Today, we will be clipping videos from the Senate Banking, Housing, and Urban Affairs subcommittee hearing on “Protecting Companies and Communities from Private Equity Abuse.”
Follow along in this thread, or watch the hearing live, starting at 2:00pm: banking.senate.gov/hearings/prote…
Shirley Smith, former sales manager at Art Van Furniture and leader with @forrespect opens: "working at Art Van was like my own little slice of the American Dream, until the PE firm T.H. Lee came in and broke up our family."
Shirley Smith continues: "I am here today to show you the human toll of Wall Street's greed. Our elected leaders... I have to ask you why billionaires should be allowed to do this and destroy the fiber of America?"
Dr. Appelbaum, Co-Director of Center for Economic and Policy Research, highlights where private equity firms are investing and their effects on the employees. “Win or lose, private equity firms always walk away with a profit.”
In response to questioning from @SenJackReed, Illinois State Treasurer Michael Frerichs:"as PE continues to evolve, there is a growing need for improved disclosures."
Shirley Smith in response to @SenWarren: "everything [T.H. Lee] did was to profit them and hurt the people, and they didn't care."
Shirley Smith again in response to @SenWarren: "this is cannibalism."
@SenWarren: "How would the SWSLA help address these market failures?"
Dr. Appelbaum: "it would stop the worst abuses and encourage PE to do what it says it does and help companies to grow and be successful"
@SenWarren asks registered nurse Peggy Malone about the consequences of PE in healthcare: "all of these things result in death."
@SenWarren: "So what are we going to do about this?... I've introduced the Stop Wall Street Looting Act, which is groundbreaking legislation to clean up this industry."
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