This is the story of Diane Lewis, who had to pay outrageous fees to a private equity-owned company simply to speak with her incarcerated son. The money went to Securus Technologies. It is owned by Platinum Equity, the private equity firm run by Tom Gores, the billionaire owner of the Detroit Pistons.
Private equity is expanding into all sectors of the American economy, to the detriment of workers and consumers everywhere. It controls an astonishing $7.4 trillion in wealth and assets. These Wall Street firms buy up companies using funding from endowments, pension funds and individuals, while also saddling companies with crushing amounts of debt. Once in control, #PrivateEquity firms often raise prices, selloff real estate, lay off employees or degrade service quality to enhance profits. Private equity’s abuses and looting are what makes them #PirateEquity🏴☠️.
We need to #StopWallStreetLooting to protect communities from private equity’s ruthless profiteering.
Go to http://www.stopwallstreetlooting.org to learn more.