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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.
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
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.
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
References:
- “Private equity’s role in retail has killed 1.3 million jobs, study says,” Washington Post, July 24, 2019, https://act.colorofchange.org/go/155224?t=17&akid=34826%2E4731121%2EpmXyb7
- “I’m a Private Equity Investor. Here’s Why We Need to Rein in Private Equity,” Fortune, July 22, 2019, https://act.colorofchange.org/go/155225?t=19&akid=34826%2E4731121%2EpmXyb7
- “Democrats Introduce Bill to ‘Stop Wall Street Looting,” The Globe Post, July 18, 2019, https://act.colorofchange.org/go/155226?t=21&akid=34826%2E4731121%2EpmXyb7
- “Private equity’s role in retail has killed 1.3 million jobs, study says,” Washington Post, July 24, 2019, https://act.colorofchange.org/go/155224?t=23&akid=34826%2E4731121%2EpmXyb7
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