Private Equity looks to be the 21st Century's "Unacceptable Face of Capitalism" it's not new.

Nigel Slater and Walker back in the 1970's were buying out Companies using leveraged buyouts and Shares only it was for Public Listed companies back in the day.

There are various arguements for and against Private Equity in the upper tier sectors of £100 Million + but the most curious development has been the focus of the vitrol and the "face" of Private Equity as a bad practice of DAMON BUFFINI.

DAMON BUFFINI, 44, is not a blacknwhite Minstrel. He has not earned his money through Black stereo-typing of Sport, Entertainment of Crime, but through the unfashionable, in European circles, area of Capitalism and playing the system at it's own game.

Being worth £100 Million would suggest that he has been successful at it. The Trade Unions had the audacity to lobby him outside his local Church and the Press are always placing his face on the cover of the articles slating Private Equity.

It would seem that the establishment cannot handle the idea of a successful Black Man from a single parent family making a go of it.

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Damon Buffini: The unassuming face of the new capitalism
The name may mean little but the investment revolution Damon Buffini leads has changed the lives of millions. Guy Adams on one of the UK's most powerful and controversial businessmen
Published: 17 February 2007
Damon Buffini is the most important person you've probably never heard of. Aged 43, he is the managing partner of Permira, Europe's biggest private equity firm. He lives in Wandsworth, works in the City, and looks, to all the world, like a normal member of the pin-striped professional class.

Looks can be deceptive, though. Buffini is an outgoing father-of-two, who enjoys a pint and plays football at the weekend. Yet he also boasts staggering power and influence, together with a personal fortune of about £100m. And this week, he was thrust to the centre of an extraordinary political row.

In a letter to the GMB trade union, Buffini offered himself as chief public negotiator in an increasingly bitter dispute over the secretive private equity industry. One way or another, its outcome will now shape the future of Britain's booming financial sector.

To many within the City, that makes

Well, if you're a member of the AA you might have something to say about Damon Buffini since Permira bought it.....but then capitalism doesn't really do accountability....

But I suspect he's not the worst offender so you you might well ask, 'why him?'......goes with the territory, I guess....

When one takes a closer look at Damon Buffini - indeed he is one of the establishment too. Grammar school, Cambridge, Harvard, friom Harvard to Schorders-until it was sold off and became (Permira). Basically he'd been tested thoroughly and by and large he espouses same view with rest of establishment. There are many successful Black CEOs and Chairman in the City now making an absolute killing! privately.

Take for example the current CEO and Chairman of Merrill Lynch (he is black man too) i have spoken to him publicly, again harvard boy. Don't get me wrong these boys worked damn hard to be where they are. But you know what - its what i call

"Dance with the devil"

when shite hits the fan none of their pairs will fight their corner and they will be hunged out to dry.

I am of the opinion that if these black corporate giants choose to develope black networks too i.e on the african continent- the african race will be one to reckon with. -its too easy too always have the fall guy as the black one here in Europe simply because we (blacks) all play an individual game. its high time we become collective and its got to start from the top.


THERE are too many black successful peeps to mention who are in fact far richer than Damon, in the square mile,however, its all very hush hush.(traders,partners in hedge fund comp,private investors,etc). i

Carlton Cushnie, former chairman and chief executive of the Versailles Group
Springs to mind here!!!-formely hailed as one of the richest black men in Britain and then later sentenced to 6 yrs in prison for fraud.... do u see a pattern????

Could you name 10 Black British (not American, not African) CEO or Managing Directors or Millionaire in the City.

The events I have been to everyone has either an American passport or from the African Continent, or African parentage. Some of which are making an impact in Africa ( in their late 20's and 30's)

With one or two exceptions.

There are hundreds of Asians from the Sub-continent to the extent that it's normal to see. And many in Senior positions. Alias not us.

"THERE are too many black successful peeps to mention who are in fact far richer than Damon, in the square mile,however, its all very hush hush.(traders,partners in hedge fund comp,private investors,etc). "

I have networked extensively in the City and I have yet to meet these masses of black humility! They are the exception not the rule.

But the more THE MERRIER

"... Could you name 10 Black British (not American, not African) CEO or Managing Directors or Millionaire in the City ..."

No I couldn't.

If I could name 100 such people, instead of 10, what difference do you think these "Black British" people would make to African people in Britain or anywhere else?

It would suggest that despite the environment African people have the same potential to be as successful as Mr Mittal.

It would raise African peoples awareness that having the means of production owning Businesses and controling ones own destiny in the West is as achievable here for Africans as it is for Asians, Europeans and Orientals.

It would help to wane us off the Public Sector as the cure for dependance for employment and personal income.

It would show us that our autractic approach to business is financial sucide and that we must throw our net much wider it we are to collect the wealth that is available within this Country.

It would encourge Africans to sell and buy food and cosmetics from among ourselves rather than from others.

it would despense with this crap of not wanting to aspire to the upper echolens of our own minds and abilities and make us reject the celebration of underachievement in Business in Lobbying as a Community that is taken seriously.

It would refocus oursleves to aspire to become minstrels in order to percieve ourselves to be successful and to aspire to have meaning goals that not only empower oursleves but also economically empower your communities.

I think it's a disgrace that we cannot name 10 Africans let alone like the Asians who can compile a list of over 100 succussful Business men. Sorry but mobile phones, winning "The Apprentice" being a Farmer or a political puppet is not enough.

And how many Africans out there can identify with Damon Buffini. There are alot of black people in the city now who dont give a toss about whether black people do x,y or z. Their success is an individual success. Really dont see how it will change anything unless the money/ skills and knowhow trickles down.

