The team is not contributing to the cost of the camp.
The city is ready to break ground on the new facility. Billionaire Dan Snyder gets a free training camp for eight years. That's a PEU worthy deal.
The team is not contributing to the cost of the camp.
State officials ditched plans to use private equity when it became apparent that such a financing model would produce tolls that were twice as high or higher than the current rates, Layne said.The mostly public equity project involves interest costs.
“If we did attract equity, it was going to be very expensive,” he said.
Rather, the state now plans to create a special nonprofit corporation, controlled by appointed board members, that will issue debt for the work. Layne said he will serve as chairman of the corporation. The state will own the road and maintain it.
The public contribution will come from a transportation fund that McDonnell established with bonds intended for public-private partnerships and “mega” transportation projects.Who carries the burden of this interest expense? Please tell me, Governor. The only role for US 460 Mobility Partners is designing and building the road.
"The private-sector team will design and build the project at a fixed cost by a fixed date and will take significant risks associated with delivering the project.Given America's longtime experience with road building, I find it hard to believe there are significant risks in the Governor's contract. What's 460 Mobility Partner's fee for building the new 460? Is it 3% of the project, $42 million? Might it be more?
VDOT, in coordination with the Office of Transportation Public-Private Partnerships, procured the project under Virginia's Public-Private Transportation Act, which allows the Commonwealth to partner with the private sector to finance, design and build transportation improvements.The Commonwealth brings the lion's share of funding. One could view Virginia as Santa Claus in this deal.
Leafly’s founders established a second business–Privateer Holdings, believed to be the only private-equity firm focused exclusively on marijuana. It is closing its first-round investment pool of $7 million, which it intends to use to buy existing marijuana-related businesses. One possibility is a vaporizer manufacturer, a mainstay of the medical-user community, because it creates steam (much like the vaporizers of our childhood), instead of smoke.
We are a private equity firm strategically investing in the emerging legal cannabis field.This may be the sign of PEU ubiquity.
Steady market growth is also expected for hard capsules in the health and nutrition sector.How much market growth was expected vs. the result of Carlyle's global hegemony? Qualicaps was the second largest global capsule maker in 2005. It's still #2.
Qualicaps has a more than 20% market share in the pharma-grade capsules segment, the largest segment of the capsule market
Prior to his election to the U.S. Senate, Senator Hagel was president of McCarthy & Company, an investment banking firm in Omaha, Nebraska.Hagel also serves as Senior Advisor for McCarthy Capital.and director of Wolfensohn and Company, an investment and advisory firm specializing in emerging market economies..
He also serves on the Board of Directors of Chevron Corporation and Zurich’s Holding Company of America; and the Advisory Board of Deutsche Bank America, and is a Senior Advisor to Gallup.
The flight attendant said they'd struck a deal, with less pay, higher costs for health insurance and less retirement (from frozen pension plans). She just wanted it over with. At the end, she said she was thankful to have a job.Twas two nights before Christmasand all through the plane,weary travelers expected the usual inane.But this safety briefing rang with humor and heartthat no corporate script could ever impart.Travelers perked up their ears, smiles broadened wideas Stewardess #1 delivered line after line.The pilot announced he and the first matewould hold up the trip, making us a little late.Important packages were destined for the hold.Gifts for our loved ones, young and old.These acts took place on one solitary flightof an airline in bankruptcy, what a terrible plight.Pay will be cut and pensions obliterated,so executive bonuses can be liberated.Yet this crew set aside the cards they face,giving great joy to the human race.Keep this a secret, whatever you do.Corporate PR would never approve.Christmas flickers in each heart's light,especially in those facing challenges of blight.Many thanks to the creative word stew,the pilot, first mate, the whole inspired crew.
They brought me home for Christmas,long before the plane finished its flight.Love and joy to all,
and to all a good night!
Goldman Sachs (NYSE:GS) and Carlyle Group (NYSE:CG) are among a number of defendants that will go before United States District Judge Edward Harrington in Boston, for what they say are legitimate private-equity practices against investor allegations that buyout firms and their bankers colluded to rig offers on takeovers, according to Bloomberg.
Carlyle’s growing natural resources investing platform includes energy mezzanine financing, energy infrastructure & power generation (Cogentrix), and commodities (Vermillion).
The collateralized loan obligation market has snapped back briskly, with a $620 million vehicle from The Carlyle Group capping a year when U.S. volume was on track to nearly quadruple to more than $50 billion in new CLO issuance.
But the leveraged loan market will need continued health in this instrument. According to Mark Okada, co-founder and chief investment officer at Highland Capital, 90 percent of existing CLOs will come to the end of their reinvestment periods by the end of 2014, 80 percent of them by the end of 2013.
