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Redskins Snyder Beneficiary of Richmond Taxpayer Funds
The Washington Redskins, valued at $1.6 billion, will conduct their summer training camp in Richmond, Virginia in a $10 million facility funded by taxpayers. The Richmond Times Dispatch showed the extent to which billionaire Dan Snyder will be burdened by Redskins training:
The team is not contributing to the cost of the camp.
The city is ready to break ground on the new facility. Billionaire Dan Snyder gets a free training camp for eight years. That's a PEU worthy deal.
Posted by PEU Report/State of the Division at 6:31 PM
Yes, Virginia is Santa Claus
Virginia Governor Bob McDonald will finance 83% of a $1.4 billion to build a new U.S. 460 from Suffolk to Petersburg. The remaining 17% will have the benefit of a tax free bond designation
The state will contribute $903 million, the Virginia Port Authority $250 million and the rest will be tax exempt bonds from the Route 460 Funding Corporation of Virginia. Earlier financing reports mentioned possible federal loan funding for the project.
Private companies behind the deal include Ferrovial Agroman, S.A. and American Infrastructure.
Private equity underwriters wanted in on the deal, but their expected 20% annual returns made the project too expensive.
State officials ditched plans to use private equity when it became apparent that such a financing model would produce tolls that were twice as high or higher than the current rates, Layne said.
"If we did attract equity, it was going to be very expensive," he said.
Rather, the state now plans to create a special nonprofit corporation, controlled by appointed board members, that will issue debt for the work. Layne said he will serve as chairman of the corporation. The state will own the road and maintain it.
The mostly public equity project involves interest costs.
The public contribution will come from a transportation fund that McDonnell established with bonds intended for public-private partnerships and "mega" transportation projects.
Who carries the burden of this interest expense? Please tell me, Governor. The only role for US 460 Mobility Partners is designing and building the road.
"The private-sector team will design and build the project at a fixed cost by a fixed date and will take significant risks associated with delivering the project.
Given America's longtime experience with road building, I find it hard to believe there are significant risks in the Governor's contract. What's 460 Mobility Partner's fee for building the new 460? Is it 3% of the project, $42 million? Might it be more?
It's an odd public-private partnership.
VDOT, in coordination with the Office of Transportation Public-Private Partnerships, procured the project under Virginia's Public-Private Transportation Act, which allows the Commonwealth to partner with the private sector to finance, design and build transportation improvements.
The Commonwealth brings the lion's share of funding. One could view Virginia as Santa Claus in this deal.
PEU to Focus Exclusively on Marijuana
Forbes reported:
Leafly's founders established a second business–Privateer Holdings, believed to be the only private-equity firm focused exclusively on marijuana. It is closing its first-round investment pool of $7 million, which it intends to use to buy existing marijuana-related businesses. One possibility is a vaporizer manufacturer, a mainstay of the medical-user community, because it creates steam (much like the vaporizers of our childhood), instead of smoke.
Privateer Holdings, marijuana PEU.
We are a private equity firm strategically investing in the emerging legal cannabis field.
This may be the sign of PEU ubiquity.
Carlyle Christmas
The Carlyle Group issued a press release on December 25th. It announced the sale of Qualicaps, a Japanese drug capsule maker. Carlyle purchased Qualicaps in October 2005.
Under Carlyle's seven years of ownership revenues grew 50%. When Carlyle purchased Qualicaps the press release stated:
Steady market growth is also expected for hard capsules in the health and nutrition sector.
How much market growth was expected vs. the result of Carlyle's global hegemony? Qualicaps was the second largest global capsule maker in 2005. It's still #2.
Qualicaps has a more than 20% market share in the pharma-grade capsules segment, the largest segment of the capsule market
Carlyle didn't reveal the price paid for Qualicaps, but it shared the expected $654 million in proceeds from the sale to Mitsubishi Chemical Holdings Corp.
Chuck Hagel PEU
Ex-Senator Chuck Hagel sits on the advisory board of Corsair Capital. a private equity underwriter (PEU) focused on the financial services industry. Hagel's PEU appointment came in February 2009 His Corsair bio states:
Prior to his election to the U.S. Senate, Senator Hagel was president of McCarthy & Company, an investment banking firm in Omaha, Nebraska.
He also serves on the Board of Directors of Chevron Corporation and Zurich's Holding Company of America; and the Advisory Board of Deutsche Bank America, and is a Senior Advisor to Gallup.
Hagel also serves as Senior Advisor for McCarthy Capital.and director of Wolfensohn and Company, an investment and advisory firm specializing in emerging market economies..
The Pentagon helped make the world safe for American branded multinationals. Hagel faces a difficult nomination for his stance on Israel and the looming war with Iran over nuclear technology.
Update 1-7-13: President Obama nominated Hagel for Pentagon Chief. So far the press is silent on Chuck's PEU ties.
American Christmas Update
It's Christmas Eve and this year's flight found the airline close to emerging from bankruptcy. I recalled last year's crew, which went to extra lengths to share the spirit of the Season. They inspired this poem
Twas two nights before Christmas
and all through the plane,
weary travelers expected the usual inane.
But this safety briefing rang with humor and heart
that no corporate script could ever impart.
Travelers perked up their ears, smiles broadened wide
as Stewardess #1 delivered line after line.
The pilot announced he and the first mate
would hold up the trip, making us a little late.
Important packages were destined for the hold.
Gifts for our loved ones, young and old.
These acts took place on one solitary flight
of an airline in bankruptcy, what a terrible plight.
Pay will be cut and pensions obliterated,
so executive bonuses can be liberated.
Yet this crew set aside the cards they face,
giving great joy to the human race.
Keep this a secret, whatever you do.
Corporate PR would never approve.
Christmas flickers in each heart's light,
especially in those facing challenges of blight.
Many thanks to the creative word stew,
the pilot, first mate, the whole inspired crew.
They brought me home for Christmas,
long before the plane finished its flight.
Love and joy to all,
and to all a good night!
The flight attendant said they'd struck a deal, with less pay, higher costs for health insurance and less retirement (from frozen pension plans). She just wanted it over with. At the end, she said she was thankful to have a job.
My flying experience this past year involved full planes. This Christmas' fare wasn't cheaper than last. Where will the employee savings go? How will management incentive compensation grow on the backs of workers? It remains to be seen.
It's a Carlyle Christmas
International Business Times reported on Christmas week's financial news. It included:
Goldman Sachs (NYSE:GS) and Carlyle Group (NYSE:CG) are among a number of defendants that will go before United States District Judge Edward Harrington in Boston, for what they say are legitimate private-equity practices against investor allegations that buyout firms and their bankers colluded to rig offers on takeovers, according to Bloomberg.
Other stories included the expected UBS $1.5 billion fine for LIBOR rigging, a suit by credit unions against Bear Stearns/J.P. Morgan for misconduct in selling mortgage backed securities, a potential £350 million RBS fine for LIBOR rigging, and Morgan Stanley paying $5 million for selectively sharing sensitive Facebook financial information in the IPO process.
Meanwhile, Carlyle invested in an energy private equity venture, NGP Energy Capital Management. NGP has $12.1 billion in assets under management. Carlyle expects U.S. domestic energy to boom.
Carlyle's growing natural resources investing platform includes energy mezzanine financing, energy infrastructure & power generation (Cogentrix), and commodities (Vermillion).
Will that get Carlyle back on track to make 30% annual returns for its faithful?
Warms the heart, doesn't it. Moneychangers are back, PEU (private equity underwriter) and otherwise.
CLO's Higher, Refininancing Wave on Horizon
Reuters reported:
The collateralized loan obligation market has snapped back briskly, with a $620 million vehicle from The Carlyle Group capping a year when U.S. volume was on track to nearly quadruple to more than $50 billion in new CLO issuance.
The story went on to identify a huge wave of corporate credit refinancing.
But the leveraged loan market will need continued health in this instrument. According to Mark Okada, co-founder and chief investment officer at Highland Capital, 90 percent of existing CLOs will come to the end of their reinvestment periods by the end of 2014, 80 percent of them by the end of 2013.
Is this why Fed Chief Ben Bernanke is printing money like a madman, so PEU affiliates will find refinancing? Will securitized corporate credit implode again?
Obama's Corpora-Inauguration
President Obama's second term inauguration will be brought to you by...
Unlike four years ago, Obama now is accepting money from corporations to help pay for the festivities, and there are no limits on those donations.
Clinton and Bush corporafornicated. Obama plans to corporainaugurate.
PEU's Borrow More on Deals
WSJ reported private equity deals returned to high debt levels seen before the financial crisis:
Private-equity firms are using almost as much debt to fund acquisitions as they did before the financial crisis, as return-hungry investors rush to buy bonds and loans backing those takeovers.
The rise in borrowed money, or leverage, heralds the possibility of juicy returns for buyout groups. Ominously, the surge also brings back memories of the last credit binge around six years ago, which saddled dozens of companies with huge levels of debt. Some companies laden with debt by private-equity firms in the mid 2000s foundered during the recession.
