It bears mentioning that in certain cases, the tax loophole actually did what it was intended to do. Some Alaskan companies took the capital they received and reinvested, saving themselves from certain bankruptcy. It was the end of a great scheme for Carlyle, and it would be the last easy money the company saw for half a decade.
Goin' Legit After the tax loophole closed, Norris and Rubenstein briskly went about building an empire.
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Funding for what Rubenstein was pitching as a leveraged buy-out firm came mainly from Pittsburgh's wealthy Richard K. Mellon family and Ed Mathias at T. Rowe Price, the Baltimore-based investment bank. It was the go-go s, and big business was flying high. Leveraged buyouts were the name of the game. This particular brand of cut-throat business consisted of big banks borrowing billions, acquiring huge positions in struggling companies, snatching them up on the cheap, and selling them off for parts or turning them around.
Everyone was getting rich and Rubenstein was itching to get a piece of the action. He would later confess to a reporter that "I thought I had a pretty good IQ myself, and people were making a lot more money than me who I thought maybe weren't so smart. The more money a given firm can raise, the more successful it can be.
excerpts from the book The Iron Triangle Inside the Secret World of the Carlyle Group by Dan Briody
Like a mutual fund, a buyout fund collects money from a number of sources-wealthy individuals, institutional investors, pension funds-then invests it on their behalf. But instead of investing in stocks, buyout funds buy companies, with the intention of turning them around and selling them for a profit. Typically, the companies are bought with a mix of capital and debt, somewhat mitigating the risk of the buyer. Hence, the leveraged buyout, or LBO, nickname. The companies are then held in a portfolio, or fund, which usually has a target market or theme. It can be a dangerous form of investing, open only to the extremely wealthy.
Downside can be that much and more.
The Iron Triangle : Inside the Secret World of the Carlyle Group by Dan Briody (2004, Paperback)
LBOs are not for the faint of heart. The Carlyle Group based themselves in Washington, DC, instead of the more traditional buy-out firm haunts of New York or Chicago, a move that surprised many in the business. Arthur Miltenberger, then chief investment officer of the Mellon Foundation, would tell Forbes at the time, "I was intrigued by a merchant bank based in Washington, DC, because foreigners have to come to Washington. Aug 01, Edwin mateo rated it liked it. Good teachings about business But other than that a total waste of time.
I just finished it cuz i am not used to leaving things incomplete.
Jul 02, Don rated it liked it. The potential for the disastrous rise of misplaced power exists, and will persist. Having spent parts of three decades employed in the industry President Eisenhower warned America about, there was little, if anything that surprised me of this thoroughly researched book. In a nutshell, it describes the influence peddling and brokering that occurs by both former Cabinet members and ex-Presidents, to wit, former Defense Secretary Frank Carlucci, former Secretary of State James Baker, and former President George H.
The sad reality is Eisenhower was correct in his assessment that such untoward, intractable influences could lead to a shadow government, which is unregulated and acts at its own indiscretion, without participation by the citizenry of the American Republic. What may be illuminating to anyone that reads this well-written book is the very real, verifiable active ownership, and participatory relationship that the Bin Laden family of Saudi Arabia had of, and with, The Carlyle Group - strange bedfellows, indeed.
This book details a particular sector of the American and International economies that continues to avoid the illuminating spotlight that both former Generals Eisenhower and Butler warned Americans about. I recommend it as it is an intelligent assessment and recordation of the inner-workings of the Military-Industrial Complex.
The Iron Triangle - Inside the Secret World of the Carlyle Group (pdf)
Oct 12, Pratik Patankar rated it liked it Shelves: business. Being a journalistic piece, it is presented in a straight-forward and factual way. However, the beauty of this book lies in the details - of the deals and the characters that inhabit these pages. The scary part is that we are looking at very real and very powerful people who have shaped the economy of USA and consequently also of the world. And the motivation for a "Fascinating" is the word that comes to mind after finishing this book - for the subject and its details, not for the writing style.
And the motivation for all this - the pursuit of Power! At all costs. At any cost. Mar 19, Tim H rated it really liked it. I found this book to be highly informative. It sheds a lot of light on the workings of the system and how those in power will benefit from global wars and crisis. I found it wasn't the easiest to read. A lot of fact. Just press on and you'll find the associations between the elite and the military industrial complex.
Right wing, left wing. It doesn't matter. This information has no political leaning. It's the straight up truth. Jun 19, innae rated it liked it Shelves: non-fiction , war.
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An intriguing read about something that is a bit scary. The Carlyle Group has their fingers in a lot of pies that magically become gold pies. Is it just luck that the companies they were part of made money off September 11, or was it something planned. The conspiracy theorists should be running wild with this group. Aug 03, Naeem rated it liked it. If you follow the trail of money, power, and personal connection you get to entities like the Carlyle Group -- concentrations of elites that run the world.
This book gives you the details of some of that world. Aug 09, April rated it really liked it. While reading this book, I worked at a PE specialist firm that invested in Carlyle's funds.
It was illuminating to read about the various ties to government and how much influence was there. Didn't make me love my job more. Oct 29, Will Byrnes rated it it was ok Shelves: nonfiction. This is a pretty straightforward look at the birth and growth of the Carlisle Group, hitting on the major events in the history of the company. It felt a bit light, but that may be a factor of its abbreviated length.
A good resource, with some good reading, but not a must read. Jan 28, Ming rated it really liked it. Read this in high school, A very cool piece of investigative journalism detailing the role of private equity and political connections Apr 02, Priyank rated it really liked it. Very illuminating for lack of better word Mar 08, Darryl Stangry rated it really liked it. Classic business text. Sep 19, Scott Bartley rated it liked it.