Unlike four years ago, Obama now is accepting money from corporations to help pay for the festivities, and there are no limits on those donations.
Private-equity firms are using almost as much debt to fund acquisitions as they did before the financial crisis, as return-hungry investors rush to buy bonds and loans backing those takeovers.
The rise in borrowed money, or leverage, heralds the possibility of juicy returns for buyout groups. Ominously, the surge also brings back memories of the last credit binge around six years ago, which saddled dozens of companies with huge levels of debt. Some companies laden with debt by private-equity firms in the mid 2000s foundered during the recession.
But the more a business borrows, the more it must spend to make debt payments, leading some to default when earnings decline.
In the past six months, the percentage (of PEU equity) has fallen to 33%, according to Thomson Reuters, close to the 31% average in 2006 and the 30% average in 2007.
The company, which was acquired by private equity firm Carlyle Group LP in 2005, said it has agreed to be bought by a group of its senior secured lenders, but hopes to see what results from an auction supervised by the bankruptcy court.Carlyle closed on LifeCare weeks before Hurricane Katrina struck, filling New Orleans with toxic gumbo. LifeCare Hospital had the largest number of patient deaths, 25 from Katrina. This fact was omitted from the Bush White House Lesson Learned report. The author, Frances Townsend, continues to ascend in the political and corporate stratosphere.
Carlyle Capital CorporationCarlyle's latest bankruptcies are in the health arena, dental and long term acute care. Both deals had plenty of time for Carlyle to show their operating capabilities. Each imploded under the heavy weight of debt.
Stallion Oilfield Services
Church Street Health Management
LCI Holdco, LLC. (the Company), parent company of LifeCare Holdings, Inc., has reached an agreement to be acquired by Hospital Acquisition LLC, an acquisition vehicle owned by LifeCare's senior secured lenders. The transaction will strengthen the Company's financial health and allow future growth of LifeCare’s business.
The library will create the David M. Rubenstein Prize to honor a groundbreaking contribution in advancing literacy. It’s also creating an American Prize and an International Prize to honor projects that combat disinterest in reading.
Bribes fail to teach respect and responsibility. In place of respect and responsibility, many of today's kids are cultivating a sense of entitlement, which is a "prescription for a lifetime of unhappiness."
Both rewards and punishments are controlling ways of raising children." Although rewards may sound preferable, she argues, they're just the flip side of punishment and don't produce lasting change. Bribing children and doling out rewards can prompt temporary compliance, she adds, but they don't foster decision making skills, competency, or autonomy.Rubenstein's PEU house of cards is built on greed, paying interest instead of taxes, and preferred tax status, which makes private equity firms virtual nonprofits. Rubenstein and his billionaire PEU peers have their version of Race to the Top, the Forbes Richest List.
SM&A Strategic Advisers
We believe that Gen. Pace possesses specific attributes that qualify him to serve as a member of our board of directors, including his experience as a director of technology and defense companies and his background in public service.General Pace's stature in the Government-Corporate Monstrosity, Eisenhower's MIC on trillions in federal steroids, doesn't hurt.
Walmart, the nation’s largest private employer, plans to begin denying health insurance to newly hired employees who work fewer than 30 hours a week, according to a copy of the company’s policy obtained by The Huffington Post.
Under the policy, slated to take effect in January, Walmart also reserves the right to eliminate health care coverage for certain workers if their average workweek dips below 30 hours -- something that happens with regularity and at the direction of company managers.
Walmart declined to disclose how many of its roughly 1.4 million U.S. workers are vulnerable to losing medical insurance under its new policy. In an emailed statement, company spokesman David Tovar said Walmart had “made a business decision” not to respond to questions.
The New York Times announces its inaugural DealBook conference, “Opportunities for Tomorrow,” which will explore the opportunities and challenges posed by the 2012 election results, including the regulatory landscape, the relationship between economic growth and jobs, and what Congress and the President should do for the economy over the next four years
Lloyd Blankfein, chairman, CEO and president of Goldman Sachs; Jamie Dimon, chairman and CEO of JP Morgan Chase & Company; Indra Nooyi, chairman and CEO of PepsiCo; David Rubenstein, co-CEO and co-founder of The Carlyle Group; Eric Schmidt, chairman of Google; and Stephen A. Schwarzman, co-founder, chairman and CEO of The Blackstone Group.
We are bringing together some 400 leaders from the public and private sectors, including investors, government officials, chief executive officers and analysts. Opportunities for tomorrow will be redefined by the election. And by our collective efforts.
Private-equity managers are bracing for higher taxes in 2013 and in the final weeks of this year are refinancing investments, accelerating gains and shifting what they transfer to trusts.
Some are considering whether to accelerate gains on accrued carried interest at current tax rates. One way to do that is by transferring general partner interests to an affiliate in a taxable transaction, Brown said.
