The Majority Report with Sam Seder

Episode 3581 - False Kirk Killer Narratives; Private Equity Killing the American Dream w/ Megan Greenwell
Date: September 15, 2025
Host: Sam Seder
Guest: Megan Greenwell, author of Bad Company: Private Equity and the Death of the American Dream

Episode Overview

This episode tackles two major themes. First, Sam Seder and the crew dissect the rapid spread of misinformation and baseless narratives around the killing of Charlie Kirk, highlighting the dangers of politicized speculation and media irresponsibility. The second centerpiece is a long-form interview with journalist and author Megan Greenwell, who exposes how private equity is eroding the foundations of American society—from retail and media to healthcare and housing—extracting value for a few at the expense of workers, communities, and essential services.

I. False Narratives Around the Charlie Kirk Shooting

(00:00 – 21:12)

The Spread of Misinformation

• Sam Seder frames the segment as a cautionary tale about runaway speculation in the wake of tragedies and the weaponization of partial truths by politicians and media personalities.

• A focal point is Utah Governor Spencer Cox, who, without concrete evidence, publicly suggested the suspect held “leftist ideology.” Seder notes such statements are irresponsibly vague and inflame division.

  • Quote: “If you're going to put out statements that this guy has leftist ideology, you should be able to...say what one single building block about that is.” (Sam Seder, 15:16)

• Clips from Bill Maher's show illustrate how mainstream and right-wing personalities immediately pinned political motives on the shooter without facts.

  • Quote: “It's two days out. We don't know shit.” (Bill Maher guest/caller, 09:02)

• Sam expresses frustration that major media fails to challenge these narratives or demand evidence.

The Dangers of Politicized Speculation

• Seder explains the information vacuum is being filled by right-wing operatives like Cash Patel, who amplify unsourced reporting, thus muddying public understanding and undermining justice.

• When pressed for evidence, officials and pundits either provide platitudes or admit they know nothing substantial.

  • Quote: “Conversations about discussions does not in any way even come remotely close to answering what she's saying.” (Sam Seder, 14:56)

• Both Seder and Matt Binder underscore that being “not a fan” of Charlie Kirk does not equate to holding a particular political ideology, nor justify drawing sweeping conclusions about motive.

  • Quote: “I don't think there was anybody in the country who thought maybe this was just a really intense fan of Charlie Kirk's.” (Sam Seder, 19:03)

• The discussion closes with criticism of normie media’s inability or unwillingness to hold political figures accountable for such speculation.

II. Interview: Megan Greenwell on Private Equity Killing the American Dream

(30:01 – 65:06)

Greenwell’s Entry Point: The Deadspin Story

• Megan Greenwell recounts her time as editor-in-chief of Deadspin, which was bought by the private equity firm Great Hill Partners:
  • Quote: “Day one, I knew this was going to be a disaster. They came in asking the dumbest possible questions...clearly intending to use the answer to justify their own bad decisions.” (Megan Greenwell, 30:01)
• Deadspin, despite being profitable and beloved, was gutted for its URL value and left a husk, emblematic of private equity’s extractive ethos.

How Private Equity Operates—and Ruins

• Seder summarizes private equity as fundamentally about extraction—sucking value from enterprises for the benefit of investors, often at the direct expense of employees, communities, and consumers.

• Megan distinguishes private equity from venture capital:

  • Venture Capital: Takes stakes in startups, seeking big successes (i.e., unicorns). Wins only if companies thrive.
  • Private Equity: Acquires entire (often mature) companies, loads them with debt, extracts value, and can profit even if the company fails.

• Case Study: Toys R Us

  • Private equity firms bought Toys R Us using debt loaded onto the company itself, sold off assets (like real estate), extracted fees, and let the company go bankrupt.
  • Employees lost jobs and severance while the private equity owners profited.
  • Quote: “KKR and Bain Capital, the two private equity firms in charge, both walked away from the life of that deal making a profit.” (Greenwell, 38:43)
  • Seder, amazed: “They take out a loan to buy the company and then they make the company responsible for the loan. Then they extract all the value out… They walk away with all the money and they basically extract. It's insane.” (41:06)

• Hospitals & Medicine:

  • PE consolidates hospitals to maximize short-term profits, often slashing essential services.
  • Example: After a PE takeover in Wyoming, maternal and emergency care disappeared, forcing patients onto expensive medevac flights—often also PE-owned.
  • Quote: “You can't get service at your private equity owned hospital. Private equity has bought the medevac company and obviously increased the prices dramatically...the only reason you are being charged that bill in the first place is because they took all the services from your local hospital.” (45:02–46:55)

