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Selling short

Selling short

Euromoney's coverage of past short selling regulations and questionable events is worth a look today

The world’s largest banks 2007

The world’s largest banks 2007

Guide to the leading banks across the globe by market capitalization

June 2003

Carlyle's shadowy world




Deep underground in a secured bunker in western Pennsylvania, employees of a Carlyle Group portfolio company perform background checks on government and airlines employees, as well as on thousands of private-sector job applicants.

The former Office of Federal Investigations, known as the US Investigations Services since it was bought by the Carlyle Group upon privatization, is just one of the many controversial companies in its portfolio that Dan Briody examines in his latest book, The Iron Triangle - Inside the Secret World of the Carlyle Group.

The Carlyle Group offers rich ground and Briody sifts through its involvement with mercenaries, its habitual employment of former heads of state and ex-employees of the CIA, and the group's close connections with the present Bush administration. He provides a clear account of how George Bush senior (an adviser to the group) helped reverse US foreign policy towards Korea in a way that helped benefit Carlyle's business there.

The fact that former US presidents are entitled to receive CIA briefings and that Bush senior, a former director of the CIA, regularly gets what CIA insiders call "the president's daddy's daily briefing" also does little to distance the group from perceptions of possible impropriety.

Much of the book covers already well documented Carlyle controversies, but Briody's account of the group's rise to prominence and notoriety brings colour to some of the key characters in the secretive group.

Declassified letters from Frank Carlucci, chairman emeritus, to members of the current administration are quite eye opening. "Dear Don, Thanks for the lunch last Friday," writes Carlucci on February 15 2001 to former wrestling buddy and secretary of defence Donald Rumsfeld. "It was great seeing you in such good spirits even if you are 'all alone'." With Carlyle's vast network of friends close at hand it's hard to see why Don should feel quite so lonely.







This year it’s an award for survival not for excellence

A debt banker lets gallows humour get the better of him. -Awards for Excellence 2008 Off the record special

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