By creating accountability for the Wall Street tycoons who lead private equity takeovers and reversing the policies that enable wealth extraction, this set of policies can protect workers, families, and communities.
The carried interest tax loophole is an income tax avoidance scheme that allows private equity and hedge fund executives — some of the richest people in the world — to substantially lower the amount they pay in taxes, exacerbating income and wealth inequalities.
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
The billionaires and millionaires of Wall Street deploy so much money to influence American politics and society that we can easily lose track of how pervasive it is. They spread money around to campaigns, think tanks, and lobbyists. Wealthy executives finance universities, cultural institutions, and hospitals. And this historical moment has laid bare for all to see that Wall Street also finances a virulently anti-democratic strain in American politics, one that always takes aim at people of color.
Private equity giant Apollo Global in 2019 lent large sums of money to trucking company YRC Worldwide. After Apollo’s executives reached out to the White House on getting bailouts in the spring, YRC managed, under mysterious circumstances, to be the greatest beneficiary of a special loan program for companies critical to national security.
We urge you to nominate an SEC Chair who is committed to restoring corporate accountability and rebuilding robust, transparent public markets. Our country needs an SEC that will challenge powerful interests on Wall Street to better promote inclusive economic growth, while also protecting main street investors, pension plan participants, workers, and the communities in which we live.
The folk legend Robin Hood was, as every child knows, the legendary outlaw who robbed from the rich to give to the poor. But in a reincarnation of a long-running Wall Street scheme, it is the wily financiers who rob from the ordinary folk holding investment accounts at Robinhood.
Today, private equity controls some 8,000 companies in the United States, more than twice as many companies as are publicly traded on U.S. stock markets. Private equity firms manage more than $4 trillion in U.S. assets and now own companies that collectively employ nearly 9 million American workers.
Like many PE firms, Sun Capital Partners often buys up existing businesses, loots their assets, squeezes workers, decimates jobs through layoffs and bankruptcy, and threatens workers’ retirement benefits.