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What the private equity takeover means for the bagel industry
The bagel’s stock is, apparently, rising — literally.
Private equity investors have decided, apparently en masse, that bagels are the new frontier for expansion.
A fund called Stripe invested $8 million into PopUp Bagels shortly after the trendy bagel shop, which hawks “rip and dip” bagels, first opened in 2023. A year later, they added $24 million to their contribution and became the majority owner. Now, PopUp Bagels boasts 30 locations.
Invus, an asset management fund, is now the majority owner of Call Your Mother, which began in D.C. but has expanded to 15 locations across the D.C. metro area and, for some reason, Denver. And Manhattan Funds, a large private equity firm, has a specific Bagel Equity Fund devoted to taking over bagelries. The industry is, they write on their site, “under-optimized at the national level.”
Even H&H Bagels, the iconic New York City institution — famed for its cameos in shows like Seinfeld and Sex in the City — has gotten shoveled onto private equity’s giant bagel baking tray. Though Wall Street investor Jay Rushin bought the brand over a decade ago, H&H, too, is beginning its boom era, opening dozens franchises outside of the city.
It’s time, these investment firms all contend, to scale bagels. But can the art of the perfect New York bagel be scaled?
Making the New York bagel in bulk is famously hard. The rings are finicky to roll out, they require boiling, and — perhaps most importantly — the long mythos to the New York bagel has at its core the premise that New York bagels cannot be made without New York water.
Many connoisseurs believe there is an alchemical process to the sought-after chew and crust only achievable with the particular water flowing in the city’s pipes, cascading down from the Catskill reservoirs almost unadulterated. Food science has somewhat debunked that concept, but the legend remains so strong that H&H is promising to par-boil its bagels in NYC water before shipping them to its new franchise locations to be finished in the oven. Even if it’s only marketing, that marketing is powerful.
This is far from the first time that companies have attempted to scale the bagel. In fact, it has worked, in a way: “bagels” can be found, at mass scale, in every major grocery store in the country, offered in plastic sleeves of a half-dozen.
The problem is that those bagels are gross. They’re made by machine, and steamed instead of boiled, which gives a glossy surface, yes, but none of the chew of a true boiled crust. The grocery store bagels are convenient and shelf-stable, sure, but they’re the Wonder Bread of the form: mushy and milquetoast. They have none of the hallmarks of a true bagel.
It’s possible that the private equity masterminds have landed on a secret to scaling the bagel without eventually reducing it to a wan grocery store offering. The results of the Wall Street takeover of the form are still emerging, and the business model could be dependent — at least at first — on devising the perfect product, and not just a passable one.
It just seems unlikely. The investment firms are built around, well, investors, not consumers. Their goal is producing equity and capital for their investors, not making the perfect bagel.
The term “enshittification,” coined by writer Cory Doctorow, has been around for a few years. It describes exactly what it sounds like — the phenomenon of everything growing, uh, worse. Specifically, it describes the way that large companies, often funded by venture capital and private investors, make their products worse over time in the process of wringing money out of the business to serve their CEOs and investors.
Doctorow, in his book on the subject, Enshittification, focuses largely on tech platforms as he examines the term. There’s Amazon: Long gone are the days of a well-priced product you could find more easily online than in a store. Now, search results are polluted by whatever someone has paid to boost to the top of the page, and it’s not even that cheap anymore. Or Twitter, which once bought by Elon Musk, fired its content moderation team to cut costs and turned its user verification, which was once limited to public figures, into a pay-to-play feature. As a result, the platform may have more income streams, but any regular user can attest that their feed is now full of neo-Nazis who shelled out for an algorithmic boost.
But it’s not just platforms — culture and aesthetics are targets for cash extraction now, too, with bad results. Netflix now churns out a constant stream of shows that are, instead of cultural touchstones, basically interchangeable, a far cry from their acclaimed early efforts like Orange is the New Black. Clothing brands like Reformation and even high-end designers like Escala, once symbols of luxury, taste and quality, are turning to lower quality materials and production in an attempt to churn out more designs, faster, and make more money. I’m trying to buy a couch right now, and have found through my research that age-old companies once lauded for their design and durability have been bought by private equity and changed their frames from hardwoods to particle board. (That information took a lot of research because you know what else has fallen prey to enshittification? Review sites.)
