Millionaire vs. Millionaire

Terry McAuliffe. Photo credit: The Virginia Star

This article was published originally in Style Weekly.

by Peter Galuszka

Call it a tale of two campaign stops.

Republican gubernatorial candidate Glenn Youngkin picks a small office building in a working-class part of Emporia, a Southside town where Amtrak passenger trains no longer stop. It is chiefly known for stock car driving and speed traps given its proximity to the North Carolina border.

Democratic candidate and former Gov. Terry McAuliffe’s choice is the parking lot of Port City Brewery in a middle class neighborhood of Alexandria lined with modest red brick houses of the type built by the thousands after World War II.

Glenn Youngkin

Seem similar? They are and they reveal strategies that both candidates must follow if they are to win what seems to be a close race Nov. 2.

Both neighborhoods are modest and might play to voters who may or may not favor former President Donald Trump. How they choose might mean the election.

McAuliffe already seems to have wrapped up rich suburbs that have voted predominately Democratic for the past 12 years. Youngkin, a Harvard-trained financial expert who has Trump’s endorsement, needs to lure more undecided from more varied areas.

“The big question is whether McAuliffe will turn out post-Trump voters and will the Republicans decide to highlight culture wars at schools,” says Robert Holsworth, a Richmond-based political analyst.

Off-season Virginia gubernatorial races are always national political bellwethers since they can set the tone for much broader elections, including federal ones. But this one is particularly special. Only a few times has a former Virginia governor run for office again.

McAuliffe is a known entity and major player among national Democrats. Youngkin is an urbane and ultra-wealthy former corporate executive with no political experience.

The race comes as Virginia has been undergoing a dramatic demographic change with big impacts on elections. New census figures show that the number of Virginians who identify as multiracial has tripled since 1990.

Rich suburbs around Washington, Richmond and Hampton Roads have voted increasingly Democratic. More rural and reliably Republican areas – Donald Trump’s rock-hard base – are in decline. Trump lost Virginia twice and during his term, several Republican congressional districts flipped. The General Assembly became blue.

Meanwhile, Virginia’s politics are changing in another, huge way – diversity.

Running for lieutenant governor, Republican Winsome Sears, a Marine veteran born in Jamaica, faces Democrat Hala Ayala, a cyber-security specialist with roots in El Salvador, Lebanon and Ireland.

By contrast, the two men running for governor aren’t exactly diverse, at least judging from their ritzy ZIP codes

Youngkin and McAuliffe live in Northern Virginia six miles from each other in gilded parts of Great Falls and McLean where homes average about $1.4 million, making them among the wealthiest areas in the country.

Both men have made lots of money. McAuliffe ran an assortment of businesses, starting as a for-hire driveway cleaner as a teenager. He’s said to be worth about $30 million and was considered a master fundraiser when he was chairman of the Democratic National Committee.

In money terms, however, he’s hardly in Youngkin’s league. Youngkin’s wealth is estimated to be anywhere from $300 to $400 million. He made it by rising to the top of the tony Carlyle Group, a Washington private equity firm with connections to top U.S. politicians, aerospace and defense companies and Middle Eastern sultans, among others.

Despite his riches, Youngkin has zeroed on grievance rage among lower-and middle-class earners who may seem ignored and exploited by leftist elites. Trump quickly endorsed him.

One of Youngkin’s television ads spells out the approach: It shows a gaggle of doddering older men in dark suits and ties walking down a sidewalk in one direction. Walking the other way towards the camera, Youngkin, wearing a business casual vest, says: “For too long, we’ve been told there’s only one way to do things in Richmond. The same politicians are taking us in the wrong direction. I’m Glenn Youngkin and I’m not a politician. I spent 30 years building business and getting big things done.”

Then he cuts to the chase with the closing: “It’s a new day in Virginia and the future belongs to us, not them.”

The anger that Trump sparked still resonates in this year’s state and local races. In fact, it could be the deciding factor if, come Nov. 2, the COVID-19 pandemic is still raging, debates about face masks and vaccinations continue and parents are still battling loudly over educational theories that before last summer, never made it out of graduate school classrooms.

