Many organizations have come out in support of the Stop Wall Street Looting Act, the first comprehensive reform of the predatory private equity industry. This legislation was introduced in Congress today.
Ricardo Valadez from Americans for Financial Reform and Jessica Newman from United for Respect co-hosted a Stop Wall Street Looting Act townhall that featured speakers from Center for Popular Democracy, CASA Montgomery County, United Mine Workers of America, Communications Workers of America, and videos of Senator Warren and Representative Mark Pocan.
Ricardo Valadez from Americans for Financial Reform and Jessica Newman from United for Respect co-hosted a Stop Walls Street Looting Act allies briefing.
Hundreds of companies owned or backed by some of the most well financed private equity firms in the US secured an estimated $5.3 billion in public funds under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), reveals a new investigation published today.
This study estimates that at least $5.3 billion in CARES Act money went to 611 portfolio companies owned or backed by private equity firms that held $908 billion in cash reserves.
The Securities and Exchange Commission should use the full scope of its authority to increase transparency and reduce hidden risks to investors and markets from the private equity industry, according to a letter from 15 public interest groups.
AFREF alongside 14 other signers submitted a letter to the Securities and Exchange Commission (SEC) raising several abuses from the private equity industry and ways the Commission can directly address them
“As COVID-19 swept through New Jersey’s nursing homes, residents and workers got sick and died, families struggled to get basic information about their loved ones, and caregivers were rightly terrified that they would bring the virus back to their own families. What few realized is how a secret Wall Street takeover of much of the long-term care industry has amplified the health risks to those who live and work in nursing homes” according to AFR Senior Researcher Patrick Woodall and 1199SEIU Executive Vice President Milly Silva.
26 organizations, led by the Consumer Federation of America urge reconsideration of the DOL policy allowing defined contribution plans to invest in private equity funds. Issues raised to the DOL over its original letter considering allowing such funds into private equity include: It fails to give