To their credit, the top private equity firms are getting serious about fighting any attempts to levy additional taxes on the industry. The latest sign: The Blackstone Group has paid Ogilvy Government Relations $3.74 million in January-June. One might assume that KKR has paid out a similar amount. That compares with $240,000 in all of 2006. For additional perspective, the Consumer Bankers Association spent $1.24 million in January-June on lobbying. It's unclear if Blackstone is necessarily happy with the services it has received. But the lobbyist has sure put in a lot of hours. I still maintain that any law that would impose additional taxes on the industry will be hard to pass. If only because there's a lot of political giving going on in key states, and that will not be forgotten. Still, a fire has been lit beneath the industry.  

For more:
- here's an AP update