Private equity buyouts and crack

Mitch Ratcliffe spotted a column published ealier this month on the FT. The article, written columinst John Plender, proposes that a leveraged buyout of Microsoft by private equity bankers would be a good thing. As Mitch points out, this scenario would be a good thing for the private equity bankers and er, that's pretty much it.

I can't see the whole article (behind a paywall) but from the citation Mitch provides I think I can help Mitch out on his question around what was being smoked at the FT that day - it begins with a 'c' and it rhymes with smack.