Difference between revisions of "Carlyle Group"

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'''The Carlyle Group''', headquartered in Washington D.C., was established in 1987 as a "private global investment firm that originates, structures and acts as lead equity investor in management-led buyouts, strategic minority equity investments, equity private placements, consolidations and buildups, and growth capital financings," according to its website. [http://www.thecarlylegroup.com/] Co-founded by [[William Conway, Jr.]] Among its many assets is [[Synagro]], the largest process of toxic [[sewage sludge]] in the United States.  In March, 2010, Carlyle Group partnered with the [[Environmental Defense Fund]].
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{{group
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|wikipedia=https://en.wikipedia.org/wiki/Carlyle_Group
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|logo=The Carlyle Group.svg
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|nndb=http://www.nndb.com/company/695/000042569/
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|logo_width=333px
 +
|type=commercial
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|start=1987
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|titular_logo=1
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|employees=1400
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|description=A "private global investment firm" with around 1400 employees which has become the world's second largest private capital firm. Close connections to the deep state are suspected.
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|founders=William E. Conway Jr., Daniel A. D'Aniello, David M. Rubenstein
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|headquarters=Washington DC, United States, Amsterdam, Netherlands
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|website=http://carlyle.com
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|num_staff=1650
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|subgroups=BDM International
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|powerbase=http://www.powerbase.info/index.php/Carlyle_Group
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|sourcewatch=http://www.sourcewatch.org/index.php/Carlyle_Group
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}}
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'''The Carlyle Group''' describes itself as "a private global investment firm with more than $203 billion in assets under management across 126 funds and 139 fund of funds vehicles. Founded in 1987 in Washington, DC, Carlyle has grown into one of the world’s largest and most successful investment firms, with more than 1,600 professionals operating in 40 offices in [[North America]], [[South America]], [[Europe]], the [[Middle East]], [[North Africa]], [[Sub-Saharan Africa]], [[Japan]], [[Asia]] and [[Australia]]."<ref>[http://www.carlyle.com/about-carlyle "Corporate Overview"]</ref>
  
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Carlyle states that its "mission is to become the premier global private equity firm and to generate extraordinary returns while maintaining our good name and the good name of our partners. Toward that end, we have established a family of funds in the Carlyle name and a network of offices around the world. We maintain the highest standards of ethical conduct and employ a conservative, proven and disciplined approach to investing."[http://www.thecarlylegroup.com/]
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In April 2003, it was reported that the Carlyle Group is managed by a team of former US Government personnel including its president [[Frank Carlucci]], former deputy director of the [[CIA]] before becoming Defence Secretary. His deputy is [[James Baker III]], who was [[US Secretary of State]] under [[George H W Bush|George Bush senior]]. The financial assets of the Saudi Binladen Corporation (SBC) are also managed by the Carlyle Group. The SBC is headed up by members of [[Osama bin Laden]]’s family, who played a principal role in helping [[George W Bush]] win petroleum concessions from [[Bahrain]] when he was head of the Texan oil company, [[Harken Energy Corporation]] - a deal that was to make the Bush family millions of dollars. The connection between the Bush and bin Laden families can also be traced to the collapse of the [[Bank of Credit and Commerce International]] (BCCI) in the 1990s. Members of the Anglo Pakistani bank’s board of directors included [[Richard Helms]] and [[William Casey]], [[spook]]y business partners of [[George H W Bush|George Bush senior]]. During their time at [[Bank of Credit and Commerce International|BCCI]] both Helms and Casey worked alongside fellow director, [[Adnan Khashoggi]], who also represented the bin Laden family’s interests in the US. The same report indicated that the Carlyle Group meeting in Lisbon will discuss the relationship between the Saudi Binladen Corporation and [[Osama bin Laden]]. Many US officials claim that the SBC continues to finance his political activities, and has done so for many years. If true, this would place [[George H W Bush|George Bush senior]] and his colleagues at the Carlyle Group in an embarrassing position. As managers of SBC’s financial investments they might well be accused of indirectly aiding and abetting the United States’ number one enemy.<ref>[http://globalresearch.ca/articles/NEW304A.html "US arms group heads for Lisbon"]</ref>
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==Official Narrative==
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Carlyle states that its "mission is to become the premier global private equity firm and to generate extraordinary returns while maintaining our good name and the good name of our partners. Toward that end, we have established a family of funds in the Carlyle name and a network of offices around the world. We maintain the highest standards of ethical conduct and employ a conservative, proven and disciplined approach to investing."<ref>http://www.carlyle.com/about-carlyle/purpose-mission-values</ref>
  