That means, regardless of whether these bought-out businesses have suffered yet, bagels are likely to fare poorly in the private equity boom eventually because of the need to extract increasing amounts of cash out of the project; the product itself is ultimately secondary. The Bagel Equity Fund is running trials on steaming their bagels instead of boiling them in its projected 400 shops it runs, the exact strategy that led to the mushy grocery store bagel. And a Washington Post review for the hyped new H&H location in D.C. was brutal, calling the bagels “generally unappealing” and “flavorless.”
But the bagel itself is only part of the mystique of the food. Which brings me to the more spiritual offerings of a good bagel: an ephemeral cultural cachet. That may be at even greater risk.
Having a favorite bagel shop or loudly defending your bagel order as the only possible correct way to eat a bagel — untoasted, scallion schmear, with capers, red onion and lox, and anything else is heresy, thank you for asking — makes you a real New Yorker. Or, if you don’t live in New York, it’s the mark of a devout cultural (and maybe religious) Jew.
Other, earlier attempts to innovate on the theme, and make it trendier and more lucrative, were all one-and-done fads that eventually crashed and burned, becoming a kind of scarlet letter of cringe. (Remember the vanilla-flavored rainbow bagels that were all over social media in the 2010s? They came with funfetti cream cheese. Disgusting, and also deeply uncool.)
Bagel shops are not just places that produce chewy bread with a hole in the center. They have a cultural value. Each is often unique, with its own set of delightful quirks — the place selling Lactaid loosies behind the counter, the brusque man who nevertheless remembers your order. They’re a symbol of uniqueness and authenticity — which, of course, is definitionally impossible to buy. The more constructed something is, the less authentic.
Yet that’s really what the private equity investors are trying to monetize: the idea of a bagel. If it didn’t have that symbolic power, it wouldn’t be a particularly interesting business, given how difficult the baking is to scale well.
The Bagel Equity Fund describes its target market as “fragmented, inconsistent, and devoid of a dominant brand.” But isn’t that the charm of your local bagel place? Not to those investors, which promise to rebrand every store they take over as “Go Bagels,” likely alienating the exact “strong customer bases and community presence” at the stores they aim to acquire.
Bagels have long been a metonym both for New York and for Jewishness. See: the phrase “pizza bagel,” describing people of mixed Italian and Jewish heritage. Good bagels inspire poetic food reviews — and literal poetry — but also lengthy cultural takes. There are dissertations on its history — and I don’t mean that as a kind of humorous exaggeration, I mean actual papers filed to receive a doctorate.
They were also core to unionization of American workers. The Beigel Bakers Local, which conducted its meetings in Yiddish, led strikes over pay and conditions, and standardized the bagel’s form into the icon we all know. That union was so powerful that its members put the city, during strikes, into what is memorialized as a “bagel famine” — a near-emergency for the city’s devoted consumers. The bagel and its attendant culture is a product of the blood, sweat and tears of New York City’s Jewish workers.
The union was ultimately undone by the mechanized mass production of grocery store bagels — an inferior product, yes, but one accessible at a mass scale, exactly what private equity is attempting to reproduce. The fact that a paltry imitation of a bagel still had enough financial power to destroy a once-powerful union is also worrying. People in cities other than New York — cities, that is to say, with a poor selection of bagels — will probably eat the sub-par private equity bagels, because there’s no other option, a key element of enshittification, as Doctorow observes.
But once the big conglomerates have the power, will they be so strong that the bagels they produce take over even on the bagel’s home turf? Will they exterminate the original New York bagel, and with it, its cultural history?
I don’t want to overstate the symbolic power of private equity buying the bagel brand. But at a time when antisemitism is rising, and Jews are increasingly being accused of, once again, greed, malicious control and undue influence, it certainly can’t help. If the bagel represents Jews, and the bagel has sold out, well, that’s a bad look.
But the real deal can still shine through the enshittification haze. “I just stayed in Brooklyn for the first time and felt so alive surrounded by all those bagel shops!” wrote one user on Reddit. They were there to complain — about Denver’s newest private equity bagel. Clearly, the New York bagel’s brand remains strong, even to outsiders.
The post What the private equity takeover means for the bagel industry appeared first on The Forward.
