The IUF secretariat has now published a A Workers' Guide to Private Equity, a 36 page A5 brochure, aimed at IUF affiliates and trade unions and their members around the world. It is available in English, French, German, Spanish and Swedish. Click here for more details and to order your copies.June 04, 2009
May 18, 2009
Buyouts, Bread Sticks, Biscotti – and Challenges for the Obama Administration
The 136 workers on strike for 9 months at the Stella D'oro bakery at West 237th Street in the Bronx are a microcosm of working America. They are as diverse as the neighborhood - African-American, Latino, "ethnic" whites, even African. A majority are women, many of them mothers and grandmothers. Most of them worked at Stella d'Oro for years, even decades, before, as they tell it, being forced out on strike. Seven months into a bitter strike, they'll all tell you "We're going to stay out as long as it takes to get a fair contract."
Continue reading "Buyouts, Bread Sticks, Biscotti – and Challenges for the Obama Administration" »
May 15, 2009
Carlyle in USD 20 Million Settlement in New York Pension Fund Kickback Investigation
While the investigation into illegal kickbacks paid by private equity funds to "placement agents" who secured employee pension fund investments continues, Carlyle has entered into a USD 20 million deal with the State of New York.
April 26, 2009
Spotlight on 'Placement Agents' Throws New Light on Fee Racket
New criminal indictments arising from the state of New York's widening investigation into bribes and kickbacks paid to investment funds in return for pension fund investments is throwing a spotlight on the use of "placement agents" to siphon employee pension fund money into private equity deals.
Continue reading "Spotlight on 'Placement Agents' Throws New Light on Fee Racket" »
April 22, 2009
Private Equity and the European Commission: the Big Bluff
UK private equity funds and their lobbyists, according to press reports, are frantically pressuring the government to "protect its members from imminent EU regulation" ("Private Equity sector lobbies ministers to protect it from EU", The Independent, April 20, 2009). According to the Financial Times report of the same day, Simon Walker of the British Venture Capital Association (BVCA) is "horrified" at "the extent of the burdens imposed." "Under the draft European Union law", writes the FT, "any private equity group managing funds equal to more than €250 million in total would be forced to disclose more information about its structure, strategy, and investors." More information compared with what?
Continue reading "Private Equity and the European Commission: the Big Bluff" »
March 21, 2009
Buy'em, Bleed'em, Buy'em Again Cheap: Could Debt-for-Equity Swaps Secure Continued PE-Ownership of Bankrupt Portfolio Companies?
Private Equity funds may have found a new use for the uninvested funds (known in industry jargon as "dry powder") they're currently sitting on, which are estimated to total from USD 500 billion to as much as a trillion.
February 06, 2009
The Commissioner, 'Transparency', and Codes of Conduct: the Last Refuge of a Scoundrel?
No one can accuse EU Commissioner for Internal Market and Services Charlie McCreevy of excessive subtlety, but his current escapades set new benchmarks.
January 29, 2009
'Wonderful Time, Wish You Were Here': US Buyout Funds Positioning to Profit from Potential New Tax Breaks
"This is an absolute wonderful time" to be in the private equity business, Blackstone head Stephen Schwarzman has told Bloomberg. Blackstone is currently raking in fees "advising" insurance giant AIG on how to raise cash through selloffs in the wake of the gigantic 2008 bailout.
Blackstone and the other pe funds have been lobbying hard to shape the Obama administration's stimulus package, now headed for the Senate, to extract maximum benefit from possible tax relief provisions on cancelled debt.
January 14, 2009
Breaking Up is Hard to Do: Investors Fleeing PE Commitments Pay the Price
Investors seeking to exit private equity commitments will pay a steep price, if Permira's terms set the standard.
Continue reading "Breaking Up is Hard to Do: Investors Fleeing PE Commitments Pay the Price" »
January 13, 2009
Debt Drives Premier Foods, Largest UK Food Group, into the Arms of…Private Equity
Struggling under a mountain of acquisition-induced debt, the UK's Premier Foods is reportedly seeking a large cash injection from private equity investors in order to shore up its wobbly capital structure and avoid breaching loan covenants.
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