Yet, Youngkin is often silent about Trump.

“He has a very difficult challenge here,” says Stephen Farnsworth, a political science professor at the University of Mary Washington. “If you seem too much like Trump, you lose some voters. If you seem not enough like him, you can lose others.”

McAuliffe, who is slightly ahead of Youngkin in recent polls, is crystal clear on the former president: “We just went through four years of insanity with Donald Trump.”

As of Aug. 18, McAuliffe has raised slightly more funds – $20,330,101 to Youngkin’s $19,564,425. According to The Washington Post, Youngkin aides estimate his total campaign cost at $75 million but it’s still unclear how much Youngkin himself will contribute to that number.

Tall, well groomed and a former college basketball player, Youngkin is a political novice and it sometimes shows. He’s committed a number of unforced errors. He seemed to come on strong against abortion, but was caught on tape saying he was backpedaling.

He attacked McAuliffe and Democratic Gov. Ralph Northam for running the state into an “economic ditch” just as business news media outlet CNBC declared Virginia the No. 1 state for business in the country.

In written responses to Style, Youngkin said “Unfortunately, Virginia hasn’t performed like the number one state to do business in and we’ve watched our cost of living and our cost of doing business be ranked literally in the bottom half.”

On another issue, Youngkin has tried to benefit from widespread concerns over critical race theory, an academic concept that explores the impact of race on institutions. The theory came about in graduate schools about a half a century ago and suddenly became a matter of concern in the last months of Trump’s presidential campaign.

Youngkin has agreed that the theory developed about 50 years ago but claims it is being taught “in all schools of Virginia.” However, Politifact, a nonpartisan fact checker, rated that statement as false. In response to a Style question about the Politifact finding, Youngkin staff says he will keep the theory out of schools as governor.

Youngkin was born in Richmond and grew up in Virginia. As a teenager he washed dishes along the boardwalk at the beach and attended Norfolk Academy, a private school. He graduated from Rice University and has a master’s degree in business from Harvard.

In 1995, he joined the Carlyle Group, founded in 1987 in a Washington then thought of as a financial industry backwater. The group has managed billions in investments and included many political heavyweights such as Frank Carlucci, a former U.S. secretary of defense, among others.

Carlyle grew to have a global reach. It had financial links to powerful people in Saudi Arabia and other Middle Eastern countries. It held investments from the family of Obama bin Laden that were sold off soon after the 2001 terrorist attacks, according to The New York Times. McAuliffe also has been a Carlyle investor.

According to news accounts, Youngkin worked up the ladder, attaining continuously more responsible positions, including one in London. He was made part of management in 2008. He was smooth, congenial and a consensus seeker, reports say.

The original management team wanted to prepare successors. So in 2018, Youngkin was made co-chief executive officer along with Kewsong Lee. But Youngkin retired last July. At one political event in Prince George County this spring, Youngkin told supporters that he felt it was time to get into “public service.”

Bloomberg, the business news outlet, tells another story. In a recent article it claims that Youngkin was pushed out of the job by Lee, a more aggressive dealmaker.

Earlier this year, months after Youngkin left, Lee told The Wall Street Journal that he has worked to “close the gap” between Carlyle and other, better performing private equity funds.

When asked about the discrepancy in reports, an unnamed campaign official wrote this to Style Weekly from the Youngkin campaign: “Glenn had a stellar career at Carlyle. During his investment career from 1995 to 2008, he led investments in many of Carlyle’s most successful funds and then was promoted into management in 2008.”

McAuliffe has had some business issues as well. About 11 years ago, he got involved with Anthony Rodham, the brother of former First Lady and Secretary of State Hillary Rodham Clinton, who lost to Trump in 2016.

The problems involved a firm called Greentech Automotive that would invite investment from Chinese individuals. They were to build a factory to make small electric cars in Mississippi that would employ hundreds. The vehicles would be exported to China. As part of the deal, Chinese investors would get special access to permanent U.S. visas. But the firm stumbled and layoffs began. McAuliffe left in 2012 just before he announced his run for governor.

