CARLYLE GROUP
“David Rubenstein
[is] the cofounder
and co-CEO
of the Carlyle
Group, the largest
private equity
firm in the world, Rubenstein is worth about $2.5 billion. In his giving, he specializes in what he calls ‘patriotic philanthropy.’ He has given $9 million to promote panda procreation at the National Zoo,
$7.5 million to help repair the Washington Monument, and $10 million for the restoration of
Monticello. After purchasing a copy of the·Magna Carta for $21.3 million, he loaned it to the National Archives. These donations have resulted in favorable stories about Rubenstein in both The
New York Times and The Washington Post and a glowing segment on 60 Minutes, titled ‘All-American.’ His generosity is certainly admirable, but from a journalistic standpoint it has had the effect of deflecting
attention from the way he earns his money. The Carlyle Group is known for its secrecy and connections. Nicknamed the Ex-Presidents' Club, it has had as board members both George Bushes, James Baker, and John Major [a former prime minister of the United Kingdom]. From 1992 to 2003, the chairman was Frank Carlucci, the former defense secretary and CIA deputy director, who opened doors for the company in Washington, especially in the defense and intelligence industries, where it acquired many businesses. Carlyle has since branched out into other fields, including telecommunications and media, and in 2014 it hired Julius Genachowski, the former chairman of the FCC, to help spot investment opportunities. In short, Carlyle's success is to a degree built on its insider connections. So, while Rubenstein's good works get much attention, the complex workings of the Carlyle Group do not.”
firm in the world, Rubenstein is worth about $2.5 billion. In his giving, he specializes in what he calls ‘patriotic philanthropy.’ He has given $9 million to promote panda procreation at the National Zoo,
$7.5 million to help repair the Washington Monument, and $10 million for the restoration of
Monticello. After purchasing a copy of the·Magna Carta for $21.3 million, he loaned it to the National Archives. These donations have resulted in favorable stories about Rubenstein in both The
New York Times and The Washington Post and a glowing segment on 60 Minutes, titled ‘All-American.’ His generosity is certainly admirable, but from a journalistic standpoint it has had the effect of deflecting
attention from the way he earns his money. The Carlyle Group is known for its secrecy and connections. Nicknamed the Ex-Presidents' Club, it has had as board members both George Bushes, James Baker, and John Major [a former prime minister of the United Kingdom]. From 1992 to 2003, the chairman was Frank Carlucci, the former defense secretary and CIA deputy director, who opened doors for the company in Washington, especially in the defense and intelligence industries, where it acquired many businesses. Carlyle has since branched out into other fields, including telecommunications and media, and in 2014 it hired Julius Genachowski, the former chairman of the FCC, to help spot investment opportunities. In short, Carlyle's success is to a degree built on its insider connections. So, while Rubenstein's good works get much attention, the complex workings of the Carlyle Group do not.”
Massing, Michael, ‘How to Cover the One Percent,’ The New
York Review, January 14, 2016, pp: 74-76.
