Published on 31 May 2024 on Fortune via Yahoo Finance
We are entrusted with the pensions of 4.7 million American workers. We must ask private equity firms...
Randi Weingarten is the president of AFT. Sean McGarvey is the president of North America's Building Trades Unions.
Earlier this month, Steward Health Care, a major hospital chain, filed for bankruptcy. Like so many other bankruptcies in recent decades, it followed the purchase of the chain in a leveraged buyout by a private equity fund that controlled a large stake in the chain between 2010 and 2020. Meanwhile, the Biden administration, drawing on a trove of new data, is concerned that too many private equity funds exploit investors and treat employees as expendable, hurting them and the economy as a whole.