Hedge Clippers, a union group, crashed a hedge fund conference on Monday April 13th, 2015, demanding “fair wages”
A union group called the Hedge Clippers crashed a star-studded hedge fund conference in Midtown Manhattan on Monday, demanding select investors help them achieve “fair wages” from restaurant chains like Darden Restaurants and McDonald’s.
“Bill Ackman, show me $15,” the protesters shouted, referring to the hedge fund billionaire who runs Pershing Square Capital.
The protesters also shouted, “Hedge fund billionaires, pay your fair share,” a reference to the 15% capital gains tax on long-term investments.
The protest, which took place at the 2015 Active-Passive Investor Summit hosted by research firm 13D Monitor, interrupted a panel with Joele Frank, head of a crisis public relations firm that defends companies against activist investors.
The protest lasted for about 20 minutes before it dispersed under threat of police action.
Charles Khan, a spokesman for the group, told USA TODAY that Hedge Clippers are targeting Ackman, Jeff Smith of Starboard Group and Nelson Peltz of hedge fund Trian for their investments, past and present, in Darden, Burger King, Wendy’s and McDonald’s.
The group published a paper outlining their specific grievances with the hedgie’s dealings at these restaurant chains earlier Monday, he said.
Hedge fund Starboard succeeded in overthrowing Darden’s board last year with a close to 10% stake in the company, which runs chain restaurants Olive Garden and Red Lobster.
Late last year, shares of McDonald’s shares recently jumped on speculation that Ackman had taken a stake in the burger chain. Ackman has also owned shares of Burger King.
Nelson Peltz of Trian serves as non-executive chairman of Wendy’s. Peltz was in the audience on Monday because one of his partners, Ed Garden, spoke about their proxy fight with chemicals company DuPont.
“So many people are making money, literally, on the misery of workers,” Khan told USA TODAY.
Both Ackman and Smith of Starboard are also scheduled speakers at the one-day conference at the Crowne Plaza Hotel in Times Square. Smith told USA TODAY earlier in the day that he plans to speak about Darden and Yahoo, where he has been pressing CEO Marissa Mayer to consider a merger with AOL, among other changes.
McDonald’s recently boosted wages for 90,000 workers by $1 an hour, to close to $10 an hour on average. The burger chain also added vacation benefits for some employees.
But restaurant workers have continued to protest the burger chain, demanding wages of close to $15 an hour. The pay increase doesn’t affect workers of the company’s franchises, which make up the vast bulk of restaurants.
Fight for $15, a union group fighting for $15 an hour at McDonald’s and other large companies with lots of minimum-wage workers, is planning a massive protest on Wednesday.
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