The affiliate is usually set up as an S Corporation or a non-U.S. firm based in a place like the Cayman Islands so it isn’t subject to corporate-level U.S. tax, he said.
Proposals in Congress have allowed so- called qualified capital, or investments that managers make alongside investors in a deal, to still be taxed at preferential rates.Red and Blue love PEU.
Martin County Economic Development Fund grant: $900,000
Governor's Quick Action Closing Fund grant: $3 million
State sales tax exemption for equipment purchases: $420,000
State workforce training grant: $350,000
Florida Power & Light Co.: $200,000 rate reduction
The consolidation plan, as originally designed, would renovate and modernize the Dallas facilities and would close the Nashville and Stuart sites.Stuart is Stuart, Florida in Martin County. Carlyle didn't close the Stuart plant and never met its Texas job promises.
MEG focuses on improving the financial performance of distressed generating businesses in the Northeast U.S.Carlyle/Riverstone's Sapphire is managed by the Topaz Power Group team. Topaz is 50% owned by Carlyle.
Founded in 1987 in Washington, DC, Carlyle has grown into one of the world’s largest and most successful investment firms, with more than 1,300 professionals operating in 32 offices in North America, South America, Europe, the Middle East, North Africa, Sub-Saharan Africa, Japan, Asia and Australia.
The Carlyle Group's Rubenstein promised 20% returns on infrastructure projects, i.e. lower than historical PEU returns but with less risk. Will he stick with those projections in light of his overall return downward revision?David Rubenstein, co-chief executive officer of Carlyle Group LP (CG), said returns on private equity will decline from their historic averages as lackluster economic growth forces firms to put more money into deals and hold their investments longer.Carlyle, which has produced average returns of about 30 percent over the past 25 years, is targeting gains of about 20 percent when doing deals now, Rubenstein said.
The growing spread of businesses raises the potential for new conflicts with asset managers and the creation of the internal “Chinese walls” common at investment banks to protect against the inappropriate spread of information or unfair treatment of different investors.Not only can investors buy a KKR mutual fund, they can buy KKR or Carlyle Group common units on the stock exchange. Carlyle's IPO stated common unit interest would come after private equity investor and partner interests.
The Library of Congress on December 6 and 7 will host the first International Summit of the Book, a gathering of leaders in academia, libraries, culture and technology to debate and discuss the powerful and crucial form of information transmittal: the book.Carlyle co-founder David Rubenstein made billions buying and selling companies as a private equity underwriter (PEU). Thomas Jefferson's fortunes grew from the labor of slaves, the buying and selling of people.
Speakers for the two-day event include David M. Rubenstein, co-founder and co-chief executive of the Carlyle Group and a major supporter of literacy initiatives at the Library of Congress...
The summit will take place in the Coolidge Auditorium of the Library’s Thomas Jefferson Building.
It had long been accepted that slaves could be seized for debt, but Jefferson turned this around when he used slaves as collateral for a very large loan taken out in 1796 from a Dutch banking house in order to rebuild Monticello. He pioneered the monetizing of slaves, just as he pioneered the industrialization and diversification of slavery.
In 1984, a law was passed allowing native corporations in Alaska—that is, Eskimo owned companies created by Congress to manage native lands—to sell their losses to businesses looking for tax write-offs. The Marriott executives, working with David Rubenstein at Shaw Pittman, discovered the Eskimo clause and vigorously bought the losses to offset gains. The adventure has become known in some quarters as the Great Eskimo Tax Scam.
“It may not mean a direct hit to the bottom line for the firms, but investors will see their tax bills increase.”
The descendants of the founding Brinton family accused Carlyle of breaking a string of promises to gain control.Fearless greed, it's the PEU way.
Carlyle Group co-founder David M. Rubenstein> has coined a new phrase to capture his approach to giving away millions: “patriotic philanthropy.” Speaking at the October 26 TEDx Conference sponsored by The Case Foundation at Sidney Harman Hall, Rubenstein said citizens – rich and middle class alike—should give to arts and cultural causes that are threatened by government deficits running into the trillions. Ergo, patriotic philanthropy. Rubenstein should know. The billionaire private equity figure gave millions last January toward the repair of the Washington Monument, which was damaged in an earthquake last year. He also donated $4.5 million to the National Zoo’s panda program, and loaned a copy of the Magna Carta, worth some $20 million plus, to the National Archives.
Make hay on PEU tax breaks, buy and sell affiliates with large chunks of government business, then donate to causes threatened by government deficits.At least that's my take. Ironically, the Carlyle Group occupied three slots out of fourteen D.C. residents on the Forbes 400 Richest Americans.
The seeds of the firm’s initial success was that they showed their investors that “we understood businesses that do business with the government.”
