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Pushing for a higher minimum wage, looking for ways to protect workers from the pain of globalization: that's the stuff of American organized labor today. And with Democrats controlling congress, some say the labor movement is going to get what it wants.

The AFL-CIO, the nation's largest labor group with 10 million members, on Tuesday made a bold move. It asked the Securities and Exchange Commission to stop the $40 billion Blackstone IPO.

The Financial Times reports that the request will stir political heat on private equity firms and threaten efforts by other buy-out groups to go public. In a letter, seen by Financial Times reporters, the union argues that Blackstone's executives are trying to evade the coverage of the Investment Company Act of 1940. The article explains that the labor attack points up new concern among union leaders and elected officials over the wealth of executives who run private equity funds in a time of increased wage inequality. They argue that private equity firms apply their generous tax status to wildly enrich an elite few while taking away jobs from millions of American workers.

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AFL-CIO takes on Blackstone IPO originally appeared on BloggingStocks on Wed, 16 May 2007 16:55:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>AFL-CIOBlackstone GroupBlackstoneGroupincome inequalityIncomeInequalityPrivate EquityPrivateEquityUnionsWed, 16 May 2007 16:55:00 EST<![CDATA[Business and labor unions facing off in renewed battle]]>http://www.bloggingstocks.com/2007/02/14/business-and-labor-unions-facing-off-in-renewed-battle/http://www.bloggingstocks.com/2007/02/14/business-and-labor-unions-facing-off-in-renewed-battle/http://www.bloggingstocks.com/2007/02/14/business-and-labor-unions-facing-off-in-renewed-battle/#commentsFiled under: ,

With both houses of the U.S. Congress now in Democratic control, the battle of labor unions vs. business interests was bound to take center stage. And here we are -- business interests are raising millions of greenbacks to try and defeat renewed labor union efforts. No surprise here.

A new U.S. House of Representatives committee working just this week on the "Employee Free Choice Act" would provide greater legal protection for union organizers. Do businesses with large amounts of labor-based employees want this? No, of course not. This battle will see the light of day again soon -- very soon -- as these two perennial enemies duel it out underneath the umbrella of this new committee.

It's pretty easy to see that large leaders of the labor unions provided hefty sums to support recent democratic hopefuls in recent elections, and we all know the outcome as these unions now have Democratic friends in influential high places. A key driving stat that will be used over and over though? How about this: the percentage of wage and salaried workers in unions last year was 12%, compared with 20% in 1983 -- about 24 years ago.

Business and labor unions facing off in renewed battle originally appeared on BloggingStocks on Wed, 14 Feb 2007 13:18:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>AFL-CIOBusiness LaborBusinessLaborCorrupr labor unionsCorruprLaborUnionsLabor issuesLabor UnionsLaborIssuesLaborUnionsWed, 14 Feb 2007 13:18:00 EST