 
==Background==
 
==Background==
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The collection of influential characters who now work, have worked, or have invested in the group would make the most convinced conspiracy theorists incredulous. They include among others, [[John Major]], former British Prime Minister; [[Fidel Ramos]], former Philippines President; Park Tae Joon, former South Korean Prime Minister; Saudi Prince Al-Walid; [[Colin L. Powell|Colin Powell]], former Secretary of State; [[James Addison Baker III|James Baker III]], former Secretary of State; [[Caspar Weinberger]], former Defense Secretary; [[Richard Darman]], former White House Budget Director; the billionaire [[George Soros]], and even some bin Laden family members. You can add Alice Albright, daughter of [[Madeleine Albright]], former Secretary of State; Arthur Lewitt, former SEC head; William Kennard, former head of the FCC, to this list. Finally, add in the Europeans: Karl Otto Poehl, former Bundesbank president; the now-deceased Henri Martre, who was president of Aerospatiale; and Etienne Davignon, former president of the Belgian Generale Holding Company.
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Many influential characters have worked for or invested in the group, including [[John Major]], former [[UK Prime Minister]];<ref>[http://www.carlyle.com/news-room/news-release-archive/john-major-appointed-european-chairman-carlyle-group "John Major Appointed European Chairman of The Carlyle Group"]</ref> [[Fidel Ramos]], former [[Philippines President]]; [[Park Tae Joon]], former [[South Korean Prime Minister]]; Saudi Prince Al-Walid; [[Colin Powell]], former [[Secretary of State]]; [[James Baker III]], former [[Secretary of State]]; [[Caspar Weinberger]], former [[Defense Secretary]]; [[Richard Darman]], former White House Budget Director; the billionaire [[George Soros]], and some bin Laden family members. You can add [[Alice Albright]], daughter of [[Madeleine Albright]], former [[Secretary of State]]; Arthur Lewitt, former SEC head; William Kennard, former head of the FCC, to this list. Finally, add in the Europeans: [[Karl Otto Pöhl]], former [[Bundesbank president]]; [[Henri Martre]], former president of [[Aerospatiale]]; and [[Bilderberg]] steering committee member [[Etienne Davignon]].<ref>http://www.culturechange.org/CarlyleEmpire.html</ref><ref>[http://www.independent-media.tv/item.cfm?fmedia_id=88&fcategory_desc=The%20Bush%20Crime%20Family "The Big Guys Work For the Carlyle Group"] by Melanie Warner, ''Fortune Magazine'', March 02, 2002.</ref>
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*[http://www.culturechange.org/CarlyleEmpire.html Source: "Carlyle Empire" by Eric Leser, ''Le Monde'', April 29, 2004].
 
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*[http://www.independent-media.tv/item.cfm?fmedia_id=88&fcategory_desc=The%20Bush%20Crime%20Family Also see: "The Big Guys Work For the Carlyle Group" by Melanie Warner, ''Fortune Magazine'', March 02, 2002].
 
  
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Hoover's Online describes the Carlyle Group as a military-industrial complex. The Carlyle Group, Hoover's continues,
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== History ==
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{{QB|
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In February 2003, when [[John Major]] was the Carlyle Group's European Chairman, it acquired a 31% share in the publicly-owned British defence firm [[QinetiQ]] (whose then Chairman was [[Pauline Neville-Jones]]) for £42m. [[QinetiQ]] was privatised in January 2006 for £1.3 billion netting the Carlyle Group a profit of over £300 million.<ref>[http://www.monbiot.com/2006/02/14/a-good-model-for-a-mugging/ "A Good Model for a Mugging"]</ref>
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takes part in management-led buyouts (MBOs), acquires minority stakes, and provides other investment capital for companies. It is particularly hawkish on the aerospace and defense industries, putting to good use the experience of its chairman emeritus [[Frank Carlucci]], a former Secretary of Defense. Firms in this arena make up a significant share of the portfolio at Carlyle, one of the world's largest private equity firms. The company has also engineered MBOs and other capital deals for firms in such industries as consumer products, energy, health care, information technology, real estate, beverages, and telecommunications.  Carlyle's directorship reads like [[George W Bush]]'s inaugural ball invite list. Reagan Secretary of the Treasury [[James Baker]] serves as a senior counselor, and [[Richard Darman]], former director of the Office of Management and Budget under [[George Herbert Walker Bush]], is a managing director. Former President George Bush has served with Carlyle and [[Colin Powell]], before becoming Secretary of State, made an appearance on behalf of the firm.[http://www.hoovers.com/premium/profile/6/0,2147,42166,00.html]<br/>
 
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The company has more than $13 billion in assets under management and has invested in such names as: United Defense Industries, of Crusader artillery and Bradley Fighting Vehicle fame; [http://www.hoovers.com/co/capsule/3/0,2163,40853,00.html Dr Pepper/Seven Up Bottling Group]; and [http://www.hoovers.com/co/capsule/1/0,2163,10301,00.html MedPointe Inc.] Carlyle owns about 90% of [http://www.hoovers.com/co/capsule/7/0,2163,103867,00.html Voight Aircraft Industries, Inc.].
 
