Home » Education Fund, Reports, Fact Sheets, Background Papers

Report: Pirate Equity: How Wall Street Firms are Pillaging American Retail

Submitted by on July 25, 2019 – 3:56 pm

AFREF_general_horz logoJuly 25, 2019

Americans for Financial Reform Education Fund, in partnership with The Center for Popular Democracy, Strong Economy for All Coalition, United for Respect, Hedgeclippers, and the Private Equity Stakeholder Project, released a new report revealing how in the last 10 years, a staggering 597,000 people working at retail companies owned by private equity firms and hedge funds have lost their jobs. An estimated additional 728,000 indirect jobs have been lost at suppliers and local businesses, meaning Wall Street’s gamble on retail has led to more than 1.3 million job losses in total. Wall Street firms are poised to impact an additional one million people working in retail in the coming years.

The report was immediately featured by NPR Weekend Edition Saturday, Bloomberg (and Bloomberg Radio), Vox, The Washington Post, and Forbes.

Full report available here.

Tags: ,