The Carlyle Group just lost its twelfth affiliate, LifeCare Hospitals, to bankruptcy for the reason cited below.
But the more a business borrows, the more it must spend to make debt payments, leading some to default when earnings decline.
Leverage stands at near frothy levels:
In the past six months, the percentage (of PEU equity) has fallen to 33%, according to Thomson Reuters, close to the 31% average in 2006 and the 30% average in 2007.
Recent deals have been done at 30% or less. Are loan covenants easy again? Is Carlyle co-founder David Rubenstein tempted again, unable to say no to easy money? Carlyle will put down a mere 25% on DuPont Performance Coatings, financing 75%.
Carlyle's LifeCare Finally Bankrupt
The Carlyle Group's LifeCare Hospitals officially declared bankruptcy, after a several month implosion. Bloomberg reported:
The company, which was acquired by private equity firm Carlyle Group LP in 2005, said it has agreed to be bought by a group of its senior secured lenders, but hopes to see what results from an auction supervised by the bankruptcy court.
Carlyle closed on LifeCare weeks before Hurricane Katrina struck, filling New Orleans with toxic gumbo. LifeCare Hospital had the largest number of patient deaths, 25 from Katrina. This fact was omitted from the Bush White House Lesson Learned report. The author, Frances Townsend, continues to ascend in the political and corporate stratosphere.
LifeCare makes a dozen Carlyle bankruptcies since early 2008. The list includes:
Carlyle Capital Corporation
BlueWave Partners
SemGroup
Hawaiian Telecom
Edscha
IMO Carwash
Stallion Oilfield Services
Verari Systems
Church Street Health Management
LifeCare Holdings
Carlyle's latest bankruptcies are in the health arena, dental and long term acute care. Both deals had plenty of time for Carlyle to show their operating capabilities. Each imploded under the heavy weight of debt.
Here's how Carlyle sold the bankruptcy:
LCI Holdco, LLC. (the Company), parent company of LifeCare Holdings, Inc., has reached an agreement to be acquired by Hospital Acquisition LLC, an acquisition vehicle owned by LifeCare's senior secured lenders. The transaction will strengthen the Company's financial health and allow future growth of LifeCare's business.
The PEU model is proposed as the salvation of health care. If that's the case, the medicine may be worse than the disease.
The main case is In re LCI Holding Co. Inc., 12-13319, U.S. Bankruptcy Court, District of Delaware (Wilmington).
New Tax Frontier to Be Set by Conflicted PEU Guard?
The Peter G. Peterson Foundation established the Coalition for Fiscal and National Security. Like Blackstone Founder Pete Peterson, this group has deep private equity underwriter (PEU) ties. Building on work done by HuffPo, I offer the following PEU connections.
Secretary Madeleine Albright - Chair of Albright Capital Management LLC (PEU). White Female, 75 years old
Samuel R. Berger - Albright Stonebridge - PEU advisor. White Male, 67 years old
Secretary Harold Brown - retired partner from Warburg Pincus (PEU) and Board of Evergreen Oil, Phillip Morris and Altria Group. White Male, 84 years old
Dr. Zbigniew Brzezinski - Global power player and fan of centralization, concentrated source of power with universal reach. His son Ian is a player in the defense sector, with experience in Europe and the Ukraine. Ian currently heads The Brzezinski Group, with major client Taci Oil, an Albanian firm. Another son Mark serves as the U.S. Ambassador to Sweden. White Male, 84 years old
Secretary James A. Baker - Monument Capital Advisory Board (PEU) and historical ties to Carlyle Group (PEU). White Male, 82 years old
Secretary Frank Carlucci - Monument Capital Advisory Board (PEU) and former Carlyle Group CEO (PEU) Founder of Frontier Group (PEU). White Male, 82 years old
Secretary Robert M. Gates - Consults with PEU's as Principal with RiceHadleyGates LLC. Serves on the Board of Starbucks, an international company. White Male, 69 years old. RiceHadleyGates LLC partnered with Khosla Ventures (PEU)
Secretary Henry Kissinger - Founded Kissinger Associates, which joined with McClarty Associates. Kissinger McLarty partnered with PEUs like Blackstone.. Partner Thomas F. "Mac" McLarty is a Senior Advisor for The Carlyle Group. McLarty Associates dropped the Kissinger name and currently serves global bastions Nike, GE and Walmart. White Male, 89 years old,
Senator Sam Nunn - Board of GE, Hess Corporation and Coca Cola - all international firms. White Male, 74 years old
Secretary Paul O'Neill - Consultant to Peterson's Blackstone Group (PEU). Served on numerous corporate boards, including TRW Automotive, Celanese, Nalco and Eastman Kodak. Blacktone affiliates include TRW, Nalco and Celanese. Wants tax code fixed to be worthy of America. White Male, 77 years old
Secretary George P. Shultz - Strategic Advisor at Pegasus Capital Advisors and chairman of the J.P. Morgan Chase International Council. White Male, 92 years old.
Representative Ike Skelton - Serves on the Board of defense contractor EADS North America Shelton is a partner with Husch Blackwell, a law firm with PEU clients. White Male, 81 years old
Chairman Paul Volcker - Former Fed Chief. White Male, 85 years old
Senator John Warner - Managing Member Old Sailor LLC and Board member for drone maker Aurora Flight Sciences. White Male, 85 years old
Admiral Michael G. Mullen - Chairman of Coalition for Fiscal and National Security. Mullen said over two years ago the biggest threat to the U.S. was our national debt. White Male, 66 years old
100% White, 93% Male, average Age 79.5 and 87% conflicted. I expect the Pete Peterson's of the world to come out on top in any new tax schema. PEU's look after their own. It's a Red and Blue PEU world.
Update 12-22-12: WSJ reported how "small businesses" includes PEU's.
Rubenstein's Reading Philanthropy
Carlyle Group co-founder David Rubenstein gave The Library of Congress $1.5 million. The Library will use the funds to establish three reading awards:
The library will create the David M. Rubenstein Prize to honor a groundbreaking contribution in advancing literacy. It's also creating an American Prize and an International Prize to honor projects that combat disinterest in reading.
Might an early Rubenstein Prize winner be the author of a PEU lingo translation dictionary? Will the American or International Prize go to someone fighting the latest version of bribing children? Earlier efforts included Pizza Hut's "Book It" program or Newt Gingrich's national effort of paying kids to read.
Extrinsic motivators, "do this to get that," kill intrinsic motivators. Education Secretary Arne Duncan uses PEU management theory, privatize, compete, bribe, punish, then double down on same.
Bribes fail to teach respect and responsibility. In place of respect and responsibility, many of today's kids are cultivating a sense of entitlement, which is a "prescription for a lifetime of unhappiness."
It's a shame when education experts can't identify and test their theories, much less learn.
Both rewards and punishments are controlling ways of raising children." Although rewards may sound preferable, she argues, they're just the flip side of punishment and don't produce lasting change. Bribing children and doling out rewards can prompt temporary compliance, she adds, but they don't foster decision making skills, competency, or autonomy.
Rubenstein's PEU house of cards is built on greed, paying interest instead of taxes, and preferred tax status, which makes private equity firms virtual nonprofits. Rubenstein and his billionaire PEU peers have their version of Race to the Top, the Forbes Richest List.
Update 9-29-13: Alfie Kohn's latest article is "Encouraging Courage." That means standing up to the many corporate, top down, extrinsic motivation, compliance oriented methods used to kill kids' intrinsic motivation for learning. PEU David Rubenstein serves the Bill Gates of the world, who by virtue of their incredible wealth, drive damaging education policy.
Congress & Panda Bear Mating: Carlyle Style
The window of opportunity for pandas to mate is .05% a year, according to Carlyle Group co-founder David Rubenstein. That's a mere one twentieth of The Carlyle Group's historic tax rate of 1%.
Private equity underwriter (PEU) Rubenstein gave $4.5 million to help pandas reproduce. However, he's not keen on sharing his PEU profits with Congress. Rubenstein and his PEU trade group regularly descended on Capital Hill to keep Carlyle's preferred PEU tax status.
Note Rubenstein's penchant for sexual analogy. The Carlyle co-founder cited PEU excesses leading to the financial crash as "like sex." Politicians, both Red & Blue, have long been in bed with PEU's, greedy financial manipulators. Policy making billionaire Rubenstein can call them by name.
My guess is Rubenstein wants politicians to get together and make him more money.
Gen. Peter Pace's Board Attributes
Retired General Peter Pace occupies ten director chairs. He provides board governance for the following firms:
Berman Capital
SM&A Strategic Advisers
Neohapsis
Pike Electric
ILC Industries
Wi2Wi
AAR Corp.
Qualys, where Pace served on the board since 2009, recently went public. They state in their S-1:
We believe that Gen. Pace possesses specific attributes that qualify him to serve as a member of our board of directors, including his experience as a director of technology and defense companies and his background in public service.
General Pace's stature in the Government-Corporate Monstrosity, Eisenhower's MIC on trillions in federal steroids, doesn't hurt.
Walmart Drops Health Coverage for Certain Part Time Employees
The slow shedding of employer health coverage inched forward, according to HuffPo:
Walmart, the nation's largest private employer, plans to begin denying health insurance to newly hired employees who work fewer than 30 hours a week, according to a copy of the company's policy obtained by The Huffington Post.
Under the policy, slated to take effect in January, Walmart also reserves the right to eliminate health care coverage for certain workers if their average workweek dips below 30 hours -- something that happens with regularity and at the direction of company managers.
Walmart declined to disclose how many of its roughly 1.4 million U.S. workers are vulnerable to losing medical insurance under its new policy. In an emailed statement, company spokesman David Tovar said Walmart had "made a business decision" not to respond to questions.
