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AFL-CIO Hates Blackstone

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Just when you thought labor unions and private equity were leaning to get along, something like this happens. Today the Financial Times reported that the AFL-CIO, the U.S.’s largest union, is urging the Securities and Exchange Commission to investigate Blackstone.

In the letter, sent on Tuesday and seen by the Financial Times, the union says that the unique structure chosen by Blackstone’s senior executives to raise funds from stock markets while keeping a tight grip on the running of its business is an attempt “to evade the coverage” of the Investment Company Act of 1940.

Union in move to halt Blackstone IPO [Financial Times]