The Trump administration appears ready to sign an executive order that would allow private equity firms to prey on Americans’ retirement savings. What happens if Wall Street can suddenly tap into the trillions of dollars tucked away in 401(k) accounts?
Today on Lever Time, David Sirota speaks with former federal regulator Ted Siedle and economist Eileen Appelbaum to understand what private equity could do to Americans’ hard-earned retirement funds — and how you can protect your money.
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TRANSCRIPT
Following is an unedited transcript of this episode. If you plan to quote any part of this transcript, please first confirm that it is correct by listening to the audio.
[00:00:00] David Sirota: From The Lever’s reader supported newsroom, this is Lever Time. I’m David Sirota. You probably know that when private equity billionaires come to your town and go on a buying spree, something bad is about to go down. Your local factory is gonna get hit with layoffs. Your local hospital is about to jack up its prices.
Your favorite store is gonna get shuttered. Private equity executives promised that this kind of pillaging brings big profits to their investors. So what happens when they bring their tactics into your retirement savings account? Are you going to profit off the pillaging or are you going to be the one getting pillaged?
Are you gonna be right there with those billionaires feasting at their table, or is your 401k gonna be what’s on their menu? This is not a hypothetical question. The Trump administration is reportedly considering
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