Cheap debt is bad for buyouts?
FORTUNE -- Credit is the fuel of private equity, often allowing buyout firms to contribute just 30% or 40% of acquisition prices. And the better the credit terms, the more private equity firms stand to gain.
So one would think today's near-zero interest rates are a boon for the industry, but The Blackstone Group's (BX) Tony James thinks the pendulum may have swung too far.
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