It wasn’t quite as exciting as the famous gunfight in Tombstone, Ariz. – after all, we’re talking about Philadelphia here, where gunfights aren’t exactly what one would call extraordinary. But the stand-off at Wharton's Private Equity and Venture Capital conference late last week definitely resulted in a number of tailfeathers getting ruffled, as protesters enthusiastically invaded the buttoned-down gathering just as Carlyle Group’s David Rubenstein launched his keynote address. Rumors and mayhem, if not hilarity, ensued.

So how violent was the protest at Wharton's Private Equity and Venture Capital conference? Accounts of the disruption vary, with some claiming that punches were thrown and others saying that it was just scuffling or jostling.

As we first reported this morning, shortly after David Rubenstein of the Carlyle Group had begun his keynote address, protesters from the Service Employees International Union swarmed the room, unfurling banners and shouting slogans, sometimes through a megaphone.

Eyewitness accounts report that around forty protesters were in the room (the Philadelphia Inquirer says only two-dozen), although protestors had been handing out fliers (click here to download a pdf of the flier or here for a grainy pop-up photo of the flier taken on the scene) outside the event earlier. Rubenstein was described as “speechless” in the moments after the protests began.

“They looked like they are going to kill the guy [Rubenstein],” a witness said over email as it unfolded. “They are on both balconies and have control of the floor. No sign of security. The speaker is in shock. One thing we now know about the venture crowd; don't count on them in a fire fight. You'd be better off with Donald Duck as a wingman.”

After a short time, a dialogue of sorts—as much as any back-and-forth that involves bullhorns can be described as a “dialogue”—began between the protesters, the audience and Rubenstein, lasting for between ten and fifteen minutes.

"Rubenstein remained on stage and agreed to address questions from a woman with a mega-phone, who said she was a Manor Care employee, and lit into him," George White of the Deal reports.

(Continue reading on Dealbreaker)

Next article » In The Buff

Previous article « Government Debt: It’s Hot