Thursday, July 5, 2012

Carlyle's Government Nondebt, Nonequity Capital Injection

Bloomberg reported more details on government financial support for The Carlyle Group's takeover of Sunoco's Philadelphia refinery.

The state will contribute $10 million toward the rail terminal, capable of unloading 140,000 barrels per day by early 2013. That’s part of a $25 million package that includes $15 million to overhaul the plant. The refinery will also be eligible for tax abatements and tax-free bond sales, Governor Tom Corbett, a Republican, said on the conference call. 
It's another link in the chain of the Government Corporate Monstrosity, Eisenhower's Military Industrial Complex on trillions in government steroids.  Nondebt, nonequity capital injections are not available to the common citizen.

Carlyle and company received $2.27 billion in cash from the FDIC for "saving" BankUnited.  That's roughly BankUnited's market value earlier this year.  The GCM works to enrich its members.  Others are free to donate salary and pension benefits to make PEUs wealthier.