Saturday, November 27, 2010

Will Santa bring Carlyle an Irish Bank?

Final bids for Irish bank EBS are due the week before Christmas.  The Carlyle Group joined Wilbur Ross and Cardinal Asset Management in bidding for EBS.  Other governmental gifts to Carlyle, a politically connected private equity underwriter (PEU), include:

$2.3 billion cash on BankUnited, courtesy of President Obama's FDIC.  Recipients Carlyle & Ross are partners in death.

President George W. Bush gifted ManorCare to The Carlyle Group.  Bush & Carlyle failed 25 long term acute hospital patients after Hurricane Katrina.

Uncle Sam got warrants for 10% of BankUnited, despite putting up two thirds of the new capital. Carlyle and Ross will offer the Irish government the same deal, warrants to take a 10 percent stake in EBS.

Twas the week before Christmas and all through the moor
Not a creature was heard, not even a PEU whore...

Will EBS get Irish IMF funding? I mean only the cash, leaving the public high and dry (and with the repayment obligation).