Buyout Industry, KKR Worldwide Focus of July 17 Actions by Workers to Take Back the Economy
On July 17, in cities from New York to Bangalore to Paris, SEIU members will be joined by activists from 25 countries to take aim at the special perks and tax loopholes that buyout firms depend on to make billions. Activists will hold demonstrations worldwide at Kohlberg, Kravis, Roberts & Co. (KKR) headquarters, portfolio companies like Toys “R” Us, and McCain campaign headquarters. Delegations of community leaders and workers will also press their case with pension funds, legislators, and top KKR executives.
As the economy has worsened, the buyout industry’s high-risk business model and use of lucrative tax breaks that bleed money from state and federal treasuries are facing backlash from voters and elected leaders worldwide. Denmark and the UK have already done so, and the EU, Germany, the Netherlands and the US are all considering legislation to reform the industry and close the tax loopholes that allow buyout CEOs to pay a lower tax rate than many middle class workers and make billions buying and selling companies.
Last Friday, SEIU unveiled a short online video ad featuring Godzilla promoting the day of action and taking on Senator John McCain for his support of tax loopholes that favor buyout billionaires and his links to industry heavy hitters like KKR CEO Henry Kravis and lobbyists Ken Mehlman and Brian Ballard. The ad can be viewed at www.July17action.org.
A sampling of events is below. For a more complete list of public activities go to www.july17action.org.
NEW YORK, NY
KKR Global Headquarters
4:00 P.M. EDT
9 West 57th Street, NY, NY
Hundreds of workers will rally outside KKR’s global headquarters in mid-town Manhattan
ARLINGTON, VA
John McCain for President Headquarters
11:00 a.m. EDT
1235 S. Clark Street, Arlington, Virginia
Protestors plan on serenading the campaign staff with a new song, “Loophole King, sung to the tune of one of John McCain’s favorite songs.”
MENLO PARK, CA
KKR Headquarters
3:00 p.m. PDT
2800 Sand Hill Rd., Menlo Park
Hundreds of California nurses, homecare providers, school employees and social workers will gather outside KKR’s West Coast headquarters in Menlo Park to demand that the second-largest private employer in the U.S. repay its debt to the American people and start paying its fair share of taxes.
Countries hosting actions on July 17th:
Sao Paolo, Brazil
Montevideo, Uruguay
Melbourne, Sydney, Brisbane, Canberra, Adelaide, Perth, and Hobart, Australia
Auckland and Wellington, New Zealand
Bangalore, India
Johannesburg, South Africa
Warsaw, Poland
London, UK
Dublin, Ireland
Amsterdam, Eindhoven, the Netherlands
Copenhagen, Denmark
Stockholm, Sweden
Paris, France
Santiago, Chile
Tokyo, Japan
Nyon, Switzerland
Singapore
Brussels, Belgium
Hong Kong
United States
Canada (5 provinces)
Moscow, Russia
Bogota, Colombia
Costa Rica
Holland
Source: SEIU