What Gross describes is not p.e. and hedge funds cleaning up their own messes, it's their cleaning up each others' messes. Sounds good to me. When you invest with a p.e. or hedg fund manager, you are buying nothing more or less than their judgment. I would certainly want to have my money with someone who knows how to make a profit out of whatever situation presents itself.

I know a fellow, who now lives a life of elegant leisure, who was able to do just that. Back in the 80s he rode the first wave of LBOs up. Then when that boom topped out and all the marginal deals went sour, he developed one of the first vulture funds and rode the wave back down by investing in the distressed debt and toughing out the Chapter 11s. He, and his investors, made money in both directions.

Daniel Gross again manages to make hyperbolic statements conflating investment banks, hedge funds, and private equity firms. While the distinctions may be confusing to laymen, I expect more from someone who claims to be a financial reporter.

First, we’re supposed to be outraged that investment banks like Goldman Sachs are profiting in crisis. Then Gross would have us pity investment banks like Citi for being swindled by Carlyle. Are the investment banks good or bad? Are they private equity villains or victims? Gross’ arguments are disjointed and illogical. Further they are emblematic of the ill-informed backlash of general public regarding private equity and hedge funds. Gross, and his readers, would be better served by financial analysis and discussion instead of impassioned ranting.

Do you really think slate pays people enough to attract quality talent? The person capable of writing the articles you want to read would demand a bigger paycheck than slate would provide.

That's the gimmick of slate. Pay hacks a crappy wage, and lure in people who make fun of the op-eds with a messageboard full of people trying to one-up each other as to who can be the most funny as they rip the articles to shreds.

The fray editor is in on the game. He's handing out checkmarks to posters who ask for the writers to be fired!