Wednesday’s headlines: Private equity not just for the rich?

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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
Jamie Dimon defends big banks. DealBook
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

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