by James A. Bacon
The Associated Press has just published a story highlighting the plight of newly retired Judy Pavlick in a mobile home park in Sunnyvale, California. When the park was acquired in 2015 by the Carlyle Group, a Washington, D.C.-based investment firm, “things began to change.” Pavlick’s rent surged 7%. Additional fees followed. The higher costs forced her and her neighbors, “many on fixed incomes and unable to relocate” to “sometimes choose between food and medicine.”
Here’s the kicker:
The deal, one of hundreds Carlyle executed in recent years, could become a political liability for the company’s former co-CEO, Glenn Youngkin, who is now running as the Republican candidate for governor in Virginia and highlighting his experience “building businesses and creating jobs.”
I knew this was coming. It was inevitable. We saw this attack before — in 2012 when Mitt Romney ran for president against Barack Obama. The Obama campaign highlighted Romney’s track record as CEO of Bain Capital, which financed the acquisition and turnaround of dozens of companies, often restructuring businesses and laying off workers in the process.
Youngkin is being Romneyfied. The AP article was just the opening salvo. Continue reading