Post by Steve Gardner on Mar 7, 2008 9:51:58 GMT
Interesting that the Carlyle Group - one of the world's largest armaments companies - should be having financial difficulties.
For those who didn't already know, the fortunes of the Bush and bin Laden families are linked to the Carlyle Group.
Also, for those who didn't know, Bush's father was attending a Carlyle Group meeting at the Ritz-Carlton Hotel in Washington on September 11th 2001, together with bin Laden's brother, Shafig bin Laden.
The Carlyle Group is said to have made an obscene amount of money from the War on Terror. If it really is experiencing financial difficulty, then it's either been horribly mis-managed or else the losses associated with the collapse of the sub-prime market have overtaken the gains associated with bombing foreign countries.
In which case the outlook just got a whole lot gloomier.
Source: Business Week
For those who didn't already know, the fortunes of the Bush and bin Laden families are linked to the Carlyle Group.
The Group is managed by a team of former US Government personnel including its president Frank Carlucci, former deputy director of the CIA before becoming Defence Secretary. His deputy is James Baker II, who was Secretary of State under George Bush senior. Several high profile former politicians are employed to represent the company overseas, among them John Major, former British Prime Minister, along with George Bush senior, one time CIA director before becoming US President.
The financial assets of the Saudi Binladen Corporation (SBC) are also managed by the Carlyle Group. The SBC is headed up by members of Osama bin Laden’s family, who played a principle role in helping George W. Bush win petroleum concessions from Bahrain when he was head of the Texan oil company, Harken Energy Corporation - a deal that was to make the Bush family millions of dollars. Salem, Osama bin Laden’s brother, was represented on Harken’s board of directors by his American agent, James R. Bath. (source: Global Research)
Also, for those who didn't know, Bush's father was attending a Carlyle Group meeting at the Ritz-Carlton Hotel in Washington on September 11th 2001, together with bin Laden's brother, Shafig bin Laden.
The Carlyle Group is said to have made an obscene amount of money from the War on Terror. If it really is experiencing financial difficulty, then it's either been horribly mis-managed or else the losses associated with the collapse of the sub-prime market have overtaken the gains associated with bombing foreign countries.
In which case the outlook just got a whole lot gloomier.
Source: Business Week
Investment firm Carlyle Capital Corp., an investment fund managed by Carlyle Investment Management, said late Wednesday it has been the subject of margin calls, with one creditor issuing a notice of default.
Carlyle initially received four margin calls totaling $60 million and was able to meet them. It then faced an additional seven calls on Wednesday totaling more than $37 million. It has met three of those margin calls thus far, but also received one notice of default. The company said it expects to receive at least one additional default notice among the calls it has yet to meet.
Margin calls force borrowers to repay loans or put up more collateral to secure them.
Investors in mortgage-backed debt and other securities have faced margin calls in recent weeks as the market for the securities and debt severely deteriorated. Credit markets had already been tight, with limited liquidity available since the middle of 2007, but have worsened in recent weeks.
Thornburg Mortgage Inc., a mortgage originator and investor, is facing similar calls and default notices from its creditors as the price of securities and debt has plummeted in the secondary markets.
Since August, Carlyle Capital has sold about $1 billion in assets to improve its liquidity and reduce its risk.
Carlyle Investment Management is an affiliate of the private equity firm The Carlyle Group. Last month an affiliate of the private equity firm Kohlberg Kravis Roberts and Co. delayed payment on billions in loans and opened debt restructuring talks with creditors due to the credit crisis.
