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Carlyle to Pay $20M to Settle Pension Probe

Private equity firm adopts ethics rules to end Cuomo inquiry

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(Newser) – The Carlyle Group will pay a $20 million settlement and adopt strict new ethics rules to appease New York Attorney General Andrew Cuomo, the Wall Street Journal reports. Cuomo had threatened to bring charges against the group or its employees as part of his pay-to-play probe into New York’s pension system. As part of the settlement, Carlyle will accept strict restrictions on campaign contributions to pension officials.

It has also agreed to no longer employ “placement agents,” lobbyists who bid for pension business. Carlyle says it hopes the agreement will “set a new standard for ethics in the industry.” It is still being investigated by the SEC. Cuomo hopes the settlement will pressure the whole industry to change. “People have grown to accept a certain level of corruption,” he said. “We want to stop politically connected brokers who are just selling access.”

In this Thursday, Dec. 11, 2008 file photo, New York Attorney General Andrew Cuomo speaks during a news conference in Albany, N.Y.
In this Thursday, Dec. 11, 2008 file photo, New York Attorney General Andrew Cuomo speaks during a news conference in Albany, N.Y.   (AP Photo/Mike Groll)
Bruce Rosenblum, managing director, The Carlyle Group, right, testifies on Capitol Hill in Washington, Tuesday, July 31, 2007.
Bruce Rosenblum, managing director, The Carlyle Group, right, testifies on Capitol Hill in Washington, Tuesday, July 31, 2007.   (AP Photo/Gerald Herbert)
In this Dec. 11, 2008 file photo, New York Attorney General Andrew Cuomo speaks in Albany, N.Y.
In this Dec. 11, 2008 file photo, New York Attorney General Andrew Cuomo speaks in Albany, N.Y.   (AP Photo/Mike Groll, File)
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Observer
May 15, 09 8:38 AM CDT
Of course they paid him off. The CIA cannot let their favorite covert investment criminals be seen in the spotlight. Carlyle needs thorough investigation considering the players in their stable. GHW Bush, Carlucci, Bin Laden Family, former Brit PM, God knows how many shady millionaires and former dictators. These guys are very suspect. Probbaly many of the same crew as BCCI. Reply
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wwwonderer
May 15, 09 10:08 AM CDT
Yeah isn't Carlyle something started by the patriarch Prescott Bush? Haven't they historically been on the shadowy side of business?
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IN RESPONSE:
Robert_Dada
May 15, 09 12:07 PM CDT
They invest in defense companies, medical laboratories, and the telecommunications industry. The Carlyle Group is one of the government's biggest contractors. George Bush, Sr. and The Carlyle Group stand to make billions of dollars from the War on Terror. On September 11, The Carlyle Group was having a conference at the Ritz Carlton hotel in Washington, DC with members of the Bin Laden family, one of their investors.
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TerrifiedCitizen
May 15, 09 10:49 PM CDT
And so the people (not me) get a small donation to leave them alone and go on down the line to the next deep pockets contributor... And meanwhile, these same dynastic ultra crime lords make billions behind the scenes, the scenes played out in the media to keep the rest of us entertained. Reply
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