While the average citizen's personal income stagnated under the Bush Presidency, one politically connected private equity underwriter (PEU) made out like bandits. The Carlyle Group went from managing $5.8 billion in assets in 2001 to over $89.3 billion in 2008.
In 2000 the mean household income was $57,047. By 2007 mean household income rose to $67,609.
Carlyle grew its asset base by 1,440% while income rose 18%. Adjusted for inflation, the 18% rise disappears. Households were lucky to hold their own, while Carlyle grew like Jack's beanstalk.
Will the PEU crack $100 billion before the next American President is sworn in? They are poised to do so with several personnel moves. Carlyle senior advisers just landed key jobs as CEO of Freddie Mac and CFO of Wachovia. Why are these moves important? Carlyle expressed interest in buying chunks of troubled banks and government backed mortgage underwriters. They now have people on the inside who can work that same agenda. (P.S. That new Wachovia CFO netted a $4 million sign on bonus and options on 1 million shares.)
In 2000 the mean household income was $57,047. By 2007 mean household income rose to $67,609.
Carlyle grew its asset base by 1,440% while income rose 18%. Adjusted for inflation, the 18% rise disappears. Households were lucky to hold their own, while Carlyle grew like Jack's beanstalk.
Will the PEU crack $100 billion before the next American President is sworn in? They are poised to do so with several personnel moves. Carlyle senior advisers just landed key jobs as CEO of Freddie Mac and CFO of Wachovia. Why are these moves important? Carlyle expressed interest in buying chunks of troubled banks and government backed mortgage underwriters. They now have people on the inside who can work that same agenda. (P.S. That new Wachovia CFO netted a $4 million sign on bonus and options on 1 million shares.)
