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Revolving Door 2014: Former Head Of The FCC Joins Carlyle

Tyler Durden's picture




 

Submitted by Mike Krieger of Liberty Blitzkrieg blog,

What better way to kick off 2014 than with the first (and most certainly not last) egregious example of USA banana republic revolving door crony capitalism. In this case, the crony in question is former head of the Federal Communications Commission (FCC), Julius Genachowski, who was earlier today named Managing Director and partner in the U.S. Buyout team for private equity giant Carlyle Group. Carlyle is so giddy about its latest example of regulatory capture, they issued a glowing press release on the matter. Here are some excerpts:

Tech & Media Business Executive and Former Head of U.S. Federal Communications Commission Will Focus on Global Technology, Media and Telecom Investments

 

Will Help Carlyle Further Capitalize on Internet and Mobile Revolution

 

Washington, DC – Global alternative asset manager The Carlyle Group (NASDAQ: CG) today named Julius Genachowski a Managing Director and partner in the U.S. Buyout team. He will focus on investments in global technology, media and telecom, including Internet and mobile. Mr. Genachowski is returning to the private sector after serving as Chairman of the U.S. Federal Communications Commission for four years, departing last May. He is an accomplished leader and expert in technology, media and telecom and brings to Carlyle almost 20 years of experience in the space. Mr. Genachowski joins Carlyle today and will be based in Washington, DC.

 

Since leaving the FCC, Mr. Genachowski has taught a joint class at Harvard’s Business and Law Schools, and served as a Senior Fellow at the Aspen Institute, the non-partisan education and policy organization. Over the course of his career, he has been a Special Adviser at General Atlantic, a board member and advisor to several public and private companies, and a law clerk to United States Supreme Court Justice David Souter.

 

Since inception, Carlyle has deployed on a global basis more than $18 billion in equity in investments in the technology, media and telecom sectors. Investments include Syniverse Technologies, Nielsen, Dex Media, AMC Entertainment, Insight Communications, CommScope and SS&C Technologies.

Congrats Mr. Genachowski, this is your big payday. There is no quicker route to success in the USSA than to go into “public service” regulating a massive industry and then flip back over to engage in M&A in the exact industry you were in charge of regulating. Congrats on the several months in which you pretended to be a professor.

In the past couple of years I have highlighted several instances of revolving door cronyism including:

In Journalism.
In Defense.
In Law Enforcement.
In Finance here,herehere and here.

Thanks for playing serfs.

Full press release here.

 

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Mon, 01/06/2014 - 23:12 | 4306675 Count of Lastovo
Count of Lastovo's picture

Well that public sector pension alone won't pay for the hookers, cocaine and booze now will it?

Tue, 01/07/2014 - 08:00 | 4307430 MeMadMax
MeMadMax's picture

FUCK YOU YELLEN!

 

Yep, better get an early start with this clown....

Tue, 01/07/2014 - 00:58 | 4306959 Johnbrown
Johnbrown's picture

Remember when David Rubenstein penned an FT Op-ed calling himself Adam Smith? 

Google it. It's good for a laugh. 

Tue, 01/07/2014 - 01:17 | 4306995 DanP1966
DanP1966's picture

They want him because of the incentive auction that is coming up.

The government is setting the rules for the auction now.

This guy has been in on all the rule making and auction design briefs. He knows the issues and the players and even  has insight about the amounts the broadband guys are gonna pay and have budgeted for. He has some idea of what the reserve pricing will look like.

MORE importantly, he knows that the FCC is going to pay multiples of the enterprise value for the various UHF stations that it will repackage. SO...if he is advising a PE firm then they are likely looking to buy up UHF stations at as close to the enterprise value as they can and then sell the spectrum to the government in 2015 via the auction for a multiple of what was paid for the station.

It will be interesting to see if his new firm starts buying up specific stations.

Tue, 01/07/2014 - 05:52 | 4307352 mvsjcl
mvsjcl's picture

Oh, and the FCC is actually writing the rules, and not an army of lobbists? Oh, and the head of that reglatory body knows all the rules that are being implemented as if it were his very own hand that wrote them?

 

Get real.

Mon, 01/06/2014 - 23:18 | 4306688 MFLTucson
MFLTucson's picture

The US whorehouse playing musical chairs once again!

Mon, 01/06/2014 - 23:19 | 4306697 Zero Point
Zero Point's picture

Leadership qualities in the new normal:

Stupid

Corrupt

Sexual deviant

Sociopath

Born into membership of a certain group

 

Mon, 01/06/2014 - 23:22 | 4306713 denverdolomte
denverdolomte's picture

Week one of transferring of wealth....dropped mobile phone service, three months without cable tv, brewing my own beer, grow my own plants...fuck this system, it's a revolving circle jerk, yellen included, that i want no part of. 

 

These fucks are retards, i'd bet most men and women here on ZH would have no fear of being part of "fight club" in reality if your tenderness was threatened. I fear not these weak men/women, they are soon becoming a myth of society when the real happens. 

Mon, 01/06/2014 - 23:26 | 4306728 Zero Point
Zero Point's picture

Nice one mate!

I'm gettin there, pulled my funds from the system years ago now.

I have a mobile phone for work but don't carry it.

Don't watch TV, and don't let my kids (just some Youtube and DVDs).

Grow a pretty decent vege patch now, and the chickens.

Time to just turn our backs on these creeps and listen to them whither and die.

Mon, 01/06/2014 - 23:29 | 4306735 denverdolomte
denverdolomte's picture

Agreed, I fear not these fucks lol. You can purchase the tools needed to grow an indoor garden under $200 from your local hydroponic store. (I don't mean pot lol) Seriously a good light, soil and filtered water and you have a booming garden, mid Jan. and my tomatoes are about to blossom. Great feeling. 

