Protesters Slam Wall Street Elites for Profiting Off 'Misery of Workers'
'Hedge Clippers' target conference to call on hedge fund investors to help end 'poverty wages'
A union-supported activist group known as the Hedge Clippers disrupted a hedge fund conference in Manhattan on Monday to call out financial investors they say support poverty wages.
The Hedge Clippers describe themselves as "working to expose the mechanisms hedge funds and billionaires use to influence government and politics in order to expand their wealth, influence and power."
Roughly 20 protesters entered the main room of the Active-Passive Investor Summit, where a panel on shareholder activists was taking place, and marched in front of the stage for about 20 minutes, chanting, "Hedge fund billionaires, pay your fair share!"
"Bill Ackman, show me $15!" the protesters shouted, referring to the billionaire founder and CEO of Pershing Square Capital, who was not present during the panel.
Hedge Clippers spokesperson Charles Kahn told USA Today that the group targeted Ackman specifically--along with Jeffrey Smith of Starboard Group and Nelson Peltz of Trian Partners--because of their investments in fast food chains McDonald's, Burger King, Wendy's, as well as Darden Restaurants, which owns several dining franchises, including the Olive Garden.
Protesters also carried signs that read, "Dignity at Darden. No poverty wages."
"So many people are making money, literally, on the misery of workers," Kahn added.
Hedge Clippers last week released a report on the influence of a set of investors on the fast food industry, who the activists say "use franchising to extract maximum profit from fast food workers and to keep wages as low as possible."
Peltz and Ackman, along with Edward Garden of Trian and Larry Robbins of Glenview Capital, "have made massive fortunes from investing in fast food giants like McDonald's, Burger King, and Wendy's.... [and] Jeffrey Smith is trying to replicate their efforts at Darden Restaurants by cutting labor costs, even as the company is already reportedly linked to slave labor in Burma," reads the report, titled Hedge Funds and the Fast Food Economy: How Supersized Profits Are Made From Franchising.
The Hedge Clippers were recently profiled by the New York Times after the organization staged several protests in New York aimed at exposing the influence of hedge fund money on education politics and other issues. "If you're a home health aide making $11 an hour, you have probably let your subscription to Vanity Fair lapse," wrote Times reporter Ginia Bellafante. "The Hedge Clippers will accomplish a great deal if they can simply turn the secretive few into the widely infamous."
Monday's protest came ahead of a national day of action planned for Wednesday by the Fight for $15 movement.
The demonstration reportedly broke up after threat of police action. Following their dispersal, Hedge Clippers wrote on Twitter, "After our visit Jeff Smith decided to do his #13dConference presentation off the record. Hope the truth isn't making him uncomfortable."
An Urgent Message From Our Co-Founder
Dear Common Dreams reader, It’s been nearly 30 years since I co-founded Common Dreams with my late wife, Lina Newhouser. We had the radical notion that journalism should serve the public good, not corporate profits. It was clear to us from the outset what it would take to build such a project. No paid advertisements. No corporate sponsors. No millionaire publisher telling us what to think or do. Many people said we wouldn't last a year, but we proved those doubters wrong. Together with a tremendous team of journalists and dedicated staff, we built an independent media outlet free from the constraints of profits and corporate control. Our mission has always been simple: To inform. To inspire. To ignite change for the common good. Building Common Dreams was not easy. Our survival was never guaranteed. When you take on the most powerful forces—Wall Street greed, fossil fuel industry destruction, Big Tech lobbyists, and uber-rich oligarchs who have spent billions upon billions rigging the economy and democracy in their favor—the only bulwark you have is supporters who believe in your work. But here’s the urgent message from me today. It's never been this bad out there. And it's never been this hard to keep us going. At the very moment Common Dreams is most needed, the threats we face are intensifying. We need your support now more than ever. We don't accept corporate advertising and never will. We don't have a paywall because we don't think people should be blocked from critical news based on their ability to pay. Everything we do is funded by the donations of readers like you. When everyone does the little they can afford, we are strong. But if that support retreats or dries up, so do we. Will you donate now to make sure Common Dreams not only survives but thrives? —Craig Brown, Co-founder |
A union-supported activist group known as the Hedge Clippers disrupted a hedge fund conference in Manhattan on Monday to call out financial investors they say support poverty wages.
The Hedge Clippers describe themselves as "working to expose the mechanisms hedge funds and billionaires use to influence government and politics in order to expand their wealth, influence and power."
Roughly 20 protesters entered the main room of the Active-Passive Investor Summit, where a panel on shareholder activists was taking place, and marched in front of the stage for about 20 minutes, chanting, "Hedge fund billionaires, pay your fair share!"