In 2017, McAuliffe and Clinton’s brother were named in a $17 million suit by 32 Chinese citizens who claimed they were defrauded of $560,000, according to Politico. The Greentec firm later went bankrupt, though McAuliffe already had left years earlier. The McAuliffe camp had no response to questions about the matter.

In 2013, McAuliffe won a tight, three-point race against a hard-right conservative, former Attorney General Ken Cuccinelli.

Among his accomplishments in office, McAuliffe won the freedom for voting rights for 173,000 convicted felons once they have served their sentences. He helped Northern Virginia recruit Amazon for a second national headquarters that will employ 2,000 workers, according to a U.S. News and World report in May. He was a strong supporter for gay and lesbian rights.

His biggest disappointment was failing four times to get support from Republicans in the General Assembly to expand Medicaid health insurance to 400,000 lower income Virginians.

His record on the environment and energy is mixed. He enraged environmental groups by backing two controversial pipelines, the Mountain Valley Pipeline and the Atlantic Coast Pipeline, which was later abandoned.

According to Glen Besa, retired head of the Virginia Chapter of the Sierra Club: “As a climate activist, I’ll be holding my nose and voting for Terry McAuliffe.  Terry needs to apologize for his support of the Atlantic Coast and Mountain Valley Pipelines. … But Youngkin and the Republican Party would attempt to reverse the recent progress Virginia has made on climate protection.”

McAuliffe went out of office on a high note. In November 2017, the well-respected Governing magazine included him as one of its public officials of the year. He was cited for creating about 207,000 new jobs during his term. McAuliffe has characterized it as a record of performance. At the Alexandria event, he joked that while in office, “I created three times more craft breweries than anyone else.”

But a closer looks shows that in jobs formation, he was more in the middle of the pack. In fact, former Govs. George Allen, James S. Gilmore III and Mark R. Warner all created more jobs.

Around Labor Day, the candidates will need to bring more clarity and substance to their issues. Farnsworth, for example, says it’s important for Youngkin to solidify his ideas. Plus, the television and social media ads will air in earnest. Some analysts predict productions not seen in Virginia before, given the money available.

In written answers to Style, Youngkin says on education, he wants to “sign an executive order returning Virginia’s schools to pre-McAuliffe standards.” He will upgrade teaching advanced mathematics, create more governors’ schools and create new metrics to see how well children are learning.

McAuliffe says he’s proud of his progress on teaching and he’ll invest $2 billion in education. Both candidates want to keep children in schoolrooms during the pandemic.

On law enforcement, Youngkin wants to pay troopers, police, correction officers and sheriff’s deputies bonuses of $5,000 to sworn officers over the next three years.

Both Youngkin and McAuliffe want to improve broadband service. Youngkin says he’d put $700 billion into the efforts. McAuliffe says he “wants to have broadband at every home in Virginia.” Both want to expand science and mathematics education.

Holsworth and Farnsworth agree that of the two, Youngkin has more work to do in tightening his platform. “He doesn’t have a consistent message,” Holsworth says.

Whatever he does come up with has got to be something that attracts voters who are undecided. “For McAuliffe, that’s less of a problem.”

The former governor has a lot of advantages, Farnsworth believes. He came in as an outsider linked to the Clinton camp of which many voters were suspicious and barely beat Cuccinelli. “This time, he’s got the networks, the policies and the ability to raise money,” Farnsworth points out.

What could change the equation in a big way is if the current popular rage over coronavirus facemasks, vaccinations and critical race theory keeps growing. Across Virginia, one school board after another has erupted into shouting matches among parents with strong ideas on those issues. Some on social media have somehow even linked the theory to a covert Marxist plan to take over the state’s school systems. Disputes about the theory emerged about the time of the George Floyd killing in Minneapolis that touched off nationwide demonstrations and a rethinking about race.

Virginia had been doing relatively well on fighting the pandemic, even though there were lots of complaints of closed businesses, lost revenue and interrupted class time. More than half of state residents have been vaccinated.

