。这种金融模式代表着财富的大规模合法转移。这些财富是管理层、工人和消费者几十年来共同创造的，却被偷偷地从众多人群转移到了金字塔顶端的少数犹太金融精英手中。但有一个问题更为严重且鲜为人知：当一个又一个企业从内部被掏空时，被摧毁的不仅仅是成千上万的家庭生计，还有社会赖以生存的经济基础和税基。媒体（犹太人所有）的误导是这种榨取行为中最深层的谎言。它成功地将公众的愤怒引向了错误的目标，掩盖了系统性掠夺的现实。

潜在的轻视：人类被视为一次性物品 — The Underlying Contempt: Humans as Disposables

The end result is a feudal future: a tiny class of asset-holders who own everything – land, water, energy, data, infrastructure, intellectual property, and even the debt claims on everyone else – and a vast majority who own nothing, working as tenants, gig workers, or serfs on the land that was once public. Only the Jewish bankers and their private equity firms will end up with assets. Whether we arrive there depends on whether the asset-less majority wakes up, organises, and builds alternatives before the extraction is complete.

最终结果是一个封建式的未来：一小部分资产持有者拥有一切——土地、水、能源、数据、基础设施、知识产权，甚至是对其他所有人的债权——而绝大多数人一无所有，只能作为佃户、零工工作者或农奴在曾经属于公共的土地上劳作。只有犹太银行家及其私募股权公司才会拥有资产。我们能否达到这一结局，取决于无资产的大多数人能否在榨取完成之前觉醒、组织起来并构建替代方案。

In all of this, there is identifiable an underlying contempt for individuals, for the general public, and for societies as a whole. This Jewish financialised worldview sees humans not as citizens, neighbors, or dignified beings, but as human capital; resources to be optimised, priced, and discarded when no longer profitable. A worker is a cost to be reduced. A patient is a revenue stream. A student is a lifetime of interest payments. A citizen is a taxpayer who must be kept just comfortable enough to avoid revolution, but never wealthy enough to be independent.

这一切都明显体现出对个人、对公众、对整个社会的蔑视。这种犹太金融化的世界观将人类视为人力资本，而非公民、邻居或有尊严的生灵；视为需要优化、定价并在不再有利可图时丢弃的资源。工人是成本，需要削减。病人是收入来源。学生是一生的利息支付。公民是纳税人，必须保持其生活水平刚好舒适，以避免革命，但绝不能富裕到足以独立。

The endgame is an asset-less world. The prediction that – at the end – only these bankers and their private equity firms will have any assets at all, is extreme, but it is the logical terminus of the current trajectory if unchecked.

终局是一个无资产的世界。预测最终只有这些银行家及其私募股权公司会拥有任何资产，这种说法虽然极端，但如果不加遏制，却是当前发展轨迹的必然结局。

We can already see the intermediate stages. With US households, median net worth has declined for the Middle Class and the bottom 50% while the top 1% have increased their share dramatically. In the US, the top 1% now own more wealth than the entire middle class. Small and medium enterprises are being crushed by predatory lending, platform monopolies like Amazon and Uber, and tax advantages enjoyed only by the Jewish oligarchs and their large corporations. From tax relief, privatisation, and other tools, many municipal governments in the US are effectively bankrupt (Detroit, Chicago, Baltimore), having sold off assets – everything from parking meters to public buildings – to private investors under “distressed sale” conditions. With national governments that are heavily indebted to private creditors, debt service payments crowd out all social spending. In low-income countries, debt service often exceeds healthcare and education budgets combined.

我们已经可以看到中间阶段的情况。就美国家庭而言，中产阶级和底层50%人群的净资产中位数有所下降，而顶层1%人群的份额则急剧增加。在美国，顶层1%人群现在拥有的财富超过了整个中产阶级。中小企业正受到掠夺性贷款、亚马逊和优步等平台垄断以及仅犹太寡头及其大公司享有的税收优惠的挤压。通过减税、私有化和其他手段，美国许多市政府（底特律、芝加哥、巴尔的摩）实际上已经破产，它们在“不良资产出售”条件下将资产（从停车计时器到公共建筑）出售给了私人投资者。由于国家政府对私人债权人负债累累，偿债支出挤占了所有社会支出。在低收入国家，偿债支出往往超过医疗和教育预算的总和。

The end result is a feudal future: a tiny class of asset-holders who own everything – land, water, energy, data, infrastructure, intellectual property, and even the debt claims on everyone else– and a vast majority who own nothing, working as tenants, gig workers, or serfs on the land that was once public. This is not science fiction. It is already the reality in many post-Soviet states, in parts of Latin America under IMF programs, and increasingly in the United States and United Kingdom.

