Thursday, February 27, 2014

Carlyle Co-founders 2014 Pay & Texas Taxpayers

WaPo Business reported:

The Carlyle Group’s three co-founders took home about $750 million between them in 2013, mostly from their dividends in the private equity firm and the gain they received from their investments. 
The vast sums earned by Daniel D’Aniello, 67, William E. Conway Jr. 64, and David M. Rubenstein, 64, known in the firm as the “DBD” after their first initials, came from salary and stock dividends from their Carlyle holdings and payouts from investing personal money in the firm’s funds. 

The triumvirate could easily refund Texas taxpayers their $35 million gift to the DBD's in 1994.  The money was to provide 3,000 new jobs in the DFW area.  Carlyle affiliate Vought Aircraft Industries decided to send Boeing 787 Dreamliner jobs to South Carolina, then held on to the $35 million for six years.

Rather than refund the job incentive money when The Carlyle Group looked to cash in Vought, Carlyle worked with Governor Rick Perry to redo the deal.

The DBD's 2013 take home pay could refund Texas taxpayers over 11 times.  I'd consider that patriotic, living up to one's commitment to provide promised jobs or give a full refund with accrued interest.  The DBD's did neither.

A refund would be Texas Justice, the status quo is Texas "Just Us" billionaires and their purchased politicians.