We’re looking in more detail at the Stop Wall Street Looting Act of 2019 today. What many have glossed over in the proposed legislation is something that would amount to a fundamental shift in US bankruptcy laws, a subject the bill’s co-author, Democratic presidential hopeful Elizabeth Warren, taught at Harvard Law School before her election to the Senate in 2012.
The American Investment Council said the proposed measures would make it “next to impossible for investors to invest in struggling businesses that need capital.”
In related news, six advocacy groups, including one called the Private Equity Stakeholder Project, have released a study claiming that nearly 600,000 people working at retail companies owned by private equity firms and hedge funds have lost their jobs over the past 10 years. The report calls for regulatory measures that align with Warren’s proposals.
Elsewhere we have updated our list of law firms with secondaries expertise to include Akin Gump and P+P Pöllath + Partners.
Email prepared by Toby Mitchenall