There are very few people out there who will talk and write honestly about private equity. I know from personal experience that the financial press is so eager to break news on "deals" that reporters (who are increasingly compensated on the number of "market moving stories" they write) can't afford to be critical of Carlyle, KKR and Blackstone, and risk losing access to people at those firms.Jason's book should ensure access for some time to come.
I can remember Bloomberg's private equity reporter - who you featured in a recent blog photo - going on TV to talk about the HCA dividend and calling it a "liquidity event." The reporters are trained by the PE firms' PR people to use language that they find acceptable. Wouldn't want to say they're "cashing out." I've never seen anything like it before.Even when PEU's confess to their insider connected ways of making billions, Jason provided a free pass.
Carlyle co-founder Bill Conway told Kelly that the seeds of the firm’s initial success was that they showed their investors that “we understood businesses that do business with the government.”Trained by PEU firms to use acceptable language. Kelley learned a whole book's worth.
LBO shops (private equity underwriters) have taken out 91 cents in dividends for every dollar of capital they've invested this year.
Risky types of debt unseen since last decade are resurfacing, such as PIK-toggle notes. PIK-toggles, which NBTY used to finance its dividend to Carlyle, are bonds that allow borrowers to delay payments to creditors in exchange for increasing their debt load. The default rate for companies that use this form of financing is double the rate of similar companies, according to Moody's.The Carlyle Group bled numerous affiliates for dividends. Carlyle co-founder David Rubenstein has been fearless in liquidity recaps. It's but one of many ways PEU's rake it in.
Each speaker was called on to say how he or she had exhibited the conference’s main theme: FearlessnessRubenstein's fearlessness has been on display many times on PEU Report. He showed his massive cojones for demanding Congress keep his preferred PEU tax status, doing so multiple times. He fearlessly accepted incredibly lax credit terms for PEU deal financing, later making the analogy to sex and everyone's inability to say no.
"Unemployment is not inevitable. It is a sign of bad management."--Dr. W. Edwards DemingDeming also stated knowledge is prediction. Hubbard advised President George W. Bush on his 2001 tax cuts and made a number of predicitons:
On August 22, 2001, Hubbard published an article in the Wall Street Journal entitled "Tax Cuts Won't Hurt the Surplus."Tax cuts benefited the PEU class in the last decade, which saw explosive growth in private equity.
In the article, Hubbard also predicts that his tax cuts would preserve the Clinton budget surpluses by causing GNP to grow 0.3% per year faster.
Over half of the benefits of the Bush-Hubbard tax cuts went to the top 1% of the population. In part to benefit the wealthy, the tax cuts were also structured to reward investment in financial assets, rather than either consumer spending or real capital investment. As a result, the tax cuts caused huge budget deficits, yet did little to stimulate growth or job creation: There were basically no new jobs created during the Bush administration, despite adding trillions to the national debt.Many PEU affiliate jobs went overseas during this time. Meanwhile, Glenn Hubbard personally benefited from board positions, public and private.
Mr. Hubbard has been a director of KKR Financial since October 2004. He is currently a director of ADP, Inc., BlackRock Closed-End Funds and MetLife, Inc. He was previously a board member of Capmark Financial, Duke Realty Corporation, Ripplewood Holdings, RH Donnelly and Information Services Group, Inc.
He is the Chairman of the following private companies:This was prior to the fall 2008 financial crisis, which took out a number of marginal companies, especially those highly levered. Here's the odd thing, the EnerSys bio below Lehman's belongs to Ray Mabus, the current Secretary of Navy under President Obama.
1. Special Devices, Incorporated, a manufacturer of initiators
2. OAO Technology Solutions, Inc., an informations solutions provider
3. Racal Instruments, Inc., a test and measurement systems developer
4. Racal Acoustics Ltd., an audio communications company.
5. He also serves as a Director of ISO Inc., a risk information provider.
He has served on the boards of TI Group plc, Westland Helicopter plc, Sedgwick plc and many of JFLCO’s realized investments. He currently is a director of Ball Corporation, ISO Inc., EnerSys, JFL DMH Partners, LLC (“Drew Marine”).
J.F. Lehman & Company focuses exclusively on the defense, aerospace and maritime industries and the technologies that originate from them. This investment strategy reflects the firm's deep experience in and commitment to these sectors for nearly two decades. Consistent with the firm's historical investment program, the funds will focus on control ownership positions in leveraged acquisitions of high quality companies in the firm's target industries in the United States and the United Kingdom. JFL Fund III has completed one acquisition to date: the June 2011 investment in US Joiner, a leading provider of end-to-end marine joiner and related shipbuilding solutions for U.S. Government and commercial customers. The firm has offices in New York and Washington, D.C.