Emily Stewart’s private equity explainer for Vox is a great explainer on how the PE con works: buy up businesses, load them with debt, sell off their assets, slash their costs, then walk away as the house burns, leaving society to put out the fire — all while enjoying special tax status … Continue reading Explaining the con that is private equity
Private equity’s excesses should be reined in, and the Stop Wall Street Looting Act is a good place to start, says economist Joseph Stiglitz. It’s time for Congress to do something about the economic mess that private-equity giants have created. Source: Joseph Stiglitz on private-equity impact on US economy, jobs, wages – … Continue reading Joseph Stiglitz on private-equity impact on US economy, jobs, wages
Email transcripts released by the US Department of Justice (DOJ) show RBS bankers joking about destroying the housing market before the 2008 crash. And they are not the only bank that knew … Continue reading Emails show RBS bankers joked about crashing the US housing market before 2008
The White House promised ’70 percent’ of the tax cut would go to workers. It didn’t. Trickle down #economics at work: "#Stock repurchases hit nearly $190 billion in the first quarter for … Continue reading What did corporate America do with that tax break? Buy record amounts of its own stock – not raise wages.