Thread by @SenWarren

Private equity firms want you to believe you’re not smart enough to understand their business model. But it's pretty simple: take over companies & loot 'em.

And I’ve got a bill with @SenatorBaldwin, @SenSherrodBrown, @RepMarkPocan & @RepJayapal to fix it. #StopWallStreetLooting

@SenatorBaldwin @SenSherrodBrown @repmarkpocan @RepJayapal When I was a kid, my mom’s job at Sears saved our family. But that Sears doesn’t exist today. Neither does Payless, Shopko, or Gymboree.

That’s because private equity & investment funds bought them, stripped them for parts, & drove them into the ground. #StopWallStreetLooting

It’s not just stores at the mall that suffer from Wall Street looting. Private equity has ruined newspapers, manufactured housing, grocery stores, & even nursing homes in MA & across the country. washingtonpost.com/business/econo…

When companies like Sears fail, workers lose everything. But the private equity & investment funds? They collect huge fees & move on to the next big deal. It’s time to #StopWallStreetLooting to protect workers & hold private equity accountable.

Our new #StopWallStreetLooting Act would:

✔️Put private investment funds on the hook for their companies' debt & liabilities
✔️End corporate looting through excessive fees & dividends
✔️Protects workers' jobs & severance
✔️Safeguard the markets from risky corporate debt

We must end the worst abuses of private equity that kill jobs, hurt workers, & drain our economy. The #StopWallStreetLooting Act is a bold new plan to fundamentally change the industry.