Correcting My Views On #PrivateEquity @boblenzner

Robert Lenzner

@boblenzner New York City
National Editor of Forbes
http://www.forbes.com/2006/03/03/robert-lenzner-streettalk-cx_streettalklander.html
Correcting My Views On #PrivateEquity @boblenzner
Chastised by own brother, Terry Lenzner of Washington, D.C.– whom I revere, I had second look at my paean against Mitt Romney as The Private Equity President. Yes, it should be required that bloggers re-read their language before publishing. Charging that “stripping” and other naughty practices was common to Private Equity was beyond the pale for wanting to be taken seriously as an astute observer of the scene.


My New Years Resolution will be to take a deep breath and test whether language I use is fair, accurate as well as being tough-minded. Maybe, there were practices at Bain in the old days when Romney was there that did not meet the smell test– but I jumped to conclusion without as complete information required.

As for adding on a mention of Carlyle’s David Rubenstein, find his response to Fareed Zakaria on Sunday’s CNN GPS program more than adequate. He will give away 50% of whatever he makes every year– meaning that $67 million of the $134 million re[ported income for 2011 will go to pay for philanthropy like restoring the [entity display="Washington" type="section" key="/washington" active="false"]Washington[/entity] Monument and acquirng the Magna Carta for the National Gallery.

And aligning Carlyle’s profit goals with its pension fund investors and management is a model for capitalism that gains a higher return for everybody– and is serving as a model that is being emulated by the Chinese and other nations.

I guess my gripe with Romney was the 15% rate he’s entitled to receive for his profits from Bain and Co. It peeves all us wage slaves with some ordinary income from passive investments to be paying 30-35% to Uncle Sam. Capital gains is a beautiful benefit from Uncle Sam and our investment advisers I guess had better cherish.
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