Carlyle Group Co-Founder: "Greed Has Taken Over"

[madrchsod]

"Carlyle Group co-founder David Rubenstein at the same conference also was bearishly looking ahead. There hasn't been a failure for five years. We need to prepare people for the reality that some deals will fail, he said. He added: Greed has taken over. Nobody fears failure"

yike`s! if this guy thinks there`s going to be a correction.........

http://www.huffingtonpost.com/2007/05/29/carlyle-group-cofounder_n_49821.html

from a wsj article...

[AX10]

1. He is right that greed has taken over.

The right wing/corprofacsists have no fear of failure anymore. They feel invincible! There needs to be a correction.

[Double T]

2. Rubenstein forgot to add: "Greed has taken over............

long ago. Nobody fears failure, just like 1929."

[RufusTFirefly]

3. Rubenstein is a curious fellow

Here is what he said on April 23, 2003 to the Los Angeles County Employees Retirement Association. He didn't realize his remarks were being recorded.

...when we were putting the board together, somebody came to me and said, look there is a guy who would like to be on the board. He's kind of down on his luck a bit. Needs a job. Needs a board position. Needs some board positions. Could you put him on the board? Pay him a salary and he'll be a good board member and be a loyal vote for the management and so forth.

I said well we're not usually in that business. But okay, let me meet the guy. I met the guy. I said I don't think he adds that much value. We'll put him on the board because - you know - we'll do a favor for this guy; he's done a favor for us. We put him on the board and spent three years. Came to all the meetings. Told a lot of jokes. Not that many clean ones. And after a while I kind of said to him, after about three years - you know, I'm not sure this is really for you. Maybe you should do something else. Because I don't think you're adding that much value to the board. You don't know that much about the company.

He said, well I think I'm getting out of this business anyway. And I don't really like it that much. So I'm probably going to resign from the board.

And I said, thanks - didn't think I'd ever see him again. His name is George W. Bush. He became President of the United States. So you know if you said to me, name 25 million people who would maybe be President of the United States, he wouldn't have been in that category. So you never know. Anyway, I haven't been invited to the White House for any things.

From here

[kimmerspixelated]

7. Now that's the most

ridiculous thing I've eva hoid! Just kidding! Nice avatar!

[madrchsod]

13. i remember that....

drinking was more important to georgy!

[EFerrari]

4. Holy cow.

:wow:

[no_hypocrisy]

5. You kidding? It's on the Carlyle Group business card.

[cliss]

6. Interesting that someone from the CARLYLE Group

is talking about greed.

I don't know enough about this organization, but I understand they are arms dealers.....to both sides. = meaning, they will sell weapons to both sides and stand off to the side while they annihilate each other.

And he's talking about greed? Or is it just that everyone's doing it, eh David?

[kimmerspixelated]

8. Actually,

I think it is quite scary. Like the pot calling the kettle black-but this is, we're really fucked then category!

[Robbien]

9. Carlyle and Blackstone are the two private investors who are privatizing

most of US/EU/UK companies.

And he is talking greed as if it were a bad thing. Not in the world he is living in.

[Uncle Joe]

10. I thought he was talking about the White House,

silly me.

[WinkyDink]

11. Great Caesar's ghost! Stop the presses! There's GREED afoot!

GMA*B.

[AnnieBW]

12. And WE Helped!

Someone from the Carlyle Group talking about greed is like Dennis Hastert talking about diet programs.