District's Carlyle Senses a Profit in Toxic Bank Assets
What system is that, asshole?Seeking to jump-start the economy, Treasury Secretary Timothy F. Geithner last week said he will seek private-sector help for the banks, offering loans at favorable rates and putting up government backing to reduce the risks to investors like Carlyle.
With $40 billion in cash on the sidelines waiting for the right play, Carlyle could find many profitable deals in the financial sector.
Two of the firm's co-founders, William E. Conway Jr. and David M. Rubenstein, have been saying for months that there is a role for private equity in the bank bailout and that there's money to be made.
"Private equity has a lot of experience buying assets at distressed prices, and we expect to see a lot of attractively priced assets," Rubenstein said in a September interview. "It's likely that private equity will be a big investor in this area. It's good that private-equity firms are in good shape and have the resources to buy some of these assets and help the system."
Comments
In conjunction with the Federal Reserve they will try and mop up after the slaughter and if they have their way, big profits are to follow.
Any suggestions on how to stop this crime spree?
The rest of it is going to be up to us. How will we handle the disintegration? Are we prepared? Will we panic? These are the things that people need to digest before things get much worse, so that paralysis doesn't set in.