Virginia Governor Glenn Youngkin (R) got $8,500,000 cash tax-free deal from Carlyle Group in 2020.
In January 2020, Glenn Youngkin, now the Republican governor of Virginia, got some welcome news. A complex corporate transaction had gone through at the Carlyle Group, the powerful private equity company that Youngkin led as co-chief executive. Under the deal, approved by the Carlyle board and code-named “Project Phoenix,” he began receiving $8.5 million in cash and exchanged his almost $200 million stake in the company for an equal amount of tax-free shares, according to court documents.
The Project Phoenix payout came on top of $54 million in compensation Youngkin had received from Carlyle during the previous two years, regulatory records show. Youngkin retired from Carlyle on Sept. 30, 2020; he won the governor’s election in November 2021.
| by Anonymous | reply 5 | August 14, 2022 11:30 AM
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Now, that transaction is under attack by a Carlyle shareholder in Delaware Chancery Court. The suit, filed last week by the city of Pittsburgh Comprehensive Municipal Pension Trust Fund, says the $344 million deal harmed Carlyle’s stockholders, who received nothing in return when they funded the payday.
Meanwhile, the Carlyle insiders who received the payouts escaped a tax bill that would have exceeded $1 billion, according to the complaint, which accuses Rubenstein, Youngkin and other Carlyle officials of lining their own pockets at the expense of people like police officers and firefighters.
NBC won't let me link directly to the story, so annoying.
| by Anonymous | reply 1 | August 14, 2022 11:18 AM
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Maybe Muriel put you in link-posting jail, r1
| by Anonymous | reply 2 | August 14, 2022 11:21 AM
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How did you do that r2? I copied the full url link but it only pasted the nbc.com part. I'm on an Android tablet.
| by Anonymous | reply 3 | August 14, 2022 11:26 AM
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