Today, in light of Blackstone-owned companies having been revealed to use child labor in their factories, the Replace Sinema PAC called for Sinema to return the $120,000 in campaign funds she’s received from Blackstone.
Yesterday, NBC reported a company owned by the private equity firm Blackstone was illegally employing minors to clean meatpacking plants in Nebraska. Unsurprisingly, Kyrsten Sinema has serious ties to Blackstone:
- Sinema has taken at least $119,000 in campaign contributions from Blackstone since 2018
- In just the last quarter (Q4 2022), Sinema raked in $34,800 from Blackstone
- Blackstone C.E.O. Steve Schwarzman recently held a big money fundraiser for Sinema at his home in Palm Beach.
Of course, Sinema’s ties to the private equity industry run deep – especially after she saved the carried interest loophole in the Inflation Reduction Act – which was an $18 billion gift per year to private equity. She has since been rewarded handsomely for that last-minute maneuvering on private equity’s behalf.
For several years, the private equity industry has been examined more closely in the press – and for good reason. It has been called “capitalism at its worst.” Unlike other industries that can claim to create jobs, private equity destroys jobs and dismantles businesses for parts so that a very few investors at the top can make a short-term profit.
Replace Sinema’s statement: “Child labor is appalling and it’s despicable that Blackstone is using it, but just as deplorable is keeping their cash after knowing how they make their money. Sinema should immediately return the funds.”
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