Senator and presidential candidate Elizabeth Warren came to the defense of songstress Taylor Swift, who is engaged in a bitter battle with her former record label headed by Scooter Braun and Scott Borchetta over ownership and rights to her old albums. Swift released a statement earlier this week saying the label was trying to stop her from performing her songs at the upcoming American Music Awards. According to Swift, she is “not allowed to perform my old songs on television because they claim that would be re-recording my music before I’m allowed to next year.”
On Saturday afternoon, Warren quote tweeted Swift’s statement and said that Swift’s work was being “threatened by a private equity firm,” adding that she has a plan to address this very issue.
Unfortunately, @TaylorSwift13 is one of many whose work has been threatened by a private equity firm. They're gobbling up more and more of our economy, costing jobs and crushing entire industries. It's time to rein in private equity firms—and I've got a plan for that. https://t.co/r2UD4CT1Ba
— Elizabeth Warren (@ewarren) November 16, 2019
Warren’s plan to address private equity firms is part of the “economic patriotism” plank of her campaign. “To raise wages, help small businesses, and spur economic growth, we need to shut down the Wall Street giveaways and rein in the financial industry so it stops sucking money out of the rest of the economy,” she wrote in a Medium post outlining her plan to end private equity’s “stranglehold” on the economy and jobs. Warren also proposed legislation, the Stop Wall Street Looting Act of 2019, that would fundamentally change how private equity can buy and sell other companies.
Earlier this week, Rep. Alexandria Ocasio-Cortez also came to Swift’s defense and maligned private equity firms, saying on Twitter, “Private equity groups’ predatory practices actively hurt millions of Americans… They need to be reigned in.”
Private equity groups’ predatory practices actively hurt millions of Americans.
Their leveraged buyouts have destroyed the lives of retail workers across the country, scrapping 1+ million jobs. Now they’re holding @taylorswift13’s own music hostage.
They need to be reigned in. https://t.co/mSVeH718Hn
— Alexandria Ocasio-Cortez (@AOC) November 15, 2019