Saturday, November 19, 2011

Here's to You, Mrs. Rubenstein


The Guardian reported:

Alice Rogoff (Rubenstein), the publisher of Alaska Dispatch who is married to one of America's wealthiest men, Carlyle Group co-founder David Rubenstein, told the conference that she had learned Guggenheim Partners was planning a fund "worth billions". She added that it might concentrate first on building a privately funded icebreaker, which could then be leased to the US coastguard.
Private equity underwriters (PEUs) love Uncle Sam's checkbook.

Another PEU, William Reilly sits on ConocoPhillips board.  ConocoPhillips has Arctic drilling plans, which Reilly kept on track as a conflicted Co-chair of Obama's Oil Spew Commission. 

I envision an update to the theme song from The Graduate, renamed for Mrs. Rubenstein:

Koo-koo-ka-choo, Mrs. Rubenstein,
Heaven holds a place for PEUs who PPP
We'd like you to help yourself to federal funds.
Guggenheim, Carlyle and company, they all want to take in their quest for 30% annual returns. 

One of the richest men in America couldn't keep Mrs. Rubenstein's Alaska House open, even after asking for $600,000 from the state of Alaska.  It remains to be seen how much Guggenheim seeks from the state or the feds for its Arctic investments:

The Guggenheim Partners website posted a link to an Alaska Dispatch story about the fund, but a company spokesman refused to provide any specific details.
Refused to provide, that's the PEU way.