Monday, May 19, 2014

Rubenstein Cites Rights at GMU Graduation

Carlye Group co-founder and private equity underwriter (PEU) David Rubenstein offered these wise words to George Mason University graduates:

George Mason resisted pressure from other founding members of the United States and did not sign the Constitution until it was amended to include a Bill of Rights, which made the document much more powerful, Rubenstein said.

How may GMU grads know the rights of Carlyle Group's NASDAQ unitholders?  They have no right to select Carlyle's Board of Directors nor do they have any say on pay.   George Mason was against the wealthy and powerful running over the common man's rights.  

In the process of becoming a billionaire many people felt run over by Carlyle's preference for interest expense over payroll and benefits.  More than a handful of employees lost their pension due to Rubenstein.  How many people lost their job to fund a special dividend to their billionaire PEU owners?  

Leadership is as leadership does.  Policy making billionaires are not what George Mason had in mind, yet that's just what the university had for Graduation 2014.