Awaiting Return of the Buyout King

Investment banks, suddenly the target of pitchforks rather than perky Ivy Leaguers, are defunct. Hedge funds are all but wiped out—some of the remaining ones still in the game only because they’ve refused to honor redemptions. Surely, then, private-equity, equally buoyed by lackadaisical loans, should be reeling too.

Debt, after all, remains elusive and pricey.


If you inclined to weep for multi-multi-millionaires, major investors in private equity, particularly big pension funds, are starting to trade away their capital commitments for eighty, sixty, even twenty cents on the dollar. C'est tragique! And perhaps worst of all, a large number of PE-backed companies bought in 2006 and 2007 are saddled with debt, much of it piled on cheaply, in Gordon-Gekko-sized portions, during the bull market. These teetering former giants will either gobble up more money from their befuddled buyout overlords or head south so quickly they’ll be written off.

So, yes, the whizzes at Carlyle and KKR, as Michael Wolff gloats in Vanity Fair and Andrew Bary argues in Barron’s, may be in quite a fix, even if they’ve so far seemed to sidestep the financial maw. Then again, although a shakeout (and shakedown) in the industry is probably underway—no bad thing when, over the past few years, only the top quartile of LBO shops has truly generated steep returns—private-equity will not vanish. The flush funds, few though they may be, will make off like bandits acquiring, for a pittance, somewhat blemished but generally well-run firms. Trafficking in distressed paper should also prove lucrative. And there’s always the frontier markets. Masters of the Universe, these days, are scouring Sri Lanka and Zimbabwe – seriously! – for deals. Investors are likely to hope that they stay.

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7 fascinating UNESCO World Heritage Sites

Here are 7 often-overlooked World Heritage Sites, each with its own history.

Photo by Raunaq Patel on Unsplash
Culture & Religion
  • UNESCO World Heritage Sites are locations of high value to humanity, either for their cultural, historical, or natural significance.
  • Some are even designated as World Heritage Sites because humans don't go there at all, while others have felt the effects of too much human influence.
  • These 7 UNESCO World Heritage Sites each represent an overlooked or at-risk facet of humanity's collective cultural heritage.
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Yale scientists restore brain function to 32 clinically dead pigs

Researchers hope the technology will further our understanding of the brain, but lawmakers may not be ready for the ethical challenges.

Still from John Stephenson's 1999 rendition of Animal Farm.
Surprising Science
  • Researchers at the Yale School of Medicine successfully restored some functions to pig brains that had been dead for hours.
  • They hope the technology will advance our understanding of the brain, potentially developing new treatments for debilitating diseases and disorders.
  • The research raises many ethical questions and puts to the test our current understanding of death.

The image of an undead brain coming back to live again is the stuff of science fiction. Not just any science fiction, specifically B-grade sci fi. What instantly springs to mind is the black-and-white horrors of films like Fiend Without a Face. Bad acting. Plastic monstrosities. Visible strings. And a spinal cord that, for some reason, is also a tentacle?

But like any good science fiction, it's only a matter of time before some manner of it seeps into our reality. This week's Nature published the findings of researchers who managed to restore function to pigs' brains that were clinically dead. At least, what we once thought of as dead.

What's dead may never die, it seems

The researchers did not hail from House Greyjoy — "What is dead may never die" — but came largely from the Yale School of Medicine. They connected 32 pig brains to a system called BrainEx. BrainEx is an artificial perfusion system — that is, a system that takes over the functions normally regulated by the organ. The pigs had been killed four hours earlier at a U.S. Department of Agriculture slaughterhouse; their brains completely removed from the skulls.

BrainEx pumped an experiment solution into the brain that essentially mimic blood flow. It brought oxygen and nutrients to the tissues, giving brain cells the resources to begin many normal functions. The cells began consuming and metabolizing sugars. The brains' immune systems kicked in. Neuron samples could carry an electrical signal. Some brain cells even responded to drugs.

The researchers have managed to keep some brains alive for up to 36 hours, and currently do not know if BrainEx can have sustained the brains longer. "It is conceivable we are just preventing the inevitable, and the brain won't be able to recover," said Nenad Sestan, Yale neuroscientist and the lead researcher.

As a control, other brains received either a fake solution or no solution at all. None revived brain activity and deteriorated as normal.

The researchers hope the technology can enhance our ability to study the brain and its cellular functions. One of the main avenues of such studies would be brain disorders and diseases. This could point the way to developing new of treatments for the likes of brain injuries, Alzheimer's, Huntington's, and neurodegenerative conditions.

"This is an extraordinary and very promising breakthrough for neuroscience. It immediately offers a much better model for studying the human brain, which is extraordinarily important, given the vast amount of human suffering from diseases of the mind [and] brain," Nita Farahany, the bioethicists at the Duke University School of Law who wrote the study's commentary, told National Geographic.

An ethical gray matter

Before anyone gets an Island of Dr. Moreau vibe, it's worth noting that the brains did not approach neural activity anywhere near consciousness.

The BrainEx solution contained chemicals that prevented neurons from firing. To be extra cautious, the researchers also monitored the brains for any such activity and were prepared to administer an anesthetic should they have seen signs of consciousness.

Even so, the research signals a massive debate to come regarding medical ethics and our definition of death.

Most countries define death, clinically speaking, as the irreversible loss of brain or circulatory function. This definition was already at odds with some folk- and value-centric understandings, but where do we go if it becomes possible to reverse clinical death with artificial perfusion?

"This is wild," Jonathan Moreno, a bioethicist at the University of Pennsylvania, told the New York Times. "If ever there was an issue that merited big public deliberation on the ethics of science and medicine, this is one."

One possible consequence involves organ donations. Some European countries require emergency responders to use a process that preserves organs when they cannot resuscitate a person. They continue to pump blood throughout the body, but use a "thoracic aortic occlusion balloon" to prevent that blood from reaching the brain.

The system is already controversial because it raises concerns about what caused the patient's death. But what happens when brain death becomes readily reversible? Stuart Younger, a bioethicist at Case Western Reserve University, told Nature that if BrainEx were to become widely available, it could shrink the pool of eligible donors.

"There's a potential conflict here between the interests of potential donors — who might not even be donors — and people who are waiting for organs," he said.

It will be a while before such experiments go anywhere near human subjects. A more immediate ethical question relates to how such experiments harm animal subjects.

Ethical review boards evaluate research protocols and can reject any that causes undue pain, suffering, or distress. Since dead animals feel no pain, suffer no trauma, they are typically approved as subjects. But how do such boards make a judgement regarding the suffering of a "cellularly active" brain? The distress of a partially alive brain?

The dilemma is unprecedented.

Setting new boundaries

Another science fiction story that comes to mind when discussing this story is, of course, Frankenstein. As Farahany told National Geographic: "It is definitely has [sic] a good science-fiction element to it, and it is restoring cellular function where we previously thought impossible. But to have Frankenstein, you need some degree of consciousness, some 'there' there. [The researchers] did not recover any form of consciousness in this study, and it is still unclear if we ever could. But we are one step closer to that possibility."

She's right. The researchers undertook their research for the betterment of humanity, and we may one day reap some unimaginable medical benefits from it. The ethical questions, however, remain as unsettling as the stories they remind us of.

Scientists discover how to trap mysterious dark matter

A new method promises to capture an elusive dark world particle.

Surprising Science
  • Scientists working on the Large Hadron Collider (LHC) devised a method for trapping dark matter particles.
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  • The researchers will be able to try their approach in 2021, when the LHC goes back online.
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