Elizabeth Warren and Bernie Sanders rip report defending private equity, saying it uses ‘sham research.’
The American Investment Council works with Ernst & Young to put together a report that defends the private equity industry.
Democratic U.S. presidential candidate Elizabeth Warren appears on stage at a First in the West Event at the Bellagio Hotel in Las Vegas, Nevada, November 17, 2019., Sen. Bernie Sanders and seven other lawmakers on Monday ripped a report defending the private equity industry, calling the research underpinning it a "sham."
The report highlighted the firms' role in providing growth equity and skilled managers for companies in need. Companies such ashave successfully grown under private equity's watch before being handed off to the public markets through an IPO. Warren and the lawmakers attacked other numbers in the Ernst & Young report, such as the "$1.1 trillion of value" AIC says was added the U.S. economy and the $174 billion it said the private equity industry paid in taxes.
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