Sam Stein

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Sam Stein

The Huffington Post

huffpolitics, Brave New Films, film, Gunite Plant, Henry Kravis, kkr, Martin Luther King, Private Equity, Robert Greenwald, rockford
huffpolitics, Brave New Films, film, Gunite Plant, Henry Kravis, kkr, Martin Luther King, Private Equity, Robert Greenwald, rockford

On MLK Day, Filmmaker Takes Private Equity To Task

January 21, 2008 11:53 AM


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In honor of Martin Luther King Day, filmmaker Robert Greenwald has released a sharp new short film on his topic-de-jour: the excesses of the private equity industry. The video, which is part of a series titled "War On Greed," documents the strain endured by small town economies under the weight of the private equity industry's business structure.

For his new work, Greenwald and his company BraveNewFilms hone in on the town of Rockford, Illinois, whose Gunite plant was part of a company that was bought out, gutted, and sold for a $79.8 million profit by Henry Kravis, head of the buyout firm KKR.

The film depicts emotional workers detailing the changes that took place at their plant, and decrying the unfairness of Kravis earning more in an hour than they do in a year (and -- salt on the wound -- paying a lower tax rate on that income). The footage is interspersed with quotes from King, who frequently intertwined the premises of liberty and happiness to stable jobs and steady income.

"Dr. King represented the fight for justice, and as he so strongly stated, that fight begins with economic fairness," Greenwald told the Huffington Post. "Dr. Kings words inspire us at Brave New Films as we fight the inequities of buyouts which cost workers jobs, pensions and communities their futures. The buyout billionaires led by Henry Kravis represent all that Dr. King was fighting."

Watch the film here:

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- NABNYC I'm a Fan of NABNYC 99 fans permalink

By slashing taxes for the rich, Bush was rewarding and encouraging his associates to go crazy with greed. If all compensation in excess of $250,000 is taxed at 90%, all gain including capital gains, stock options, all of it, then there is little incentive for people to be this greedy because most of it will go into the general coffers.

We also need to shut down these private charities which are such a scam. Starting with the Clintons. How did Bill Clinton leave the white house broke 7 years ago and today be worth a reported $35-50 million? Enormous amounts of money being given to him by whom? Presumably the ultra-wealthy who profitted so greatly from Bill's new economic policies which have devastated this country and enriched the few. By putting income into a private self-managed charity, the Clintons have managed to avoid paying taxes on most of this wealth.

Off shore corporation scams, sending jobs overseas, hiring illegal immigrants, the whole visa scam of bringing in professionals at slashed pay to throw Americans out of work: it's got to end.

None of the leaders in either party are on the side of most Americans. We need to wake up and we need to come up with our own demands and our own platform. If Hillary gets in she will continue her husband's policies and Bush's policies to further concentrate wealth in the hands of the few.

    Favorite    Flag as abusive Posted 07:26 PM on 01/21/2008
- outnow I'm a Fan of outnow 194 fans permalink

MLK said that justice begins with economic fairness, not in electing someone based on their gender or the color of their skin.

Being "middle-of-the-road in today's America is similar to the position on the issues of the right wing of yesterday. Both Hillary Clinton and Barack Obama disgrace the words of MLK.

We can all see that the words of Christ are twisted by the religious right and by preachers in the past to mean the very opposite of what a second grader would understand those written words to mean in their normal English meanings.

Why is it so difficult to understand what MLK was talking about and why he died? Read the words - economic justice equals social justice.

The idea that LBJ enacted some laws that eliminated prejudice and injustice is simply wrong. The attitudes, values and beliefs of Americans will change with more and better paying job. Hillary outsources and Obama cites the great false idol of the right, Ronald Reagan.

I have a dream, that one day Americans will see that the very wealthy 2.5% are ripping off the other 97.5%. This is not because of race, it is because these people are rich, powerful and greedy. Wealth is being transfered upwards with the middle of the road DLC types who pass themselves off as Democrats.

Changing the gender of the president or the race of the president is not the issue, as MLK tried to tell you. Jesus tried to warn of the money-changers in the temple. Obama is a false prophet - beware. Hillary will pick your pocket and outsource your jobs. Judge her accordingly, not as the woman candidate, but upon her acts such as supporting NAFTA.

Both of these candidates have funded the war and Obama has abandoned time limitations as a condition of writing more blank checks.

    Favorite    Flag as abusive Posted 03:18 PM on 01/21/2008
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