The AFL-CIO has written to the Securities Exchange Commission, protesting the planned initial public offering of the Blackstone Group. The union says the move is basically an attempt to end-run securities laws. The offering is being structured as a master limited partnership, which means it is exempt from various governance and disclosure requirements. That strikes critics as a mechanism to have cake and eat it too: An offering without the subsequent regulation. We'll likely hear more about this as Congress takes a closer look at private equity industry practices and the Private Equity Council steps up its defense. The carry tax issue is a hot one. In general, the industry faces a slew of potential critics these days, at home and abroad. Stay tuned.

For more:
- here's the Financial Times article