SEIU Chimes In on Lehman Situation

You had to know this was coming. Steven Lerner, who runs the private equity watchdog part of labor union SEIU, has just issued a statement related to the possibility that KKR or another PE firm (J.C. Flowers, Bain, Hellman & Friedman...) may buy a piece of Lehman Brothers. Here it is: The Lehman Brothers scramble is not the time to allow KKR or other buyout firms to break into banks. And under no circumstances should taxpayers underwrite a marriage between banks and buyout firms. KKR and other buyout firms have made clear their intention to move into banks – and are lobbying hard to tear down important regulatory safeguards. But with their risky debt strategies, exorbitant fees, and poor track record outside their core

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