Recommended Articles

by Susie Madrak, Crooks & Liars
As Congress brings CEOs from eight big banks that have received a combined $1251 billion in taxpayer bailout funds since October before a U.S. House Hearing on Wednesday, February 11, there's more than their expenditures on bonuses that taxpayers deserve to know... Read on.

by Sam Pizzigati
Hundreds of migrant farmworkers marched through Miami this past Friday to protest a Florida tomato grower maneuver that will cut some tomato picker wages by 40 percent. The growers are refusing to honor deals the state’s top farmworker group has cut with McDonald’s and Taco Bell... Read on.

by CattleNetwork
As Congress and the Obama administration look to hold major banks that have received billions in federal bailout funds better accountable for their corporate practices, a report released today by the Service Employees International Union (SEIU) on Goldman Sachs and its holdings in Burger King finds that the true total of taxpayer subsidies some of the banks are enjoying extends well beyond the monies they've taken through the Troubled Assets Relief Program (TARP).... Read on.

by Andrew Ross Sorkin, New York Times
Uncle Sam may be coming after the buyout kings. If the tax collector gets his way, Henry R. Kravis, Stephen A. Schwarzman, David Bonderman, David M. Rubenstein and the rest of the leveraged-buyout crowd could soon be forced to add some zeros to the taxable income line on their federal forms... Read on.

by Nomi Prins, Mother Jones
History is pretty clear on this one: Whenever the finance industry discovers a path to quick investment riches for a select few—S&Ls, junk bonds, Long-Term Capital Management, Enron, the list goes on—a massive reckoning can't be far behind. Today's implosion in the making? Private equity... Read on.

by Andrew Ross Sorkin, New York Times
MORE than a year ago, Victor Fleischer, an untenured professor at the University of Illinois College of Law, finished a draft of a paper about the tax treatment of private equity. At the time, he was just hoping to get the paper published. Taxes are an unglamorous topic, and... Read on.

by Mike Hall, AFL-CIO Blog
Talk about an inside job. It’s little wonder that CEO pay continues to soar when the consulting firms many corporations hire to determine executive pay levels also earn millions of dollars for handling other consulting work for the same company. After all, why tick off... Read on.

by Richard Teitelbaum, Bloomberg
The deals are just the start. The original 'barbarians at the gate' now command a $107 billion global empire. Here's how the buyout giant fires up its companies with a profit-or-perish creed. It's a great time to be Henry Kravis, as he's quick to remind people... Read on.

by Alison Fitzgerald and Ryan J. Donmoyer, Bloomberg
The Internal Revenue Service has begun an inquiry into suspected tax abuses at hedge funds and private- equity firms after determining many firm partners don't file returns and may have improperly characterized transactions. The tax-collection agency is studying whether funds... Read on.

by David Ignatius, Washington Post
For mysterious reasons, people can suddenly become indignant about government policies they have accepted for years as a matter of course. Such a seismic shift seems to be happening in public attitudes toward taxation of America's super-rich financiers. The three leading Democratic candidates... Read on.

by David Sirota, Denver Post
As a central villain in the famous book "Barbarians At the Gate," Henry Kravis has become one of the world's richest mavens of private equity -- the Wall Street sector that buys up companies, breaks them apart and sells their assets. In 2006, Kravis made $450 million, or more per hour ($51,000) than the average American makes in a year... Read on.

by Ianthe Jeanne Dugan, Wall Street Journal
Not long after the Blackstone Group bought Travelport Ltd. last August, workers at the company's office campus here began feeling the squeeze. Two months after the deal closed, scores of employees were lugging boxes of personal belongings to their cars, having lost their jobs. Under Blackstone's ownership, the travel-reservations conglomerate has laid off 841 people, about 10% of its work force... Read on.

by Marc Cooper, AlterNet
"Everything about America is threatened today ... this is an epic struggle for the future of America," Edwards told the cheering crowd. "Corporate greed and the very powerful use their money to control Washington and this corrupting influence is destroying the middle class." While all of the presidential campaigns... Read on.

by Jeffrey H. Birnbaum, Washington Post
Soon after Rep. Eric Cantor called a meeting of lobbyists two weeks ago, his aides had to find a larger room. Instead of the couple dozen they had expected, 75 showed up. Cantor, a Virginia Republican, convened the gathering to discuss how to defeat a set of fast-moving proposals that would vastly increase taxes on private-equity firms and hedge.. Read on.