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I drove a friend to a protest in Jerusalem. Now Israel’s government wants to send me to prison.
‘The people fighting to save Israeli democracy are fighting for the only version of Zionism that can last.’
META: Amit Cahanovich is charged with five counts of joint arson after giving someone a ride to a demonstration where recycling bins were set ablaze.
For nine months I was a political detainee in Israel. My trial is about to begin.
I am as Israeli as they come. My grandparents came to this country — then Palestine, in the 1930s — as Europe began to burn. They helped found a farming village in the Jezreel Valley, Beit Shearim, while most of the family they left behind was murdered in the Holocaust. My late father was a colonel in the Israeli army. I served as a combat soldier in a classified unit, and after Oct. 7, I used my expertise as a data professional to consult for the army during the war. I am married with three young children.
We have no other passports, no other identity than Israeli. But I am now facing charges as an alleged criminal, part of a conspiracy no less — for nothing more than aiding a protest. My story speaks to the lengths of the Israeli government’s efforts to silence dissent.
On Sept. 3, 2025, around the 700th day of the war in Gaza, the families of hostages still held and tortured in Hamas’s tunnels begged Israelis to take to the streets. More than 40 hostages were already dead in captivity, some murdered, some dead from other causes. Like many Israelis, I could not stand by while the government worked to frame this as the families’ private grief rather than a national emergency — anything to delay a reckoning and stay in power a little longer.
I was arrested after a demonstration day in Jerusalem, where a few recycling bins were set on fire — a common occurrence at such protests, before and since. My alleged part is giving a ride to a friend who allegedly lit one of them. Seven of us now face charges that would fit an organized crime indictment. I’m charged with five counts of joint arson, each carrying a sentence of up to 15 years.
I did not know most of my co-defendants. Lawyers call this a legal dragnet, a familiar tool in democracies that are sliding.
For 33 days I was incarcerated in appalling conditions, classified as a danger to the public, moved between three prisons, and even spent one night in a dungeon, for no real reason. After those 33 days, I was released, but remained on house arrest. A probation officer eventually found I posed no danger. The prosecution fought the finding anyway. It took a High Court justice, ruling on a co-defendant’s appeal eight months in, to confirm what we had argued from the start: that “dangerousness” was being used not to assess a threat but to punish us before any verdict. A month after that ruling, I was released.
Since Oct. 7, Jewish terror against Palestinians in the West Bank has surged, met by law enforcement so weak it barely counts as such. Yet dozens of investigators were assigned to the conspiracy cases that included my own, and, according to press reports, the Shin Bet itself took part in interrogations over recycling bins. The Shin Bet, Israel’s equivalent to the FBI, exists to fight terrorism and espionage, not to regulate protest. When a government routes political dissent through its most powerful security service, the question is no longer whether a protester broke a law. It is whether the state has begun treating opposition itself as a threat.
This is not incidental. It is the method of a coalition that unites Prime Minister Benjamin Netanyahu with the heirs of the banned, terrorist-designated Kach movement founded by the radical American-Israeli Rabbi Meir Kahane; and with ultra-Orthodox parties that take state money while keeping their youth from modern education and army service. Together they have spent years capturing the institutions meant to check them, the security services, the state comptroller’s office, a weakened judiciary. None of this happens in the dark. It happens on television, because the government’s allies all but run the news agenda. Nearly all criticism gets folded into “Israel as victim.” Antisemitism, though it does exist, gets invoked even when it doesn’t, as a method to silence dissent internationally. Protesters, including hostage families whose only demand was that the state bring their own home, got called traitors and enemies from within.
Meanwhile war has become the alibi. War in Gaza. War in Lebanon. War in Iran. Every operation begins with tactical wins and promises of strategic victory that never fully arrive. Every day of it was used to postpone the prime minister’s own corruption trial a little further.
In 1938 the Yiddish poet Mordechai Gebirtig wrote “Undzer Shtetl Brent” — “Our Town Is Burning” — about the violence closing in on Polish Jews. It calls out to brothers standing with folded arms, watching the fire instead of fighting it. By the time the song became an anthem, the fire had become a catastrophe. I think about it constantly now, not because I believe Jews are fated to see danger only once it’s too late, but because I fear we are, again, mistaking smoke for weather.
