Heaven forbid private equity underwriters (PEU) should live in fear for pushing risky assets into workers' retirement accounts. The Department of Labor is riding to the PEU rescue, making 401(k)s safe for private equity and private credit investment.
Trump II's nominee for Secretary of Labor is on record favoring such protection.
I recall asking the San Antonio office of the Labor Department to look into the way our new PEU owners were stealing wages and mileage reimbursement from hospice clinicians. That basic protection, fair pay for hours worked in compliance with labor laws, was absent and low wage workers suffered.
PEUs distort everything. They can be on every side of a deal. HR morphed into an exclusive tool to implement worker harming schemes. Their political influence has turned the Labor Department into their marketing staff.
Politicians Red & Blue love PEU and their new TechGod brethren (who want a 96 hour work week). Increasingly, more are one. Trump II is the grotesque cancerous outgrowth from this several decade phenomena. It's a uniquely aggressive and malodorous cancer on our economy and body politic, this Trump II. It usurps, consumes, degrades, violates all that is in its path. Lord, protect us all.
