The carnage in the private equity industry during the credit crunch has been front-page news. From Cerberus' fiasco-like attempt to turn around Chrysler and GMAC to TPG's disastrous investment in Washington Mutual to Apollo's several troubled portfolio companies, Realogy and Harrah's among others.  

But "in one of the richer ironies of the Great Recession,'' according to Portfolio, "private equity firms are poised to flourish. They've raised money for new funds and locked it in before investors have had a chance to fully realize how disappointing the returns will be on the last ones. Capital is king now, and many private equity firms have enough money for 10 years." But they will be much different companies, in reality and in perception. There's a vast difference between saviors of the economy and mere vultures. 

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