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Speaking on CNBC news channel, Philip J. Jennings, UNI General Secretary, called on policy makers to bring the private equity business “out of the shadows”.

He observed that 2006 had broken all mergers and acquisitions records with M&As reaching 3000 billion dollars.

Much of this has been fuelled by private equity companies which are attracting records funds. No business is now beyond a private equity buyout, he said.

As the deals grow in scale, so do our concerns about “the regulatory vacuum, tax avoidance and sharp business practices”. There is growing evidence of collusion, fraud and using debts to pay fees and dividends.

He quoted the case of Hertz, where a billion dollar loan was taken out by the new owners to pay themselves management fees and dividends. “We cannot allow these practices to escape public scrutiny or accept that these dealings are driven underground.

The secret world of private equity has to be exposed.

Their decisions impact millions of lives.

Their demands place massive strains on workers.

They reward themselves well.

There seems to be no concern or care about the broader impact of their decisions on the community.

There will be a backlash against this “only the bottom line” mentality, he said.