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Crain's New York Business reports that the private equity world, concerned about a public image that suggests that its main driver is greed, is hoping for a makeover.

These days "the industry wants to be seen as a force for useful change and today released a study that illustrates what a significant force it has become. The study by the American Investment Council, private equity’s chief trade group, shows that PE firms and the companies they own generated $174 billion in federal and state taxes last year, paid out $600 billion in wages and benefits, and so forth."

This could be lipstick on a pig, however. CNYB also writes that "a study published earlier this month by researchers at Harvard and the University of Chicago showed that PE takeovers of U.S. public companies lead to significant layoffs – a 13% decline over two years, according to an analysis of 3,600 deals struck between 1980 and 2013. Workers who keep their jobs see average pay decline by 1.7% after a deal."
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