
The EMI deal has become a symbol for the worst excesses of the boom era private equity world. Hands himself stands as an example of what has always been wrong with private equity, says a former colleague at Nomura, who asked not to be identified so he could speak frankly. They rode the wave of a bull market in debt but were not humble enough to know that was what they were doing.Even the people involved in the restoration didnt believe it could be restored. It was completely written off. It was thought to be an impossible task, said John Lopez, a scientist with the Lake Pontchartrain Basin Foundation, which led the restoration effort. It has been a dramatic turnabout.Some Gulf Coast residents are pinning hopes on what may be a unique defense against millions of gallons of oil that has spewed from a ruptured deep sea drill site.
