Monday, November 12, 2007

CNN to Cover Three Estates in What World?

CNN announced it would cover the three estates in what virtual world? Did they say they'd set up shop in the hallowed halls of an online world where people interact within a programmed framework? Is that the computer world of Second Life or the virtually invisible world of good 'ole boy politics, influence, and money changing?

Having long avoided the latter, CNN dives head first into Second Life. There Newt Gingrich and Rudy Giuliani can ditch their wives for new girlfriends at a fraction of the cost in Washington, D.C. Similar savings can be had on virtual clothing, futuristic transportation and on cartoon prostitutes.

The good news is The Carlyle Group's reputation is stellar in both virtual worlds, Second Life and inside the Beltway. Only a handful of people know how Carlyle failed long term acute care patients in New Orleans after Hurricane Katrina. More would know, but George W. Bush left this important fact out of his term paper, otherwise known as the White House Lessons Learned report. Good thing George didn't write that for a virtual grade. I'd score it an F, for missing the absolute basics in an investigation.

In Second Life CNN won't have to cover Carlyle's sale of two aircraft operations firms to Dubai Aerospace. They sold 50 airport facilities to the Middle Eastern government after the Ports fiasco and before the NASDAQ row, yet not a peep from our diligent media.

But the most amazing parallel between a fake computer world and private equity are the mind boggling numbers participants can rack up, only PEU's (private equity underwriters) get to count real money. While it looks like they can skate away with the loot at will, it's really the result of a program written by the U.S. Congress.

So cover away in your virtual world, CNN. Leave the rest of us schleps to untangle the bloated, money gorging, government industrial monstrosity and its numerous beneficiaries.