The light at the end of the PPACA tunnel is a train. The race to the lowest global common denominator continues on worker pay/benefits. With employers doing less and Uncle Sam tapped out, a much greater burden is headed your way. You may be on your own for health care and retirement.
Update 2-17-13: Many on their own for retirement are not prepared.
True Religion PEU
Denim maker True Religion accepted bids from private equity underwriters (PEU's). Potential bidders include Carlyle Group, Apax Partners and Leonard Green & Partners.
PEU Glam Rock stars include The Carlyle Group's David Rubenstein, who draws adoring crowds at the Kennedy Center and Lincoln Center. PEU's occupy the fast lane, given private capital is the answer to all of America's ills, healthcare, infrastructure and education.
PEU is America's true religion, so it's fitting True Religion is going PEU.
PEU Headliners for Dealbook Conference
Pyments.com reported:
The New York Times announces its inaugural DealBook conference, "Opportunities for Tomorrow," which will explore the opportunities and challenges posed by the 2012 election results, including the regulatory landscape, the relationship between economic growth and jobs, and what Congress and the President should do for the economy over the next four years
Lloyd Blankfein, chairman, CEO and president of Goldman Sachs; Jamie Dimon, chairman and CEO of JP Morgan Chase & Company; Indra Nooyi, chairman and CEO of PepsiCo; David Rubenstein, co-CEO and co-founder of The Carlyle Group; Eric Schmidt, chairman of Google; and Stephen A. Schwarzman, co-founder, chairman and CEO of The Blackstone Group.
Goldman and JP Morgan have private equity divisions and actively resell private equity stakes Private equity underwriters (PEU's) know tax avoidance and have political connections to reset any tax table to their liking.
We are bringing together some 400 leaders from the public and private sectors, including investors, government officials, chief executive officers and analysts. Opportunities for tomorrow will be redefined by the election. And by our collective efforts.
Dealbook's headliners drive federal policy to their advantage.
PEU Moves to Avoid the Taxman
The PEU tax avoidance shell game is on, according to Bloomberg:
Private-equity managers are bracing for higher taxes in 2013 and in the final weeks of this year are refinancing investments, accelerating gains and shifting what they transfer to trusts.
Some are considering whether to accelerate gains on accrued carried interest at current tax rates. One way to do that is by transferring general partner interests to an affiliate in a taxable transaction, Brown said.
The affiliate is usually set up as an S Corporation or a non-U.S. firm based in a place like the Cayman Islands so it isn't subject to corporate-level U.S. tax, he said.
There's more than one strategy to keep PEU's preferred taxation, have it in any new law. Members of Congress know who provides their re-election funding.
Proposals in Congress have allowed so- called qualified capital, or investments that managers make alongside investors in a deal, to still be taxed at preferential rates.
Red and Blue love PEU.
Update 12-6-12: PEU's are ready to remake the world in their image.
Carlyle Group's Latest Taxpayer Subsidy
The Carlyle Group's TurboCombuster Technology received nearly $4.9 million in offers to expand production in Martin County, Florida and provide 200 new jobs. Carlyle has until 2016 to add the required positions.
Martin County Economic Development Fund grant: $900,000
Governor's Quick Action Closing Fund grant: $3 million
State sales tax exemption for equipment purchases: $420,000
State workforce training grant: $350,000
Florida Power & Light Co.: $200,000 rate reduction
Texans gave Carlyle's Vought Aircraft Industries $35 million for 3,000 new jobs. Carlyle had six years to meet their stated commitment.
The consolidation plan, as originally designed, would renovate and modernize the Dallas facilities and would close the Nashville and Stuart sites.
Stuart is Stuart, Florida in Martin County. Carlyle didn't close the Stuart plant and never met its Texas job promises.
With three years to go, Vought CEO Elmer Doty stated new jobs weren't coming. Vought reclassified the money from operating capital to financing in 2006.
Governor Perry has a whopper of a fish tale, that Vought provided 29,000 jobs, when it actually cut 35. Texans gave Carlyle $1 million per job lost. Perry renegotiated the deal before Carlyle sold Vought to Triumph in 2010.
Let's hope Floridians have a much better and more honest experience with Carlyle. Texans got ridden hard and put up wet.
Bonus fact: Palm Beach County and Palm Beach Gardens together approved $272,800 in tax incentives to attract Chromalloy, another Carlyle Group affiliate. The state of Florida approved about $700,000. Nothing beats a nondebt, nonequity capital injection.
Update 12-1-12: A Realtor sued for their commission on the TurboCombuster property and incentive package deal. After Carlyle purchased TurboCombuster, this realtor was shut out, despite years of work.
Update 3-10-13: Governor Rick Scott will be in Stuart for a ceremony celebrating nearly $5 million in subsidy for Carlyle's TurboCombuster Technology. Scott's PEU background is with Welsh, Carson, Anderson & Stowe.
Update 7-9-15: Moody's downgraded TurboCombuster's debt due to weakening cash flows, less than expected operating performance and earnings headwinds.
Update 9-2-15: Uncle Sam will send Chromalloy $74 million in business via Oklahoma's Tinker Air Force Base.
Update 9-26-16: Moody's downgraded TurboCombustor yet again due to tight liquidity and weak credit metrics due to the firm's high leverage, a signature PEU move.
Autonomy in PEU Hall of Fame
Autonomy PLC, the firm HP wrote down by $8.8 billion, was inducted into the European Private Equity and Venture Capital Association Hall of Fame in October 2008, roughly one month into the U.S. Financial Crisis.
The logic for inducting Autonomy was "for being one of the rare European technology companies to grow from a start-up to a $1 billion dollar company in 10 years or less."
Adams Street Partners claimed Autonomy as an affiliate, prior to HP's buyout. Deloitte audited Autonomy and staunchly defends its record. Oddly, Autonomy may end up in a different PEU Hall of Fame, from $10 billion to $1 billion in 13 months or less."
Distressed Investors Carlyle & MEG Battle in Court
The Carlyle Group's Sapphire Energy charged lawyers with snatching back $17.5 million in escrow money owed to Morris Energy Group LLC from the purchase of eight power plants. It's the battle of an army of lawyers from competing distressed investors, MEG vs. Carlyle/Riverstone:
MEG focuses on improving the financial performance of distressed generating businesses in the Northeast U.S.
Carlyle/Riverstone's Sapphire is managed by the Topaz Power Group team. Topaz is 50% owned by Carlyle.
Which group will win? Which will cause the other more distress?
Running One of America's Largest Employers
Bloomberg spoke with Carlyle Group co-founder David Rubenstein. Reporter Erik Schatzker called Rubenstein one of America's largest employers. A fact check showed
Founded in 1987 in Washington, DC, Carlyle has grown into one of the world's largest and most successful investment firms, with more than 1,300 professionals operating in 32 offices in North America, South America, Europe, the Middle East, North Africa, Sub-Saharan Africa, Japan, Asia and Australia.
Who knew a private equity underwriter (PEU) employing 1,300 people across the globe is one of America's largest employers? Why the distortion?
Rubenstein brings to mind America's former large employers, the Robber Barons. The History Channel has a series on these titans, many "self made men" like Rubenstein.
Carlyle manages $157 billion in assets, a sum requiring Bloomberg's reporters to kow tow and Capital Hill to extend red carpet treatment. Just as the Robber Barons knew how to influence regulatory and tax policy to their ends, so do PEU's. Rubenstein's excitement over tax restructuring is sure to have a number of PEU plums.
PEU Returns to Fall Says Rubenstein
Bloomberg reported:
David Rubenstein, co-chief executive officer of Carlyle Group LP (CG), said returns on private equity will decline from their historic averages as lackluster economic growth forces firms to put more money into deals and hold their investments longer.
Carlyle, which has produced average returns of about 30 percent over the past 25 years, is targeting gains of about 20 percent when doing deals now, Rubenstein said.
The Carlyle Group's Rubenstein promised 20% returns on infrastructure projects, i.e. lower than historical PEU returns but with less risk. Will he stick with those projections in light of his overall return downward revision?
Another element cited by Rubenstein is the challenge in raising funds for investment. Fellow PEU KKR will over two new investment funds to retail investors, according to FT:
The growing spread of businesses raises the potential for new conflicts with asset managers and the creation of the internal "Chinese walls" common at investment banks to protect against the inappropriate spread of information or unfair treatment of different investors.
Not only can investors buy a KKR mutual fund, they can buy KKR or Carlyle Group common units on the stock exchange. Carlyle's IPO stated common unit interest would come after private equity investor and partner interests.
With private equity searching out the common investor, the game may be nearing its end. Founders want to cash in, which means they want to pass the bag. Will the individual investor, shut out of high returns for three decades, suddenly become the bagholder?
Update 6-22-14: PEU's want individuals with defined contribution retirement savings to invest in private equity. The story says there's lots of interest, but no one wants to go first.
PEU to Star at Smithsonian Book Festival
Equities.com reported:
The Library of Congress on December 6 and 7 will host the first International Summit of the Book, a gathering of leaders in academia, libraries, culture and technology to debate and discuss the powerful and crucial form of information transmittal: the book.
