FROM THE INDEPENDENT

Andrew Stern, leader of the fast-growing service industries union, the SEIU, warned that highly leveraged buy-outs were putting companies and workers at risk, and the practice of "quick flips" meant that the long-term investment that might create jobs is increasingly absent.

"For all the hundreds of millions of dollars in fees and billions in profits taken out in these deals by the private equity firms, the workers at most of the portfolio companies receive no increases in pay or benefits - not even a more generous pension contribution," Mr Stern said.

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