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Comment on Modern problems require modern solutions

Daycare is a multibillion dollar industry. The previous company I worked at here in Australia was owned by big an American private investment firm (Bain Capital).

My centres company owned about 70 centres under them, and their owners had many other childcare corporations they owned across the globe.

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Arghblarg@lemmy.ca ⁨1⁩ ⁨day⁩ ago
Bain Capital? The Bain Capital? Ugh.

In his 2009 book The Buyout of America: How Private Equity Is Destroying Jobs and Killing the American Economy, Josh Kosman described Bain Capital as “notorious for its failure to plough profits back into its businesses,” being the first large private-equity firm to derive a large fraction of its revenues from corporate dividends and other distributions.

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- Quokka@quokk.au ⁨1⁩ ⁨day⁩ ago
  Yes that Bain Capital.
  
  Childcare in Australia is subsidised by the government, so the childcare centres raise fees and every few years the government raises the subsidy so parents can afford it. Once it’s affordable the centres raise fees again, it’s a vicious cycle.
  
  I read the meeting minutes from when they bought us out and it was all about how they struck gold with free government money. They didn’t give a shit about the children, just how much tax payer money they could take out of our country.
  
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AllNewTypeFace@leminal.space ⁨1⁩ ⁨day⁩ ago
At least they don’t turn their charges into fertiliser, in the way that private equity-owned veterinary chains do.

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