-
Press Release: A New Way to Transfer Wealth from Working People to Billionaires Hits the Market with SpaceX IPO
SpaceX went public today at $135 a share and $1.77 trillion valuation — an almost 100 price to sales ratio — with a governance structure that consolidates power with Elon Musk and attempts to dramatically restrict shareholder lawsuits.
The Latest from AFR
-
-
The Private Equity 401(k) Trap
Wall Street and the Trump administration are pushing dangerous deregulation to give private equity firms access to the more than $14 trillion in retirement savings kept in 401(k) and other defined contribution plans. The proposal would risk people’s retirement security and amount to a tremendous and regressive transfer of wealth from workers saving for retirement…
-
AFR in the News
-
Financial Times: Protesters gather outside JPMorgan headquarters over SpaceX debut
“We’re very concerned that in just a few trading days [SpaceX stock] is poised to end up in people’s 401ks,” said Natalia Renta, associate director for corporate governance and power at non-profit Americans for Financial Reform.
-
The Hill: Sam Bankman-Fried applied for Trump pardon
Americans for Financial Reform, a progressive nonprofit, slammed Bankman-Fried’s pardon request Monday as “one more striking indication of the level of impunity that crypto industry figures expect from the President.”
-
American Banker: In Ongoing Records Purge, CFPB Deletes Supervisory Reports
Tom Feltner, associate director of consumer policy at AFR, said much of the content is no longer available or is inaccessible to the public, as well as to federal and state regulators. “Deleting this information wholesale is a step in the wrong direction,” said Feltner, who was a policy fellow and advisor at the CFPB…
-
Trump CFPB deleted nearly 4,000 webpages spanning 15 years
In late May, the Consumer Financial Protection Bureau (CFPB) under Trump-appointee and acting director Russell Vought launched a newly redesigned website that deprioritized consumer complaints and reframed the CFPB as a deregulatory agency rather than the nation’s only financial watchdog focused on protecting consumers in the market. As part of this overhaul, the Trump-Vought CFPB…
