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Uniting Food, Farm and Hotel Workers World-Wide

Global Union Action Day on Buyout Funds

Posted to the IUF website 21-Jul-2008

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Unions around the world, including many IUF affiliates, took part in actions in two dozen countries around the world to highlight the destructive impact of private equity buyouts and the need for tough regulatory action to ensure respect for trade union rights and equitable tax treatment of private equity-owned companies. The mega-buyout fund KKR was selected as the target by the IUF-affiliated SEIU in North America because of its size, diversity, and huge war chest - over USD 20 billion - raised for yet more buyouts.

Reports and photos from the global actions can be viewed here. In Moscow, the IUF Moscow office and SEIU demonstrated and handed out materials in English and in Russian, including the IUF Worker's Guide to Private Equity Buyouts, now available in Russian through the IUF. The demonstrators generated considerable media attention and handed out copies of the Buyout Guide to the media. The issue of private equity has now been put on the agenda in Russia, where buyout activity is growing but has not previously been an issue for unions or politicians.