NEW YORK, Dec. 20 /PRNewswire-USNewswire/ -- It might be all the eggnog we have been drinking this week, or just the unbelievable irony of it all, but SEIU's folks at BehindtheBuyouts.org couldn't resist some idle speculation about what may have been going through David Rubenstein's head
this week when he plunked down $21.3 million to buy the Magna Carta, one of the foundational documents of Western freedoms, human rights, and civil liberties. So, with all due respect to our striking brothers and sisters at the David Letterman Show, here are:
SEIU's Top Ten Reasons Why Carlyle Group Co-Founder David Rubenstein Purchased the Magna Carta
1. That $21 mil was burning a hole in his pocket.
2. 13th century feudalism provides blueprint for personnel policies at Manor Care and other Carlyle-owned companies.
3. After executing the expected dividend recapitalization at $1 million per section he could triple his investment within the first six months.
4. Being called a nouveau billionaire doesn't carry same cache as the term "medieval baron."
5. Prop to hold up at next Congressional hearing on tax breaks for buyout billionaires.
6. Only way he can legally take an eraser to those pesky sections about due process (while attempting to steamroll regulations designed to protect nursing home residents).
7. Finding that perfect holiday gift is a bitch when you are worth a gazillion dollars.
8. Human rights charter is the perfect white elephant gift at the Abu Dhabi Government's holiday party.
9. Can't wait to show his buyout industry buddies the part about how all citizens should be subject equally to the laws of the land.
10. The Magna Carta's Return On Investment (http://online.wsj.com/article/SB119801881068437867.html )is better than Carlyle's (these days).
Bonus Reason:
Rubenstein's public statements to the contrary, freedom today does actually have a price. And just in case you were wondering, most of us can't afford it.
Carlyle Must Solve Problems in Manor Care Homes
The Carlyle Group Still Needs Licenses; Must Fix Poor Staffing, High Deficiencies
WASHINGTON, Dec. 21 /PRNewswire-USNewswire/ -- Now that the Carlyle Group owns Manor Care, it owns its problems, too. After months of contentious debate over the quality of care at Manor Care homes and whether the Carlyle Group is fit to take care of fragile seniors, it is now time for Carlyle to step up and provide the quality care it promised. To bring Manor Care's homes up to standards and expert recommendations, this means increasing staffing and addressing deficiencies from day one.
Though Carlyle has announced the deal closing, at least seven states have yet to transfer licenses as part of the deal, according to the latest information available to SEIU. SEIU encourages those states to continue their close examinations of the deal and the impacts this deal could have on the fragile seniors in Manor Care homes.
"Carlyle has to take responsibility for what happens at Manor Care," said Stephen Lerner of the SEIU. "They must act now to fix Manor Care and protect its fragile residents."
Lawmakers on Capitol Hill and in Michigan, Illinois, Pennsylvania, and Wisconsin have held hearings related to this deal and private equity buyouts of nursing homes. Advocates, regulators, and lawmakers alike have sounded the alarm about the effect that the purely profit-driven private equity industry could have on fragile nursing home residents.
More background at http://www.CarlyleFixManorCareNow.org.
