Over the last decade, Wall Street private equity firms have gobbled up huge portions of the U.S. economy, laying off hundreds of thousands of workers and bankrupting businesses. They’re enriching themselves at the expense of working people, families, and communities.
Since 2008, private equity firms have seen the money and wealth they control grow from $1 trillion to an astonishing $7.4 trillion. They’re playing by a rigged set of rules that allows a handful of people to extract vast wealth at everyone else’s expense.
It’s one reason President Biden wants more money for the IRS in his Build Back Better package — to make rich people and corporations who take advantage of our rigged tax system and economy pay their fair share.
Private equity firms repeatedly take over companies, loot them of their most valuable assets, make millions, and then file for bankruptcy, leaving workers jobless and often without their promised pensions. Or they extort patients and consumers through monopoly prices on essential services like health care.
Right now, we have an opportunity to change a rigged system and protect the rights, wages and pensions of working people. Congress must enact laws to:
- Make private equity firms and executives legally liable for the damage they cause;
- Ban practices that allow Wall Street to loot the companies they acquire;
- Protect workers if employers go bankrupt so workers get paid severance and pensions they were promised;
- Close tax loopholes that encourage predatory financial activities and that benefit private equity executives.
Sign the petition to Congress to end this predatory behavior and protect the rights and wages of working people.
For decades, Wall Street private equity firms have enriched themselves by bankrupting companies, laying off workers and devastating entire communities. We demand Congress act now to end these Wall Street abuses, protect the rights and wages of working people, and make wealthy executives pay for the damage they cause.
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