• Media:

  • PE buys up local papers, slashes newsroom staff, sells headquarters, and turns newspapers into “ghost” outlets filled with syndicated/recycled content, eroding public oversight, community discourse, and even raising municipal bond costs.
  • Quote: “There is an entire class of what scholars call ghost newspapers, which are newspapers that still come out and people still pay subscriptions for them, but they do not have a single journalist on staff.” (Greenwell, 50:31)

• Housing:

  • PE targets entire sectors, from mobile homes to apartments; tenants suffer from deteriorating maintenance and rising rents, often subsidized by government-backed low-interest loans intended for ordinary homebuyers.
  • Quote: “Private equity firms can access money from Fannie Mae and Freddie Mac… that money has a very, very low interest rate… Fannie and Freddie money has been absolutely crucial to private equity firms profiting off of housing.” (Greenwell, 56:04)
  • Efforts to fight back are hamstrung by lack of tenant protections in many states.

Regulatory Failure and Political Capture

• There is little to no federal regulation of private equity, which is shielded from most disclosure requirements.
  • Quote: “On the federal level, I don't see that changing anytime soon because… 88% of the House and Senate are on the dole of private equity.” (Greenwell, 59:02)
• State-level reforms offer limited hope (e.g., restrictions on PE ownership of hospitals in Oregon).
• Elizabeth Warren’s Stop Wall Street Looting Act is repeatedly introduced but is consistently blocked in Congress.

Resources and Call to Action

• The Private Equity Stakeholder Project is highlighted as a useful tool for tracking PE ownership, especially in healthcare.
• Seder underscores the importance of public awareness: the degradation of daily life—whether in hospitals, media, or housing—is often due to invisible private equity ownership.
  • Quote: “Our daily lives is just a little crappier because of this, and we don't know why.” (Seder, 62:21)

III. Notable Quotes & Memorable Moments

• On the futility and cynicism of politicized speculation:
  • "It's two days out. We don't know shit." (Bill Maher guest/caller, 09:02)
  • "You're out there saying that he has some leftist ideology. In what way wasn't he a fan of Charlie Kirk? ...You don't have to go back more than a couple of weeks to see Nick Fuentes making it clear that he was not a fan of Charlie Kirk." (Sam Seder, 17:59)
• On private equity:
  • “The ultimate goal for a private equity firm is solely to make money for itself. That does not require, in a lot of cases, making money for the portfolio company.” (Greenwell, 34:24)
• On hope and organizing:
  • “One thing that really unites people across the political spectrum is being upset about income inequality and being upset at billionaires. ... Once people see what is going on with private equity, they start to think they should do something about it.” (Greenwell, 60:22)

Key Timestamps

• 00:00 – 08:28: Episode open; rundown of false narratives around the Kirk shooting
• 08:28 – 21:12: Extended dissection of misinformation, Bill Maher segment, media critique
• 30:01 – 36:56: Interview with Megan Greenwell begins: Deadspin story and introduction to private equity logic
• 36:56 – 46:55: Deep dive into PE’s impacts on retail (Toys R Us), hospitals, and the mechanics of extraction
• 47:57 – 54:42: Impact on local media and housing; human stories from Greenwell’s book
• 56:04 – 62:21: Regulatory failures, capture of political system, limited state interventions
• 62:21 – 63:29: Resources for tracking PE, need for public awareness
• 63:29 – 65:09: Wrap-up; Seder recaps key lessons

Episode Tone

Sam Seder’s tone throughout is frustrated, incisive, and sometimes darkly humorous. Megan Greenwell brings deep reporting, compassion for her subjects, and moral clarity to a complex issue. The episode underscores that the destructive logic of private equity—driven by short-term profit and enabled by lack of political will—makes daily life harder for millions, often invisibly.

Takeaways

• Political narratives spun without evidence undermine democracy and justice.
• Private equity’s business model is fundamentally extractive, often harming workers, communities, and consumers for the enrichment of a few.
• Regulatory and political capture means federal reform is remote, but local/state activism and resource sharing (like the Private Equity Stakeholder Project) offer potential for resistance.
• Understanding the hidden hand of private equity is crucial for anyone who wonders why basic aspects of American life—news, health, housing, even pet care—keep getting worse.

References

• Private Equity Stakeholder Project Hospital Tracker
• Megan Greenwell’s Bad Company: Private Equity and the Death of the American Dream
• Majority.fm for episode show notes and links