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Are you saving for retirement with a 401(k)?
If so — private equity billionaires want to make money off of you.

If you’ve got a 401(k), the vast majority of it is probably invested in
stocks and bonds. These are assets that are publicly traded, where
companies are required to provide you with clear information about your
investments. They also have to follow strict guardrails to protect your
money from frauds and scams.

Private equity firms, on the other hand, aren’t required to follow strong
rules. They don’t have to give you clear information about their
investments. And here’s the kicker: They charge huge fees and take a big
cut off the top — sometimes as much as 20 percent.

It would be one thing if these expensive, risky investments paid off. But
recent data shows that private equity is not even making their clients
more money than just plain old stocks and bonds.

So to sum it up: These private equity billionaires want to rake in even
more cash by using your 401(k) to make their secretive investments. And
they’re coordinating with the firms who manage 401(k)s to do it. The data
shows it won’t make you richer — but it will make the private equity guys
richer.

I’m fighting back. I’ve got some serious questions about how any of this
is good for Americans saving for retirement. That’s why I’m probing
Empower, one of the largest workplace retirement plan recordkeepers, about
their recent decision to allow employers to include private equity firms
as an investment option — and I won’t back down until the American people
have answers.

[ [link removed] ]Add your name if you’re with me: Private equity firms should not be allowed
to gamble with Americans’ retirement savings.

[ [link removed] ]ADD YOUR NAME

I’ve been raising the alarm about what private equity is doing to our
economy for a while now. From beloved stores like Joann’s Fabrics, Party
City, and Toys R Us, to neighborhood staples like Red Lobster, private
equity firms bought up these businesses and hollowed them out. And each
time they follow the same playbook.

Step one: A private equity firm buys a business like Red Lobster.

Step two: They strip the company of its assets to turn a profit. In the
case of Red Lobster, this meant selling the land that their restaurants
were built on.

Step three: Red Lobster starts drowning in debt trying to pay rent on the
land it used to own and trying to pay off the private equity companies’
expensive fees.

Step four: Red Lobster, now saddled in debt, is forced to file for
bankruptcy. Workers lose their jobs, people lose their retirement savings.

So why haven’t you heard about this whole scheme? Well, these private
equity firms have also mastered the art of the cover-up. Private equity is
one of the great unknown shapers of our economy — a handful of Wall Street
firms that suck huge amounts of money out of industry by industry. And
most people have never even heard of them.

With Red Lobster, they tried to tell us the restaurant just gave away too
much shrimp. Or take Joann Fabrics — they claimed people don’t care about
crafts anymore. Huh?

Private equity doesn’t discriminate when it comes to its looting wherever
it can. Sometimes it’s a beloved franchise like Red Lobster or Toys R Us.
Sometimes it’s a life-or-death industry, like firetruck manufacturing,
hospital systems, nursing homes, or veterinary clinics.

This time, it’s our 401(k)s, which is how countless Americans are able to
retire with dignity and financial security.

[ [link removed] ]I’ll keep fighting to raise the alarm about these powerful, secretive
forces shaping our economy. Add your name if you’re with
me: powerful interests
like Wall Street private equity firms should stay far, far away from
retirement funds.

I’ll continue to use every tool in our toolbox to hold them accountable,
fight back against their anti-competitive behavior, and protect consumers.

Thanks for being a part of this,

Elizabeth







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