Sen. Elizabeth Warren's latest elite target — the private equity industry — tries to fend off her attacks
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 wasopposing their legislation to end the shock billing. Walden said some of the firms "seem to be making a lot of money off the backs of American patients who play by the rules." The companies say they support alternative legislation to address "surprise" medical bills.
"We need to rip up the predatory playbook that private equity firms are using to leave workers with nothing but pink slips," she said."Our private equity portfolio companies added over 100,000 net jobs during our ownership in the past 15 years, underlying their good performance," said Stephen Schwarzman, CEO and co-founder of Blackstone, in October.
“Millions of jobs would be lost,” Chamber Executive Vice President Tom Quaadman told reporters on a call with the professor who drafted the business group's report.by researchers from the University of Chicago, Harvard Business School and other institutions found mixed results of private equity takeovers — significant job losses following buyouts of companies traded on public stock markets but an uptick in employment after buyouts of privately held companies.
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