If the more infectious delta variant of COVID, which is already erasing Virginia’s gains, becomes much worse, it could impact undecided voters more than the usual meat and potatoes issues. It could make more people go the polls. That would be unusual because Virginia voters tend to stay away from off-year elections. It could hurt McAuliffe because, in a sense, he is the incumbent.

It’s obvious that Trump still has plenty of influence nine months after leaving office. How Virginia’s undecided voters make their choices could have a profound impact on what happens in not just the Old Dominion, but the nation in coming years.

Peter Galuszka is a writer living in Chesterfield County. 


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58 responses to “Millionaire vs. Millionaire”

  1. FluxAmbassador Avatar
    FluxAmbassador

    From my perspective as a voter, Youngkin has three strikes against him:

    “Trump quickly endorsed him.” This is the biggest. The Trump administration was just one case of terrible judgment after another. If he thinks Youngkin is good and Youngkin thinks his endorsement is okay that’s a big red flag.

    “…attended Norfolk Academy, a private school…” This is probably the lowest on my list, but something like 90 percent of Americans attend public schools. I just don’t trust that someone who has been ensconced among the elite since at least high school even understands the perspective of the average American.

    “…has a master’s degree in business from Harvard…” The worst mistakes in policy since at least VietNam come out from the “best and brightest” coming out of the Ivy League. Joe Biden being the first president since Reagan to not have any connection to the Ivy League has been legitimately refreshing.

    McAuliffe wouldn’t be my first choice, but he was a decent steward of the Commonwealth last go around and Youngkin has more red flags than green for me.

    1. Nancy Naive Avatar
      Nancy Naive

      At least he has only ONE degree from Harvard. Fans of the 2012 Presidential elections may recall…

    2. DJRippert Avatar
      DJRippert

      Younkin’s undergraduate degree was in Mechanical Engineering from Rice.

      Peter seems to have forgotten that.

    3. DJRippert Avatar
      DJRippert

      “…attended Norfolk Academy, a private school…” This is probably the lowest on my list, but something like 90 percent of Americans attend public schools. I just don’t trust that someone who has been ensconced among the elite since at least high school even understands the perspective of the average American.”

      Good point.

      I remember some elitist politician named Obama who attended the Punahou School from fifth through 12th grade. Today, the annual tuition at that school is $27,716.

      1. FluxAmbassador Avatar
        FluxAmbassador

        I didn’t vote for him in that primary, either.

  2. Dick Hall-Sizemore Avatar
    Dick Hall-Sizemore

    Nice summary, Peter.

  3. William O'Keefe Avatar
    William O’Keefe

    Younkin is trying to be too slick by half. His message seems to be I am not Terry and good things will happen if you vote for me. Flashy ads and messages is not a platform and avoiding the Trump issue is not a winner. He’s obviously bright but unless he gets specific on what he is for and what his top priorities are, he’s going to lose a lot of potential votes.

  4. Matt Adams Avatar
    Matt Adams

    Is the I-66 tolling debacle something that should be brought up regarding McAuliffe?

    1. energyNOW_Fan Avatar
      energyNOW_Fan

      I have not heard much about that issue since COVID. Presume you are talking about the high tolls getting into the inner Beltway.

      1. Matt Adams Avatar
        Matt Adams

        Yeah, where the assured people tolls wouldn’t be astronomical and by day two at 0800 it was $43 dollars to go $10 miles that the State of VA wasn’t even getting a cut of.

        1. DJRippert Avatar
          DJRippert

          In fairness, the tolls dropped a lot. PRE-COVID the average morning toll was $8.02. That’s still a hell of a lot to pay for a 10 mile trip. Vastly more than any tolling scheme outside of NoVa in Virginia. But if Northern Virginians are dumb enough to vote for McAuliffe then the get what the deserve.

          In a bit of other good news, it seems that there is a project underway to widen I-66 that looks like a replay of the Manhattan Project in scope. I don’t know the details but there is just a ton of construction going on for miles and miles along that highway.

