While the average citizen's personal income stagnated under the Bush Presidency, one politically connected private equity underwriter (PEU) made out like bandits. The Carlyle Group went from managing $5.8 billion in assets in 2001 to over $89.3 billion in 2008.
In 2000 the mean household income was $57,047. By 2007 mean household income rose to $67,609.
Carlyle grew its asset base by 1,440% while income rose 18%. Adjusted for inflation, the 18% rise disappears.
...and this all occurred before Randal Quarles gets to perform his magic act for Carlyle's banking division. The players are in the right places. As the PEU Report puts it:
Carlyle senior advisers just landed key jobs as CEO of Freddie Mac and CFO of Wachovia. Why are these moves important? Carlyle expressed interest in buying chunks of troubled banks and government backed mortgage underwriters. They now have people on the inside who can work that same agenda.-Robert Wenzel
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