Thursday, April 22, 2021

Ex-Carlyle Group CEO Youngkin Seeks Va. Governor Nomination

Glenn Youngkin spent twenty five years working for The Carlyle Group, a politically connected private equity underwriter (PEU).  Youngkin rose through the ranks, ending up as co-CEO.  

Youngkin retired from Carlyle last year to pursue political opportunities.  He currently is seeking the Red Team's nomination for Governor of Virginia as a "new kind of leader."

"I spent the last 30 years building business, creating jobs, and bringing people together to succeed. Guided by my faith, I will bring that same dedication to serving Virginians."

His record shows Glenn served on the board of Brazilian lingerie company Scalina and an early investor in the Professional Fighter's League.

His bio reveals: 

From October 2010 until March 2011, Mr. Youngkin served as Carlyle’s interim principal financial officer. From 2005 to 2008, Mr. Youngkin was the Global Head of the Industrial Sector investment team. From 2000 to 2005, Mr. Youngkin led Carlyle’s buyout activities in the United Kingdom and from 1995 to 2000, he was a member of the U.S. buyout team. Prior to joining Carlyle in 1995, Mr. Youngkin was a management consultant with McKinsey & Company and he also previously worked in the investment banking group at CS First Boston.

During Youngkin's tenure Carlyle hired many ex-politicians, including former British Prime Minister John Major  Major's hiring occurred while Youngkin led Carlyle's PEU activities in the U.K.

As Global Head of the Industrial Sector Team Youngkin oversaw the movement of U.S. jobs to China.  Consider United Components (UCI) which Carlyle owned from 2004 to 2010.

When Carlyle purchased UCI it had no Chinese subsidiaries.  By 2010 UCI had thirteen subsidiaries in China or Hong Kong.  The number of employees fell from 6,900 to 4,350.  Carlyle pulled $35.3 million from UCI via a special dividend in 2007.   Add their $2 million annual management fee and the total rises to $47.3 million.  How many U.S. jobs did The Carlyle Group send to China outside UCI?

UCI's is but one story Carlyle sending American jobs overseas.   Nature's Bounty had no Chinese facilities when The Carlyle Group bought the company in 2010.  The company took a $35 million jobs package from Long Island to relocate jobs from China and other U.S. facilities.

China. -- As of September 30, 2013, our subsidiary, Ultimate Biopharma (Zhongshan) Corporation ("Ultimate") owned in Zhongshan, China: a 50,000 square foot facility for manufacturing softgel capsules and for administrative offices, a recently built 75,000 square foot warehouse facility with packaging capabilities and 18.5 acres of vacant land adjacent to the manufacturing facility. In addition, Ultimate leased 11,300 square feet of dormitory space and 4,800 square feet of warehouse space in Zhongshan City. Also, one of our subsidiaries leased 84,800 square feet of warehouse space in Beijing. 
Note Nature's Bounty had no manufacturing facilities in China in its final 10-K filing before Carlyle's 2010 buyout. 

At the 2012 World Economic Forum in Davos, Carlyle co-founder David Rubenstein expressed his preference for the Chinese totalitarian model of central planning.  Rubenstein offered a dark vision for those not adhering to his advice.

"Our children are going to have and our grandchildren are going to have" a lower quality of life and a less affluent lifestyle than we enjoy today

In many ways PEU Rubenstein made his vision a reality with help from his Co-CEO Glenn Youngkin.  The greed and leverage boys used to hire former politicians.  Their innovation is to send PEUs into the political arena and pretend they didn't send millions of jobs overseas.  

Youngkin is running in the complicated Republican gubernatorial convention to be held on May 8th. The convention will have multiple voting sites, ranked-choice voting, an unlimited number of delegates and weighting by locality.  It's as simple as PEU return on equity calculations. 

Youngkin spoke against high taxes and said that he will “revitalize, reinvigorate and rebuild Virginia’s economy like never before.”

The tax avoidant billionaire class can count on Youngkin.