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Although the majority of the firm's money is in North America, it is also pushing more intensely overseas, launching funds aimed at Asia, Europe, Latin America, and Russia. The firm (along with Apax Partners and UK-based [http://www.cinven.com/en/home/index1.htm Cinven]) bought a 28% share of France-based health care and business publisher [http://www.vivendiuniversal.com/vu2/en/who_we_are/who_we_are.cfm Vivendi Universal Publishing]. One of the company's larger moves overseas is the purchase of the transportation business of [http://www.daiei.co.jp/ The Daiei], Japan's #2 retailer in which the company has a 90 percent stake, worth $28 million.[http://www.hoovers.com/premium/profile/6/0,2147,42166,00.html]
 
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Its moves overseas haven't all been as easy as picking up the phone or as lucrative, however. Carlyle, along with investment firm [http://www.welshcarson.com/ Welsh, Carson, Anderson & Stowe], are planning to buy the yellow pages business of the financially strapped [http://www.qwest.com/ Qwest Communications] while navigating the lawsuit filed by [http://www.milberg.com/mil-cgi-bin/mil?templ=home.html Milberg Weiss Bershad Hynes & Lerach LLP]. The firm also returned portions of its European venture capital group funds to investors after the values of its investments lessened and the availability of target acquisitions decreased.[http://www.hoovers.com/premium/profile/6/0,2147,42166,00.html]
 
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Carlyle is keeping an eye on the transportation and healthcare industries as possible candidates for deal making, but the maturing buy-out market creates fewer prize deals and more competitors.[http://www.hoovers.com/premium/profile/6/0,2147,42166,00.html]
 
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<br/>
 
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[http://www.calpers.ca.gov/ California Public Employees' Retirement System], or CalPERS, owns more than 5% of Carlyle.[http://www.hoovers.com/premium/profile/6/0,2147,42166,00.html]
 
  
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== History ==
 
 
In March 2008, "Carlyle Capital, an affiliate of the private equity firm the Carlyle Group, said that its negotiations with lenders had broken down and that it was in default on $16.6 billion in loans. Carlyle had borrowed the money to buy mortgage securities backed by Fannie Mae and Freddie Mac. All appeared well until the prices of those bonds declined and the lenders made a margin call — a demand that Carlyle put up more collateral to cover the loans." <ref>Vikas Bijaj, "[http://www.nytimes.com/2008/03/14/business/14econ.html Economy Hammered by Toxic Blend of Ailments]," ''New York Times'', March 14, 2008.</ref>
 
In March 2008, "Carlyle Capital, an affiliate of the private equity firm the Carlyle Group, said that its negotiations with lenders had broken down and that it was in default on $16.6 billion in loans. Carlyle had borrowed the money to buy mortgage securities backed by Fannie Mae and Freddie Mac. All appeared well until the prices of those bonds declined and the lenders made a margin call — a demand that Carlyle put up more collateral to cover the loans." <ref>Vikas Bijaj, "[http://www.nytimes.com/2008/03/14/business/14econ.html Economy Hammered by Toxic Blend of Ailments]," ''New York Times'', March 14, 2008.</ref>
  
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In 1987 T. Rowe Price director Edward Mathias brought together David Rubenstein, a former President Carter aide; Stephen Norris and Daniel D'Aniello, both executives with Marriott Corp.; William Conway, Jr., the CFO of MCI; and Greg Rosenbaum, a VP with a New York investment firm. They pooled their experience along with a load of money from T. Rowe Price Associates, Alex. Brown & Sons (now [https://www.alexbrown.db.com/ Deutsche Banc Alex. Brown]), First Interstate (now part of [http://www.wellsfargo.com Wells Fargo]), and Pittsburgh's [[Mellon family]] to form a buyout firm.
 
