Union Takes PE Fight to McCain
The SEIU, a longtime critic of the private equity industry, has taken issue with the Republican presidential candidate’s buyout ties
July 14, 2008
It didn’t take long for the Services Employees’ International Union (SEIU) to bridge its campaign against private equity to the presidential election. The union, which has already endorsed the Democratic nominee Barack Obama, is planning a protest for July 17 to rally against John McCain’s ties to the private equity industry.
According to a press release, the union is rallying protesters to descend upon the candidate’s Virginia headquarters to serenade his campaign staff with a song dubbed “the Loophole King,” which the SEIU describes as “a parody of Abba’s classic hit the Dancing Queen.” The loophole, of course, is ostensibly a reference to the ongoing debate over carried interest tax reform. The union also noted that Abba is McCain’s “self-proclaimed favorite band.”
In highlighting McCain’s ties to the industry, the SEIU cited campaign donations from Kohlberg Kravis Roberts’ Henry Kravis and his wife, and the presence of PE “lobbyists,” such as Brian Ballard and John Green, who serve in “strategic campaign positions” for McCain.
The union, however, made no mention of Barack Obama’s links to the buyout industry. In June, for instance, James Johnson, vice chairman of Washington PE firm Perseus, resigned from a role in Obama’s campaign. He had been advising the Democratic nominee on vice presidential candidates.
Meanwhile, a quick search on campaign-contribution website opensecrets.org, shows that Obama has also been popular among the private equity set. Ripplewood Holdings, Fenway Partners, Fortress Investment Group, KPS Capital Partners, One Equity Partners, Arsenal Capital Partners, MidOcean Partners, Blackstone Group and Oaktree Capital Management represent just a sampling of the firms with pros backing the Illinois senator.
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