The Iron Triangle-The Carlyle Group Exposed
Exposed
CHRONOLOGY: The Bushes And The Carlyle Group
by Jerry Politex, Mon 10 Jan 2000
In early September the "Washington Post" published a story about Bush "top fund-raiser" Wayne Berman, president of Park Strategies LLC in Connecticut, whose activities are being looked at by the FBI. One such activity has $50 million in state pension funds being invested through Park Strategies into a Carlyle Group fund. Carlyle is a "Washington merchant bank and client of Park Strategies that retains former president George Bush as a senior consultant." In 1991 Bush had appointed Berman to be assistant secretary of commerce. Last year Berman and retired senator Al D'Amato (R-NY) formed Park Strategies and hired Paul Silvester, who previously was Connecticut's treasurer and was in charge of investing state pension funds. According to the Washington Post, "Silvester was a catch for the firm because of his familiarity with state treasurers from around the country, who control massive pension funds hungry for new investments. Berman too is intimately familiar with many top state officials because he is a leading fund-raiser for the Republican Governors Association."
The Carlyle Group is also a who's-who of political operatives: "Like Park Strategies, Carlyle also markets its familiarity with government officials--among its partners are former secretary of state James A. Baker III, former defense secretary Frank C. Carlucci and former White House budget chief Richard Darman. The Carlyle Asian investment fund that received the $50 million sum from Connecticut also retains former president Bush as a top adviser, and Carlyle's European fund retains former British prime minister John Major. Both men have made hundreds of thousands of dollars counseling Carlyle on where to invest its money overseas, introducing Carlyle executives to foreign leaders and giving speeches at Carlyle gatherings. Bush's fees from Carlyle are poured into his accounts in various Carlyle funds, which lately have yielded up to 40 percent a year in returns." ...
Who's Who
Carlyle Capital in default, on brink of collapse Mar 13 2008 9:07AM EDT By Reed Stevenson
AMSTERDAM (Reuters) - An affiliate of U.S.-based buyout firm Carlyle Group has defaulted on about $16.6 billion of debt and expects its lenders to seize remaining assets as the global credit crunch tightens around leveraged investors.
Carlyle Capital Corp , a fund listed in Amsterdam, said in New York late on Wednesday that talks with lenders deteriorated after a drop in the value of its mortgage investments, which it said would result in margin calls of $97.5 million on top of the $400 million it was already facing.
A "successful refinancing is not possible," Carlyle Capital said, after trying for the past week to work out a deal with lenders to stave off bankruptcy. …
Defaulting
The Carlyle Group, with more than $75 billion under management, is one of the world's largest private investment firms. Moreover, it seems that Carlyle likes to keep all options open: Undertakings include management-led buyouts, minority equity investments, real estate, venture capital, and leveraged finance opportunities in the aerospace and defense, automotive and transportation, consumer and retail, energy and power, healthcare, industrial, technology and business services, and telecommunications and media sectors. Since its founding in 1987, the firm has made more than 500 corporate and real estate investments; it now maintains offices in about 15 countries and oversees some 50 private equity funds.
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