FDIC Chair Sheila Bair gifted BankUnited to The Carlyle Group and a smattering of private equity underwriters during the financial crisis. Carlyle co-founder David Rubenstein returned the favor by serving as the graduation speaker for Washington College, where Bair currently serves as President.
As a bonus for speaking Rubenstein received an honorary doctorate of laws. Shoreman Rubenstein's manipulation of the law enabled him to become and remain a multi-billionaire. Sheila surely helped. It's Carlyle Nation!
PEU Report/State of the Division