Buyout firms didn’t just make Mitt Romney rich. They help you, too! That is the message of a public relations campaign launched by the Private Equity Growth Capital Council, and reported on by New York Times. The effort focuses on a three-minute animated web video, which explains how cities, investors and workers benefit from private equity’s earnings through pensions, endowments and investments in industry.
The paper writes: The industry has taken a public beating in the presidential race, as Mitt Romney‘s record at Bain Capital is scrutinized. Some pundits have taken aim at the Republican candidate’s wealth, portraying him as a ruthless financier who took over companies at the expense of Main Street…. While the latest video is not explicitly political, it does mention some potential swing states.
Other news:
Bain and other private-equity firms suspected of colluding.
NY Times
Scotiabank is considering selling minority stakes in some Latin American businesses.
Reuters
BNP Paribas began a five-year expansion of its wealth management business in the U.S.
Bloomberg
Two pensions are worried about KKR’s takeover of Prisma.
WSJ
IRS awarded UBS whistleblower $104M.
CNN Money
Opinion: It’s encouraging news that Goldman gave up a $20M fee in the Kinder Morgan-El Paso merger over charges of conflicts of interest.
Reuters
Requests by investors to pull their money from hedge funds soared to $7.4B in July, compared with $4.2B in June.
Reuters
Fees irk rich Americans who are leaving their banks.
WSJ
Morgan Stanley will pay Citi $1.98B to Citi for a bigger share of MSSB.
Investment News
RBS to take its insurance unit Direct Line public.
Reuters
Ryan Turri gave up a bustling career at Credit Suisse to pursue his all-natural beef jerky dream.
BusinessWeek