          1. Matt Adams Avatar
            Matt Adams

            That’s not what I experienced in 2019. When I lived in Chantilly, utilized a daycare that didn’t open till 0730. Paid the Dulles toll road to arrive at the I-66 intersection and a toll of ~$33 dollars to drive the 3 miles to Glebe Road.

            The project to “widen” 66 is a joke, it was an eye soar as they removed any and all trees at every interchange from dun lorning to 28 and reality says it’s not going to do anything for congestion. The last study they produced said 66 needed to be 8 lanes in both directions to handle the traffic.

            Inside the beltway will never expand, you’ve got WMATA ROW that they can’t infringe and the gentile folks on the other side aren’t acquiescing their land either, they managed to get that in writing when 66 was built.

            NOVA individuals in general are dumb, they are employed by the fed and don’t care about tolls as we tax payer reimburse them for their expenditures if they even go to the office at all.

          2. energyNOW_Fan Avatar
            energyNOW_Fan

            As far as the high toll I-66 bottleneck, I assume with the lack of commuting into DC after COVID, that issue is lessened for the moment.

          3. Matt Adams Avatar
            Matt Adams

            Perhaps for the moment, I can assure you that 95 and 395 aren’t lessened at this moment.

            I did that 66 drive for 6 years using different flavors. Taking 50, carpooling, going in super early. No matter which way your ran it, the afternoon sunk you.

          4. LarrytheG Avatar
            LarrytheG

            is this it:

            $3.7 billion of transportation improvements in the I-66 corridor. The Express Lanes are scheduled to open in December 2022.

            Improvements include:

            22.5 miles of new Express Lanes alongside three regular lanes on I-66 from I-495 to University Boulevard in Gainesville

            More reliable and faster trips on I-66 due to dynamically-tolled Express Lanes – available to solo drivers choosing to pay a toll and free to vehicles with three or more people

            https://outside.transform66.org/about_the_project/default.asp

          5. Matt Adams Avatar
            Matt Adams

            “More reliable and faster trips on I-66 due to dynamically-tolled Express Lanes – available to solo drivers choosing to pay a toll and free to vehicles with three or more people”

            Umm yeah that’s BS just like the toll inside the beltway. Where the hours when from 0630-0900 to 0530-0900 east and 1600-1830 to 1500-1830 west. It was a money grab and ya’ll are eating it up because it doesn’t impact you.

            All it did was change when rush hour occurred and fleeced people for money as well as cutting down a metric ton of trees.

  5. tmtfairfax Avatar
    tmtfairfax

    Ring the bells. This is what journalism used to be. How refreshing!

  6. DJRippert Avatar
    DJRippert

    This election is going to come down to two things (barring a Northam blackface / klan robes type disclosure):

    1. How badly Biden continues to bungle, fumble and lie. The worse Biden looks the more the swing voters stop caring about Trump. So far, Biden is doing a hell of a good job making people forget about Trump.

    2. Whether Youngkin can form a considerably more cohesive policy foundation highlighting one key point. “End the car tax” or something like that.

    Even Howlin’ Henry Howell had “Keep the Big BoysHonest”.

    “End Unlimited Donations” would be a very good tagline for a campaign that focused on the rampant legal corruption in Virginia.

    1. energyNOW_Fan Avatar
      energyNOW_Fan

      Maybe McAuliffe should ask Pelosi for as much pork as West Virginia is going to get for supporting her $3.5 Trillion soft infrastructure plan. He could have some leverage due to the off year election, the blue side needs.

  7. I was hoping this was going to be about millionaire-on-millionaire violence…

    1. Nancy Naive Avatar
      Nancy Naive

      Wait for it. Wait…

  8. LarrytheG Avatar
    LarrytheG

    One single event would pretty much settle the election.

    That event would be a Trump Rally in Emporia…

    😉

    Whether Youngkin attended or not would have minimal effect.

    1. DJRippert Avatar
      DJRippert

      Biden’s approval rating is now 41%. McAuliffe might want him to stay away from Emporia too.

      But Biden won’t go to Emporia.

      He’d confuse it with Peoria and end up in Illinois.

