While most of the private equity backlash discussion has centered on deals overseas, there are some signs of a backlash brewing domestically. Some have noted that these funds still haven't shed their secretive image, but that seems to be a secondary issue. The front-burner issue has to do with shareholders and whether they are sometimes treated shabbily. All the talk about anti-competitiveness regarding club deals is still alive. And there are more shareholders who seem willing to take on the premier private equity firms. Clear Channel stockholders are gearing up for war with the company's board over the a proposed $26.7 billion buyout. Of course, this is nothing like the greenmail days. Still, the industry realization that investor relations and public relations are crucial these days is coming none too soon.

For more:
- here's a CNNmoney.com article