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October 28, 2021 · OPINION

Questioning Youngkin’s private equity productivity

By Jill Brown

I voted for Terry McAuliffe for two reasons: 1) He’s a man of integrity who’s done a good job of governing Virginia and will continue to do so; and 2) Glenn Youngkin stands in opposition and complete contrast to the democratic principles and values of good governance that Mr. McAuliffe espouses and lives by.

Of extreme import is that Mr. Youngkin has been endorsed by liar Donald Trump, which creates a credibility problem for Mr. Youngkin starting out. Trump followers are forever beholding to him; Mr. Youngkin’s acceptance of this endorsement is a prime example of the expediency with which he will act on issues as governor. Lest we forget, Mr. Trump always wants his pay back in spades.

The second thing of great importance is that Mr. Youngkin is very good at what he does. Yes, you heard right. To explain this statement, and thus to better know Glenn Youngkin, research is required, and here’s what I found out:

Mr. Youngkin was born with a silver spoon in his mouth, having been raised with all that white privilege has to offer by way of education and employment opportunities. To his credit, for 30 years Mr. Youngkin successfully climbed the corporate financial ladder, ultimately landing the top job as CEO of the private equity firm The Carlyle Group. Once he landed the top job, Mr. Youngkin was then able to orchestrate and set company policies. Anyone familiar with The Carlyle Group knows how it does business in the 80 companies it owns on the world market. We have firsthand knowledge.

Forbes states that starting in the 1980s, leveraged buyout companies were rebranded “private equity firms,” which sounds a whole lot less predatory than they actually are. The job of these voracious rebranded “investment” firms is to scour the business landscape for profitable companies with good reputations and future prospects. These targeted companies were successfully built from the inside by employees using good business practices, established norms and hard work. Then along comes the LBO/equity firm with an offer to top management to buy out the company; if the offer is accepted, the equity firm then puts the company into debt, using the company itself as its own collateral, and takes these loans to pay themselves and their cronies and/or to purchase yet more companies. This is when the equity firm begins to hand out pink slips to the seasoned employees, replaces key positions with young inexperienced workers who are paid less, and keeps only those employees willing to be demoted or have their salaries slashed- all in the name of “cost savings.” What a racket, and what a sweet deal for the equity firm! Of course, the only people hurt by all of this are the seasoned employees who built the company and are now without jobs.

Glenn Youngkin is not a businessman in the classic sense. He does no real work, he produces nothing, is attached to nothing. When he enters the scene, all that’s left to do is to put a newly acquired company into debt, let others manage the day to day operations working harder with the less, sit back, and reap huge profits. This is who Glenn Youngkin is. The only other significant bit of “work” he does is to find ways for the myriad companies Carlyle owns to shelter from paying their fair share of taxes, just as he does for himself personally. Mr. Youngkin lives in Fairfax County that uses its tax revenue for infrastructure; yet his political position advocates fewer taxes and thus less government revenue to care for the needs of people. He and his wife do not pay their fair share of taxes on their private real estate in Fairfax County; they also pay nothing on the 300-plus acres they own near Middleburg, claiming it is used for “religious” purposes. Such a crock!

When Mr. Youngkin stepped down as CEO from Carlyle just in September of last year, he claimed it was to do civic works. His idea of civic works is apparently to run the entire state of Virginia using his great management and leadership skills. Well, he has little of these if any. In reality, Mr. Youngkin ran Carlyle as his own personal fiefdom with many companies reporting. He caused the unnecessary loss of thousands of jobs and not their creation, as he now claims he will do. He gained great unearned personal wealth over the years via his parasitic management style, and yes, as I said, he was very good at it. Now Mr. Youngkin is using much of the wealth he gained from Carlyle to try to buy himself the governorship.

When you go to vote this November, remember this: Democrats want to govern, Republicans want to rule. Some Republicans will try to win service posts using cunning and some will use charm, but it’s all to the same end.

Don’t elect Glenn Youngkin to rule Virginia!
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