Speakers for the two-day event include David M. Rubenstein, co-founder and co-chief executive of the Carlyle Group and a major supporter of literacy initiatives at the Library of Congress...
The summit will take place in the Coolidge Auditorium of the Library's Thomas Jefferson Building.
Carlyle co-founder David Rubenstein made billions buying and selling companies as a private equity underwriter (PEU). Thomas Jefferson's fortunes grew from the labor of slaves, the buying and selling of people.
Both Jefferson and Rubenstein displayed youthful idealism. As a young man Thomas Jefferson believed slaves should be free. Young lawyer Rubenstein worked in President Jimmy Carter's White House as a domestic policy adviser.
Jefferson later embraced the Southern economic system based on slave labor. The October issue of Smithsonian included "Master of Monticello", which stated this about Jefferson:
It had long been accepted that slaves could be seized for debt, but Jefferson turned this around when he used slaves as collateral for a very large loan taken out in 1796 from a Dutch banking house in order to rebuild Monticello. He pioneered the monetizing of slaves, just as he pioneered the industrialization and diversification of slavery.
Thomas Jefferson levered slaves, which makes him a PEU forefather.
After leaving the Carter White House Rubenstein took advantage of another oppressed people, Alaskan Natives.
In 1984, a law was passed allowing native corporations in Alaska—that is, Eskimo owned companies created by Congress to manage native lands—to sell their losses to businesses looking for tax write-offs. The Marriott executives, working with David Rubenstein at Shaw Pittman, discovered the Eskimo clause and vigorously bought the losses to offset gains. The adventure has become known in some quarters as the Great Eskimo Tax Scam.
Did Rubenstein's windfall from the "Great Eskimo Tax Scam" provide the kitty used to start The Carlyle Group in the mid 80's? Carlyle began as a leveraged buyout (LBO) firm.
Early LBO firms mined equity from over-funded pension plans. LBO's morphed into private equity. PEU's became ubiquitous in the last decade. Their founders rose to modern robber barons.
While claiming to be the savior of public pension plans in need of greater return, recent Carlyle deals, RAC and Brintons, ditched the worker pension plan onto the public or another party.
It's fitting PEU Rubenstein will speak in the Thomas Jefferson building at the Smithsonian. For both men idealism morphed into greed.
The timing could be good for Rubenstein to push former Bloomberg reporter Jason Kelley's new book, The New Tycoons, which fawns over PEU's. I expect this book is as impartial as General David Petraeus' biography, written by his paramour. It's an odd time when PEU's and Petraeus freely skate from their sins. Yet, Rubenstein would have one believe "patriotic philanthropy" is the balm that heals all. I'm not buying the act.
Update 3-10-13: Yet the Wall Street Journal did.
Update 5-12-14: Rubenstein will speak at Monticello's July 4th naturalization ceremony.
Update 9-17-17: General David Petraeus joined PEU KKR in May 2013 and recently was appointed to the board of a KKR affiliate focused on cybersecurity.
PEU Nonprofit Status Unlikely to Change
Businessweek reported:
"It may not mean a direct hit to the bottom line for the firms, but investors will see their tax bills increase."
That's because private equity underwriters (PEU's) are virtual nonprofits, like your local church or safety net hospital. Carlyle declared $2.3 billion in income before provision for income taxes, with a paltry $27.8 million income tax provision. That's a 1.2% income tax rate.
Whether it's income or equity cash-ins, PEU founders get huge tax discounts. Given how much Red and Blue love PEU, I expect little change in PEU firm's nonprofit status.
Carlyle Seeks Carpet Subsidies
The Carlyle Group is considering a bid for British carpet maker Victoria, destabilized and marked down due to Board level infighting this past summer. While Carlyle loves disequilibrium and buying key assets on the cheap, something more may be afoot.
Carlyle took over Brintons', another British carpet maker, by effectively calling their debt. The Carlyle Group dumped Brintons' pension on the public in the prepackaged bankruptcy process.
Carlyle wants major government subsidies to update its Brintons' carpet plant in Kidderminster, which happens to be home of Victoria. Should Carlyle add Victoria might that improve its prospects for a major nondebt, nonequity capital injection, courtesy of taxpayers? Nobody does government-corporate welfare better than the boys at Carlyle.
As for ethics, consider words of the Brintons' founding family:
The descendants of the founding Brinton family accused Carlyle of breaking a string of promises to gain control.
Fearless greed, it's the PEU way.
TEDx: Rubenstein's Fearless "Patriotic Philanthropy"
WaPo reported on Carlyle Group co-founder David Rubenstein's talk at the Regional TEDx, held in Washington D.C.
WaPo's piece stated:
Carlyle Group co-founder David M. Rubenstein> has coined a new phrase to capture his approach to giving away millions: "patriotic philanthropy." Speaking at the October 26 TEDx Conference sponsored by The Case Foundation at Sidney Harman Hall, Rubenstein said citizens – rich and middle class alike—should give to arts and cultural causes that are threatened by government deficits running into the trillions. Ergo, patriotic philanthropy. Rubenstein should know. The billionaire private equity figure gave millions last January toward the repair of the Washington Monument, which was damaged in an earthquake last year. He also donated $4.5 million to the National Zoo's panda program, and loaned a copy of the Magna Carta, worth some $20 million plus, to the National Archives.
Fearless David Rubenstein's TEDx theme can be summarized as this:
Make hay on PEU tax breaks, buy and sell affiliates with large chunks of government business, then donate to causes threatened by government deficits.
At least that's my take. Ironically, the Carlyle Group occupied three slots out of fourteen D.C. residents on the Forbes 400 Richest Americans.
David Rubenstein is a modern day robber baron, thus politicians, the business media and attorneys general cater to his every need.
If Rubenstein were truly concerned about people suffering from cuts in government services, he'd have refunded Texas taxpayers $35 million long ago. The Carlyle Group's Vought Aircraft Industries promised 3,000 new jobs in 2004, never delivered and kept $35 million interest free for six years.
Florida residents watch out. Carlyle's Dynamic Precision Group stands to garner $5 million in subsidies for 200 new jobs. How much patriotic philanthropy will be needed around Stuart due to government-corporate welfare?
21% of D.C. billionaires founded the Carlyle Group. Fellow co-founder and billionaire William Conway stated:
The seeds of the firm's initial success was that they showed their investors that "we understood businesses that do business with the government."
Clear? It's PEU fearlessness.
Update 3-10-13: It's WSJ's turn to laud Rubenstein's patriotic philanthropy.
Carlyle Group's LifeCare Nightmare Nearly Over?
Carlyle Group affiliate LifeCare Holdings sits in purgatory, given it defaulted on its debt and loan waivers expired November 1. What will happen? Carlyle could:
1. Sell LifeCare
2. Declare bankruptcy and turn the company over to lenders, who then could sell the company (like Carlyle did with Oriental Trading, just resold by KKR & company to Warren Buffet's Berkshire Hathaway)..
Once Carlyle loses LifeCare, it will jettison its role in owning the New Orleans hospital that lost 25 patients in the horrific aftermath of Hurricane Katrina. It may be a relief to bury that PEU nightmare.
Update 11-8-12: Carlyle extended LifeCare's loan waivers until December 15.
Update 11-15-12: LifeCare paid Rothschild et al $5.7 million instead of making a $5.5 million payment on its debt. That started Carlyle's strategic default of LifeCare. Carlyle's planning for a change in control.
Kelley Fawns over New PEU Tycoons
Forbes published a book review of Jason Kelley's "The New Tycoons: Inside the New Private Equity Industry that Owns Everything." The review showed Jason's PEU love, which he honed as a former Bloomberg reporter.
Another ex-Bloomberg reporter had this to say regarding PEU's:
There are very few people out there who will talk and write honestly about private equity. I know from personal experience that the financial press is so eager to break news on "deals" that reporters (who are increasingly compensated on the number of "market moving stories" they write) can't afford to be critical of Carlyle, KKR and Blackstone, and risk losing access to people at those firms.
Jason's book should ensure access for some time to come.
I can remember Bloomberg's private equity reporter - who you featured in a recent blog photo - going on TV to talk about the HCA dividend and calling it a "liquidity event." The reporters are trained by the PE firms' PR people to use language that they find acceptable. Wouldn't want to say they're "cashing out." I've never seen anything like it before.
Even when PEU's confess to their insider connected ways of making billions, Jason provided a free pass.
Carlyle co-founder Bill Conway told Kelly that the seeds of the firm's initial success was that they showed their investors that "we understood businesses that do business with the government."
Trained by PEU firms to use acceptable language. Kelley learned a whole book's worth.
PEU Liquidity Recaps (Dividend Bleeding) Soar
Private equity underwriters (PEU's) saddled affiliates with debt in order to pay huge dividends to the PEU parent: At least that's the pattern for 2012, according to Pensions & Investments:
LBO shops (private equity underwriters) have taken out 91 cents in dividends for every dollar of capital they've invested this year.
It's not just traditional debt being added to affiliate balance sheets.
Risky types of debt unseen since last decade are resurfacing, such as PIK-toggle notes. PIK-toggles, which NBTY used to finance its dividend to Carlyle, are bonds that allow borrowers to delay payments to creditors in exchange for increasing their debt load. The default rate for companies that use this form of financing is double the rate of similar companies, according to Moody's.
The Carlyle Group bled numerous affiliates for dividends. Carlyle co-founder David Rubenstein has been fearless in liquidity recaps. It's but one of many ways PEU's rake it in.