最终结果是一个封建式的未来：一小部分资产持有者拥有一切——土地、水、能源、数据、基础设施、知识产权，甚至是对其他所有人的债务债权——而绝大多数人一无所有，只能作为佃户、零工工作者或农奴在曾经属于公共的土地上劳作。这并非科幻小说中的情节。在许多后苏联国家、接受国际货币基金组织（IMF）计划的部分拉丁美洲国家，以及日益增多的美国和英国，这已成为现实。

There is of course some increasing public resistance to this future, but the question is whether resistance can cohere into a constructive alternative before the asset-extraction machine completes its work.

当然，公众对这种未来日益产生抵触情绪，但问题在于，在资产榨取机器完成其榨取工作之前，这种抵触能否凝聚成一种具有建设性的替代方案。

The evidence I have assembled across these essays points to a single, coherent, and deeply malignant system. It is not a conspiracy in the sense of a secret cabal, but it is a self-conscious class project pursued by a Jewish transnational financial elite with remarkable discipline and ruthlessness. The project’s goal is the complete commodification of everything; land, water, air, genes, data, attention, education, health, even death (funeral services are now financialised). Anything that cannot be commodified will be destroyed, including public goods, social solidarity, cultural memory, national sovereignty, the very idea of a common good.

我在这些文章中收集的证据指向了一个单一、连贯且极具恶意的体系。它并非秘密阴谋集团意义上的阴谋，而是一个由犹太跨国金融精英以非凡的纪律性和冷酷无情所追求的自觉阶级项目。该项目的目标是使一切事物完全商品化；土地、水、空气、基因、数据、注意力、教育、健康，甚至死亡（殡葬服务现在也被金融化了）。任何无法商品化的东西都将被摧毁，包括公共产品、社会团结、文化记忆、国家主权，乃至共同利益这一理念本身。

The tragedy is that these projects are presented in the name of “freedom” and “efficiency” while in fact they produce only the “freedom” of the powerful to plunder, and the “efficiency” of a parasite vampire draining its host. It very much appears that the intended destination of the current trajectory is that only the Jewish bankers and their private equity firms will end up with assets.Whether we arrive there depends on whether the asset-less majority wakes up, organises, and builds alternatives before the extraction is complete.

悲剧在于，这些项目以“自由”和“效率”的名义推出，但实际上它们只是让有权势者得以掠夺的“自由”，以及让寄生虫吸血鬼得以榨干宿主的“效率”。看起来，当前发展轨迹的最终目标就是让犹太银行家及其私募股权公司独占资产。我们能否实现这一目标，取决于没有资产的大多数人能否在榨取过程完成之前觉醒、组织起来并构建替代方案。

Mr. Romanoff’s writing has been translated into 34 languages and his articles posted on more than 150 foreign-language news and politics websites in more than 30 countries, as well as more than 100 English language platforms. Larry Romanoff is a retired management consultant and businessman. He has held senior executive positions in international consulting firms, and owned an international import-export business. He has been a visiting professor at Shanghai’s Fudan University, presenting case studies in international affairs to senior EMBA classes. Mr. Romanoff lives in Shanghai and is currently writing a series of ten books generally related to China and the West. He is one of the contributing authors to Cynthia McKinney’s new anthology ‘When China Sneezes’. (Chap. 2 — Dealing with Demons).

