ChairGate Ends


Apparently, Henry Kravis did not buy that $28 million chair.

DealBook points out that the Economist’s website has corrected the story which reported that the founder of KKR bought the pricey seat at an auction from the estate of the late Yves Saint Laurent. The news shocked and awed a financial press that was focussed on the depression. Dealzone even dubbed it Chairgate. said the attention to the chair proved “there is seriously nothing going on in private equity these days.” We think that outrage over John Thain’s pricey office furniture helped things along. The phony Kravis story seemed to fit the image of financial professionals who were still spending like it was 2006.

DealBook describes the brouhaha as an “unscandal.” Not so fast. Someone bought that chair for $28 million. We still want to know who.

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