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.
Bain and other private-equity firms suspected of colluding.
Scotiabank is considering selling minority stakes in some Latin American businesses.
BNP Paribas began a five-year expansion of its wealth management business in the U.S.
Two pensions are worried about KKR’s takeover of Prisma.
IRS awarded UBS whistleblower $104M.
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.
Requests by investors to pull their money from hedge funds soared to $7.4B in July, compared with $4.2B in June.
Fees irk rich Americans who are leaving their banks.
Morgan Stanley will pay Citi $1.98B to Citi for a bigger share of MSSB.
RBS to take its insurance unit Direct Line public.
Ryan Turri gave up a bustling career at Credit Suisse to pursue his all-natural beef jerky dream.