New York Attorney General Andrew Cuomo announced the third settlement with Carlyle/Riverstone in his state pension fund's "pay to play" scandal.
1. Carlyle Group--$20 million
2. Riverstone Holdings--$30 million
3. David Leuschen, founder of Riverstone--$20 million
That's $70 million for Carlyle and its joint venture energy partner. First, they "pay to play," garnering $530 million in NY pension investments. Then they "pay to go away." The common denominator? Payolla.
Private equity underwriters have their sights set on infrastructure, health care, energy and education. How can they taint those segments?
Update 9-16-10 The New York settlement is up to $138 million, which makes Carlyle/Riverstone affiliated money over half of the amount.