Will the TUC walk it likes it talks it?
The TUC is in a combative mood, and having discovered venture capital, and just fancy, does not like it. Accordingly, it has come up with three 'challenges':
Meanwhile, when is the TUC start demonstrating good governance and organisational transparency by telling us how much Brendan Barber and his people pocket, because it certainly is not leaping out at me from the TUC's site.
Meanwhile, Peter Hain has come up with another one of hispitches for the deputyship 'good ideas': "Private equity firms should be barred by government from asset-stripping, Northern Ireland Secretary Peter Hain has urged".(Source). Naturally there would be absolutely no difficulties in framing a law covering this. Amazingly, Hain has a degree in economics.
I'm off out shortly to do a stint at 18 Doughty St, and so have turned on moderation. However, a friend is keeping any eye on it and so there should not be too much of a lag between posting and approval.
- to tell us what they stand for and whether they accept any responsibilities to their workforce or the wider community.
- to open the industry to greater transparency and disclosure, particularly of the rewards paid to, and the tax paid by, top private equity executives.
- to establish whether private equity can establish long term sustainability and not just fuel a short term - high risk bubble waiting to burst.
Meanwhile, when is the TUC start demonstrating good governance and organisational transparency by telling us how much Brendan Barber and his people pocket, because it certainly is not leaping out at me from the TUC's site.
Meanwhile, Peter Hain has come up with another one of his
I'm off out shortly to do a stint at 18 Doughty St, and so have turned on moderation. However, a friend is keeping any eye on it and so there should not be too much of a lag between posting and approval.
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on Monday, February 26, 2007 at 1:18 pm.
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The person who attempted to teach me economics was a, keynesian, I scraped through my A level with the opinion that Government should have no role in controlling an economy, as a consumer its actions will certainly have an effect, however it should not be allowed to command those effects.
No doubt some of you will disagree.
not really Hitch. Some regulation of the market is welcome to uphold itsvalues and fairness. Beyond that you just end up with the DTI.
Hain has a degree in economics; I fell off my chair. Shurely shome mishtake!
Dominic Lawson noted this in The Independent the other day: "For a man with a first-class degree in Economics, Mr Peter Hain displays a surprising lack of numeracy".
I was reading the price in the DT about this this morning I also noticed CU mentioning it and there is another editorial bit about “Private Equity” in the Mail. BUT
I don1`t exactly know what it is …equity in the hands of private individual but what I the issue exactly..what is everyone on about . I just had a quick ask around the office and no-one really knows what the controversy is . As you know , I `m not ashamed of ignorance , its like an exotic fruit and I tend it daily but I am becoming curious as to what everyone is getting so excited about .
I did rather well in my A level actually especially the theory
( typically)
N - A basic working definition: "When equity capital is made available to companies or investors, but not quoted on a stock market. The funds raised through private equity can be used to develop new products and technologies, to expand working capital, to make acquisitions, or to strengthen a company's balance sheet".
And a whole lot more here.
Yes I supposed that was what the words meant but I`m still in the dark as to the "story" especially how it is a tax dodge. No doubt your link will tell all which I will"Peruse" later.
Very Kind C
Mr Mania, I'm not sure tax-dodging is the major concern (for those who have concerns), it is that the wielders of private equity are capitalists even more red-in-tooth-and-claw than publicly-held co's. And a fine Darwinian job they do too, as large-scale arbitrageurs of value.
There are indeed tax aspects to IPOs, (a favoured private-equity exit strategy) and of course perennial Hainite 'concerns' over whether those in receipt of gigantic bonuses are adequately taxed. This certainly includes many a private equity player, and indeed others in related spheres: in the words of a certain ditty
...“Don’t say that he’s too sinister
To be our next Prime Minister!”
Cry the PFI merchants of Old London Town
Who owe their large bonuses to Gordon McBrown...
One of the root causes of the success of VC of late, is the regulation tying up listed companies. Just shows what happens when you make "being in the system" too onerous. A lesson the TUC and Labour have yet to (and will never) learn.
Wonder if Hain will dare poke his head in the City.
Maybe he'll try to lead the next 'Stop the City' protest....
The trades unions could direct their money into private equity investments. This would give a much better return on their members' funds and put them in the position of showing us all 'how private equity might meet their criteria on responsibilities to their workforce or the wider community, opening the industry to greater transparency and disclosure, particularly of the rewards paid to, and the tax paid by, top private equity executives, and determining whether private equity can establish long term sustainability.'
They would enjoy the benign tax environment established by the Labour Chancellor for private equity funds as well.
The removal of all trades union funding from the Labour party into private equity investment would also encourage the growth of a mass party of the centre left more in conformity with the democratic values of our political system and end their current warping of democratic choice.
Richer, more democratic, and an example to us all of socially responsible capitalism.
HG - on the omey as ever, they do this, investing their pension money into PE funds. Oddly, they seem reticent to mention this though in their current campaign.
PE on the front page of the Business DT insert again today which talks about the highly geared nature of such companies and that this is used to avoid corporation tax. The odd thing from my point of view is that being in a small business ector the only sort of company know is PE
( You see how I did that ...PE..just the initials ....)
I suppose its to much to hope that Ramblin` rhymin` Drew will have a nasty accident whilst consulting a book of handy ellisions today.
Long a favourite: "No man in this country is under the least obligation, moral or otherwise, so as to arrange his legal relations to his business or to his property as to enable the Inland Revenue to put the largest possible shovel into his store" Lord Clyde - 1929 Judgement.
Why do people think that having a degree in economics, esp. 1st, compels someone to agree with them? Clearly there are left-wing & right-wing economists. So, even if all economists SHOULD be right -wing - they aren't. That's like when lefties say that anyone who studies history has to end up agreeing with Marx.
27 fevrier
Way back lost in the mists of time, one of my teachers suggested that economics could be summed up with four lines - an X axis, a Y axis, and lines for supply and demand. No matter howe flat earth some lefties are, I do not think that any of them would argue supply and demand are not linked, even if they do not approve.
Au contraire, cher monsieur.
MANY people, many not consciously left, believe in rejecting the supply/demand link. E.g. social housing. Houses shd be sold at the price the buyer can afford, they demand, not the market price. In addition, those nasty banks shdn't charge you for being overdrawn. (OK, not exactly the same, but..)
Soccer clubs shdn't charge the market price for seats, but some notional "fair" price which won't allow them to afford the Estonian stars their fans demand. Et j'en passe...
Newmania, all you need to know is that this is a first class example of the politics of envy perpetrated for the purposes of political positioning in the forthcoming Labour deputy leadership race. That's the real story.
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