Monday, November 12, 2012

Running One of America's Largest Employers

Bloomberg spoke with Carlyle Group co-founder David Rubenstein.  Reporter Erik Schatzker called Rubenstein one of America's largest employers.  A fact check showed

Founded in 1987 in Washington, DC, Carlyle has grown into one of the world’s largest and most successful investment firms, with more than 1,300 professionals operating in 32 offices in North America, South America, Europe, the Middle East, North Africa, Sub-Saharan Africa, Japan, Asia and Australia.

Who knew a private equity underwriter (PEU) employing 1,300 people across the globe is one of America's largest employers?   Why the distortion?

Rubenstein brings to mind America's former large employers, the Robber Barons.  The History Channel has a series on these titans, many "self made men" like Rubenstein.

Carlyle manages $157 billion in assets, a sum requiring Bloomberg's reporters to kow tow and Capital Hill to extend red carpet treatment.  Just as the Robber Barons knew how to influence regulatory and tax policy to their ends, so do PEU's.  Rubenstein's excitement over tax restructuring is sure to have a number of PEU plums.