Mon, 01/06/2014 - 23:32 | 4306747 samsara
samsara's picture

Ditto.

Mon, 01/06/2014 - 23:25 | 4306720 A Lunatic
A Lunatic's picture

What we need to see is former heads joining other former heads in big baskets beside row upon row of guillotines.....

Mon, 01/06/2014 - 23:27 | 4306730 Blankenstein
Blankenstein's picture

From 2009:

 

"The Carlyle Group is under the microscope from New York prosecutors and federal regulators who are investigating possible illegal payments to influence New York state pension fund investments."

 

http://www.bizjournals.com/washington/stories/2009/04/13/daily38.html

Tue, 01/07/2014 - 05:56 | 4307355 mvsjcl
mvsjcl's picture

Yeah, I remember that! It was great seeing all those top executives being marched to jail after the guilty verdicts.

Mon, 01/06/2014 - 23:31 | 4306740 samsara
samsara's picture

So,  Do you think his pension will be cancelled? 

Do you think he belongs to a Union?

 

 

Mon, 01/06/2014 - 23:35 | 4306758 NoDebt
NoDebt's picture

No and no (unless you consider a high level government service job to be equivalent to joining a union for 1 day to get lifetime benefits, in which case the answer is yes).

Mon, 01/06/2014 - 23:37 | 4306761 samsara
samsara's picture

Hey,  Carlyle Group,  Pappy Bush's company.

 

Mon, 01/06/2014 - 23:43 | 4306783 Mr Pink
Mr Pink's picture

Don't forget the Bin Ladens!

Mon, 01/06/2014 - 23:53 | 4306812 NIHILIST CIPHER
NIHILIST CIPHER's picture

MR PINK       Daddy Bush was in a CARLYLE GROUP meeting WITH the Bin Ladens at 10:00am on 09/11/2001. Bin Laden family was only non-military plane cleared to fly that day, after the attacks.

Tue, 01/07/2014 - 00:24 | 4306887 Mr Pink
Mr Pink's picture

It seems you get lots of perks when you agree to let your terminally ill son be used as a boogeyman

Tue, 01/07/2014 - 00:58 | 4306961 NIHILIST CIPHER
NIHILIST CIPHER's picture

MR PINK   In this case it was Osama's brother and a few female relatives from what I can understand. They were given many construction contracts in middle east not sure but may have been in on the construction of military installations in Iraq on our dime, nice huh?

Tue, 01/07/2014 - 01:08 | 4306976 22winmag
22winmag's picture

Only the ringleader of the JFK assasination team could be in such a position.

Tue, 01/07/2014 - 01:09 | 4306978 brettd
brettd's picture

Why is everyone afraid to call it Fascism?

Peron, Franco, Moussoulini, Hitler, Obama. 

It's all the same media shaped populist cult of personality.

Tue, 01/07/2014 - 01:14 | 4306988 NIHILIST CIPHER
NIHILIST CIPHER's picture

22        For a documentary that is most interesting in that school of thought, "Dark Legacy" is worth viewing. Can't believe how many sheep still think Bush family are good people.

Tue, 01/07/2014 - 02:29 | 4307132 Colonel Klink
Colonel Klink's picture

The Carlyle Group, another scourge upon the planet!

Tue, 01/07/2014 - 04:05 | 4307238 thestarl
thestarl's picture

Can say that again Colonel,i only wish hell existed for these bunch of cunts.

Tue, 01/07/2014 - 04:11 | 4307245 Colonel Klink
Colonel Klink's picture

It does, to them it's loss of power and control.  That's hell for TPTB.

Tue, 01/07/2014 - 05:14 | 4307326 NuYawkFrankie
NuYawkFrankie's picture

The Carlyle Group -

With the obvious exception of Goldman sacks (wtoeogs) -

is there a more odious group of blatant scum-suckers?

 

Tue, 01/07/2014 - 06:00 | 4307357 mvsjcl
mvsjcl's picture

Blackstone?

Tue, 01/07/2014 - 06:12 | 4307363 NuYawkFrankie
NuYawkFrankie's picture

Yep - right up there...

Tue, 01/07/2014 - 06:29 | 4307368 q99x2
q99x2's picture

Carlyle Group is the #1 terrorist organization in the history of the world. Bush, Clinton and Prince Bandar all members.

The US Military can make a difference.

Tue, 01/07/2014 - 07:31 | 4307406 FredFlintstone
FredFlintstone's picture

Damn it! I am trying to start my workday with a positive attitude and you tag on "thanks for playing serfs" to the end of the article. How do you expect the machine to keep chugging if you demoralize us all? :)

Tue, 01/07/2014 - 09:11 | 4307504 virgilcaine
virgilcaine's picture

 Now do they Control the CIA as well? So many shadow groups operating in secret. Baby Bushes  Grand Daddy was Allistair Crowley.

Tue, 01/07/2014 - 09:28 | 4307569 esum
esum's picture

one of these days in the near future (unless congress does its job) we will see a man in a military uniform announcing a coup and martial law for a year with new elections to follow... there is only so much tolerance for shitting on the constitution and some take their oath to defend it against enemies domestic and foreign seriously... 

Tue, 01/07/2014 - 10:41 | 4307816 Colonel Klink
Colonel Klink's picture

Genachowski, another member of the chosen.

Thu, 01/09/2014 - 12:08 | 4315468 LaurentDeLyon
LaurentDeLyon's picture

Un fils de pute de plus

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