It was a day of highs and lows for James H. Hance, Jr., Senior Advisor for The Carlyle Group. The former Director and Chairman of Carlyle Capital Corporation (CCC) Limited was sued in Delaware Chancery Court for more than $1 billion. CCC was Carlyle's highly leveraged mortgage backed security fund. It imploded in March 2008.
The high came when Hance was appointed to the Ford Motor board of directors. James already served on a number of boards. SEC filings show:
An interesting aside, Obama's Deficit Commission co-chair Erskine Bowles serves on the Morgan Stanley and Cousins Properties boards. Erskine, like Hance, is a private equity underwriter (PEU). Bowles is Senior Advisor for Carousel Capital.
PEU's successfully defended their preferred taxation on carried interest. How might Bowles watch Hance's back?
