Private Equity Council issues statement on SEIU ‘Day of Action’
WASHINGTON, DC, July 17, 2008 –
The Private Equity Council issued the following statement on the “Day of Action” being staged today by the Service Employees International Union. The statement should be attributed to Douglas Lowenstein, president of the Private Equity Council.
“With gas prices nearing five dollars a gallon, with the mortgage market paralyzed, with home prices falling, with banks struggling, and with people worried about their jobs, the Service Employees International Union’s priority seems to be mounting a fact-challenged, hyperbolic campaign against the private equity industry.
“Private equity is a vital source of capital for investment in the U.S economy, strengthening scores of American companies, including MGM Studios, Dunkin Brands, Continental Airlines, Toys R Us, Univision, J. Crew, Burger King, AxleTech and many more. And private equity has delivered more than $1.12 trillion in returns to pension funds, endowments, foundations and other investors, helping to ensure the retirement security of millions of teachers, firefighters, police officers and other public employees, many of whom are union members.
“It’s disappointing that at a time when everyone with a stake in a strong American economy should be seeking ways to find common ground, the SEIU is more interested in headline-grabbing street theater than solving the challenging economic issues facing the country today.
“We hope the SEIU eventually decides that sloganeering and clever sound bites are poor substitutes for serious policy engagement. If it does, we look forward to joining the SEIU in a constructive dialogue on issues of mutual interest and concern.”
About The Private Equity Council
The Private Equity Council, based in Washington DC, is an advocacy, communications and research organization that develops, analyzes and distributes information about the domestic and international private equity industry. Its members are: Apax Partners; Apollo Global Management LLC; Bain Capital; The Blackstone Group; The Carlyle Group; Hellman & Friedman LLC; Kohlberg Kravis Roberts & Co.; Madison Dearborn Partners; Permira; Providence Equity Partners; Silver Lake Partners; THL Partners and TPG Capital (formerly Texas Pacific Group).
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