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Article Artículo

AAPI

Economic Growth

Government

Workers

1 Million #AAPI Workers Would Get a Raise if the #MinimumWage Were $10.10

Since May is Asian American and Pacific Islander (AAPI) Heritage Month, CEPR's looked into Census data about AAPI workers and found some interesting tidbits.

For example, the President and some Congressional leaders would like to see the federal minimum wage go up to $10.10 per hour.  If that were to happen, the data show that just over 1 million AAPI workers would be directly affected (that's 13.7% of AAPI workers).  And economic research shows that a significant number of workers making just above the $10.10 line would also get raises.

CEPR and Nicole Woo / May 21, 2014

Article Artículo

Wall Street

New Book on Private Equity Tackles Myths About the Industry

The private equity industry is often at the center of a debate over whether it saves failing businesses or undermines healthy companies at the expense of creditors, vendors, workers and retirees. This should not be surprising. Since modern private equity got its start with the first leveraged buyout of a publicly traded company in 1979, the industry’s complex organizational structures allowed for little oversight and government regulation. Much of the analyses available on PEs are positive accounts by industry insiders and slightly more modest takes by finance economists, and as a result, it has been difficult to assess the economic impact of this $3.5 trillion dollar industry.

Noting this lack of transparency, the Securities and Exchange Commission (SEC) recently began an investigation of industry practices. Since 2012, SEC staffers have reviewed roughly 400 PE funds and the results are striking. Of the firms reviewed, general partners at 200 firms collected fees and expenses from the companies they managed without disclosing or sharing these fees with investors.

While the SEC examinations focus on the need for greater oversight of the industry, Private Equity at Work: When Wall Street Manages Main Street, by CEPR’s Eileen Appelbaum and Cornell University’s Rosemary Batt offers a broader and more comprehensive examination of the private equity business model and its impact on the U.S. economy and labor market. Their analysis draws on original cases, interviews with PE and pension fund managers, legal documents, bankruptcy proceedings and academic scholarship.

CEPR / May 16, 2014