In 1987 T. Rowe Price director Edward Mathias brought together David Rubenstein, a former President Carter aide; Stephen Norris and Daniel D'Aniello, both executives with Marriott Corp.; William Conway, Jr., the CFO of MCI; and Greg Rosenbaum, a VP with a New York investment firm. They pooled their experience along with a load of money from T. Rowe Price Associates, Alex. Brown & Sons (now [https://www.alexbrown.db.com/ Deutsche Banc Alex. Brown]), First Interstate (now part of [http://www.wellsfargo.com Wells Fargo]), and Pittsburgh's [[Mellon family]] to form a buyout firm.
 
}}
 
}}
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Named after the Carlyle Hotel in New York, the firm opted to make Washington, DC, its headquarters so it wouldn't get lost in the crowd of New York investment firms. The company spent its first years investing in a mish-mash of companies, using Norris' and D'Aniello's Marriott experience to focus primarily on restaurant and food service companies (including Mexican restaurant chain Chi-Chi's).
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Named after the Carlyle Hotel in New York, the firm opted to make Washington, DC, its headquarters, emphasising its close connection to the [[US government]]. In 1989 it wooed the well-connected [[Frank Carlucci]], who had been [[Ronald Reagan]]'s [[secretary of defense]], to join the group. Soon thereafter, Carlyle began making more high-profile deals. That year it acquired [[Coldwell Banker]]'s commercial real estate operations (sold 1996) and Caterair International, Marriott's airline food services (sold 1995). Carlucci helped redirect the firm's focus to the downsizing defense industry. Among its targets were [[Harsco Corp.]] (1990), [[BDM International]] (1991), and [[LTV Corp.]]'s missile and aircraft units (1992). Carlyle helped overhaul their operations and make them attractive (for the right price) to the industry's elite, including [[Boeing]] and [[Lockheed Martin]].
  
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In 1989 it wooed the well-connected Frank Carlucci, who had served as [[Ronald Reagan|President Reagan's]] secretary of defense, to join the group. Soon thereafter, Carlyle began making more high-profile deals. That year it acquired [[Coldwell Banker]]'s commercial real estate operations (sold 1996) and Caterair International, Marriott's airline food services (sold 1995).
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As the company's reputation grew, so did its cast of players. Among its new backers were [[James Baker]] and [[Richard Darman]] (both Reagan and Bush administration alums) and investor [[George Soros]], who chipped in some $100 million into the Carlyle Partners L.P. buyout fund. With the help of its 'access capitalists' such as Baker and Saudi Prince [[al-Waleed bin Talal]] (whom the firm helped add to his fortune in a 1991 [[Citicorp]] stock transaction), Carlyle made deals in the [[Middle East]] and [[Western Europe]] (including a bailout of Euro Disney) in the mid-1990s.
  
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Carlucci helped redirect the firm's focus to the downsizing defense industry. Among its targets were [[Harsco Corp.]] (1990), [[BDM International]] (1991), and [[LTV Corp.]]'s missile and aircraft units (1992). Carlyle helped overhaul their operations and make them attractive (for the right price) to the industry's elite, including [[Boeing]] and [[Lockheed Martin]].
+
While the firm continued to be a side in the [[iron triangle]], acquiring such defense companies as aircraft castings maker Howmet in 1995, it picked up a grab bag of holdings, such as natural food grocer [[Fresh Fields Markets]] (1994; sold 1996); the quick turnaround helped build Carlyle's war chest. The firm also began investing in industrial-cleanup companies, seeing increased government spending as a major opportunity for profit.
  
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As the company's reputation grew, so did its cast of players. Among its new backers were James Baker and Richard Darman (both Reagan and Bush administration alums) and investor [[George Soros]], who chipped in some $100 million into the Carlyle Partners L.P. buyout fund. With the help of its 'access capitalists' such as Baker and Saudi Prince al-Waleed bin Talal (whom the firm helped add to his fortune in a 1991 Citicorp stock transaction), Carlyle made deals in the Middle East and Western Europe (including a bailout of Euro Disney) in the mid-1990s.
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As Carlyle's esteem rose, so did the number of its investors. In the late [[1990s]] the firm launched buyout funds targeting Asia (closed 1999), Europe (closed 1998), Russia, and Latin America. At home, it faced a dwindling number of opportunities as the long-running bull market drove up prices and more investors chased fewer deals. Among those was its partnership with Cadbury Schweppes to buy the Dr Pepper Bottling Co. of Texas and merge it with its own American Bottling Co.
  
