Carlyle Group co-founder David Rubenstein interviewed former President Bill Clinton and his wife Hillary, a former Senator and Secretary of State.
Both Clintons have spoken at Carlyle's annual investor meeting (the limited partner version) for huge fees. Carlyle paid Bill $200,000 for his 2012 speech while Hillary earned $200,000 for her 2013 talk. Bill called private equity "good work" in an interview with Harvey Weinstein. Yes, that Harvey Weinstein.
Clinton helped Carlyle go from a fledgling private equity underwriter (PEU) when he privatized the federal security background check service. The Carlyle Group took a stake in USIS in October 1999. It flipped a portion of the company in 2003 before cashing in for major profits in 2007.
The harms from private equity have come front and center through several new books. Both have "plunder" in the title. Add a new article on how private equity ruined background checks.
Bill Clinton can see many things but seems blind to the evils of greed and leverage.
Politicians Red and Blue love PEU and increasingly, more are one.