Israel is scheduled to hold elections in late October. Ahead of them, the government’s allies are working to inflame the West Bank, the same cynical mechanism that has worked before: unite a divided public against an external enemy, and postpone the reckoning again. There are even signs that the government could try to postpone the election using so-called emergency regulations or putting up other obstacles. Netanyahu himself once made this exact argument when he demanded former Prime Minister Ehud Olmert resign while on trial for corruption, warning that a leader facing charges can never be trusted to put the country’s survival ahead of his own. He was right then. The dynamic he described is now his own government.
The people fighting to save Israeli democracy are fighting for the only version of Zionism that can last: an independent judiciary, free elections, equality before the law, a state that answers to its citizens rather than demanding loyalty to one man. If this government is not replaced, if it teaches a country that dissent is danger, the price will not be paid only by protesters like me. It will be paid by the dream my grandparents crossed the sea to build.
Amit Cahanovich is a native Israeli, married and a father of three, and an independent data consultant. He recently spent nine months as a political detainee in Israel and is now writing a play based on his experience.
The post I drove a friend to a protest in Jerusalem. Now Israel’s government wants to send me to prison. appeared first on The Forward.
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Whistleblower claims Trump’s campus antisemitism crackdown was a cash grab
A new whistleblower report alleges that the Trump Administration’s investigations into campus antisemitism were merely efforts to extract millions from universities, under the pretense of rooting out hate.
The report, written by the Washington, D.C.-based Government Accountability Project on behalf of former Department of Justice Attorney Haley Van Erem, alleges that the administration’s antisemitism task force carried out “politically motivated” investigations that were “unsupported by facts and contrary to law.” The investigations did not follow proper Title VI procedure, she said, adding that they were opened with predetermined outcomes, and did not respect the First Amendment.
The report has prompted Jewish U.S. Rep. Jamie Raskin (D-Maryland) to initiate an investigation into the allegations. The Nexus Foundation, a watchdog organization dedicated to combating antisemitism and protecting free speech, released a statement supporting Raskin and Van Erem.
This is not the first time Raskin or Nexus have criticized the administration’s antisemitism task force. Many left-leaning Jewish organizations have long criticized Trump’s efforts, with Raskin describing them as “weaponizing, distorting and exploiting the reality of antisemitism to attack academic freedom.”
In a statement to the Forward, the DOJ denied that Van Erem worked on university investigations. “And for all matters, the Department stands behind the integrity of these investigations,” a spokesperson wrote.
According to the report, Van Erem was involuntarily re-assigned from her role as a DOJ Civil Rights attorney to the U.S. Department of Health and Human Services in order to investigate alleged antisemitism at medical schools — a probe prompted by a single New York Post article about protesters shouting “Free Palestine” and wearing Palestinian flags or keffiyehs at a medical school graduation.
Unable to find enough evidence of antisemitism at medical schools, Van Erem said, the task force soon expanded its probe to entire universities to increase the chances of finding it.
“This was one of the first major indications to the DOJ assignees that the investigations were not grounded in law or fact,” the report reads.
HHS did not immediately respond to request to comment.
Van Erem also criticized the administration for breaking the protocol of Title VI investigations, pursuing enforcement before first issuing a finding and allowing universities to resolve issues voluntarily. That enforcement: withholding funds.
To restrict funds, the administration used a separate legal mechanism that allows them to do so “for convenience” and for “not satisfying purpose.”
“The funding suspensions were meant to be coercive irrespective of investigative findings,” according to the report.
Van Erem and colleagues found no evidence at Brown of “deliberate indifference” to antisemitic incidents, the report said. But a supervisor allegedly discouraged sending Brown a closure letter stating those findings. According to the report, the administration settled with Columbia before an investigation was finished. Harvard sued the Trump administration, before its own investigation was complete, claiming the funding freeze was unlawful.
Van Erem said she observed findings of discrimination that she believed were actually “protected First Amendment activity” and believed that the task force’s settlement “content-based conditions” violated free expression.
Brown and Columbia both settled with the administration to restore federal funding, with Columbia paying the government $200 million and Brown agreeing to pay $50 million to Rhode Island workforce development organizations. A federal judge recently dismissed the Trump administration’s antisemitism lawsuit against Harvard, saying antisemitic incidents were “too isolated and episodic” to constitute a Title VI violation.
