New York (HedgeCo.Net) – A group called the Hedge Clippers turned up uninvited at the Active-Passive Investor Summit yesterday, where over 300 activist investors, institutional investors, hedge funds, board directors, CEOs and lawyers were gathered for a day of networking.
The Hedge Clippers targeted hedge fund managers Edward Garden, Bill Ackman and Jeffrey Smith, for their part in maintaining poverty wages at Darden Restaurants, the Olive Garden, Burger King, and other restaurant franchises they own.
CNBC was live-broadcasting the conference.
“Franchising is the sort of business model that makes perfect sense to hedge fund managers, who spend their careers several steps removed from the predatory practices that they push for and profit from.” The Clippers said in a statement. “The consequences of the franchise model are significant for the biggest low-wage workforce in the country.”
“Though hedge funds use a variety of approaches – with different levels of swagger and bluster, different lingo, different PowerPoint presentation templates – the game plan is basically the same: invest in companies that are already squeezing big profits out of poverty-wage workforces, and figure out how to squeeze them further.“
Many of the attendees bailed during the protest, forgoing their scheduled speeches. The protesters left after about 20 minutes.
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