An open letter to Sen. Butler, Sen. Padilla, Rep. Gomez.
  1. United States
  2. Calif.
  3. Letter

An Open Letter

To: Sen. Butler, Sen. Padilla, Rep. Gomez

From: A verified voter in Los Angeles, CA

May 28

The bankruptcy of Red Lobster is the latest example of private equity greed killing a once prosperous business. This is what private equity does. It sells assets and cashes out while leaving companies in the lurch. That’s why we need federal legislation such as Senator Elizabeth Warren’s “Stop Wall Street Looting Act” to hold private equity firms accountable for the outcomes of the businesses they take over, in order to protect workers and investors alike. I urge the Senate to pass this critical legislation to stop the wrecking ball of greed from destroying businesses and our economy.

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