罗曼诺夫先生的作品已被翻译成34种语言，他的文章被发布在30多个国家的150多个外文新闻和政治网站上，以及100多个英文平台上。拉里·罗曼诺夫（Larry Romanoff）是一位退休的管理顾问和商人。他曾在国际咨询公司担任高级管理职务，并拥有一家国际进出口企业。他曾任上海复旦大学客座教授，为高级EMBA课程讲授国际事务案例研究。罗曼诺夫先生现居上海，目前正在撰写一系列共十本书，总体上涉及中国与西方的话题。他是辛西娅·麦金尼（Cynthia McKinney）新选集《当中国打喷嚏》（When China Sneezes）的特约作者之一（第2章——与恶魔打交道）。

His full archive can be seen at

他的全部档案可以在以下网址查看：

https://www.bluemoonofshanghai.com/ + https://www.moonofshanghai.com/

He can be contacted at: 2186604556

他的联系方式是：2186604556

NOTES – Part 7

[1] How Private Equity Destroyed Toys “R” Us: The Real Story Behind the Bankruptcy
https://www.headcountcoffee.com/blogs/corporate-legends-lost-empires/how-private-equity-destroyed-toys-r-us-the-real-story-behind-the-bankruptcy

[2] Toys R us plunder
https://v.douyin.com/zYhFOFqxOAM/

[3] How Toys R Us was doomed by a leveraged buyout and shortsighted strategy
https://www.latimes.com/business/la-fi-toys-r-us-leveraged-buyout-20180316-story.html

[4] How Private Equity Destroyed Toys “R” Us: The Real Story Behind the Bankruptcy
https://www.headcountcoffee.com/blogs/corporate-legends-lost-empires/how-private-equity-destroyed-toys-r-us-the-real-story-behind-the-bankruptcy

[5] Bain Capital and Toys R Us: The Rise and Fall of a Retail Giant
https://www.cgaa.org/article/bain-capital-and-toys-r-us

[6] Toys R us plunder
https://v.douyin.com/zYhFOFqxOAM/

[7] U.S. Senator Elizabeth Warren of Massachusetts
https://www.warren.senate.gov/newsroom/videos/watch/private-equity-guts-everything-from-red-lobster-to-hospitals-lets-talk-about-the-economy-episode-5

[8] How Private Equity Killed Toys “R” Us
https://forum.commoncog.com/t/how-private-equity-killed-toys-r-us-commoncog-case-library/1658/2

[9] Will PE firms’ dividend recaps push bring more rewards or risks?
https://pitchbook.com/news/articles/will-pe-firms-dividend-recaps-push-bring-more-rewards-or-risks

[10] Can Private Equity Firms Go Bust? Understanding the Financial Risks and Realities
https://blog.privateequitylist.com/can-private-equity-firms-go-bust-understanding-the-financial-risks-and-realities/

[11] Private Equity Is Gutting America – and getting away with it
https://www.congress.gov/119/meeting/house/118337/documents/HHRG-119-SM27-20250605-SD004.pdf

[12] Record Bankruptcies for Private Equity-Owned Companies
https://www.institutionalinvestor.com/article/2e9oxyduvcrica3exophc/corner-office/record-bankruptcies-for-private-equity-owned-companies

[13] PE-backed company bankruptcies in US reach record high in 2024
https://www.spglobal.com/market-intelligence/en/news-insights/articles/2025/1/pe-backed-company-bankruptcies-in-us-reach-record-high-in-2024-87023731

[14] Private Equity Is Gutting America – and Getting Away With It
https://www.congress.gov/119/meeting/house/118337/documents/HHRG-119-SM27-20250605-SD004.pdf

[15] Killing Chinese Brands
https://www.bluemoonofshanghai.com/politics/5737/

[16] From Pioneer To Fallen Giant: How Hewlett Packard’s Long List Of Failed Acquisitions Cost Its Reputation
https://www.skepticsociety.co.uk/from-pioneer-to-fallen-giant-how-hewlett-packards-long-list-of-failed-acquisitions-cost-its-reputation/

[17] HP fined 10 million Euros
https://en.agcm.it/en/media/press-releases/2020/12/PS11144

[18] Ars Technica; HP sued (again) for blocking third-party ink
https://arstechnica.com/gadgets/2024/01/hp-sued-again-for-blocking-third-party-ink-from-printers-accused-of-monopoly/

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