This could be any one of us or our family members. Now is the time to
take a stand.
[ [link removed] ][IMG]
Demand Congress hold private equity billionaires accountable.
[ [link removed] ]Take Action
Dear John.
In just the last decade, predatory private equity firms have destroyed
more than 1 million jobs in retail and related industries, and are
threatening to eliminate a million more. They buy up large retailers— like
Toys ‘R’ US, Kmart, Payless, and Sears—load them with debt, and force them
into bankruptcy while making millions in profit for executives. These
predatory Wall Street executives slash worker pay, hours, and benefits,
and then walk away with millions of dollars in bonuses. They drive
companies to bankruptcy and leave workers with no job, no benefits and no
severance.
Given that Black people, specifically Black women, disproportionately make
up the retail market work force, our communities are hit the hardest by
Wall Street plundering.^1 Black families should not have to pay the price
so Wall Street executives can earn more multi-million dollar bonuses. The
financial stability of Black families and communities should not be
balanced on the whims of the super rich and their shady business
practices. With the Stop Wall Street Looting Act, introduced by Sen.
Warren, we can fight to protect more than a million at-risk jobs.
[ [link removed] ]Sign The Petition: Tell Congress to support the Stop Wall Street
Looting Act.
Private equity firms have rigged the system so they benefit from the
upside of high-risk investments by buying companies with pooled money from
pension funds, wealthy investors and financial firms. These firms then buy
companies in debt in an attempt to “turn them around,” to only sell off
its assets, cut workers pay (or lay them off), then turn a profit from
their destructive capitalism.^2
Democratic members of the House and Senate have introduced The Stop Wall
Street Looting Act, and it finally plans to hold private equity firms
accountable for the destruction they cause. The Stop Wall Street Looting
Act will prevent private equity firms from destroying jobs for profit,
protect worker retirement funds, and provide compensation for working
people when their stores close in bankruptcy.
We must stop corporate greed and protect our communities from losing jobs
by pressuring congress to pass this legislation that will change tax and
bankruptcy rules, and most importantly protect workers who are laid
off.^3
[ [link removed] ]Demand Congress hold private equity billionaires accountable.
Ten of the 14 largest retail bankruptcies since 2012 have been at
private-equity owned companies, which has meant layoffs, bankruptcies, and
benefit cuts for Black workers.^4 The corporate greed of private equity
firms disrupts the financial stability of Black families and guts
communities of jobs.
Private equity firms are not only taking jobs out of communities, but also
attacking nursing homes and major hospital systems. Accountability,
legislation against tax loopholes, and protection for workers when
employers go bankrupt must happen or we will be left with jobless
communities with little or no access to proper healthcare. This could be
any one of us or our family members. Now is the time to take a stand.
[ [link removed] ]Demand Congress stop allowing Billionaires to harm Black people and our
communities.
Until justice is real,
--Brandi, Rashad, Arisha, Evan, Johnny, Future, Saréya, Eesha, Samantha,
Marcus, FolaSade and the rest of the Color Of Change team
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References:
1. “Private equity’s role in retail has killed 1.3 million jobs, study
says,” Washington Post, July 24, 2019,
[ [link removed] ][link removed]
2. “I’m a Private Equity Investor. Here’s Why We Need to Rein in Private
Equity,” Fortune, July 22, 2019,
[ [link removed] ][link removed]
3. “Democrats Introduce Bill to ‘Stop Wall Street Looting,” The Globe
Post, July 18, 2019,
[ [link removed] ][link removed]
4. “Private equity’s role in retail has killed 1.3 million jobs, study
says,” Washington Post, July 24, 2019,
[ [link removed] ][link removed]
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[ [link removed] ]Color Of Change is building a movement to elevate the voices of Black
folks and our allies, and win real social and political change. [ [link removed] ]Help
keep our movement strong.
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