The post Whistleblower claims Trump’s campus antisemitism crackdown was a cash grab appeared first on The Forward.
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An influential book of a Nazi leader’s confessions is now available in English
(JTA) — Jürgen Stroop, the Nazi commander who led the killing of more than 50,000 Jews, was sitting in a cell in Warsaw awaiting his own execution.
Before he met the gallows, Stroop described in unrepentant detail his ascent as a Nazi, his destruction of the Warsaw Ghetto and his daily prosecution of mass murder. He gave his account to Kazimierz Moczarski, the journalist, Polish resistance leader and veteran of the Warsaw Uprising who shared Stroop’s cell in Mokotów Prison for 255 days in 1949.
Though he is now remembered as a hero for fighting the Nazi occupation, Moczarski was villainized by Poland’s postwar Communist regime, which viewed his resistance group as a threat to their monopoly on power. His unlikely imprisonment alongside a former Nazi officer he’d once tried to assassinate gave Moczarski the chance to document Stroop’s confessions in an influential book, “Conversations with an Executioner.”
This book, despite being censored for years by the Polish government, proved revelatory about the psychology and motivations behind Nazi ideology. After decades of being translated into over 15 languages and adapted for the stage and screen, “Conversations with an Executioner” was published Tuesday for the first time in an uncensored English translation by Steerforth, an imprint of Pushkin Press.
The book’s champions say it’s about time.
“On the one hand, this book is a central historical source for this really important event in the modern history of the world,” Sean Casper Bye, the book’s English translator, told the Jewish Telegraphic Agency. “And at the same time, it’s one that has continually struggled to get fully into publication.”
The book’s revelations about Stroop, the rise of Nazism and the psychology of genocide is reaching English readers after a long deferral. Moczarski made many unsuccessful attempts to publish “Conversations with an Executioner” after his release, but found little interest from publishers in Communist Poland.
The book did not align with Communist ideological narratives about the Holocaust, which deemphasized tragedy in favor of total victory over the Nazis. And the government’s crackdown on Polish resistance members — which led to Moczarski’s imprisonment with Stroop — remained a taboo subject.
A serialized version of the book first appeared in the Polish magazine Odra from 1972 to 1974, and Moczarski died the following year at age 68. He never saw the first censored edition in 1977, which removed references to the reasons behind his own incarceration. Nor did he see the publication of “Conversations with an Executioner” as an uncensored book in 1992, after the fall of Communism, when it became a bestseller.
Now, the book has “canonical status” in Poland, said Bye. It has been included for years on required school reading lists, shaping how generations of Polish people remember the Holocaust.
Moczarski’s account also faced an uphill battle to reach English readers. During the Cold War, censorship, disrupted communication and closed archives in Eastern Europe made it difficult to publish books from Poland in English, said Bye. That lowered the focus on Eastern European sources and languages for years in Holocaust scholarship across English-speaking countries.
The new English translation was championed by Clare Bullock, the book’s editor in the United Kingdom, who has Polish Jewish heritage. She spent years pushing for it to appear in English at multiple publishing houses, said Bye.
Moczarski and Stroop’s fates were intertwined long before they shared a cell. During World War II, Moczarski joined the Home Army, the main Polish resistance force, where he worked for the Office of Information and Propaganda.
Identifying local Nazi officials and collaborators as targets, Moczarski and his associates assassinated Stroop’s predecessor, Franz Kutschera, nicknamed the “Butcher of Warsaw” for his mass executions of Polish civilians. They also made a failed attempt to kill Stroop, detailed by Moczarski in their cell.
Though he was not Jewish, Moczarski supported and liaised with the Jewish Fighting Organization, known in Polish as ŻOB. The Home Army provided ŻOB leaders with weapons and technical instructions for the 1943 Warsaw Ghetto Uprising, the largest Jewish revolt against the Nazis.
A year later, Moczarski fought in the Home Army’s citywide Warsaw Uprising. The Nazis also brutally crushed this revolt, which led to the deaths of over 160,000 Poles, including some 17,000 Polish Jews who took part in the fighting or were discovered in hiding.
