WaPo reported on Carlyle Group co-founder David Rubenstein's talk at the Regional TEDx, held in Washington D.C.
WaPo's piece stated:
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.
Fearless David Rubenstein's TEDx theme can be summarized as this:
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.
David Rubenstein is a modern day robber baron, thus politicians, the business media and attorneys general cater to his every need.
If Rubenstein were truly concerned about people suffering from cuts in government services, he'd have refunded Texas taxpayers $35 million long ago. The Carlyle Group's Vought Aircraft Industries promised 3,000 new jobs in 2004, never delivered and kept $35 million interest free for six years.
Florida residents watch out. Carlyle's Dynamic Precision Group stands to garner $5 million in subsidies for 200 new jobs. How much patriotic philanthropy will be needed around Stuart due to government-corporate welfare?
21% of D.C. billionaires founded the Carlyle Group. Fellow co-founder and billionaire William Conway stated:
The seeds of the firm’s initial success was that they showed their investors that “we understood businesses that do business with the government.”
Clear? It's PEU fearlessness.
Update 3-10-13: It's WSJ's turn to laud Rubenstein's patriotic philanthropy.