The Beach: SHAME: Henry Kravis' Neighbors Rally to Help Him

SHAME: Henry Kravis' Neighbors Rally to Help Him
Wednesday, August 29, 2007

Anyone who's ever suggested that Hamptonites are rich, self-centered snobs who are interested only in their own welfare, hasn't seen what investor Henry Kravis's neighbors are doing for him today.

Concerned that Kravis might be forced to sell one of his numerous abodes, the "Southampton Alliance for Monied Estates (SHAME)" is mobilizing a protest to "Demand More Tax Breaks for Private Equity Kings." The press release announcing this effort continues:

Southampton "residents" will take to the streets Wednesday to demand more tax relief for buyout billionaires, including longtime Southamptonite billionaire Henry R. Kravis, inventor of the leveraged buyout and pioneer of the trillion-dollar private equity buyout industry.

Heartwarming, isn't it? Kravis might not be as moved as we are because the gathering is actually a protest organized by SEIU, a large service workers union that has been fighting the private equity giants and their practices, which often entail layoffs when taking over companies.

We're hoping the union isn't expecting sympathy at the corner of Main and Jobs in Southampton. That's private equity country through and through. And the only thing they'll get from passersby is looks of derision through the tinted windows of Mercedes SUVs, driven by ladies on their way to the Southampton Bathing Corp. for their evening Southsides, paid for by their private equity husbands and served by people who may in fact be members of SEIU. You gotta love this town.
· Union takes LBO protest to Hamptons [Reuters]
· Hamptons Residents Concerned Buyout Billionaire Neighbors Pay Too Much Tax [BehindtheBuyouts]

Filed under About Town: The Word,

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