In today’s larger-than-life market, Blackstone’s $7.8bn agreement to buy Alliance Data Systems seems almost run of the mill. Away from the deal trail, though, the private equity group has had an unusual week.

First, the AFL-CIO union group wrote to the Securities and Exchange Commission arguing that Blackstone’s proposed flotation was designed to skirt rules that apply to listed investment companies in the US. Then came the first congressional testimony from the private equity world’s new spinmeister, Douglas Lowenstein, who countered assertions that the industry makes the rich richer while doing nothing for regular workers. Whatever their merits, these claims reflect that Blackstone’s initial public offering has become a focal point for criticism of private equity.