Congress Is About To Gut A Depression-Era Law To Help Wall Street

By Zach Carter - Senior Political Economy Reporter -The Huffington Post

Casino kingpin Caesar's and for-profit college empire Education Management Corp. (EDMC) are both faltering under mountains of debt. EDMC was owned by Goldman Sachs, Leeds Capital Partners and Providence Capital before reorganizing, and it is now controlled largely by Kohlberg Kravis Roberts. Caesar's was owned by Apollo Global Management and TPG Partners before its reorganization process began. Both companies -- and their Wall Street owners -- want to rewrite the terms of their existing debt contracts without the consent of some investors who own that debt.