Carlyle's Rubenstein Speaks on Fearlessness
Carlyle Group co-founder David Rubenstein spoke at TEDx Mid-Atlantic.
Each speaker was called on to say how he or she had exhibited the conference's main theme: Fearlessness
Rubenstein's fearlessness has been on display many times on PEU Report. He showed his massive cojones for demanding Congress keep his preferred PEU tax status, doing so multiple times. He fearlessly accepted incredibly lax credit terms for PEU deal financing, later making the analogy to sex and everyone's inability to say no.
David Rubenstein was fearless in holding onto Texas taxpayer money for jobs promised by Vought Aircraft Industries. For six years Carlyle affiliate Vought held onto $35 million, providing none of the promised 3,000 new jobs. Fearless....
Glenn Hubbard: Mitt's PEU Chief Economic Advisor
Presidential hopeful Mitt Romney's private equity underwriter (PEU) background is clear from his stint at Bain Capital. However, Romney's Chief Economic Advisor Glenn Hubbard has his own PEU history.
Since 1994 Glenn served as the Russell L. Carson Professor of Economics and Finance at Columbia University's Graduate School of Business. Russ Carson is a founder of Welsh, Carson, Anderson & Stowe. a private equity underwriter specializing in health care and information/business services. Romney's economic advisor has been PEU sponsored for eighteen years.
WCAS was founded in 1979, a time when U.S. manufacturers were being trounced by the Japanese. Dr. W. Edwards Deming, an American taught the Japanese about quality. Deming's System of Profound Knowledge, which consisted of systems theory, understanding variation, knowledge (how do we know what we know?), psychology (what demotivates people) and interactions between the four areas.
In 1984 Dr. Deming lamented takeovers and leveraged buyouts (LBO's) as the antithesis of his teachings and highly damaging to constancy of purpose . LBO's were re-branded private equity, where Mitt Romney later cut his "management" teeth. Romney's history in job elimination and shipping jobs overseas mirrors that of other PEU's.
"Unemployment is not inevitable. It is a sign of bad management."--Dr. W. Edwards Deming
Deming also stated knowledge is prediction. Hubbard advised President George W. Bush on his 2001 tax cuts and made a number of predicitons:
On August 22, 2001, Hubbard published an article in the Wall Street Journal entitled "Tax Cuts Won't Hurt the Surplus."
In the article, Hubbard also predicts that his tax cuts would preserve the Clinton budget surpluses by causing GNP to grow 0.3% per year faster.
Tax cuts benefited the PEU class in the last decade, which saw explosive growth in private equity.
Over half of the benefits of the Bush-Hubbard tax cuts went to the top 1% of the population. In part to benefit the wealthy, the tax cuts were also structured to reward investment in financial assets, rather than either consumer spending or real capital investment. As a result, the tax cuts caused huge budget deficits, yet did little to stimulate growth or job creation: There were basically no new jobs created during the Bush administration, despite adding trillions to the national debt.
Many PEU affiliate jobs went overseas during this time. Meanwhile, Glenn Hubbard personally benefited from board positions, public and private.
Mr. Hubbard has been a director of KKR Financial since October 2004. He is currently a director of ADP, Inc., BlackRock Closed-End Funds and MetLife, Inc. He was previously a board member of Capmark Financial, Duke Realty Corporation, Ripplewood Holdings, RH Donnelly and Information Services Group, Inc.
Election talk has little to do with the way either party governed the last decade. Reds and Blues compete for the right to steer trillions in government spending to their friends, as they dole out tax goodies. Red and Blue love PEU...
Mitt's PEU stench is great, according to PEU David Stockman.
Mitt's PEU HIgh Seas
Wired reported on Mitt Romney's Naval advisor, John Lehman and his PEU ties.
The piece exposed Lehman's profits from shipbuilding deals, the public version. However, they missed Lehman's role with a number of private companies. The following made Lehman's EnerSys board bio in 2008.
He is the Chairman of the following private companies:
1. Special Devices, Incorporated, a manufacturer of initiators
2. OAO Technology Solutions, Inc., an informations solutions provider
3. Racal Instruments, Inc., a test and measurement systems developer
4. Racal Acoustics Ltd., an audio communications company.
5. He also serves as a Director of ISO Inc., a risk information provider.
This was prior to the fall 2008 financial crisis, which took out a number of marginal companies, especially those highly levered. Here's the odd thing, the EnerSys bio below Lehman's belongs to Ray Mabus, the current Secretary of Navy under President Obama.
Lehman's PEU bio added more companies to his board list:
He has served on the boards of TI Group plc, Westland Helicopter plc, Sedgwick plc and many of JFLCO's realized investments. He currently is a director of Ball Corporation, ISO Inc., EnerSys, JFL DMH Partners, LLC ("Drew Marine").
Did Lehman have any connections to Cleveland Ships LLC, a mysterious company interested in buying Northrop Grumman's shipbuilding business? Northrop spun the division off as Huntington Ingalls Industries Inc., which has a close connection to Lehman's PEU.
Thomas Fargo is Chair of Huntington Ingalls and "Member of Operating Executive Board at J.F. Lehman & Company." Fargo is a Managing Director of J.F. Lehman.
J.F. Lehman lists eighteen companies in its portfolio, however only six are current investments. Last year it closed on a $575.5 million fund JFL Fund III. The press release stated:
J.F. Lehman & Company focuses exclusively on the defense, aerospace and maritime industries and the technologies that originate from them. This investment strategy reflects the firm's deep experience in and commitment to these sectors for nearly two decades. Consistent with the firm's historical investment program, the funds will focus on control ownership positions in leveraged acquisitions of high quality companies in the firm's target industries in the United States and the United Kingdom. JFL Fund III has completed one acquisition to date: the June 2011 investment in US Joiner, a leading provider of end-to-end marine joiner and related shipbuilding solutions for U.S. Government and commercial customers. The firm has offices in New York and Washington, D.C.
In Mitt Romney's PEU world, connections matter, especially when spending Uncle Sam's trillions. Lehman exemplifies America's Government-Corporate Monstrosity, which Romney would love to co-chair.
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Villagers Fear Leopards More than Terrorists
In the hills surrounding Abottabad in north-western Pakistan, people say they fear the common leopard more than terrorists. The common leopards along with the smaller snow leopards prowl in the Himalayan foothills where ever-expanding villages creep into the forest.
At sunset, leopards slip into the villages were they have been known to pounce, killing four people and injuring several others over the last four years. Embellished stories are common among the villages that make up this part of Pakistan's western frontier.
Rumors of Blood-Sucking Leopards Complicate Efforts
As news of leopard attacks spread from village to village, the facts are blown up into a fantastic tale. One such story involved the unfortunate death of a seven-year-old girl. Her uncle claimed the leopard pounced, sucked the blood out of her and she was dead. Stories like this prompt the people living in the villages to retaliate against the leopards.
The growing human population and their encroachment on the natural habitats of leopards is causing an increase in human-leopard conflicts. The exact number of leopards calling Pakistan home is unknown, but is estimated to be no more than a few hundred.
Disappearing Forests Cause Increase in Human-Leopard Conflict
The future for the leopards is dismal as Pakistan has kept only 2% to 5% of the country's original tree cover and continues to lose about 27,300 hectares of trees every year. 180 million people populate Pakistan and the UN predicts that number will swell to over 300 million by 2050.
Small and medium-size mammals like the Himalayan musk deer are now threatened in the northern province causing leopards to go hungry and begin lurking around Abbottabad. Villagers claim the first sign of a leopard is when stray dogs and cats disappear, progressing to attacks on livestock. Then, villagers themselves come face to face with the big cats who are naturally reclusive.
The villagers are afraid and the rumors of blood-sucking leopards are complicated by past attacks where leopards did consume part of the corpse. In the case of the seven-year-old girl, the leopard did not consume her, suggesting the cat mistook the child for other prey. The villagers move in groups with sticks and guns because leopards don't attack groups of people.
Photo courtesy of National Geographic
People Are Urged To Remain Indoors At Night
In an effort to protect both people and leopards, wildlife officials are urging residents to remain indoors after sunset and asking schools to dismiss their students by mid-afternoon. Many children walk over an hour to school so an earlier dismissal would enable the children to be home before sunset.
Women and children have been attacked more often than men because they spend more time in the forests doing chores, such as collecting wood, water and fruit. Officials are asking them to stay out of the forests when it is dark.
The Big Cats Are Running Out of Room to Roam
These efforts will help to mitigate leopard attacks but the Pakistan government will need to set aside more protected forests. Recent studies of a collared leopard determined that the male cats have a range of about 90 kilometers. In the north-western province, the largest track of protected forest is 50 square kilometers. The big cats are running out of room to roam.
The proposed new highway to connect the capital Islamabad with a resort town 65 kilometers south-east of Abbottabad will slice through more of the leopards' habitat.
Filed Under: Big Cat Cousins, Leopards Tagged With: leopards, Paskistan, Snow Leopards
da tabbies o trout towne says
this story is so sad, from every angle….~~~~~~

