Private Equity Fund Manager Leo Hindery’s Testimony: America for Sale? An Examination of the Practices of Private Funds

If you look at our economy only from 30,000 feet, it’s easy to believe that we’re living in boom times. But if you get closer to the ground, where too many good jobs are being replaced by precarious ones, where large-scale employers waver at the brink of going under, and where profits overwhelmingly go to the wealthy, you can see a practice escalating across the economy, a practice that has already had disastrous effects on workers generally and that has the potential to take down hundreds of thousands more jobs and put investors and consumers alike in jeopardy. That practice is the unchecked and reckless overuse of heavy burdens of debt, and then of bankruptcy laws, by some PE firms and hedge funds to the overwhelming detriment of employees and retirees.

###

Read the full testimony HERE.