Private Equity loses a deal in California, which is good news to PG&E customers, but it's a rarity:
California PUC rejects PG&E plan to spin off 5.6 GW in non-nuclear assets. PG&E failed to show the proposed transaction meets “even the minimal public interest standard,” the PUC said in its decision. Among other things, there'd be decreased legal accountability for PG&E’s safe & reliable operation of the generating assets, the PUC said.
20% of American business is now controlled by private equity *draining $B's out of our economy every week to stash in the money bins of its morbidly rich owners...
PE reps. capitalism run amok (cancer stage) & it can be deadly. PE acquisitions of nursing homes led to an est. 20K premature deaths.
The Biden admin has taken some tentative steps, but Republicans...
This @pluralistic paragraph is good for a laugh more bitter than radish-flavored coffee with dandelion greens.
Sometimes it's hard to tell who the enemy of the whole world is, and then sometimes, as a Navy officer told the newsreels in 1946 as he attempted to justify nuking the Bikini Islands, "The way is clear, the challenge strong, the duty inescapable." Please join me in gathering up every human being involved in #PrivateEquity and shooting them into the sun. 🚀 🌞
Apollo Global Mgt bet on the longevity of senior citizens by acquiring illegal life INSUR policies & funneling the payouts thru shell entities.
It allegedly set up a web of sham trusts—using a secretive affiliate called FIN Credit Investment—to hold a portfolio of stranger-originated life insurance policies worth ~$20B. Taking out life INSUR on a stranger is “anathema to 100s of years of public policy” -violation of the DE Const.
... while many workers struggle to afford the basics of life, let alone "luxuries" like a night out. This hurts them, but also the businesses who sell those things. The grocery stores throwing out unsold food. The cinemas screening films to 2 people per session.
This is what happens when economies don't redistribute enough money to workers. Living standards of drop, and productive businesses suffer.
"Sun Capital - a #PrivateEquity firm - bought up ShopCo and then required ShopCo to sell all of its physical stores and then lease the stores back in perpetuity. Now you can see how that would make a lot of sense if you're a short term investor; you get the initial pop of the sale. But it's tough for the long term investor, because it used to have assets that it could rely on, now it's saddled with these long term lease obligations..."
Vets fret as private equity snaps up clinics, pet care companies
"As pet ownership soared during the COVID-19 pandemic, private equity followed close behind. The pandemic years of 2020-2022 were 'the peak years for private equity acquisitions of veterinary services and practices' [...]