Union activists plan to demonstrate outside of the New York headquarters of private equity giant Kohlberg Kravis Roberts & Co today, calling for higher taxes on buyout firms, better treatment of workers and more attention to environmental concerns.
The protest will be the latest in a series of protests that have been organized against private equity. Ironically, even as unions and other special interests have taken aim at private equity, the private equity business has been in a slump itself. Private equity deal flow is down 70% this year. New commitments to buyout funds are harder to come by. Banks, reeling from credit market losses, are hesitant to provide financing for deals. An even deeper irony is that private equity firms often rely on union dominated pension funds to invest in their buyout funds.
Today's protests are being organized by the Service Employees International Union, with help from MoveOn.org. The SEIU were the folks who staged the protest in Philadelphia that interrupted a speech by the Carlyle Group's David Rubenstein. As part of what the organizers are calling an international "day of action," similar protests are planned today in 25 different countries.
Posted by guest , Jul 17, 2008 9:02AM
the whole protest thing is just a way for slacker dudes to hook up w. slacker chicks ya know...
Posted by guest , Jul 17, 2008 9:14AM
Who actually has time on a workday to go an 'protest'?
Posted by guest , Jul 17, 2008 9:16AM
They're probably all ex-Bear Stearns employees
Posted by guest , Jul 17, 2008 9:16AM
were these the same guys who protested in the hamptons?
Posted by guest , Jul 17, 2008 9:16AM
I always felt these protests don't effect/impact anything unless its the employees THEMSELVES doing the protesting. KKR can just close their blinds...lol
Posted by guest , Jul 17, 2008 9:18AM
these people protest kkr like every week, no joke.
Posted by guest , Jul 17, 2008 9:19AM
Hippie idiots.
Posted by guest , Jul 17, 2008 9:20AM
Dont dismiss them as hippies. They form the core of the great Democratic Party. How dare you!
Posted by guest , Jul 17, 2008 9:26AM
They have time to be protesting? They are clearly being overpaid, time for KKR to acquire and restructure the Service Employees International Union.
- West Coast Slacker
Posted by guest , Jul 17, 2008 9:28AM
protesting private equity? what are they.... a bunch of communists???
@9:20 lol!
Posted by guest , Jul 17, 2008 9:29AM
They're union. They'll protest but only if they get paid to do so.
Posted by blndebnker , Jul 17, 2008 9:37AM
Okay I'll give them a pass on the higher taxes and environmental concerns. But I need to draw the line at better treatment for workers. Which workers exactly need to be treated better? I would assume they don't mean the highly paid fuckers that work for KKR.
Posted by guest , Jul 17, 2008 9:37AM
As a proud representative of the Democratic party, I take offense to all these uninformed comments. The Democratic party continues to stand for raising taxes, nationalizing healthcare, controlling corporate profits and redistributing excess wealth to the poor. Our plan is to improve America by getting rich people to pay for everything. Just because we are inspired by Leninist beliefs does not make us communists.
Posted by guest , Jul 17, 2008 9:44AM
Hippie union workers, don't forget to bring a towel. You may get wet.
-Towelie
Posted by guest , Jul 17, 2008 9:48AM
these protesters add no value to society, would be nice to see a modern day Bloody Sunday - someone call the NYPD
Posted by guest , Jul 17, 2008 9:49AM
why do you give a shit if these people want more money?
Posted by StMarc , Jul 17, 2008 9:52AM
9:37 - You mean "Marxist" beliefs. What Lenin believed in was Lenin, mostly.
M
Posted by guest , Jul 17, 2008 9:54AM
9:49 said - "why do you give a shit if these people want more money? "
Because the tree on which money grew got killed due to global warming and we dont know where to get more money from now.
Posted by PatrickBateman , Jul 17, 2008 9:54AM
The arguement of these 'social injustices' is so overdone. It hasn't worked for the Commies, Jesse Jackson or anyone else who uses the arguement to further their poliical careers.
At the most basic level, money controls the world hippies. Class dismissed.
Posted by guest , Jul 17, 2008 9:54AM
@9:29 - ain't it the truth?
Posted by Melancholy Korean , Jul 17, 2008 9:55AM
Predictably lame comments. It's easy to laugh at activists, and I can't say they don't deserve the scorn most of the time, but, let's see, a lot of these people have decided to spend their lives in low paying, low respect jobs, when they had other options in life (it's true, hard to believe, I know, that some "idiots" are not motivated by money) to do what? To help poor people fight for a better life. God, what a bunch of losers, right? I mean, what are the odds any of this protesting does anything? (hint: close to zero)
I'm sure being a spreadsheet monkey or a bond salesman, jobs with real "value" in a bank or our economy (how are these sales jobs not dis-intermediated yet?) is much, much better.
Posted by guest , Jul 17, 2008 9:55AM
Someone should tell them that there is more than one PR firm in the building that they are protesting in front of.
Posted by guest , Jul 17, 2008 9:56AM
'Day(s) of Action' always means an unrecommended combo of Starbucks and weed.
Posted by guest , Jul 17, 2008 9:56AM
Someone should tell them that there is more than one PE firm in the building that they are protesting in front of.
Posted by guest , Jul 17, 2008 10:01AM
@ 9:55. Shouldn't your username be meranchory korean?
Posted by guest , Jul 17, 2008 10:03AM
"a lot of these people have decided to spend their lives in low paying, low respect jobs, when they had other options in life"
Like what? What other 'options' do liberal arts graduates from lowly community colleges have? Telephone sex operator maybe?
