The New York Times notes that the House Financial Services Committee's hearings on private equity's effects on workers and firms were a bit underwhelming. Only about 10 of the 70 members even showed up. Apparently, the testimony and discussion were pretty uninspiring. So it seems that taking on the private equity industry doesn't have legs as a major political issue. One might think the Democrats would take a populist stand, but most of the top firms are based in blue states, so maybe not. I doubt we'll ever get around to taxing the carry, which wasn't even discussed.
Our take on this news: In typical Government fashion, since many politicians campaign funds are from these financial sources, nothing concerning the health and improvement of the public marketplace will be done. The small investor is forgotten. We have no confidence in this Congress.
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