On Thursday 17 July 2008, thousands of trade unions, community organisations, environmentalists, workers and activists will be taking part in a global day of action against KKR - actions are planned in 100 cities in 25 countries.
Private equity companies have gained massive influence, power and obscene wealth because they've stayed invisible to public attention and scrutiny. It is time for that to change!
On Thursday 17 July 2008, thousands of trade unions, community organisations, environmentalists, workers and activists will be taking part in a global day of action against KKR - actions are planned in 100 cities in 25 countries. These actions will send a loud and clear message to private equity firms like KKR that we are sick and tired of a few people getting even richer and ruining our lives and the planet in the process.
In London on July 17, the Private Equity Creative Action Network (PECAN) will be bringing a creative and strong message to the executives of KKR, including the delivery a giant invoice that makes it clear that KKR has a long overdue debt to our community and world. To help make this action a success and to kick off a summer of actions against private equity, we are inviting people to participate and to get involved on the day (in particular we are looking for: video artists, anti-capitalist cheerleaders, independent media makers, musicians, DJ's, clowns and of course - activists).
You may not be interested in private equity but private equity is very interested in you!*
In the UK, 1 in 5 private sector workers now works for a company that is owned by a private equity fund.
More and more companies around the world, including hundreds here in the UK, are being bought up and sold off by a type of firm that takes pride in their lack of transparency, ability to rack up debt, cut costs and jobs and exploit the tax system so they pay little or no tax.
The volume of private equity deals has grown 600% in the last five years. In 2006, private equity firms spent US$725 billion buying out companies. Today, they can potentially mobilise more than US$2 trillion enough to buy McDonalds 38 times over!