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Private equity firms have made big investments in big for-profit nursing home chains. @SenSherrodBrown, @RepMarkPocan & I are investigating their role in the declining quality of nursing home care. #StopWallStreetLooting washingtonpost.com/business/econo…
For-profit nursing home chains owned by private equity firms have more health & safety problems that put residents at risk. And the complicated ownership structure makes it hard for families to hold these homes legally liable for bad care. #StopWallStreetLooting
I’m concerned about private equity firms' investment in industries like nursing homes that care for seniors & people with disabilities & rely on government Medicaid & Medicare funding. That’s why I’ve got a bill to #StopWallStreetLooting & hold private equity firms accountable.
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#StopWallStreetLooting

More from @SenWarren see all

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Elizabeth Warren
@SenWarren
Year after year, corporate profits soar for executives & shareholders – but workers’ wages barely budge. I’m reintroducing my Accountable Capitalism Act with @repbenraylujan to empower workers & help fix this fundamental problem with our economy. vox.com/2018/8/15/1768…
The Accountable Capitalism Act holds businesses accountable to their employees, not just shareholders:
✅Requires workers to elect 40% of board
✅Restricts board & execs’ company stock sales
✅Requires 75% of execs & shareholders' approval for political expenditures
It also requires billion-dollar companies to obtain a federal charter requiring directors to consider the interests of ALL their stakeholders, including employees, customers, & their communities. That charter can be revoked if a company has egregious & repeated illegal conduct.
Read 5 tweets
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Elizabeth Warren
@SenWarren
Three years ago today, I told @WellsFargo CEO John Stumpf that he should resign. (He did.)
@WellsFargo John Stumpf’s hearing on the @WellsFargo fake accounts scandal was a powerful moment for Wall Street accountability. But let’s just be clear: it was just the start of our work to stop this fundamentally broken bank from scamming its customers.
When @WellsFargo replaced John Stumpf with Tim Sloan, another senior Wells Fargo executive during the fake accounts scandal, I told him to his face that he should be fired.cnbc.com/2017/10/03/her…
Read 9 tweets
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Elizabeth Warren
@SenWarren
Nine years ago today, I ran out of the Senate – where I was a witness testifying about the TARP Wall St bailout – and raced to the @WhiteHouse. With seconds to spare, I got to see President @BarackObama sign Dodd-Frank, the Wall Street reform bill that gave us the @CFPB.
Exactly 8 years ago, we opened the doors at the @CFPB. Eight years since we built an agency to get the tricks & traps out of the fine print of credit cards, mortgages, & other financial products. And in 8 years, it’s returned billions of dollars to people who have been cheated.
The big banks have fought financial reform – especially the @CFPB – every step of the way. So from my first Senate banking committee hearing in 2013, I’ve pushed our banking regulators to hold Wall St accountable for cheating people & breaking our economy.
Read 13 tweets

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AFR
@RealBankReform
Tune in now to the @FSCDems' hearing, "America for Sale? An Examination of the Practices of Private Funds."

WATCH📺:

We'll be live-tweeting the hearing in the thread below 👇
@FSCDems @EileenAppelbaum of @ceprdc:

“Toys R Us failed, its stores were shuttered, and 33,000 workers lost their jobs. It is this reckless loading of debt that the #StopWallStLooting Act would end.”
@FSCDems @EileenAppelbaum @ceprdc Wayne Moore: “Public pension funds will pay up to $45 billion in fees and expenses to the industry this year, a massive transfer of wealth from workers to Wall Street”

"While just 10% of our portfolio, #PrivateEquity makes up half of our investment costs"
Read 18 tweets
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Dalton
@DaltonReport
From my research I am finding the Jeffrey Epstein case leads to a child sex trafficking ring run between the U.S., UK, Israel, & Saudi Arabia.

Blackmail & pleasure.

Modeling agencies are front groups to ensnare girls.

Socialites, politics, wealth.

An Open Secret.
Saudi Arabia.

CEO, Les Wexner, of @VictoriasSecret's parent company.

Les Wexner's Ohio home where Maria Farmer,...accused Epstein and Ghislaine Maxwell of sexually assaulting her.
cincinnati.com/story/news/pol…

5 Victoria's Secret Stores in Saudi Arabia.
alshaya.com/en/locations/k…
Victoria's Secret have opened a store in Jeddah, Saudi Arabia.

The CEO, Les Wexner, of Victoria's parent company was one of Jeffrey Epstein's only known clients.

'close personal friends'
sfgate.com/technology/bus…

Located in the Red Sea Mall.
emirateswoman.com/victorias-secr…
Read 400 tweets
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seeshell
@Tentoads4truth
Private Equity Council👉 a Washington-D.C.-based lobby group for major private equity firms.👉 "While critics of the economic horrors of globalisation argue, a new and even more brutal form of capitalism is in action. sourcewatch.org/index.php/Priv…
The new vultures are private equity companies, predatory investment funds with vast amounts of capital at their disposal and an enormous appetite for more."
Read 3 tweets
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Michael Krieger
@LibertyBlitz
"Private equity firms have also taken advantage of benign credit conditions to cut risk and realize gains sooner. They’ve saddled the companies they invest in with more debt to pay themselves dividends."

This is my must read of the day. It's all so dirty.
bloomberg.com/news/articles/…
"Issuance of leveraged loans for distributions to equity holders reached the highest in six months in April, according to data compiled by Bloomberg."
"Sycamore Partners, a private equity firm know for aggressive bets in the retail sector, pulled a staggering $1 billion out of Staples Inc. last month through a recapitalization that increased the company’s interest expense by $130 million annually."

cc: @matthewstoller
Read 8 tweets

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