Blackstone, Apollo, and a handful of other firms are demolishing the US economy for short-term gain, and leaving workers and communities in the wreckage.
Billions of dollars in public pension fund money flow to private equity–owned firms that union-bust, violate labor laws, and put workers’ safety at risk.
The US hospice system is supposed to provide compassionate end-of-life care. But private equity firms have swallowed up the industry: 7 out of 10 hospice agencies are now for-profit, putting profit maximization over patient well-being.
It’s an incentive system that encourages risky, even reckless behavior but, insulated from liability, they face little consequence if those plans fail. This explains why private equity firms often have such sorry consequences for everyone except themselves.
Due to the stock market downturn, public pensions invested in private equity are about to face a reckoning — but thanks to lax transparency regulations, pension members have no way of knowing how bad it might get.
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