Something needs to change
Current law allows private equity firms to take borrowed money to pay themselves and their investors while neglecting the business and the workers they control. Part of the reason they get away with this is that the rules behind how private equity firms work are complicated — by design. They don’t want the Average Joe to understand what’s going on.
That’s where Elizabeth Warren and friends come in.
Warren and a group of lawmakers want to put an end to private equity running companies into the ground, throwing employees out of work — often with no notice — and harming communities.
“It’s clear to me we need to take legislative action in Congress to rip up the predatory playbook that these private equity firms use to leave workers with nothing but pink slips and lost livelihoods.” — Wisconsin Senator Tammy Baldwin
The Stop Wall Street Looting Act will curb some of the private equity industry’s worst abuses, such as gutting newly-acquired firms for huge profits and running the business into the ground while throwing thousands of people out of work. It will also close tax and regulatory loopholes that benefit wealthy executives.
The looting needs to stop. Workers need better treatment.
The Andrew Nikous need to be reined in.
To find out more and urge Congress to put protections into law, please sign this petition.