The Carlyle Group announced a 10% reduction of staff in light of dormant deal making. One hundred employees will get pink slips as Christmas approaches. If a private equity underwriter (PEU) with $40 billion in dry powder can slash employment, what are other companies to do?
I'm surprised David Rubenstein and company didn't hold out. CitiGroup got $45 billion in TARP cash and $300 billion in loan guarantees for shedding 50,000 jobs. Big Three auto companies may get over $30 billion in financing to layoff tens of thousands.
Carlyle got a mere $153 million for affiliate Boston Private Financial Holdings. If Hank Paulson ponied up more green, would the PEU inflict more employee pain? How will layoffs play out? Ex-Clinton staffer and Carlyle spokesman Chris Ullman said the majority of cuts would be in the U.S. Will it impact Lana Axelrod, a health care investment expert in New York? Did huge government consulting firm Booz, Allen & Hamilton advise Rubenstein and company on the cuts? The mood around Carlyle must be blue.
I'm surprised David Rubenstein and company didn't hold out. CitiGroup got $45 billion in TARP cash and $300 billion in loan guarantees for shedding 50,000 jobs. Big Three auto companies may get over $30 billion in financing to layoff tens of thousands.
Carlyle got a mere $153 million for affiliate Boston Private Financial Holdings. If Hank Paulson ponied up more green, would the PEU inflict more employee pain? How will layoffs play out? Ex-Clinton staffer and Carlyle spokesman Chris Ullman said the majority of cuts would be in the U.S. Will it impact Lana Axelrod, a health care investment expert in New York? Did huge government consulting firm Booz, Allen & Hamilton advise Rubenstein and company on the cuts? The mood around Carlyle must be blue.
