Tuesday, February 26, 2013

Carlyle Co-founder to Enlarge Mount Vernon

WaPo reported on Carlyle Group co-founder David Rubenstein's latest act of philanthropy:

Carlyle Group co-founder Rubeinstein donates $10 million for Mount Vernon library

His gift is part of what he calls “patriotic philanthropy.” “[I try] to give back to things that remind people of American history,” Rubenstein said. The largest meeting space in the library will be named for Rubenstein, and $4 million will be used to establish a rare book and manuscripts endowment.

Patriotic philanthropy is the frame used to justify preferred tax status for PEU's (private equity underwriters).  Rubenstein's Carlyle Group is a virtual nonprofit, much like a community's safety net hospital.  Ooops, Carlyle wants to buy those too.

For corporate narcissists, it's all about maintaining their good name.  Rubenstein is patriotic in a Boston Tea Party kind of way.  He hates paying taxes.

Update 3-10-13:  It's WSJ's turn to fawn over Rubenstein's patriotic philanthropy.