redpajama_set_name: RedPajamaCommonCrawl


text:
Барановка — деревня в Гдовском районе Псковской области России. Входит в состав Полновской волости Гдовского района.

Расположена в 0,5 км к северо-востоку от волостного центра села Ямм, на противороложном от него правом прибрежье реки Желчи, на берегу озера Дорожно или Барановское (иногда ошибочно как оз. Дорожка)

Население
Численность населения деревни на 2000 год составляла 26 человек, на 2002 год — 21 человек.

Ссылки
 Сайт Гдовского района. Полновская волость
 Карта O-35-057-C Масштаб: в 1 см 500 м

Примечания

Населённые пункты Гдовского района

redpajama_set_name: RedPajamaWikipedia


veggiefest_chicagoLast year over 30,000 people attended this monster festival celebrating vegetarian, vegan, and raw food. In addition to demos by over a dozen chefs, coaches, cookbook authors, and brand representatives from Whole Foods and Nature's Path, there will be nearly thirty presentations on vegetarianism, veganism, spirituality, wellness, nutrition, and health.
There's a vegan pulse in Los Angeles, CA. Restaurants abound that cater to the raw food lovers, the juicing crowd, vegans, and vegetarians. Many restaurants have a vegan choice on the menu because of the high demand. And recently, The Vegan Street Fair brought many of these venues together in one happy Vegan Street Fair.
The month of January rolls around and in Southern Arizona, it's a chilly 40 degrees at 9 am. The time volunteers arrive and start setting up for the Arizona Vegetarian Food Festival.
This is the second year for this event run by U.S. Veg Corp, an event company out of New York City. They also produce the NYC Vegetarian Food Festival, and are working on adding a third event for Southern California next fall.
I recently attended the 4th Ave Roosevelt Row Chile Festival here in Phoenix, AZ. While there was no program that listed time of events, including the chef demos, there were many food vendors with unexpected vegan options.
UB pulled jackfruit tacoHere in the Southwest we celebrate the blend of chilies and chocolate, a combination that was the pride of the Aztecs and was in abundance at the Festival. My favorite coffee shop, Urban Beans, dished up a chili dipped in chocolate.


Queen duvet cover (88" x 88") featuring the image "Angel On The Ground At Cavalry Cemetery, Nyc, Ny" by David Wolanski. Our soft microfiber duvet covers are hand sewn and include a hidden zipper for easy washing and assembly. Your selected image is printed on the top surface with a soft white surface underneath. All duvet covers are machine washable with cold water and a mild detergent.


In this lesson, we will learn how to calculate the area of the region enclosed by a polar curve and how to find the area of a region bounded by two polar curves.
Find the area of the region enclosed by one petal of 𝑟 = 3 ( 2 𝜃 ) c o s .
Find the area of the region that lies inside the polar curve 𝑟 = 3 𝜃 c o s but outside the polar curve 𝑟 = 1 + 𝜃 c o s .
Consider the polar curve 𝑟 = 1 2 + 𝜃 c o s . Find the area of the region inside its larger loop but outside its smaller loop.
Find the area of the region bounded by the polar curve 𝑟 = 1 − 𝜃 s i n .
Find the area of the region below the polar axis and enclosed by 𝑟 = 2 − 𝜃 c o s .
Find the area inside both 𝑟 = 2 + 2 𝜃 c o s and 𝑟 = 2 𝜃 s i n .
Find the area of the region enclosed by the inner loop of 𝑟 = 3 + 6 𝜃 c o s .
Find the area of the region that lies inside the polar curve 𝑟 = 1 − 𝜃 s i n but outside the polar curve 𝑟 = 1 .
Find the area of the region inside both 𝑟 = 3 − 2 𝜃 s i n and 𝑟 = − 3 + 2 𝜃 s i n .
Find the area of the region enclosed by 𝑟 = 1 + 𝜃 s i n .
Find the area of the region inside 𝑟 = 1 + 𝜃 c o s and outside 𝑟 = 𝜃 c o s .
Find the area of the region bounded by the polar curve 𝑟 = 1 𝜃 , where 𝜋 2 ≤ 𝜃 ≤ 2 𝜋 .
Find the area of the region that lies inside both the polar curve 𝑟 = 2 2 𝜃 2 s i n and the polar curve 𝑟 = 1 .
Find the area enclosed by the loop of the right strophoid 𝑟 = 2 𝜃 − 𝜃 c o s s e c .
Find the area of the region enclosed by the inner loop of the polar curve 𝑟 = 1 + 2 𝜃 s i n .
Find the area of the region that lies inside the circle 𝑟 = 3 𝜃 s i n but outside the cardioid 𝑟 = 1 + 𝜃 s i n .
Find the area of the region that lies inside the polar curve 𝑟 = 4 𝜃 s i n but outside the polar curve 𝑟 = 2 .
Find the area of the region enclosed by one loop of the polar curve 𝑟 = 4 𝜃 s i n .
Find the area inside the circle 𝑟 = 4 𝜃 c o s and outside the circle 𝑟 = 2 .
Find the area of the region enclosed by one loop of the polar curve 𝑟 = 4 3 𝜃 c o s .
Find the area of the region bounded by the polar curve 𝑟 = 𝜃 + 𝜃 s i n c o s , where 0 ≤ 𝜃 ≤ 𝜋 .
Find the area of the region common to the interior of 𝑟 = 4 ( 2 𝜃 ) s i n and 𝑟 = 2 .
Find the area of the region enclosed by one petal of 𝑟 = 4 ( 3 𝜃 ) c o s .
Find the area enclosed by one loop of the rose with polar equation 𝑟 = 2 𝜃 c o s .
Find the area of the region enclosed by the polar curve 𝑟 = √ 1 + ( 5 𝜃 ) c o s  .


Al Horford (illness) is available to play on Wednesday against the Pacers.
Al Horford (illness) is expected to play on Wednesday against the Pacers, but he will be a game-time decision.
Al Horford (illness) is being listed as questionable for Wednesdays Game 2 vs. Indiana.
Al Horford (left knee soreness) is listed as probable for Sundays game against the Pacers.
Al Horford (left knee soreness) will play vs. the Magic on Sunday.
Al Horford (knee) remains probable Friday.
Al Horford (knee) notched the second triple-double of his career against the Heat on Monday, scoring 19 points (7-of-13 FGs, 5-of-5 FTs) with 11 rebounds, 10 assists and one steal in 34 minutes.
Celtics coach Brad Stevens expects Al Horford (knee) to play on Monday vs. Miami.
Al Horford (knee) remains probable Monday.
Al Horford (knee) is probable to play on Monday against Miami.


K-pop enthusiasts, especially ones who got into the scene in the 2010s, must be familiar with Yoseob, the main vocalist of Highlight who is often mistaken as the youngest member of the group. Recognized through his superb vocal ability, Yoseob has released albums, wrote songs, and participated in other activities outside of singing. Despite his idol status which is usually underestimated by Korean netizens, Yoseob approximately has starred in more than five musical theater productions as the lead, making him a multi-talented celebrity.
In this article, Channel-Korea will explain all about Highlight's Yoseob, including his personal profile, fun facts, discography, news, and his Instagram feed. So, keep reading!
As mentioned in his personal profile above, Highlight's Yoseob was born in 1990. According to the Korean Age System, in 2018, Yoseob's age is 29 years old, while according to the International Age System, Yoseob is 28 years old. In addition, Yoseob is considered short and thin with a height of 174 cm and a weight of 56 kg.
Yoseob used to train in JYP Entertainment and M-Boat before becoming a trainee of Cube Entertainment. He was also trained the longest among his fellow members.
He did not really dance, but after training intensely, he got better and even choreographed his own moves.
He gained an interest in singing after listening to Brian McKnight's songs.
Yoseob said that he was jealous of his elder sister when he was younger because his parents seemed to love her more. He once got angry after a fight with his sister. He grabbed her shoes and told their mother that she skipped lessons to play.
He went to the same school as fellow Highlight member Gikwang. It was stated that Yoseob was actually more popular than Gikwang during their high school days.
He felt full only after he ate a bowl of rice, ramyeon (Korean noodles), and seven pieces of sausage.
Yoseob is a romantic person. He once booked a karaoke room and decorated it beautifully with balloons and other things for the 100th anniversary of his relationship with his then-girlfriend. After that, he told her to come inside and sang her a song. In addition, Yoseob bought her a huge doll exactly her size because she loves dolls.
Even so, Yoseob said that he does not remember his first love.
He will be very happy if someone confesses her love to him. He does not have anyone in mind.
He likes a girl with long hair and fair white skin. He wants his wife to be and feel beautiful. His ideal type is SNSD's Seohyun.
He has a small head. It earned him the nickname Small Head Terminator which is very famous because every time he comes to a show, the host will compare their head to his.
Yoseob was called Yangderella because he is a very sensitive and feminine guy.
Despite his so-called femininity, Yoseob can beatbox very well and is able to beat his fellow members at Mario Kart.
His mother once said that she likes to see Yoseob with black hair because he looks more like her son.
Fans once gave Yoseob a mini photo book of his pictures. Later, Yoseob gave the stuff to his mother so that she will always remember him. What a sweet son!
He was a naughty boy. His parents were once called to the school when he exposed that an elementary school student was wearing a wig.
His parents have a restaurant. Many fans often go to eat there.
He used to always go back to the dorm to eat ramen (Japanese noodles), but now, he says he is too tired to do so.
Sometimes, Yoseob is very dishonest.
Often dubbed as the cute member in the group, Yoseob also thinks the same way.
He likes dressing in normal clothes such as t-shirts and hats.
He takes red ginseng capsules and uses youngkkaksan powder which the elders often use.
He treasures his Eastpack backpack because his sister gave it to him after winning a journal image contest.
Yoseob is the worst at games (including computer games). He is a sore loser and will not play again if he loses.
He searches for himself on the Internet.
He cannot go under 80 cm in limbo.
He is Miss A's Suzy's ideal type.
Yoseob will sometimes push the limits in fan service. He even yelled to fans while in the office of President Hong (Cube Entertainment's CEO).
He thinks that music is sharing anything from the heart.
He can do a very good bird imitation.
Yoseob underwent nose surgery because of an illness.
His role model is male singer Kim Bum-soo.
Yoseob is not the kind of person that enjoys accessories.
His sleeping habit is talking in his sleep and punching the person beside him.
He cannot pinch 2AM's Jinwoon's cheeks because of his short height.
He is a fan of veteran boy group H.O.T, Baby VOX's Kan Mi-yeon, and solo female singer IU.
Renowned as one of the best male vocalists in South Korea, Yoseob has made his own songs with other Highlight members and popular composers as well as released two mini albums. In addition, Yoseob has starred popular musical theater productions such as Gwanghwamun Sonata, Full House, Cinderella, and Robin Hood. When it comes to variety shows, Yoseob was a regular cast of I Live Alone for six months and Immortal Song which helped him to get recognition. Despite having not starred as the lead in a drama, Yoseob notably became the cameo of a few dramas as well. Here, you may see the list of Yoseob's songs, dramas, and musicals!