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While the firm continued to be a side in the [[iron triangle]], acquiring such defense companies as aircraft castings maker Howmet in 1995, it picked up a grab bag of holdings, such as natural food grocer Fresh Fields Markets (1994; sold 1996); the quick turnaround helped build Carlyle's war chest. The firm also began investing in industrial-cleanup companies, seeing increased government spending as a major opportunity for profit.
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Carlyle began the new century by launching Carlyle Asset Management Group, selling its stake in ''[[Le Figaro]]'' to Socpresse, acquiring [[Rexnord]] and a majority stake in CSX Lines. Extending its reach, the company partnered with GMT Communications Partners and acquired Casema in 2003.
  
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As Carlyle's esteem rose, so did the number of its investors. In the late 1990s the firm launched buyout funds targeting Asia (closed 1999), Europe (closed 1998), Russia, and Latin America. At home, it faced a dwindling number of opportunities as the long-running bull market drove up prices and more investors chased fewer deals. Among those was its partnership with Cadbury Schweppes to buy the Dr Pepper Bottling Co. of Texas and merge it with its own American Bottling Co.
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==2001 Investor Conference==
 +
On the day [[Osama bin Laden]]'s men attacked America, [[Shafiq bin Laden]], described as an estranged brother of the terrorist, was at an investment conference in Washington, DC, along with two people who are close to [[George W Bush|President George Bush]]: his father, the first [[George H W Bush|President Bush]], and James Baker, the former secretary of state who masterminded the legal campaign that secured Dubya's move to the White House. The conference was hosted by the Carlyle Group, a private equity firm that manages billions of dollars, including, at the time, some bin Laden family wealth. It also employs Messrs Bush and Baker.
  
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Carlyle began the new century by launching Carlyle Asset Management Group, selling its stake in Le Figaro to Socpresse, acquiring Rexnord and a majority stake in CSX Lines. Extending its reach, the company partnered with GMT Communications Partners and acquired Casema in 2003.
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In the immediate aftermath of the attacks, when no one was being allowed in or out of the United States, many members of the bin Laden family in America were spirited home to Saudi Arabia. The revival of defence spending that followed greatly increased the value of the Carlyle Group's investments in defence companies.<ref>[http://www.economist.com/node/1875084 "C for capitalism"]</ref>
  
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== Carlyle Funds ==
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==Acquisitions==
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The Carlyle Funds include:  
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The Carlyle Group is a majority owner of intelligence contractor, [[Booz Allen Hamilton]].<ref>[http://www.boozallen.com/news/39856120?o9002123=&lpid=66005 Booz Allen separate]. Boozallen.com (May 16, 2008). Retrieved on June 25, 2013.</ref> In June 2014, the Carlyle Group acquired the John F. Kennedy Presidential Library and Museum in Boston.<ref>http://whowhatwhy.com/2014/06/29/carlyle-groups-latest-acquisition-the-jfk-library/</ref>
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*U.S. Buyout Funds group; U.S. Venture Funds group;
 
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*U.S. Real Estate Funds group;
 
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*U.S. High Yield Funds group;
 
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*Europe Buyout Fund;
 
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*Europe Venture Fund;
 
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*Asia Buyout Fund;
 
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*Asia Venture Fund; and
 
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*Carlyle/Riverstone Global Energy and Power Funds.  
 
  
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==Lobbying==
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==Iron Triangle==
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The company spent $480,000 for lobbying in 2006. The lobbying was done through the two lobbying firms Federalist Group and Clark & Weinstock.
+
The Carlyle Group makes much of its connections to top political leaders.
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<ref>[http://www.opensecrets.org/lobbyists/clientsum.asp?txtname=Carlyle+Group&year=2006 Carlyle Group lobbying expenses], ''Open Secrets''.</ref>
 
  
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Carlyle obviously started a love affair with "Sarkoland" :
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[[Charles Lewis]], director of the [[Center for Public Integrity]] (a non-partisan organization in Washington) stated "It's not possible to get closer to the administration than Carlyle is. [[George H W Bush|George Bush]] senior earned money from private interests that worked for the government of which [[George W Bush|his son]] was president. You could even say that the president could one day profit financially, through his father's investments, from the political decisions he himself took".
 +
{{SMWDocs}}
  
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* right after the 2007 Presidential elections in [[France]], the State purchased the Imprimerie Nationale building in Paris back from the fund. Carlyle paid 85 million euros back in 2003 plus about 120 millions in the rehabilitation of this monument. The net gain was over 171 million euros. <ref>[http://www.humanite.fr/2007-07-17_Politique_L-imprimerie-nationale-livree-a-la-speculation], ''Imprimerie Nationale - speculation''.</ref>
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==References==
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* [[Nicolas Sarkozy]], the French president, honored [[Paul Desmarais]], an eminent Canadian member of the board, with the prestigious Grand' Croix de la Legion d'Honneur on February the 18th, 2008. On March the 3rd, 2008, Pierre-Olivier Sarkozy, half brother of Nicolas, joins the Company <ref>[http://www.carlyle.com/Media%20Room/News%20Archive/2008/item10274.html], ''The Carlyle Group Names Olivier Sarkozy Co-head of Global Financial Services Group''.</ref>...
 
