The article illustrates how the acquisition of Cardenas Markets by Apollo Global Management has resulted in reduced working hours and financial struggles for grocery workers. They face difficulty covering their expenses, particularly rent. Ironically, while these workers suffer, Apollo is profiting from public housing assistance funds through a network of financial institutions that exploit low-interest loans for private profit rather than affordable housing investments. This situation highlights the detrimental interplay between private equity, labor conditions, and public resources.
Vargas and her coworkers struggle to make rent, while private equity firm Apollo Global Management benefits from housing support funds designed to promote affordable housing.
Private equity firms are acquiring insurance companies accessing government-subsidized loans, diverting funds away from affordable housing into their own business portfolios.
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