What Will It Take to Stop Wall Street Looting?

Elizabeth Warren’s latest plan is a deft recognition of exploitation by private equity, but small tweaks here and there will not stop that exploitation.

Senator Elizabeth Warren seems a likely candidate for a popular champion against the robber barons of private equity firms given her previous instrumental role in passing the Dodd-Frank Act. Few will deny that Warren knows what she is talking about when describing the problem in her new Stop Wall Street Looting Act, and all the experts left-of-Krugman are quickly getting behind her. Eileen Applebaum, author of “ Private Equity at Work: When Wall Street Manages Main Street”, wrote a public letter to Warren providing all the details of Warren’s already comprehensive description of how private equity functions in our economy and under the law. The letter is one of the better descriptions of the exploitation by private equity firms that I have ever seen.

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The demise of Toys R’ Us largely due to private equity firms Bain Capital and Kohlberg Kravis Roberts has made it a go-to example of Warren’s “Wall Street Looting.”
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Protesting former Blackjewel workers and their allies.
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For no particular reason, here is a beautiful picture I found on the internet.
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This is not limited to the U.S. either: Carillion, a U.K. construction conglomerate, pulled its own Blackjewel in 2018, the largest liquidation in the country’s history.
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Capitalism is a black hole basically, and makes me as nauseous as staring at the first picture of a black hole.

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Feminist socialist writer fighting for econ justice. Views do not represent my firm, DSA, or my cats, who are sadly both ultra leftists.

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