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History Curriculum Intent
In History, children learn about the past in relation to the present. They should be taught about:
Ways of finding out about the past
The ways in which the past has been recorded and interpreted
How to draw conclusions about the past
The lives of people in the past
Cultural, political, social, economic and personal aspects of past societies
The ways in which past societies have affected each other
The present being a result of what people have done in the past
How their own lives are affected by historical influences
Similarities and differences between the past and the present
Continuity and change in their own lives and in the history of peoples
Ways of presenting their work
The history of the host country
The knowledge, skills and understanding which children gain through their study of History can be regarded in terms of:
History National Curriculum Statement
St Edmundsbury Church of England Voluntary Aided Primary School History Policy
St Edmundsbury Church of England Voluntary Aided Primary School History Curriculum Progression Overview


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Blogs » News » 'More than the King of Tragedy', Dilip Kumar (1922 - 2021) - A Tribute
'More than the King of Tragedy', Dilip Kumar (1922 - 2021) - A Tribute
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System Administrator Monday July 12, 2021
It would not be wrong to state that Dilip Kumar, who passed away earlier this week after a long illness related to age issues and pancreatic cancer, will be regarded as the greatest actor Indian cinema has ever produced. One may add that at the jet-paced speed today with which actors come and go, it is doubtful whether any Indian actor will be able to reach the peak that he did.
DILIP KUMAR ( 1922 - 2021)
He was 98 years old and had stopped acting in films since his last film Qila (1998) flopped. This is 23 years ago. But he has never been out of the media, not of his own will but because his fans still worship him for his multi-layered, versatile performances enriched by his very personal touches of silence, pause between dialogues, small movements with his hands, his body and most importantly, his eyes that remain without parallel in the history of Indian cinema.
There are dozens of young actors who took him as a role model and tried to do everything he did including copying his hairstyle. A few of them did make a name for themselves but they could not be compared to Dilip Kumar precisely because they tried to "copy" him instead of evolving their own, distinctive style. But many of them fell by the wayside, forlorn and forgotten. Dilip Kumar after all, is/was and will remain Dilip Kumar now and forever.
Dilip Kumar was born in Qissa Khwani Bazaar, Peshawar, when Pakistan was a part of British India, on 11th December 1922 as one among 12 children to his father, a fruit merchant. The family later came down to Deolali and then Bombay and his father continued with his fruit business. Dilip Kumar studied at Barnes School, Deolali in Nashik district. He later studied for his graduation in a Bombay college and had no dreams of stepping into films. He quarrelled with his father and shifted to Pune to look after the military canteen there and also run a small fruit shop in front of the camp.
One day, he happened to meet Devika Rani, wife of Himanshu Rai who co-owned and managed Bombay Talkies. Devika Rani asked him how much he earned per month and Yusuf Khan said he earned roughly around Rs.150/ per month. Devika Rani told him that she would pay him Rs.450/ per month if he agreed to work in her film. The money was the main attraction and he at once said "Yes." The story of Dilip Kumar began to get written.
Like his contemporary Raj Kapoor, Dilip Kumar's screen image offered a complex, cultural/psychological terrain displaying the anxieties of Independence and the nostalgia of pre-Partition childhood. Unlike Raj Kapoor however, Dilip Kumar's naturalistic underplaying often presented him as an innocent loner caught in, and destroyed by, conflicting social pressures such as in Andaz, in which he played one angle of the triangle with the other two played by Raj Kapoor and Nargis. In Deedar, pitted against the extremely versatile and gifted actor Ashok Kumar, he held on to his own without allowing the others to overshadow him.
Dilip Kumar, Raj Kapoor and Dev Anand formed the wonderful triumvirate in what is famously known as the Golden Era of Indian cinema. Among these three actors, there was no rivalry at all because they knew that each of them defined an exclusive screen image and lived by it. But Dilip Kumar, whose name was changed from Yusuf Khan to Dilip Kumar when he began his career with Jwar Bhata (1944) was the most versatile of them all. Dev Anand stood for the handsome, chocolate boy hero the heroine loved to fall in love with through song and dance even if he featured as a pickpocket or a card-sharper. Raj Kapoor, on the other hand, became famous as the 'Charlie Chaplin of Indian cinema', since he often portrayed a tramp-like figure, who, despite adversity, was still cheerful and honest. But Dilip Kumar stood out without any stereotypical label attached though many have labelled him 'Tragedy King' which is not true because he proved himself equally in lighter roles such as in Azaad, Aan, Kohinoor, and many others.
Dilip Kumar and Vyjayantimala | Still from Madhumati
All eyes in the audience in the darkened theatres moistened with tears when in the final scene in Shaheed (1948), his fourth film, directed by Sasadhar Mukherjee, the hero dies. This became the film where the young actor revealed himself as a serious worker with total commitment to his work. In this final scene, Dilip Kumar's martyred corpse was taken out in procession against the lines of the famous song, watan ke raah mein watan ke nawjawan shaheed ho.
This film crowned Dilip Kumar as the 'tragedy king' as he went on living up to the sobriquet in one film after another – Andaz, Footpath, Shikast, Mela, Babul, Deedar and Uran Khatola. Tragedy on celluloid became his identity card and a time came when his producers felt that if he did not die at the end of the film, his fans felt betrayed! Around this time, this astute, extremely well-read, erudite and intelligent actor took stock of his bearings. He realised that being typecast as tragedy king could become self-defeating enough to stop his growth as an actor. One story goes that he took pains to consult a psychoanalyst who suggested he change his screen image to reflect a more swash-buckling, romantic side in order to discover avenues of histrionics he had not explored till then.
His romantic screen presence was overwhelmingly magnetic and made every female in the audience identify with his lady-love on screen. He had a naughty smile when he would crinkle up his eyes and smile mischievously at his lady love. This marks his ability to command romance in characters such as the ones he portrayed in Naya Daur, Leader, Ram Aur Shyam, Azaad, Kohinoor, Aan, Gunga - Jumna, Insaaniyat and many more. Looking back on his performance in these films, one feels that the crown of 'Tragedy King' he has been made to wear is too limiting for an actor of his range and durability not only in terms of his histrionic talent but also in his popularity among his huge fan following. In many of his films, his love scenes are memorable more for what he left unsaid than what he actually did.
His song numbers are archived in the history of Indian film music for all time. Among these are Ai Mere Dil Kahin Aur Chal, Seene Mein Sulagti Hai Armaan, or, Suhana Safar Aur Yeh Mausam Haseen in Madhumati or, Maangke Saath Tumhara and Ude Jab Jab Zulfein Teri in Naya Daur not to forget the beautiful duet he sang himself along with Lata Mangeshkar in Hrishikesh Mukherjee's directorial debut film Musafir after much persuasion by Lata Mangeshkar who accepted him as the elder brother she never had.
He was as much in command of his performance in singing - dancing - fisticuffing actor as he was as the tragedy king. He delighted his audience with his adorable, charismatic antics, especially in the song-dance sequences and his naughty love scenes. In Gunga - Jumna, he plays his naughty self in just a couple of frames in the song sequence – dhundo dhundo re saajana more kaan ka bala. The song-dance number was picturised on Vyjayantimala. The two scenes with Dilip Kumar as his naughty self on the morning following the suhaag raat are very sensual. Gunga - Jumna is the only film he produced in his entire career. Its release had been stalled for almost six months since the CBFC found certain things unacceptable - scenes which would be regarded as kinder garten stuff by today's standards.
He took up one film at a time and that was his absolute commitment and focus. He also raised his fee to Rs. 1 lakh, the highest amount paid to any actor in India at the time which, adjusted to today's inflation, would approximately amount to Re.1 crore. This also kept producers he did not want away from queueing outside his door.
When his films where he played the hero did not do well, he took a sabbatical of five years and then came back in senior roles beginning with Kranti directed by Manoj Kumar. He gave one hit after another in films like Karma, VIdhata, Shakti and so on.
When he was nominated as member of the Rajya Sabha, he utilized a significant portion of his MP LAD fund towards the construction and improvement of the Bandstand Promenade and the gardens at Bandra Fort at Lands End in Bandra.
He is the only actor to have won the Filmfare Award for Best Actor eight times. This was followed by the Dadasaheb Phalke Award, the nominated membership of the Rajya Sabha, the Padma Vibhushan and the Filmfare Lifetime Achievement Award (1993), and last but not the least, the highest civilian award conferred by the Goct of Pakistan in 1998 - the Nishan - e - Imtiaz. The ruling political party in Maharashtra had objected to this award and questioned Kumar's patriotism. However, in 1999 in consultation with the then Prime Minister of India, Atal Bihari Vajpayee, Kumar retained the award. He was honoured with CNN - IBN Lifetime Achievement Award in 2009.
Few people are aware of his erudition, some of which spilled over into his acting. According to his wife Saira Banu, he loved to read Eugene O' Neill, Joseph Conrad, Fyodor Dostoyevsky and Tennessee Williams, when he was not engrossed in the writing of a script or a scene that waited to be picturized the following morning. He was fluent in Urdu, Hindi, English and Gujarati. His knowledge of the Holy Quran and his recitation of verses which he had memorised in childhood were no less brilliant than his knowledge and recitation of the Sanskrit verses from the Bhagvad Gita. "He was the most secular human being I have ever met" says Saira Banu. And that, it can be said, signs off the story of Dilip Kumar.
-- Dr. Shoma A. Chatterji
-- Edited by Latika Padgaonkar
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This idea totally came from someone else, and I'm awful for not remembering who from the math-teacher-edu-blogosphere came up with it. But it's just such an awesome idea, and I wanted to spread the love. If this is your idea, just throw the original post down in the comments, and I'll be sure to add a huge giant link to it so you can have credit.
It could be really useful if you're trying to help kids get organized for an end-of-year exam.
I wrote a while ago (causing some chafing for a few) about how I give my kids topic lists before major assessments.
It's a little late in the year to make this effective, but I'm hoping it's helped a few kids identify where they should focus their (precious and limited) time studying. If a student bombs an assessment, when I meet with them, I can ask them to pull out their topic list with these little boxes filled out, and we can start a conversation correlating their assessment with their filled out topic list.
I think if I had been doing SBG all along, this would just be a natural extension of it. I'm thinking about introducing some SBG concepts in my Advanced Topics class next year. Low-risk, and perhaps it will get attention (positive, hopefully) from my department. It'll take a lot to steer this steamboat into such uncharted waters, but just call me Theodore Tugboat! TOOT TOOT!
First off – love your blog! Just started reading it the past few months and have really enjoyed it.
Anyway – I have been doing something similar (borrowed it from someone else but can't remember who) with my students to help organize their studying. I feel like just handing them a review sheet doesn't really help those who need it. Inevitably they do all the easy questions and leave the hard ones blank – so they studied what they already knew. For the past few years my classes have been doing self-assessments for review. It has really helped them to see what they need to study to do well. If you want to see what it looks like go to the following link.
Now – if I can only get my department to be okay with SBG and no grades for homework!
Let the final glory roar!
I think that it is great that you are guiding your students towards what they will be assessed on and thus what to study. Thanks for the recycle share … as I really like this 3-option button thingy … might cause the student to be a little more active as opposed to just an enumerated list.