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== Founding Partners and Senior Advisors ==
 
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*[[Louis V. Gerstner, Jr.]], Chairman
 
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*The Rt. Hon. [[John Major]], Chairman of Carlyle Europe
 
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*[[Frank Charles Carlucci III]], Chairman Emeritus
 
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*[[William E. Conway, Jr.]], Co-Founder and Managing Director
 
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*[[Daniel A. D’Aniello]], Co-Founder and Managing Director
 
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*[[David M. Rubenstein]], Co-Founder and Managing Director
 
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*[[James Addison Baker III]], Co-Founder and Senior Counselor
 
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*[[Edward Mathias]], Managing Director
 
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*[[Richard G. Darman]], former Managing Director
 
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*[[B. Edward Ewing]], Managing Director and CEO, Carlyle Management Group
 
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*[http://www.thecarlylegroup.com/people.htm#jharris John F. Harris], Managing Director and CFO
 
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*[http://www.thecarlylegroup.com/people.htm#larmitage Leslie L. Armitage], Managing Director, US Buyouts
 
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*[http://www.thecarlylegroup.com/people.htm#kabramowitzKenneth S. Abramowitz], Managing Director, US Buyouts, Healthcare
 
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*[[David Kupperman]], Principal, Carlyle Asset Management Group
 
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*[[Michael B. Kim]], President, Carlyle Asia; Non-managing Director [http://www.goodbank.com/goodbank_eng/corp/corp_mgt.htm Koram Bank]
 
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*[[Arthur Levitt]], Senior Advisor
 
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*[[Thomas F. McLarty III|"Mack" McLarty]], Senior Advisor
 
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== Contact ==
 
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1001 Pennsylvania Ave. NW, Ste. 220 South<br>
 
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Washington, DC 20004-2505<br>
 
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Phone: 202-347-2626<br>
 
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Fax: 202-347-1818<br>
 
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Web: http://www.carlyle.com<br>
 
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===References===
 
 
<references />
 
<references />
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==Articles and reports==
 
==Articles and reports==
 
*Center for Public Integrity, "[http://www.publici.org/pns/report.aspx?aid=424&sid=200 Investing in War]: The Carlyle Group profits from government and conflict."
 
*Center for Public Integrity, "[http://www.publici.org/pns/report.aspx?aid=424&sid=200 Investing in War]: The Carlyle Group profits from government and conflict."
Line 119: Line 89:
 
*[http://www.business-standard.com/today/story.asp?Menu=2&story=29548 11 December 2003]: "Carlyle Group in $350 million Asia plan", ''Business Standard''.
 
*[http://www.business-standard.com/today/story.asp?Menu=2&story=29548 11 December 2003]: "Carlyle Group in $350 million Asia plan", ''Business Standard''.
 
*[http://www.sptimes.com/2004/04/19/Columns/Pipeline_plan_leads_b.shtml 19 April 2004]: "Pipeline plan leads back to high-profile investing group" by Robert Trigaux, ''St. Petersburg Times''.
 
*[http://www.sptimes.com/2004/04/19/Columns/Pipeline_plan_leads_b.shtml 19 April 2004]: "Pipeline plan leads back to high-profile investing group" by Robert Trigaux, ''St. Petersburg Times''.
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[[Category:Commerce and Industry]]
 

Latest revision as of 23:01, 2 August 2022

Group.png Carlyle Group   NNDB Powerbase Sourcewatch WebsiteRdf-entity.pngRdf-icon.png
The Carlyle Group.svg
Formation1987
Founder•  William E. Conway Jr.
• Daniel D'Aniello.png Daniel A. D'Aniello
• David M. Rubenstein.jpg David M. Rubenstein
HeadquartersWashington DC, United States, Amsterdam, Netherlands
Type commercial
Subgroups BDM International
Staff1,650
Member ofBusiness Roundtable
A "private global investment firm" with around 1400 employees which has become the world's second largest private capital firm. Close connections to the deep state are suspected.

