NEWS RELEASE: Decision to Block Private Equity Takeover of Dot Org a Victory for Nonprofits

Yesterday, the Internet Corporation for Assigned Names and Numbers (ICANN) rejected the proposed private equity takeover of the Public Interest Registry (PIR), the non-profit that manages the non-commercial, charity, and non-profit internet domain registry for all Dot-Org websites. The decision recognized  that the private equity debt loads and extractive business model  would hinder Dot-Org’s ability to serve its non-profit clients without raising prices, compromising service, creating new revenue streams that comprise users’ data and privacy, or otherwise imposing unfair costs on 10 million organizations.

oil rig at sunset Photo by WORKSITE Ltd. on Unsplash

Letter to Regulators: The Fed must reject any effort by banks to increase involvement in oil and gas

Americans for Financial Reform Education Fund sent a letter to the Federal Reserve Board, urging them to avoid any actions which would permit the financial holding companies or any of their subsidiaries to directly or indirectly operate oil or gas companies. The letter highlights the manifold physical, economic, reputational and financial system risks of bank commodity holdings, risks have become even more severe with the recent dislocation in global energy markets. As these markets will be disrupted for an extended period, the letter asks the Board to firmly reject any effort by banks to use the situation with respect to defaulting loans in the energy industry to increase bank involvement in the oil and gas industry.

Fact Sheet: Private Equity Vultures Eye Real Estate During Coronavirus Crisis

Now, with 26 million workers unemployed and countless businesses closing indefinitely, private equity firms are salivating at the potential business opportunities that might arise from the expected economic fallout. Unless we take immediate action to prevent it, private equity firms will take advantage of this unprecedented crisis to make even greater asset grabs.

“Coronavirus distress is the ‘opportunity of the century’ for real estate investors,” according to a recent headline in The Real Deal, a New York real estate news publication. The article quotes Meridian Capital Group’s David Schechtman saying “But I will tell you, real-estate investors — when you take the emotion out of it — many of them have been waiting for this for a decade.”

Blog Post: Wall Street’s Secret Pet Profiteering

More and more as we go about our lives, the money we spend is siphoned off to enrich Wall Street firms. Private equity’s pet profiteering is just one way these investors have taken over so much of the economy and our daily lives.