Our economy is in crisis.
Wall Street billionaires have bought our politicians and engineered our laws to make it easier to buy and pillage major companies, line their own pockets, and escape consequences it has on working people and our communities when the company fails.
More than half a million people have already lost their jobs at retailers like Toys “R” Us, Payless, Sears, Kmart, RadioShack, Shopko, Sports Authority, and dozens more. All of these companies were bought and controlled by private equity and hedge funds, shadowy financial firms that also “invest” in industries like for-profit private prisons and detention centers, dirty fossil fuels, and predatory payday loans.
New federal legislation would bring much needed regulation to private equity firms and hedge funds that have done so much harm to working people and our communities. It would prevent these predators from destroying jobs for profit, protect our retirement funds from reckless fund managers, and provide compensation for working people when their stores close in bankruptcy.
These financial institutions have become too big and too powerful. We need to check their power and hold them accountable for the damage they do to our jobs and our communities.