The Carlyle Group describes itself as "a private global investment firm with more than $203 billion in assets under management across 126 funds and 139 fund of funds vehicles. Founded in 1987 in Washington, DC, Carlyle has grown into one of the world’s largest and most successful investment firms, with more than 1,600 professionals operating in 40 offices in North America, South America, Europe, the Middle East, North Africa, Sub-Saharan Africa, Japan, Asia and Australia."[1]

In April 2003, it was reported that the Carlyle Group is managed by a team of former US Government personnel including its president Frank Carlucci, former deputy director of the CIA before becoming Defence Secretary. His deputy is James Baker III, who was US Secretary of State under George Bush senior. The financial assets of the Saudi Binladen Corporation (SBC) are also managed by the Carlyle Group. The SBC is headed up by members of Osama bin Laden’s family, who played a principal role in helping George W Bush win petroleum concessions from Bahrain when he was head of the Texan oil company, Harken Energy Corporation - a deal that was to make the Bush family millions of dollars. The connection between the Bush and bin Laden families can also be traced to the collapse of the Bank of Credit and Commerce International (BCCI) in the 1990s. Members of the Anglo Pakistani bank’s board of directors included Richard Helms and William Casey, spooky business partners of George Bush senior. During their time at BCCI both Helms and Casey worked alongside fellow director, Adnan Khashoggi, who also represented the bin Laden family’s interests in the US. The same report indicated that the Carlyle Group meeting in Lisbon will discuss the relationship between the Saudi Binladen Corporation and Osama bin Laden. Many US officials claim that the SBC continues to finance his political activities, and has done so for many years. If true, this would place George Bush senior and his colleagues at the Carlyle Group in an embarrassing position. As managers of SBC’s financial investments they might well be accused of indirectly aiding and abetting the United States’ number one enemy.[2]

Official Narrative

Carlyle states that its "mission is to become the premier global private equity firm and to generate extraordinary returns while maintaining our good name and the good name of our partners. Toward that end, we have established a family of funds in the Carlyle name and a network of offices around the world. We maintain the highest standards of ethical conduct and employ a conservative, proven and disciplined approach to investing."[3]

Background

Many influential characters have worked for or invested in the group, including John Major, former UK Prime Minister;[4] Fidel Ramos, former Philippines President; Park Tae Joon, former South Korean Prime Minister; Saudi Prince Al-Walid; Colin Powell, former Secretary of State; James Baker III, former Secretary of State; Caspar Weinberger, former Defense Secretary; Richard Darman, former White House Budget Director; the billionaire George Soros, and some bin Laden family members. You can add Alice Albright, daughter of Madeleine Albright, former Secretary of State; Arthur Lewitt, former SEC head; William Kennard, former head of the FCC, to this list. Finally, add in the Europeans: Karl Otto Pöhl, former Bundesbank president; Henri Martre, former president of Aerospatiale; and Bilderberg steering committee member Etienne Davignon.[5][6]

History

In February 2003, when John Major was the Carlyle Group's European Chairman, it acquired a 31% share in the publicly-owned British defence firm QinetiQ (whose then Chairman was Pauline Neville-Jones) for £42m. QinetiQ was privatised in January 2006 for £1.3 billion netting the Carlyle Group a profit of over £300 million.[7]

In March 2008, "Carlyle Capital, an affiliate of the private equity firm the Carlyle Group, said that its negotiations with lenders had broken down and that it was in default on $16.6 billion in loans. Carlyle had borrowed the money to buy mortgage securities backed by Fannie Mae and Freddie Mac. All appeared well until the prices of those bonds declined and the lenders made a margin call — a demand that Carlyle put up more collateral to cover the loans." [8]

The following is taken from Hoover's Online:

In 1987 T. Rowe Price director Edward Mathias brought together David Rubenstein, a former President Carter aide; Stephen Norris and Daniel D'Aniello, both executives with Marriott Corp.; William Conway, Jr., the CFO of MCI; and Greg Rosenbaum, a VP with a New York investment firm. They pooled their experience along with a load of money from T. Rowe Price Associates, Alex. Brown & Sons (now Deutsche Banc Alex. Brown), First Interstate (now part of Wells Fargo), and Pittsburgh's Mellon family to form a buyout firm.