And the 'lead activists' already earn more than any person with their background in an honest job would make. I think you missed the WSJ piece yesterday. The pension fund for the rank-and-file union members if only 75% funded. The fund for their 'executive leadership' (Andy Stern included) is 105% funded.
In case you are an aspiring actor/shitty waiter transplant from gawker they forget it - that wont make any sense to you. But just in case you are capable of understanding some more basic principles - ITS BAD.
Posted by guest , Jul 17, 2008 10:12AM
I'd like to agree with you MK, but the fact is the folks out at KKR today have nothing better to do. After it's over they will get back on the bus and protest somewhere/something else tomorrow. Nuclear power, global warming, personal hygiene, etc. And something else, for every activist out there, there are two hard-working parents supporting him/her, or a trust officer at some bank clipping the coupons for them.
Posted by guest , Jul 17, 2008 10:24AM
I would say the biggest reason is because they want more money for doing less work. The type of people who are protesting today are inherently lazy and want societal subsidization. Why not, instead of aimlessly walking in circles outside the KKR building, some of these people go to college and join a lobbying firm and then get real direct results - if it upsets them that much. I just can't Otherwise get back to Dishes so you can serve me my #7 sandwich at lunch.
-Suck it
Posted by guest , Jul 17, 2008 10:28AM
Great...dirty hippies in 92 degree city weather. The smell alone will kill.
~LexSteelz
Posted by guest , Jul 17, 2008 10:47AM
A traveling salesman knocks on the door of a farmhouse, and much to his surprise, Barack Obama answers the door. The salesman says, ‘I was expecting the farmer’s daughter.’ Barack Obama replies, ‘She’s not here. The farm was foreclosed on because of subprime loans that are making a mockery of the American dream.
Posted by guest , Jul 17, 2008 10:50AM
Roberto .... you smell like hot garbage
Posted by guest , Jul 17, 2008 10:50AM
I love how people are getting fucked right now. I am a fascist bitch...
Posted by guest , Jul 17, 2008 10:54AM
Pat .... you smell like fried galamag.
Posted by guest , Jul 17, 2008 10:54AM
That's cuz Jose and I just took a dip in the East River.
Posted by guest , Jul 17, 2008 10:56AM
I think that all IB's should be based in Vegas. Therefore, if you work longer than 12 hours not only do you get a car home and dinner compensated but also the bank would provide a comped BJ. We would be a lot more productive.
Posted by guest , Jul 17, 2008 11:02AM
anybody link to an article? JC you left this sounding way too random. Is this like a long standing issue? Blndbnker was right, whose better treatment are they fighting for?
Posted by guest , Jul 17, 2008 11:17AM
@11:02 - Not Carney, but I found this.
http://www.newswire.ca/en/releases/archive/July2008/17/c5481.html
Posted by guest , Jul 17, 2008 11:18AM
Hilarious. A tax rate increase to all PE activity would result in an unnoticable increase to overall tax revenues. A mere fraction of a blip on the screen, so to speak. Fractions of a penny to each tax paying citizen.
If they are unhappy with income inequality in the U.S., they should be marching in D.C. for more effecient programs (or to just get their taxes back; or, how about job creation via maybe a national railroad transpo system similar to Eurorail).
The tax increase would apply to VC firms too, thus hurting small business. This is no time for our economy to be pushing any forces against economic growth.
Posted by guest , Jul 17, 2008 11:40AM
Thanks for the link, now I'm convinced these people are idiots.
11:18 is right, it really isn't the time for this nonsense.
Posted by guest , Jul 17, 2008 12:03PM
www.warongreed.org
Posted by guest , Jul 17, 2008 12:06PM
Wow. I saw the video on warongreed.org
And all I got to saw is -- Henry Kravis is the MAN! Sweeter houses than the ones on MTV Cribs. Now how can I get one of those. Kravis is my hero in life. Schwartzman's got nothing on him.
Maybe this asshole film-maker Michael Moore wannabe should go after every rap star, hollywood actor and big celebrity who shows his house on Cribs as well.
And perhaps 12:03 can go and join the protest outside KKR's offices.
Posted by guest , Jul 17, 2008 12:06PM
The Communists need to merge with the Democratic Party in order to survive
Posted by guest , Jul 17, 2008 12:14PM
12:06 - redundant. Maybe hamas?
Posted by guest , Jul 17, 2008 4:12PM
They are getting considerably louder, and its damn annoying.
Posted by Jana E , Apr 22, 2009 3:55AM
Aside from contending that a bill of rights was unnecessary, the Federalists responded to those opposing ratification of the Constitution because of the lack of a declaration of fundamental rights by arguing that inasmuch as it would be impossible to list all rights it would be dangerous to list some because there would be those who would seize on the absence of the omitted rights to assert that government was unrestrained as to those. It's obviously fine if citizens want to exercise their first amendment rights and hold protests. The 10th amendment of the US constitution states that all rights not given expressly to the government are reserved to the states, or the people. This is the sovereignty of the states. This resolution is sweeping through the states, and plans are being developed for more concerted action among the states, to ensure that the federal government abides by the Constitution in the future. Granted, this should apply to payday loan regulations, but not a whole lot of people take that view. Tax Day Protests are beginning and the 10th amendment is being used to reject any stimulus funds directed to states, if the state governments aren't willing to accept them. It seems that segments of the people are not willing to get short term loans on 10th Amendment grounds.
http://personalmoneystore.com/moneyblog/2009/04/14/protesters-invoke-10th-amendment/