by Robert B. Reich, The American Prospect
This week, Senators Max Baucus and Charles Grassley, the chairman and ranking minority member of the Senate Finance Committee, have been holding "informal meetings" to consider whether the stratospheric incomes of private-equity partners ought to be treated as compensation rather than as capital gains, for tax purposes. Way back in the 1970s, newly-minted MBAs... Read on.

by Jean Eaglesham, Financial Times
A leading private equity executive on Friday broke ranks with his industry by arguing it does not pay enough tax and warning that the government’s capital gains tax reforms, designed principally to tackle perceived abuses in the sector, would not be sufficient to silence critics. The intervention by Jon Moulton... Read on.

by Cliff Schecter
"Greed, for lack of a better word, is good. Greed is right. Greed works. Greed clarifies, cuts through, and captures the essence of the evolutionary spirit." So said fictional character Gordon Gekko, the embodiment of a 1980s corporate raider in the movie Wall Street. Yet, sadly, just as the Gekko character was based... Read on.
by Simon Duke, MailOnline
Goldman Sachs is on course to pay its top City bankers multimillion-pound bonuses - despite asking the U.S. government for an emergency bail-out. The struggling Wall Street bank has set aside £7billion for salaries and 2008 year-end bonuses, it emerged yesterday ... Read on.

by Stephen Gandel, Time Magazine
Uncle Sam has a new name on Wall Street — Sugar Daddy. Bonuses for investment bankers and traders are projected to fall 40% this year. But analysts, compensation consultants and recruiters say the drop would be much more severe, perhaps as much as 70%, were it not for the government's efforts to prop up financial firms... Read on.

by Tony, The Bank Implode-o-Meter
To the Street elite, the stock market is nothing more than a wealth manufacturing machine. As the housing bubble swelled, that machine revved into high gear, and the business plan was concise: cheat. The M.O. was simple, base the bonus on bogus paper profits, on assets such as risky, high yield mortgage backed securities that paid hefty fees up front, but would not implode until the bonus check was cashed. It was like playing black jack and calling hit or hold after the dealer turned his cards ... Read on.

by Stephen Labaton and Jenny Anderson, New York Times
Henry R. Kravis, the billionaire founder of the corporate buyout movement, was working the hallways of Capitol Hill, hoping to kill legislation that would raise his taxes and those of other investment fund executives. While known to powerful people in Washington through longstanding personal.. Read on.

by Michael Shnayerson, Vanity Fair
Topping each other's deals -- $31.4 billion! $39 billion! $45 billion! K.K.R.'s Henry Kravis and the Blackstone Group's Stephen Schwarzman are locked in combat at the top of the private-equity heap. The rivalry has only sharpened since Blackstone's I.P.O. sparked public outrage.. Read on.

by Susan Faludi, Wall Street Journal
On the eve of the 1986 leveraged buy-out of Safeway Stores Inc., the board of directors sat down to a last supper. Peter Magowan, the boyish-looking chairman and cheif executive of the world's largest supermarket chain, rose to offer a toast to the deal that had fended... Read on.

by Dana Chasin, TPM Cafe
Last Friday, Rep. Sander Levin (D-MI) introduced a bill to remedy a long-standing tax inequity that allows private equity fund managers the right to claim performance fee income as capital gains rather than ordinary income. This tax break, based on the misnomer "carried interest,"... Read on.

by Rick Coddington, Mountian Mail
Today we are living under the control of that military-industrial complex. In 1975, there was a great movie called Rollerball starring James Caan. In a nutshell, it was about a futuristic society (2018) where corporations controlled everything. Not individual corporations mind you, but giant worldwide conglomerates... Read on.
by Adam Doster, In These Times
Private equity funds are complicated entities. Essentially, they are unregulated pools of private capital raised and controlled by investment managers, otherwise known as “general partners.” Typically, managers buy up undervalued companies, de-list them from public exchanges... Read on.

by Eric Schlosser, New York Times
Florida’s tomato growers have long faced pressure to reduce operating costs; one way to do that is to keep migrant wages as low as possible. Although some of the pressure has come from increased competition with Mexican growers, most of it has been forcefully applied by... Read on.

Recommended Reports

Prepared by the Service Employees International Union

by United for A Fair Economy

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Prepared by the International Trade Union Confederation

Recommended Books

by Bryan Burrough and John Helyar, Collin Business Essentials, 1990

by Thom Hartmann, Berrett-Koehler Publishers, 2006

by David Cay Johnston, Portfolio Hardcover, 2003

by Robert Kuttner, Random House, 2007

by Sarah Bartlett, Replica Books, 1991

by George Anders, Beard Books, 2002

by William Greider, Simon & Schuster, 2003

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