Thursday, September 22, 2022

Rubenstein on Jay to Suppress Lee

Carlyle Group co-founder David Rubenstein filled the financial airwaves recently, previewing this week's Fed meeting and offering interpretive commentary after the Jackson Hole event.

Rubenstein advises the New York Fed via his service on the Investor Advisory Committee.  That committee will take up the following questions in October:

What are your expectations for the U.S. economic outlook for growth and inflation? How are you thinking about the trajectory of the U.S. economic outlook relative to other jurisdictions? Which developments have been most important in affecting your outlook?

What is your outlook for Federal Reserve monetary policy and the path of policy? How do you expect monetary policy to evolve internationally? What do you think has driven changes in currency markets recently and what are the potential impacts and implications of these moves?

What are your thoughts on the outlook for Chinese economic growth? To what extent do recent developments, such as conditions in the real estate market, the zero COVID policy, and the upcoming Party Congress affect your view of the near-term outlook. What are key risks further out?

Rubenstein's ubiquitous presence may be an attempt by Carlyle to change the subject from the founders' recent drubbing of former Carlyle CEO Kewsong Lee.

Fed Chair Jay Powell's job is to get the greed and leverage boys their next round of buying opportunities. 

Update 11-9-22:  Carlyle reached a separation settlement with Kewsong Lee:

Carlyle said it will pay Lee $1.405 million as base salary and bonus as well as $1.95 million as stock dividends as a part of the separation agreement that terminates at the end of this year. The Washington, D.C.-based firm also agreed that most of Lee's restricted stock options would be allowed to vest between November and February next year.