In the Matter of Staples/Essendant, Inc., File No. 1810180 #00212

Submission Number:
00212
Commenter:
MaryAnne Glazar
State:
California
Initiative Name:
In the Matter of Staples/Essendant, Inc., File No. 1810180
Private equity funds allow the wealthy to pool their money to buy out profitable companies, like Staples. The private equity fund then loads up the company with debt while slashing wages, benefits, and jobs, all to make more money for the wealthy investors. Eventually the fund either sells the gutted company -- or, in the case of Toys R Us, closes it entirely, even though the company still makes money, even though thousands of workers lose their jobs. Private equity funds have had a devastating effect on retail across America. Anti-monopoly laws were passed for good reasons. It's time to stop the rich from controlling even more of the economy, to the detriment of the rest of us.