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| − | '''Private equity''' refers to the non-public ownership of [[equity]]. As such the organization is not listed on a [[stock exchange]] and is not regulated like public [[mutual fund]]s. Like mushrooms growing in the dark, pro-[[globalism]] private has grown to more than $11 trillion by early 2023, and heavily influences politicians from both parties in control of [[Congress]]. [[Trump]] sought to end a special tax loophole for private equity, and its puppets [[Mitt Romney]] and [[Pat Toomey]] retaliated by supporting the second [[impeachment and removal|impeachment]] of Trump even though he had left the [[White House]]. Today private equity owns and controls companies that employ 1 in every 14 workers in the [[U.S.]]<ref>https://theconversation.com/private-equity-when-big-profits-come-at-a-heavy-price-for-human-rights-204653</ref> | + | '''Private equity''' refers to the non-public ownership of [[equity]]. As such the organization is not listed on a [[stock exchange]] and is not regulated like public [[mutual fund]]s. Like mushrooms growing in the dark, pro-[[globalism]] private has grown to more than $11 trillion by early 2023, and heavily influences politicians from both parties in control of [[Congress]]. [[Trump]] sought to end a special tax loophole for private equity, and its puppets [[Mitt Romney]] and [[Pat Toomey]] retaliated by supporting the second [[impeachment and removal|impeachment]] of Trump even though he had left the [[White House]]. Today private equity owns and controls companies that employ 1 in every 14 workers in the [[U.S.]]<ref name="C">https://theconversation.com/private-equity-when-big-profits-come-at-a-heavy-price-for-human-rights-204653</ref> |
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| | In fact, private equity increasingly: | | In fact, private equity increasingly: |
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| | *disrupts local businesses, such as renting by students in [[Berkeley]], getting a medical operation at a local surgery center, etc.; | | *disrupts local businesses, such as renting by students in [[Berkeley]], getting a medical operation at a local surgery center, etc.; |
| | *interferes with politics, such as trying to stop [[Trump]] from being nominated and corrupting the [[U.S. Senate]]; | | *interferes with politics, such as trying to stop [[Trump]] from being nominated and corrupting the [[U.S. Senate]]; |
| | + | *loots companies through "[[value extraction]]," as in stripping away value so badly that "hospitals bought by private equity firms have been accused of drastic cost cutting, leading to persistent mechanical breakdowns, a lack of medical supplies, and insufficient fuel for ambulances due to unpaid bills. A study found that private equity ownership increases the “short-term mortality” (deaths in care and during the following 90 days) of Medicare patients by 10%";<ref name="C"/> |
| | *creates a new class of billionaires who profited by causing harm rather than mutual benefit, and by exploiting a special tax loophole for private equity (called the "carried interest loophole"); | | *creates a new class of billionaires who profited by causing harm rather than mutual benefit, and by exploiting a special tax loophole for private equity (called the "carried interest loophole"); |
| | *probably causes unexpected collapses in historically secure institutions, while potentially disrupting entire financial markets; | | *probably causes unexpected collapses in historically secure institutions, while potentially disrupting entire financial markets; |