"Bill Ackman, show me $15!" the protesters shouted, referring to the billionaire founder and CEO of Pershing Square Capital, who was not present during the panel.
Hedge Clippers spokesperson Charles Kahn told USA Today that the group targeted Ackman specifically--along with Jeffrey Smith of Starboard Group and Nelson Peltz of Trian Partners--because of their investments in fast food chains McDonald's, Burger King, Wendy's, as well as Darden Restaurants, which owns several dining franchises, including the Olive Garden.
Protesters also carried signs that read, "Dignity at Darden. No poverty wages."
"So many people are making money, literally, on the misery of workers," Kahn added.
Hedge Clippers last week released a report on the influence of a set of investors on the fast food industry, who the activists say "use franchising to extract maximum profit from fast food workers and to keep wages as low as possible."
Peltz and Ackman, along with Edward Garden of Trian and Larry Robbins of Glenview Capital, "have made massive fortunes from investing in fast food giants like McDonald's, Burger King, and Wendy's.... [and] Jeffrey Smith is trying to replicate their efforts at Darden Restaurants by cutting labor costs, even as the company is already reportedly linked to slave labor in Burma," reads the report, titled Hedge Funds and the Fast Food Economy: How Supersized Profits Are Made From Franchising.
The Hedge Clippers were recently profiled by the New York Times after the organization staged several protests in New York aimed at exposing the influence of hedge fund money on education politics and other issues. "If you're a home health aide making $11 an hour, you have probably let your subscription to Vanity Fair lapse," wrote Times reporter Ginia Bellafante. "The Hedge Clippers will accomplish a great deal if they can simply turn the secretive few into the widely infamous."
Monday's protest came ahead of a national day of action planned for Wednesday by the Fight for $15 movement.
The demonstration reportedly broke up after threat of police action. Following their dispersal, Hedge Clippers wrote on Twitter, "After our visit Jeff Smith decided to do his #13dConference presentation off the record. Hope the truth isn't making him uncomfortable."
A union-supported activist group known as the Hedge Clippers disrupted a hedge fund conference in Manhattan on Monday to call out financial investors they say support poverty wages.
The Hedge Clippers describe themselves as "working to expose the mechanisms hedge funds and billionaires use to influence government and politics in order to expand their wealth, influence and power."
Roughly 20 protesters entered the main room of the Active-Passive Investor Summit, where a panel on shareholder activists was taking place, and marched in front of the stage for about 20 minutes, chanting, "Hedge fund billionaires, pay your fair share!"
"Bill Ackman, show me $15!" the protesters shouted, referring to the billionaire founder and CEO of Pershing Square Capital, who was not present during the panel.
Hedge Clippers spokesperson Charles Kahn told USA Today that the group targeted Ackman specifically--along with Jeffrey Smith of Starboard Group and Nelson Peltz of Trian Partners--because of their investments in fast food chains McDonald's, Burger King, Wendy's, as well as Darden Restaurants, which owns several dining franchises, including the Olive Garden.
Protesters also carried signs that read, "Dignity at Darden. No poverty wages."
"So many people are making money, literally, on the misery of workers," Kahn added.
Hedge Clippers last week released a report on the influence of a set of investors on the fast food industry, who the activists say "use franchising to extract maximum profit from fast food workers and to keep wages as low as possible."
Peltz and Ackman, along with Edward Garden of Trian and Larry Robbins of Glenview Capital, "have made massive fortunes from investing in fast food giants like McDonald's, Burger King, and Wendy's.... [and] Jeffrey Smith is trying to replicate their efforts at Darden Restaurants by cutting labor costs, even as the company is already reportedly linked to slave labor in Burma," reads the report, titled Hedge Funds and the Fast Food Economy: How Supersized Profits Are Made From Franchising.
The Hedge Clippers were recently profiled by the New York Times after the organization staged several protests in New York aimed at exposing the influence of hedge fund money on education politics and other issues. "If you're a home health aide making $11 an hour, you have probably let your subscription to Vanity Fair lapse," wrote Times reporter Ginia Bellafante. "The Hedge Clippers will accomplish a great deal if they can simply turn the secretive few into the widely infamous."
Monday's protest came ahead of a national day of action planned for Wednesday by the Fight for $15 movement.
The demonstration reportedly broke up after threat of police action. Following their dispersal, Hedge Clippers wrote on Twitter, "After our visit Jeff Smith decided to do his #13dConference presentation off the record. Hope the truth isn't making him uncomfortable."