Bill Conway, son of a co-ounder of the Carlyle Group, a huge and powerful private equity group, wants to buy the Cook County States Attorneys office.
88% of Conway’s campaign funds of now nearly $5 million comes from Billy’s daddy.
His daddy was one of the founders of the Carlyle Group and is worth $3.5 billion.
We can expect a whole lot more TV ads from little Bill in his effort to defeat our most progressive States Attorney Kim Foxx.
What’s a private equity company?
A PE company controls a fund, a large unregulated pool of money run by financiers who use that money to invest in or buy companies and restructure them. Then they seek to recoup gains through dividend pay-outs or later sales of the companies after selling off its assets.
And firing the workers.
These PE companies like Carlyle scour the world for companies, buy them, and then use “extractive” techniques such as price gouging or legalized forms of complex fraud to generate cash by moving debt and assets like real estate among shell companies.
These funds are now paying for Billy Conways run for Cook County States Attorney.
If you Google Carlyle Group and its co-founder, Daddy Conway, you will have stuff to read for hours.
Google “evil Carlyle Group” and you will have more for Sunday morning.
Sometimes called the Ex-Presidents Club, Carlyle has a glittering array of ex-politicians and big league bankers on its board. Former secretary of state James Baker is managing director while ex-secretary of defence Frank Carlucci is chairman. George Bush senior is an adviser. John Major heads up its European operations. To give the conspiracy theorists plenty of ammunition, US newspapers have also highlighted the fact that current Defense Secretary Donald Rumsfeld was a wrestling partner of Carlucci’s at Princeton and the two have remained close friends ever since.
What is Carlyle’s interest in the Cook County prosecutors office?
Just another PE buyout?
Or something more sinister.