SiliconIndia reported:
The Overseas Private Investment (Opic), a U.S. agency, which mainly helps American companies invest abroad and promotes the development of emerging markets, has decided to lend $80 million (Rs.382.4 crore) to a Chennai based finance company Repco Home Finance (RHFL) in 2009.
In December'07, the Carlyle Group, one of the world's largest private equity firms acquired 14 percent stake in RHFL and increased it to 46 percent in April 2009, by converting preference shares into equity. RHFL did not disclose the conversion price.
OPIC made another $50 million commitment for Repco's microfinance arm. That means U.S. government support of $130 million for Indian mortgages.
"Under the terms of the agreement with Opic, all mortgages arising from its loan will be assigned to Opic."
How lovely! Add $153 million in TARP funds for Carlyle's Boston Private Financial Holdings and a $4.9 billion FDIC subsidy for BankUnited and the private equity underwriter garners serious taxpayer funds. How much government financing did Carlyle get for auto supplier Metaldyne?
It's "the mother" of financial rescue and stimulus packages, just as Carlyle's David Rubenstein predicted. Don't forget the $25 billion in tax breaks for PEU's buying back affiliate debt. I smell Bush quality Corporafornication. The Obama team is a quick study.
