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The rise of global private equity buyout funds means that millions of workers in more and more countries around the world are employed by companies that these funds control. The primary aim of such funds is to make the maximum profit in the shortest possible time, so they have little interest in the long term development of the company concerned. This often means slashing the work force, cutting wages, and most characteristic of all, loading the company with enormous debt to finance the purchase as well as the fees and dividends to the private equity fund.



One of the oldest private equity firms and worst offenders is Henry Kravis's KKR. KKR owns major companies in retail, industrial, technology, energy, healthcare and media around the world, from Alliance Boots to Zumtobel. Henry Kravis doubled his wealth from $2.6 billion to $5.5 billion in just one year. Nevertheless, buyout executives, even billionaires like Kravis, pay a lower tax rate on most of their income than teachers, nurses and other hard-working people. Meanwhile, thousands of workers at KKR-owned companies have lost their jobs and seen their wages fall.



UNI is supporting the SEIU in their global campaign in 25 countries to demand accountability for private equity firms and the billionaires who run them. This campaign to Take Back the Economy includes a Global Day of Action on July 17th.



As part of this campaign comedian Lewis Black filmed a "rant" against the greed of KKR and the buyout barons, with original music by indie rock band Radio 4.



To view the Lewis Black video and to get more information about the July 17th Take Back the Economy actions around the globe, go to www.july17action.org



UNI is supporting the SEIU and encourages unions to get involved in the global day of action on 17th July. Please contact us for more information on how to get involved.gabrielle.fulton@uniglobalunion.org