What Tom Gores actually does for a living

The Detroit News continues to own Pistons-sale coverage. Perhaps, you’ve heard Tom Gores runs a private-equity firm called Platinum Equity. But what does a private-equity firm do exactly? I had minimal idea until Brian J. O’ Connor, the paper’s finance, editor explained today:

"The term "private equity" sounds complicated, like hedge funds and mergers and acquisitions, but it’s just another term for the age-old practice of investing rich people’s money to make them richer. If you’re good at it, you get rich, too."

That’s just the tip of the iceberg. Check out the whole article for a clear, in-depth look at Gore’s operation.