I have previously posted about this topic, and I think the prior posts help to frame this article.
Prior posts:
http://www.allenlatta.com/allens-blog/mike-moritz-on-private-equity-aka-leveraged-buyouts
http://www.allenlatta.com/allens-blog/a-response-to-mike-moritzs-article-on-stephen-scharzman
Link to Reuters article:
http://www.reuters.com/article/us-milken-conference-privateequity-idUSKBN17Y2MT