Over the past five years, TC Energy (formally Trans Canada) has tried to build the Coastal GasLink Pipeline on the Yintah (Wet’suwet’en land), defiantly ignoring assertions from the hereditary chiefs of their rights and title and their lack of consent for the project.
KKR is the investment firm that signed an agreement with Alberta Investment Management Corp (AIMCO) to purchase 65% of the Coastal GasLink Pipeline Project. Despite claiming they support responsible investment, and listing “Environmental, Social and Governance issues” as key areas of their partnerships principles to prioritize, they continue to violate Wet’suwet’en sovereignty and risk detrimental environmental damage.
KKR, KKR & Co. Inc., or Kohlberg, Kravis Roberts, and Co. is a Wall Street private equity firm with over $148 Billion dollars in assets. KKR is that quintessential pack of vulture capitalists who are all about ruining good things to make money.
KKR is chock full of predatory venture capitalists who are desperate for success. It’s a “private equity firm” that has a grotesque reputation of putting profits over employees, people, and the environment.
In the 70s and 80s, KKR became the face of Wall Street’s conquest of corporate America after creating cut throat buyouts that put employees last. Forever known as “barbarians”, KKR was grilled by Congress for tax avoidance and the aggressive way it saddles companies under its purview with debt resulting in bankruptcy.
Like they literally stole the toys from the hands of the children of the future.
Toys ‘R’ Us employees won a crucial severance pay victory last year over KKR after the company closed all its US stores within a moment’s notice. Private equity firms KKR, Bain, and Vornado (seriously, KKR is in cahoots with a group called VORNADO) had bought up the legendary toy store just a decade before, saddled the company with debt, and left the 33,000 laid-off employees without access to the millions they were owed in severance. If KKR had never come along, Toys ‘R’ Us wouldn’t be doing stellar, but it probably could’ve muddled through.
KKR treated Toys ‘R’ Us how Wall Street treats struggling businesses at large. They use cannibalistic practices to stiffen profits, amass incredible debt leading companies to eventually declare bankruptcy, and then leave as quickly as they came — usually leaving thousands of employees behind. They have been using these tactics for decades without accountability.
For several years, KKR has been one of the investment management corporations investing NYPD pensions to further increase their value, helping cops comfortably retire – the same cops who murder Black communities with impunity.
KKR for several years also managed two loans worth $121 million for Safariland, a company that manufactures the tear gas, rubber bullets and other instruments of police brutality regularly deployed around the world, including at Standing Rock and in Minneapolis during the George Floyd uprising. KKR only pulled out of this investment after mass public pressure.
KKR profits from imperialism around the world by funding Ingersoll Rand, a corporation that supplies hydraulic pumps to US military bases, terrorizing countries already ravaged by western imperialism.