/24-7PressRelease/ - MUMBAI, INDIA, September 23, 2007 - Jack Dromey, deputy general secretary of the T&G section of union Unite, has demanded greater government regulation over private equity firms.
Speaking at the TUC conference in Brighton on Tuesday, the husband of Harriet Harman, deputy leader of the Labour Party, said: "Private equity makes the Cosa Nostra look like a model of openness and transparency by comparison."
Mr Dromey made his comments during a TUC debate on private equity. Unions have accused private equity companies of buying up companies in massively leveraged deals, only to "slash" jobs and workers' rights as they strip companies of their assets.
"They take our members' jobs, they pile our companies with debt, they fleece all of us by not paying their fair share of tax and then expect us to be grateful.
"All the evidence we have seen is that jobs, pay, terms and conditions and pensions are put at risk when these companies come in," Mr Dromey said.
Richard Lambert, director general of the CBI, had addressed TUC delegates earlier in the day as he gave a keynote address on the tax arrangements of private equity firms.
"It is important that the tax system is fair and there are not whacking loopholes," he said.
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