Monday, December 3, 2018

Lux et Veritas: Carlyle Co-founder David Rubenstein to Speak at IU Graduation

Inside Indiana Business reported:

Indiana University Bloomington graduates will be addressed by the co-founder of one of the largest private equity firms in the country next month. Carlyle Group co-executive chairman David Rubenstein will speak at winter commencement in Simon Skjodt Assembly Hall.

"Indiana University is extremely pleased to welcome such a highly accomplished individual to campus to deliver our winter commencement address, and we look forward to him sharing his insights into business, education, philanthropy and leadership with our newest graduates", said IU President Michael McRobbie.  Winter commencement is set for 10 am December 15.
Rubenstein's ManorCare shunned an economic development offer from Indiana, instead accepting a $30 million package in September 2008 from Toledo/the state of Ohio to remain in the area.

Kentucky, Indiana, and Tennessee had offered generous incentives to entice HCR ManorCare to leave Toledo. 
Might David Rubenstein recap Carlyle's abysmal handling of ManorCare?   WaPo recently chronicled the negative impact of Carlyle's PEU ownership of the giant nursing home chain.  President George W. Bush's administration approved Carlyle's buyout of ManorCare in December 2007.  W. served on the board of Carlyle affiliate CaterAir from 1990-1994.

W.'s father served as paid advisor to Carlyle from 1998 to 2003.  Former President George H.W. Bush lent his credibility and reputation to Carlyle's Asia funds for a fee.  Bush senior retired "shortly after serving as the main draw at a dinner in Moscow to woo investors."  That's one benefit of Poppy's no gloating policy for Russian President Gorbachev.  He could return to sell The Carlyle Group to Russian investors.

Carlyle's ManorCare ownership harmed patient care, despite assurances from board member Gail Wilensky.  Wilensky directed the Medicare and Medicaid programs from 1990 to 1992 and served in the White House as a senior health and welfare adviser to President George H.W. Bush.

Indiana should be relieved that Carlyle kept ManorCare in Ohio for a $30 million subsidy.  Truth and light is Indiana University's motto.  The Carlyle Group has historically been at odds with both

Update 1-5-19:  Indiana Daily Student questioned Rubenstein's selection for graduation speaker.