      1. Nancy Naive Avatar
        Nancy Naive

        Trump would go… he probably thinks that’s where America declares its emperors.

      2. LarrytheG Avatar
        LarrytheG

        perhaps but Biden was never a “rally” guy to start with and Gawd knows he drones on and on.

        But Trump in Emporia would be some event!

      3. Nancy Naive Avatar
        Nancy Naive

        How sad. We both speak so badly of the politicians on the other side. Worse, we’re right.

        1. LarrytheG Avatar
          LarrytheG

          I’m actually curious how much GOP support Youngkin will get. We’re getting noise here in BR that Youngkin is a poser and Chase is the man…. so to speak.

  9. Steve Gillispie Avatar
    Steve Gillispie

    This is really an excellent and relatively balanced presentation. Nice work. I hope to see more like this.

  10. James Wyatt Whitehead Avatar
    James Wyatt Whitehead

    “It could hurt McAuliffe because, in a sense, he is the incumbent.” Yes Mr. Peter that is right and I have not thought about this election in this way before. We will soon see if that is a plus or lead suitcase.

  11. LarrytheG Avatar
    LarrytheG

    Down Fredericksburg way on Comcast, we’re seeing Youngkin attack ads claiming that McAuliffe is for de-funding the police, CRT in schools and “too radical”.

    It’s not yet Sept so we’re going have 8 weeks of this and it’s probably going to get a lot worse.

    I’m praying for Trump to do a rally in Emporia . 😉

    1. Nancy Naive Avatar
      Nancy Naive

      There are attack ads on Youngkin too. They show video of him speaking. I think they’re his campaign ads.

      1. LarrytheG Avatar
        LarrytheG

        yes – I’ve seen one where someone (a faux supporter?) recorded him talking to a supporting and saying that he had to be careful saying what some of his positions are on things like abortion and planned parenthood but after he was elected and had a GOP majority, he would proceed to deal with these issues.

        McAuliffe attack ads suggest that Youngkin is not disclosing his positions on issues that would lose him votes in NoVa.

        I’m sure both campaigns are searching for cellphone recordings of things they said in less public settings and playing Project Veritas type games.

        1. Nancy Naive Avatar
          Nancy Naive

          You mean this one?
          https://www.virginiascope.com/in-a-secretly-recorded-video-youngkin-discusses-avoiding-the-abortion-topic-on-the-campaign-trail/

          An “I’m lying to you today because you’ll forgive me when I lie later to others, who won’t forgive me” ploy.

          1. LarrytheG Avatar
            LarrytheG

            yep

          2. LarrytheG Avatar
            LarrytheG

            The last time the GOP won the Gov in Va was Bob McDonnell and I believe he actually won NoVa by portraying himself as a centrist.

            ” Mr. McDonnell was careful to keep his distance from the farther right end of his party. When the conservative activist Ralph Reed sponsored robocalls to voters featuring former Gov. Sarah Palin of Alaska asking them to vote their values, Mr. McDonnell’s campaign declined to answer questions about the calls and emphasized that the campaign had not asked Ms. Palin to make them.”

            https://www.nytimes.com/2009/11/04/us/04vote.html

            Deja Vu All Over Again ? 😉

          3. Nancy Naive Avatar
            Nancy Naive

            Gives some insight into the man. In the 2009 time frame, while Carlyle was being investigated, and sued by at least two States, he was removed from the investments activity to the day-to-day operations side. Maybe he knew too much?

            Double crossers have no qualms about plying their trade in the form of blackmailing.

          4. LarrytheG Avatar
            LarrytheG

            In a state like Virginia, the Dems have no trouble telling you what they will do but the GOP candidates in the suburbs and urban areas need independents to win and are caught between the GOP party principles and winning the independents.

            That’s what CRT, virtual learning, teacher unions, masks, vaccinations, etc is really all about – convincing the independents to vote GOP and it will work , the question being how well.

            Can Youngkin win NoVa and Virginia suburbs like McDonnell did but this time by basically going after public education on CRT and related?

