According to a new report from Bloomberg, during his tenure as CEO of the Carlyle Group, Virginia GOP gubernatorial candidate Glenn Youngkin made a number of bad investments that cost the company billions of dollars before he “flamed out.”
Youngkin – who is running on his business experience – has little to show for his time leading the private equity group, other than a $17 million annual salary for the role he played in offshoring American jobs, selling munitions to dictators, and forcing seniors to choose between food, medicine and rent.
Despite Virginia’s rank as the number one state for business thanks to Democratic leadership, Youngkin’s only talking point with voters is his “disappointing plan” for Virginia’s economy. But what he fails to reveal are his true intentions to defund Planned Parenthood, ban abortion, and enact Donald Trump’s right wing agenda.
Bloomberg: Ex-Carlyle Boss Racked Up Bad Bets Before Switching to Politics
By: Heather Perlberg & Tom Maloney | August 4, 2021
Key Points:
- “People close to the private-equity firm have been chafing over the picture Youngkin paints of his investing acumen and the circumstances of his departure. In his final decade there, he shepherded several bets and strategies that chalked up losses, and some of them are still being unwound.”
- “After Carlyle’s founders gave him a shot at co-running the firm in 2018, he flamed out. In an industry where leadership teams work together for decades, his co-CEO quickly established dominance, diminishing Youngkin’s clout.”
- “He retired after a power struggle that left him in charge of more modest businesses. Current and former employees, asking not to be identified discussing internal business, describe a checkered record at odds with his campaign’s portrayal.”
- “In the past decade, Youngkin was responsible for troubled forays into hedge funds and energy investments, they said. He also oversaw a push into infrastructure projects that dogged him, as a $2.2 billion fund for clients struggled to make deals.”
- “One customer, the Teacher Retirement System of Texas, said it was told the fund had a negative return of 51% at the end of 2020. That year, Youngkin confided in colleagues that he felt he had little choice but to leave as co-CEO Lee continued to strengthen his grip. When announcing his departure, he told employees that he wasn’t sure what he would do next.”
Read the full report here.
Published: Aug 4, 2021