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William E. Simon was a bond trader-turned US cabinet secretary under President Richard Nixon. He was also abrasive, polarizing and – the “father of private equity,” according to Hettie O’Brien, author of The Asset Class: How Private Equity Turned Capitalism Against Itself. She tells hosts Gillian Tett and Robin Wigglesworth how Simon orchestrated a deal that was so revolutionary, and so lucrative, that it kickstarted the leveraged buyout trend of the 1980s, which later gave way to the modern private equity industry. Further reading: The Asset Class: How Private Equity Turned Capitalism Against Itself, by Hettie O’Brien (2026) Private capital has raised more money than it has returned Credits: Getty Images To enjoy future episodes, be sure to subscribe to The Story of Money wherever you get your podcasts, also on the show's dedicated YouTube channel here: / @ftthestoryofmoney Hosts: Gillian Tett and Robin Wigglesworth Producer: Lulu Smyth Senior Producers: Michela Tindera and Laurence Knight Executive Producer: Manuela Saragosa Original music and sound design: Breen Turner Broadcast engineers: Bianca Wakeman and Petros Giuompasis Podcast Development: Laura Clarke FT Global Head of Audio: Flo Phillips Video editor: Josh Divney and Kristen Kenyon at Podcast Discovery Learn more at www.ft.com/tsom or get in touch at [email protected].
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