            We’re going get two months of “help” in deciding that. 😉

  12. Stephen Haner Avatar
    Stephen Haner

    More of an effort to report on the campaign than I have seen in most outlets. More balanced than I expected when I started to read. More balanced than anything from Schapiro, for example.

    Partly the problem is Youngkin’s aversion to date toward much content on policy. I think too much is made of the fact that Youngkin was in a two-person run off for Carlyle CEO and the other fellow got the gig. That doesn’t change that he was seen as hot shot contender and only one could emerge. I watched the same games in the upper reaches on the shipyard, and some excellent VPs moved out when others passed them on the ziggurat.

    He needs to confront the Trump Problem head on, be openly happy he has that support (he needs it), but try to make it clear where (if anywhere) his approach would differ. So much of the problem with DJT was the acerbic, nasty tone and the way to distinguish oneself is to just not do that. Go with the policy, openly go with a different tone.

    1. Nancy Naive Avatar
      Nancy Naive

      But, what else do you know of his Carlyle gig? Nada. Geez, the guy could say what deals he brokered, or something. Except, didn’t he wind up in a corner like HR for the last 20?

      Oh, wait. No. He was pulled back from the front lines and stuck in day to day operations. His Wiki reads like Perter Principle all the way… acting… interim… committees… took them public with the IPO… okay, that last one is usually done by a competent VP.

      1. DJRippert Avatar
        DJRippert

        I know the Carlyle executives. I’ve done deals with Carlyle. You are fooling yourself if you think you can even get hired by Carlyle unless you are very talented. They have plenty of applicants from which to choose. After that, staying on the very lucrative payroll at Carlyle in no easy task either.

        You’re pissing into the wind if you think the top executives at Carlyle are anything but extremely capable businesspeople.

        Evil? Maybe.
        Greedy? Oh yes.
        Incompetent or even just competent? No.

        1. Matt Adams Avatar
          Matt Adams

          He always mentions the Peter Principle but I seem to think he doesn’t know what it is.

          Most likely because it’s how he succeeded in life.

        2. Nancy Naive Avatar
          Nancy Naive

          Acosta.

          Old dogs and old tricks… imagine someone politically connected, like, oh say, a GA Senator… oooh, oooh, or a Governor…

          “Meanwhile, the firm is still to shake off the damage to its reputation suffered by the use of “placement agents” who received fees in return for helping to secure cash for the firm’s funds. In 2009 Carlyle agreed to pay $20m to New York state after Hank Morris, a political adviser, directed chunks of the state’s multibillion-dollar pension fund to private equity firms, including Carlyle, that used him or his associates as paid intermediaries.

          The Morris episode did not prove to be isolated. Carlyle’s listing documents show that later in 2009 a case was filed in New Mexico, which alleges that “investment decisions by New Mexico public investment funds were improperly influenced by campaign contributions and payments to politically connected placement agents”. Carlyle admits it is unable to anticipate “what impact the litigation may have on the company and its interest holders”.”

          1. DJRippert Avatar
            DJRippert

            Jim Acosta? Yeah, quite the asshat but I don’t think he worked for Carlyle.

          2. Nancy Naive Avatar
            Nancy Naive

            No. Acosta foods.

            Greedy and evil? Wow, you are between the rock and the hard spot. Those are the same reasons you’re not voting for Terry.

          3. DJRippert Avatar
            DJRippert

            “I don’t blame Carlyle; the industry turned down and they did everything they could—they had a big equity check in there,” says Gary Chartrand, who was Acosta’s CEO for 13 years and chairman prior to its filing. “It was just out of their control.”

          4. Nancy Naive Avatar
            Nancy Naive

            Opps. Look up. Wrong thread for answer.

          5. DJRippert Avatar
            DJRippert

            Is this the Acosta Foods that Carlyle destroyed? The company that just acquired The CORE Group six weeks ago?

            https://www.jaxdailyrecord.com/article/acosta-acquires-food-service-sales-agency-the-core-group

            How many acquisitions has GreenTech made lately?

          6. DJRippert Avatar
            DJRippert

            They made a losing bet. So did 3 previous PE firms who bought Acosta before Carlyle did – including Berkshire.