And I can bet no doubt that to get where he has got today he had to be part of the establishment. I doubt his Chinese solictor wife gives a toss about how black people fare in the UK either.

Has Damon Buffini ever actually met an African person?

He's met several - he's been along (at least three times to my knowledge) to an educational programme for black boys that I'm involved with . And donated cash - a fair amount, too. And he's not the only one of his type we've seen either.

Not a defence, or claiming redemption by any stretch - just stating a fact.

Well thats good news. But going back to Dada's original point how far do we take this intergration into the European captialist system. Because at some point there will be basic contradictions with African involvement and control of the stockmarket, and the associated exploitation of African / Carribean economies. Would all of these bright buissnessmen/women start to express a political slant to their dealings. Or would money and profit be the king.

Im more for creating our own system of wealth which directly invests in our economies and relies on intra African trade much like the stock exchange does for Europeans.

BT - I think that you have got it wrong.

The system (Capitalism) is here.

It is HUGE.

In my opinion China has much to be admired for turning Communism on it's head and really challenging the Captialist system in three distinct ways:

* Providing the WORLD with an educated and extremely CHEAP labour force which is acting as a centrigfugal force for Western Hemisphere companies, in an Internet Age to relcoate their production at cost to China.

* The Demand for Commodities, and China's "New" Foreign policy to commodity rich Countries.

* China's playing of the financial markets namely;

- The Large Stock of U.S treasury Bonds which is effectively holding the U.S to randsom

- The State control of it's currency and the undervaluing of it , making not only China's Labour but also it's Goods very cheap relative to the international system.

The points above only illustrate that the "System" can be won but obviously no one individual has the clout of China. As individuals we can interface with the system rather than disengage without an alternative to go to.

In respect to Damon's Wife: Even Bernie Grant believed that Love is Blind.

However the main point of my intial post was that Damon Buffini has been used by the Media as the ICONIC image of Private Equity Gone bad.

Which is unfortunate as we in the "Black" Community need positive Role Models of achievement within the system rather than being feed with Black Minstrels, which are red herrings in terms of our position in the Country and society in which we live.

By being successful within the system we would be best able, very much as the Asians are, at giving a helping hand up to those within our community that are in need of it. As Soulrebel pointed out Buffini himself has made attempts at reaching out to "His" community just as Lennox Lewis has done, but just as many our youth may wish to Be Footballers, Singers, and "Creative" or worst "Gangsters" it would be a positive thing to have prominent people who are in roles that make a difference.

One can always buy African countries Government Bonds
One can always buy Shares on the Nigerian or Ghana Stock Exchanges ( which have been producing good yields of late
One can also provided Venture Capital to private Enterprises in Africa
BETTER STILL ONE CAN ALWAYS PROVIDED MICRO FINANCE TO SMALL BUSINESSES IN AFRICA
One can have savings accounts that money is depositied in the Caribbean or Africa thus helps that country ( just like Luxembourg or Litchenstein (spelling).

The above are all instances that benefit Africa and still can benefit the individual - That is what capitalism is about seeking those opportunities that will provide the best returns to the benefit of all involved.

Alternative, we may decide to "invest" in the U.K property market, have pension funds that invest in Western Hemisphere companies or Far East Companies, or have Savings accounts where the money remains in the U.K

Maybe I have got it wrong but I look at it like this.

China quite deliberatley came out of the world economic system and closed its doors to foreign trade. In fact without the communist state and without the stringent controls on all parts of Chinese life it can be argued that China would not be in the position it is today. Rightly or wrongly the Western/Japenese backed land owning leaders and the constant warfare that resulted was stopped and a unified China was the result. So China is a perfect example of a country coming out of the unequal world trade system / and building itself up to be able to re-enter on terms favourable to her.

South Korea/ another example/ a country that imported raw materials hevaily after 1945 and shunned consumer products/ an obvious strategy with their interests at heart. China is probaly benefiting from South Korean now as most of the cheap labour has been transplanted in China after SK's rapid deveopment.

So where does that leave Africa. Nigerian and Ghanian and Carribean stock exchanges I see as just extension of Western global rule. Many of the companies floated are European derivatives trading under some local name. Or are former colonialist who have carried on trading in the former colonies. I know in the Carribean companies such as Wray and Nephew/ Grace foods/ Jamaica Broilers/ Jamaica alumnium etc. are merely symbols of the status quo.

So I dont see the stock exchange or the world monetary system as something to be played and beaten. Captialism relies on some poor bugger propping up the pile. Where were South Korea importing its raw materials from. In fact where does anybody purchase their raw materials from. As long as Africa is not a producer but an exporter of raw stock how can there be any faith in any African based stock exchange. In light of no alternative

Whether Damon B is being wringed out to dry is neither here or there/ as if it wasnt Private equity no doubt it would be some other spurilous charge against him.

As for capitalism providing the best returns for all involved I very much doubt it. It wasnt the case at its inception and its far from the case now. It needs someone or some countries to prop it up and get screwed by the capitalists. Right now we all know who is getting screwed.

So to my mind the African who plays the world system while the cards are currently stacked the way they are is in fact robbing Kwame to pay Abena. So the Damon's of this world may be succesful/ a fifth column of African businessmen may be rise to inspire other youths to "play the game". But at who's cost ultimately.

So Im not promoting socialism/communism or any other ideals. I just crave to hear something original/ an original strategy that can enable Africans to deal on favourable terms with the world. The backbone of capitalism was Africa. British and European foreign trade was primarily to Africa and slave colonies at the start of capitalism. Something the Chinese/ India only experineced in small measure. How can Africans beat the system when they ARE the system.