A MarketWatch commentary puts it bluntly: "Private-equity funds rule Wall Street." These funds are drawing the brightest minds from finance and even from the government--not to mention droves of institutional cash. They are now global forces that have the top investment banks bowing at their needs. On top of that, they've won newfound respect from the public. They're no longer raiders. They're financial sponsors. None of this is news really. Neither is the thought that nothing lasts forever.

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