06/24/2026 The Expanding Reach of Private Equity

Published June 29, 2026 at 12:00 PM MDT

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Originally, this program was intended to be an in-depth discussion of Blackstone's proposed acquisition of PNM, New Mexico's largest electric utility, by Blackstone, the private equity firm that describes itself as the world's largest alternative asset manager. Unfortunately, shortly before we went on the air, one of the leading opponents of the proposal was unable to join us. Representatives of both Blackstone and PNM also declined our invitations to participate.

Fortunately, Evan Buckingham, who had originally planned to join us for the first 15 minutes of the program, was able to remain with us for the entire hour. Together, we examined the proposed acquisition, summarized the principal arguments both for and against the deal, and explored the broader implications of private equity's expanding role in the American economy.

Our conversation also looked beyond the PNM proposal to consider how private equity ownership, from small medical practices to major corporations, is reshaping industries and raising important questions about public trust, corporate accountability, and the relationship between businesses and the communities they serve.

Host: Jim Falk

Co-host: Peter Smith

Guests: Evan Buckingham, contributing writer to of is Hope on Substack; author, “Snake Oil in the Modern Economy.”