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The conductor Frans Brüggen has died at the age of 79.
Born in Amsterdam in 1934, Brüggen was a celebrated early music conductor, flautist and recorder player. In 1981, he founded the Orchestra of the Eighteenth Century, which now has over sixty members and with which he made many recordings.
'Frans Brüggen's approach to authenticity is by now itself a part of history,' wrote Nicholas Williams in a BBC Music Magazine review of Brüggen's recording of Mozart's Symphonies Nos 40 & 41 with the orchestra.
As well as conducting his period-instrument orchestra, Brüggen was joint principal guest conductor of the Orchestra of the Age of Enlightenment from 1992 onwards and was director of the Netherlands Radio Chamber Orchestra from 1991 to 1994. He also conducted the Royal Concertgebouw Orchestra, the English Chamber Orchestra and the City of Birmingham Symphony Orchestra.
He studied musicology at the University of Amsterdam and at the age of 21 was appointed Professor at the Royal Conservatoire in The Hague. He was one of the youngest musical scholars at the time and went on to hold positions at Harvard University (Erasmus Professor) and Berkeley University (Regent's Professor).
The conductor is survived by his wife, the art historian Machtelt Israëls, and his two daughters, Zephyr and Eos.


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Tag Archives: sex and the city
Caricature/Cartoon – Sarah Jessica Parker – The Carrie Bradshaw of Sex and the City.
Know Sarah Jessica Parker?
Know Carrie Bradshaw?
Carrie Bradshaw of Sex and the City brought her four Golden Globes and many other awards. She is also a Hollywood Actress who has worked in a movie by the same name (SATC) and many other films.
The Caricature, Cartoon, Portrait, Sketch of Sarah Jessica Parker, the Carrie Bradshaw of Sex and the City - SATC
Short biography of Sarah Jessica Parker:
Sarah Jessica Parker was born in Ohio (1965) and had 8 siblings of the half and the full kind. The interesting but unfortunate bit about her lineage is that Esther Elwell, one of the women who was accused of being a witch and tried in the Salem witch trials, was her ancestor. She began acting at a very early age. Her career swung upwards in 1990s and she starred opposite Nicholas Cage, Bruce Willis, and Johnny Depp too!
However, she's best known for her role as Carrie Bradshaw in Sex and the City, which was first aired in 1998. Sex and the City was an HBO sitcom, which brought her awards and fame.
Sarah has also endorsed some important brands (Garnier, Gap…) and in 2005, she even released her own perfume called, "Lovely".
Her lovelife between 1984 and 1991 was centered on Robert Downey, Jr. (Something that I can't understand is how can someone go through his whole life lugging someone else's name with a Junior attached to it! I guess this must've been the real reason behind Downey's drug problem, which ultimately terminated his relationship with Ms. Parker.) In 1997, she married Matthew Broderick.
Sarah Jessica Parker in News:
"I Don't Know How She Does It" a movie based on a book by Allison Pearson will feature Sarah starring opposite Pierce Brosnan. The movie is expected to be in theaters by 2012. SJP plays a finance executive who is the breadwinner for her family, which includes her husband and children.
Sarah J Parker made it to the top of the ugliest women list published by the Men's Magazine Maxim. However, not everyone agrees – she's got boat-loads of fans who think she's witty and charming. (Remember something about beauty being skin-deep? This is especially true when men sit down to assess beauty!)
Read a fan's take on Maxim's listing here .
Sarah Jessica Parker Quotes:
Here's a really cool SJP quote:
"After all, computers crash, people die, relationships fall apart. The best we can do is breath and reboot."
and another one…
"I like my money right where I can see it… hanging in my closet."
"Can you really forgive if you can't forget?"
The woman has a head on her shoulders…right?
read more Sarah J. Parker quotes here.
By Shafali • Posted in Caricatures - Hollywood, Cartoons - Television Personalities, Celebrity Cartoons, Comedy, Entertainment, Expressions - Positive, Famous People, Hollywood Actors, humor, jokes, portraits, Satire, Women Cartoons • Tagged Allison Pearson, blogging about celebrities, caricature blog, caricatures, carrie bradshaw, cartoons, celebrity caricatures, drawings, esther elwell witch of salem, hbo television series, i don't know how she does it, johnny depp, Jr, Matthew Broderick, matthew broderwick, maxim men unsexiest list, nicholas cage, pierce brosnan, Robert Downey, salem witch trials, sarah j parker witch, sarah jessica parker, sarah jessica parker age, sarah jessica parker biography, sarah jessica parker perfumes, sarah jessica parker quotes, sarah jessica parker ugly, sarah parker, sarah parker pierce brosnan movie, satc, sex and the city, sjp, sketches, witches of salem
Coming up…Caricatures of – SJP of SATC and ARR!
I'd like to begin by thanking Ian for splashing his creativity on my blog and calling Leonardo Da Vinci, Leony Darling!
Thanks Ian. I am sure that if Da Vinci were born in our times, his mother and his numerous girlfriends and boyfriends would queue up behind me to thank you:)
I dreamed of Leony Darling (looking young and dapper.) He was standing in Verrocchio's workshop correcting the nose of the young angel in the painting that will later be called "Baptism of Christ." When he heard me come in, he looked up and asked me to mix some paint for him, which I did only because I knew that he was going to be one of the Greats in future. He took the paint that I had mixed on a wooden palette, our fingers touched, and he froze; a glazed look came into his eyes and his voice changed. I understood that he was struck with a vision of the future. He said something to me in a rather quaint version of Italian, which Barb of Creative Barbwire translated for me.
He said, "I see you drawing the caricatures of this woman called Sarah Jessica Parker, who has a thin, emaciated, and elongated face and a man called A.R. Rahman, who is a short, rotund, and funny looking man. You would be publishing at least one of the two caricatures on your blog in the last week of January 2011!"
Believe it or not – half of the prophecy that Leony Darling made has already come true…and I am afraid that the other half shall come true too. I wish he had said something about whose caricature would be published first, but he didn't. So it's now up to you and me to decide. Who'd you like to see first?
By Shafali • Posted in About Caricatures, Caricatures - Musicians & Singers, Celebrity Cartoons, Comedy, Entertainment, Famous Indian Personalities, Famous People, Hollywood Actors, humor, jokes, Miracles, Parody, portraits, Satire, Women Cartoons • Tagged a r rahman, baptism of christ, caricatures, cartoon, drawing, drawing caricatures, leonardo da vinci, sarah jessica parker, sex and the city, sketch, the only indian oscar winner, verrocchio's workshop