Instead of being rewarded after the war, Moczarski was arrested in 1945 as the Communists consolidated their power in the aftermath of Nazi rule. The new regime baselessly declared the Home Army a quasi-fascist organization, claiming they had collaborated with the Nazis rather than fighting against them. Moczarski spent 11 years in prison, where, he would later recount, he endured 49 methods of torture.
His confinement with Stroop made for another form of torture, according to Bye, who said it was “symbolically equating him, a brave Polish patriot, with a Nazi war criminal.”
The men had a third cellmate: Gustav Schielke, a German former policeman turned low-ranking SS officer who resented the police’s subordination to the Nazis, but did not resist them. In prison, these enemies lived under a code that required equality and confidentiality for survival. They slept on the floor together on three pallets, and Moczarski spent nights huddled between Stroop and Schielke to stay warm.
Moczarski made it his mission to understand the war criminals.
“If I succeed, I have the chance — if only to a certain extent — to answer my own question,” he wrote. “What historical, psychological, sociological mechanism led some Germans to come together into a gang of mass murderers who governed the Reich and did their utmost to introduce their ‘Ordnung’ — their Order — in Europe and the world?”
He unraveled in Stroop an average German middle-class man of his time, with a low level of education, a drive to rise through military ranks, a reverence for order and obedience and a penchant for parroting Nazi ideology.
As his defenses wore down, Stroop gave Moczarski a day-by-day account of his orders to crush the Warsaw Ghetto Uprising in 1943. Over nearly a month, his forces battled Jewish guerilla fighters and eventually burned down the ghetto block by block. He referred to the operations as “neutralizing” Jews or “cleansing” the Warsaw Ghetto of “subhumans.”
When Moczarski asked Stroop whether he pitied the women fighters whom he captured and killed, he said the commander responded, after a long and “worked up” silence, with Nazi clichés.
“Finally, the general straightens up, smooths down the hair at his temples and replies, in a chanting rhythm,” Moczarski wrote. “‘Anyone wishing to be a true man in those days, meaning a strong one, had to act as I did. Gelobt sei was hart macht!’” The German phrase by Nietzsche, meaning “Praised be what hardens,” was taken from Nazi propaganda.
In this portrait of Stroop, Bye saw a man who was motivated primarily by moving up the Nazi Party hierarchy. While Stroop repeated Nazi tropes and adapted his beliefs accordingly — upon becoming an SS officer, he broke with the Roman Catholic Church and declared himself “Gottgläubig,” a Nazi religious term — much of his testimony amounted to a boastful account of personal victories.
“This was a type of Nazi,” said Bye. “Not everybody was a completely 100% committed idealogue. There were lots of people who were just ambitious and unscrupulous, and that was part of the engine that kept the Nazi machine going.”
The idea that the Holocaust could have been willingly committed by everyday, career-minded people, not just Nazi ideologues and sadists, has been echoed in other landmark works of scholarship and culture, from Hannah Arendt’s 1963 “Eichmann in Jerusalem” to the 2023 film “The Zone of Interest.”
“Conversations with an Executioner” has been challenged as an authentic document, since Moczarski had no materials to take notes in the cell, yet recounted years of dialogue in vivid detail. Moczarski claimed that he honed an exceptional memory in prison and could write the book in his mind. After being released in 1956, he verified facts by obtaining Stroop’s reports from the Polish Commission for Researching Nazi War Crimes and information from the U.S. Pentagon archives.
The limitations of the book as a firsthand account also make it a precious resource, said Bye. Stroop’s destruction of the Warsaw Ghetto was so effective that “Conversations with an Executioner” provided a rare surviving window into what occurred.
Bye said that voices like Moczarski’s are becoming ever more crucial as the last generation of survivors die out and the Holocaust fades from living memory. He hopes the new English translation will give readers a counterweight to current-day narratives about the Holocaust, emerging in politics and elsewhere, that mold the past to fit ideological messages.
“There are so many people who have a vested interest in getting us to look at the Holocaust in a particular way, who want to instrumentalize the Holocaust as this hugely emotionally weighty event for their own purposes,” he said. “One of the ways that we can keep in touch with the reality of the Holocaust is by going back to primary sources like this — going back to the people who did see it with their own eyes and who wrote about it themselves.”
This article originally appeared on JTA.org.
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