            Carlyle pays the price for losing bets.

            But the company is still in business – both Carlyle and Acosta.

            Last I heard Mississippi was still out more than $6m on GreenTech. Public funds.

            And guess what?

            One of the lawyers for Tunica County’s board was also an agent for GreenTech.

            But I like this best …

            Responding to allegations a GreenTech plant manager said, “The allegations are in the past, let’s head toward the future. We’re building cars, the proof’s in the pudding, right here behind me, cars are being built, jobs are being created.”

            One problem with that “cars being built statement” …

            A whistleblower told WREG in 2012, “We never manufactured that car, it came manufactured and we rolled it off and acted like that was our first car.”

            Employees said it was all a show.

            Nice.

            https://www.wreg.com/news/greentech-former-tunica-board-attorney-was-agent-for-company/

          7. Nancy Naive Avatar
            Nancy Naive

            Had a buddy years ago, too many years to count, who owned a new home construction company here in SEVA.

            We were out drinking one night, and I asked him how his company was doing. “Great! We’ve a ton of money from the banks, more orders than we can start, and the lawyer is drawing up the bankruptcy papers. It’s how it works. We build until the court stops us.”

            I never invested in a home building company. I suspect PE works on the same model.

          8. Matt Adams Avatar
            Matt Adams

            He jumps around as much as Larry. The reason that they stay anonymous is because what he’s writing is tantamount to libel.

  13. Nancy Naive Avatar
    Nancy Naive

    “Better the devil you know,” says I.

    Youngkin had a career of which he speaks not at all, and his whole campaign has centered on basketball and a loading dock job wherein he promises to bring blue collar manufacturing jobs to Virginia. What’s he going to do? Drop the minimum wage to $1.50/hr and go to piecework?

    https://cepr.net/the-decline-of-blue-collar-jobs-in-graphs/

    1. DJRippert Avatar
      DJRippert

      The devil I know fleeced investors in GreenTech by promising he would use his political connections to expedite their pay-for-visa investments. The devil I know took taxpayer money from one of the poorest states in the country (Mississippi) to fund a factory in one of the poorest areas of Mississippi which failed quickly and miserably.

      At the time McAuliffe was taking investment money for GreenTech industry veterans were clear that the plan had no chance of success. In 2011 Automotive News declared McAullife’s plan to be “dead on arrival”. In 2012 HybridCars, an industry periodical, wrote, “The odds appear to be considerably stacked against GreenTech succeeding as a significant vehicle manufacturer in the long term.”

      But actually building cars was never the real game. The real game was taking investors’ money and putting it in Terry McAuliffe’s and Anthony Rodham’s pockets.

      That’s the devil I know.

      I publicly supported and voted for McAuliffe when he ran against Cuccinelli.

      Not this time.

      1. Matt Adams Avatar
        Matt Adams

        Wasn’t there a fun little FBI investigation as well?

        1. DJRippert Avatar
          DJRippert

          There were all kinds of investigations and lawsuits.

          I have only one question for McAuliffe about GreenTech …

          Terry, how much of your own money did you lost on GreenTech? And yes … you have to net out any money you got paid by GreenTech.

          If he, along with the other investors and the people of Mississippi, lost a substantial amount of his own money I will write an article on this blog declaring him an entrepreneur and not just another crony capitalist.

          1. Matt Adams Avatar
            Matt Adams

            I think the same question should be asked about I-66 Express Mobility Partners whom he gave a 50 year deal toll 66.

  14. Nancy Naive Avatar
    Nancy Naive

    “With $260 billion of assets, Carlyle’s purpose is to invest wisely and create value on behalf of our investors, portfolio companies and communities.”

    What’s that old chestnut about companies in business to make only money producing a poor product?

    Private equity firm, aka, Merchants of Debt. They (PE co.s) did wonders for Virginia’s nursing homes.

    1. DJRippert Avatar
      DJRippert

      Unfortunately, McAuliffe was an investor in Carlyle. Maybe he used the investors’ money from GreenTech?

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