Representatives of private equity firms, hedge funds and other types of investment firms fought back against proposals to raise taxes on their incomes, telling the Senate Finance Committee that critics have misconceptions about their industry.

"Some have a perception that private equity investment is an esoteric form of 'black box' finance practiced by a small cadre of sophisticated investors," said Bruce Rosenblum, managing director of the Carlyle Group and chairman of the board of the Private Equity Council. "The truth is that private equity investment is about numerous entrepreneurial firms, large and small, located in all parts of the United States, that are integral to capital formation and liquidity in this country."

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