Named after the Carlyle Hotel in New York, the firm opted to make Washington, DC, its headquarters, emphasising its close connection to the US government. In 1989 it wooed the well-connected Frank Carlucci, who had been Ronald Reagan's secretary of defense, to join the group. Soon thereafter, Carlyle began making more high-profile deals. That year it acquired Coldwell Banker's commercial real estate operations (sold 1996) and Caterair International, Marriott's airline food services (sold 1995). Carlucci helped redirect the firm's focus to the downsizing defense industry. Among its targets were Harsco Corp. (1990), BDM International (1991), and LTV Corp.'s missile and aircraft units (1992). Carlyle helped overhaul their operations and make them attractive (for the right price) to the industry's elite, including Boeing and Lockheed Martin.

As the company's reputation grew, so did its cast of players. Among its new backers were James Baker and Richard Darman (both Reagan and Bush administration alums) and investor George Soros, who chipped in some $100 million into the Carlyle Partners L.P. buyout fund. With the help of its 'access capitalists' such as Baker and Saudi Prince al-Waleed bin Talal (whom the firm helped add to his fortune in a 1991 Citicorp stock transaction), Carlyle made deals in the Middle East and Western Europe (including a bailout of Euro Disney) in the mid-1990s.

While the firm continued to be a side in the iron triangle, acquiring such defense companies as aircraft castings maker Howmet in 1995, it picked up a grab bag of holdings, such as natural food grocer Fresh Fields Markets (1994; sold 1996); the quick turnaround helped build Carlyle's war chest. The firm also began investing in industrial-cleanup companies, seeing increased government spending as a major opportunity for profit.

As Carlyle's esteem rose, so did the number of its investors. In the late 1990s the firm launched buyout funds targeting Asia (closed 1999), Europe (closed 1998), Russia, and Latin America. At home, it faced a dwindling number of opportunities as the long-running bull market drove up prices and more investors chased fewer deals. Among those was its partnership with Cadbury Schweppes to buy the Dr Pepper Bottling Co. of Texas and merge it with its own American Bottling Co.

Carlyle began the new century by launching Carlyle Asset Management Group, selling its stake in Le Figaro to Socpresse, acquiring Rexnord and a majority stake in CSX Lines. Extending its reach, the company partnered with GMT Communications Partners and acquired Casema in 2003.

2001 Investor Conference

On the day Osama bin Laden's men attacked America, Shafiq bin Laden, described as an estranged brother of the terrorist, was at an investment conference in Washington, DC, along with two people who are close to President George Bush: his father, the first President Bush, and James Baker, the former secretary of state who masterminded the legal campaign that secured Dubya's move to the White House. The conference was hosted by the Carlyle Group, a private equity firm that manages billions of dollars, including, at the time, some bin Laden family wealth. It also employs Messrs Bush and Baker.

In the immediate aftermath of the attacks, when no one was being allowed in or out of the United States, many members of the bin Laden family in America were spirited home to Saudi Arabia. The revival of defence spending that followed greatly increased the value of the Carlyle Group's investments in defence companies.[9]

Acquisitions

The Carlyle Group is a majority owner of intelligence contractor, Booz Allen Hamilton.[10] In June 2014, the Carlyle Group acquired the John F. Kennedy Presidential Library and Museum in Boston.[11]

Iron Triangle

The Carlyle Group makes much of its connections to top political leaders.

Charles Lewis, director of the Center for Public Integrity (a non-partisan organization in Washington) stated "It's not possible to get closer to the administration than Carlyle is. George Bush senior earned money from private interests that worked for the government of which his son was president. You could even say that the president could one day profit financially, through his father's investments, from the political decisions he himself took".

 

Employees on Wikispooks

EmployeeJobAppointedEnd
William KennardDirector
John MajorEuropean Advisory Board member199814 May 2001
John MajorChairman of Carlyle EuropeMay 20012004
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References

  1. ↑ "Corporate Overview"
  2. ↑ "US arms group heads for Lisbon"
  3. ↑ http://www.carlyle.com/about-carlyle/purpose-mission-values
  4. ↑ "John Major Appointed European Chairman of The Carlyle Group"
  5. ↑ http://www.culturechange.org/CarlyleEmpire.html
  6. ↑ "The Big Guys Work For the Carlyle Group" by Melanie Warner, Fortune Magazine, March 02, 2002.
  7. ↑ "A Good Model for a Mugging"
  8. ↑ Vikas Bijaj, "Economy Hammered by Toxic Blend of Ailments," New York Times, March 14, 2008.
  9. ↑ "C for capitalism"
  10. ↑ Booz Allen separate. Boozallen.com (May 16, 2008). Retrieved on June 25, 2013.
  11. ↑ http://whowhatwhy.com/2014/06/29/carlyle-groups-latest-acquisition-the-jfk-library/

Articles and reports

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