France, Inc.: When the State Joins the Vulture Funds
In Paris, the left finally got its smoking gun: a parliamentary report that says, in polite technocratic French, that private equity has been strip‑mining the country while the state smiles for the cameras.
LFI lawmaker Aurélie Trouvé doesn’t bother with euphemisms. She says the funds “invaded our economy” on the back of tax breaks, light‑touch oversight, and a revolving door that sends top civil servants straight into the arms of the same financial players they were supposed to regulate.
The report describes exactly what that looks like on the ground: leveraged buyouts that treat factories as cash machines, load them with debt, extract dividends, and leave regions with shuttered plants and “restructured” workforces.
Under Macron, France turned into prime hunting ground for LBO deals in Europe. That is not a side effect; it’s policy. Paris sold itself as the efficient, business‑friendly gateway to the continent, then discovered the fine print: the more you optimize for deal‑flow, the less you can pretend you’re running a “social market economy.”
The report spells out the contradiction — a government that talks reindustrialization and “strategic sovereignty” while its development bank behaves like any private fund, co‑investing alongside the same actors it now calls predatory.
That double role is the real scandal. When the state is both referee and junior partner in the deal pipeline, its bargaining power with global finance collapses into theater. Officially, France defends “national champions” and long‑term industrial policy. In practice, it signs off on structures that hollow out productive capacity, then sends ministers to cut ribbons on the next “reindustrialization” program funded by the same ecosystem.
So yes, the report confirms what unions, local mayors and left populists have been shouting for years: the model is eating itself. The country that lectures Brussels on social Europe has quietly been running an experiment in high‑octane financialization at home — and now acts surprised that the hunters don’t feel bound by republican rhetoric when the term sheet says otherwise.
#France #Macron #finance #PrivateEquity #LBO #inequality #EU
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In Paris, the left finally got its smoking gun: a parliamentary report that says, in polite technocratic French, that private equity has been strip‑mining the country while the state smiles for the cameras.
LFI lawmaker Aurélie Trouvé doesn’t bother with euphemisms. She says the funds “invaded our economy” on the back of tax breaks, light‑touch oversight, and a revolving door that sends top civil servants straight into the arms of the same financial players they were supposed to regulate.
The report describes exactly what that looks like on the ground: leveraged buyouts that treat factories as cash machines, load them with debt, extract dividends, and leave regions with shuttered plants and “restructured” workforces.
Under Macron, France turned into prime hunting ground for LBO deals in Europe. That is not a side effect; it’s policy. Paris sold itself as the efficient, business‑friendly gateway to the continent, then discovered the fine print: the more you optimize for deal‑flow, the less you can pretend you’re running a “social market economy.”
The report spells out the contradiction — a government that talks reindustrialization and “strategic sovereignty” while its development bank behaves like any private fund, co‑investing alongside the same actors it now calls predatory.
That double role is the real scandal. When the state is both referee and junior partner in the deal pipeline, its bargaining power with global finance collapses into theater. Officially, France defends “national champions” and long‑term industrial policy. In practice, it signs off on structures that hollow out productive capacity, then sends ministers to cut ribbons on the next “reindustrialization” program funded by the same ecosystem.
So yes, the report confirms what unions, local mayors and left populists have been shouting for years: the model is eating itself. The country that lectures Brussels on social Europe has quietly been running an experiment in high‑octane financialization at home — and now acts surprised that the hunters don’t feel bound by republican rhetoric when the term sheet says otherwise.
#France #Macron #finance #PrivateEquity #LBO #inequality #EU
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