US Senators Elizabeth Warren and Jim Banks have initiated a bipartisan investigation into the skyrocketing prices and wait times for fire trucks, which are critically affecting fire departments nationwide. Complaints about delayed shipments and faulty components have surged, with costs for ladder trucks soaring to around $2 million today. The investigation is focused on the role of private equity firms, particularly American Industrial Partners, which have significantly influenced the manufacturing landscape, suggesting that shareholder interests might be compromising public safety by maximizing profits at the expense of essential services.
Private equity is padding shareholders' wallets at the expense of public safety, highlighting the urgent need to understand the role financial investors are playing in the critical public safety industry.
Prices for ladder trucks have jumped from $750,000-$900,000 in the mid-2010s to around $2 million today, while pumper trucks now often cost over $1 million.
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