The private equity industry, under attack from Sen. Elizabeth Warren, is defending itself with the Popeyes chicken sandwich
.attributable to private equity-backed Popeyes as it tries to ward off a bipartisan Capitol Hill assault led by Warren, including legislation that would increase the firms’ liability for the companies they take over. The industry is also facing two congressional probes and a House hearing this week as lawmakers raise concerns about its impact on workers and consumers.
Private equity’s growing economic influence is putting its practices under the microscope for problems ranging from the cost of housing to sky-high medical bills, after the industry emerged relatively unscathed from the regulatory crackdown on Wall Street following the 2008 financial crisis. House E&C Chairman Frank Pallone and ranking member Greg Walden launched the investigation into the private equity companies after it was
Baldwin said private equity firms have made sustainable, job-creating investments in companies in Wisconsin but she called the Shopko buyout and ensuing layoffs "predatory." In addition to ads and op-eds, the American Investment Council released research that it produced with Ernst & Young touting private equity’s economic benefits. And the U.S. Chamber of Commerce is trying to bolster the case with its own study that warns of grave consequences from Warren’s legislation.
Under Warren’s bill, private equity firms would be liable for debt that’s imposed on companies they control, the pension obligations of the companies as well as government litigation the companies face. The legislation is unlikely to become law but the fact that it's gaining steam at all is rattling private equity.
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