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The Carlyle Group is an American multinational private equity, alternative asset management and financial services corporation. As one of the largest private equity and alternative investment firms in the world, Carlyle specializes in four key business areas: corporate private equity, real assets, global market strategies, and investment solutions.

The Carlyle Group, L.P.
Public
Traded as NASDAQCG
Industry Private equity
Founded 1987; 30 years ago (1987)
Headquarters Washington, D.C., United States
Key people
Daniel A. D'Aniello
(Chairman)
William E. Conway Jr.
(Co-CEO)
David Rubenstein
(Co-CEO)
Glenn A. Youngkin
(President and COO)
Curtis L. Buser (CFO)
Products Leveraged buyouts
Growth capital
Energy
Energy lending
Structured credit
Real estate
Revenue US$ 2.668 billion (nine months ended 9/30/17)[1]
US$ 720 million (nine months ended 9/30/17)[1]
AUM US$ 174 billion (nine months ended 9/30/17)[1]
Total assets US$ 12 billion (nine months ended 9/30/17)[1]
Number of employees
1,550 [1]
Website carlyle.com

Carlyle's corporate private equity business has been one of the largest investors in leveraged buyout transactions over the decade 2004–2014 (or perhaps 2000–2010),[citation needed] while its real estate business has actively acquired commercial real estate. Since its inception, Carlyle has at various times had investments in companies such as Booz Allen Hamilton, Dex Media, Dunkin' Brands, Freescale Semiconductor, Getty Images, HCR Manor Care, Hertz, Kinder Morgan, Nielsen, and United Defense.

Carlyle was founded in 1987 in Washington D.C. by William E. Conway Jr., Daniel A. D'Aniello, and David Rubenstein and currently operates with more than 1,550 employees across 31 offices in North America, South America, Europe, the Middle East, Africa, Asia and Australia. In 2012, Carlyle completed a $700 million initial public offering and began trading on the NASDAQ stock exchange on May 3, 2012.

According to a 2015 ranking called the PEI 300 based on capital raised over the last five years, Carlyle was ranked No. 1 as the largest private equity firm in the world.[2]

Contents

Business segmentsEdit

The firm is organized into four business segments:

  • Corporate Private Equity – Management of Carlyle's family of private equity funds investing primarily in leveraged buyout and growth capital transactions through a range of geographically focused investment funds;
  • Real Assets – Management of funds that pursue investments in real estate, infrastructure and energy and renewable resources;
  • Global Market Strategies – Management of funds that pursue investments in distressed and corporate opportunities, private credit, energy mezzanine, structured credit and opportunistic credit; and
  • Investment Solutions – Management of funds that invest in private equity and real estate fund of funds, co-investment and secondaries.

Corporate Private EquityEdit

Carlyle's Corporate Private Equity division manages a series of leveraged buyout and growth capital investment funds with specific geographic or industry focuses. Carlyle invests primarily in the following industries: aerospace, defense & government services, consumer & retail, energy, financial services, health care, industrial, real estate, technology and business services, telecommunications & media, and transportation.

Carlyle’s Corporate Private Equity segment advises 21 buyout and 10 growth capital funds, with more than $56 billion in AUM as of September 30, 2017.[1]

Real AssetsEdit

Carlyle's Real Assets segment advises 11 U.S. and internationally- focused real estate funds, two infrastructure funds, two power funds, an international energy fund, and four Legacy Energy funds (funds that Carlyle jointly advises with Riverstone). The segment also includes five NGP management fee funds and four carry funds advised by NGP. The Real Assets segment had approximately $40 billion in AUM as of September 30, 2017.[1]

Global Market StrategiesEdit

Carlyle’s Global Market Strategies segment advises 56 funds that pursue investment opportunitites across structured credit, distressed debt, corporate and energy mezzanine debt, and middle-market and senior debt. The Global Market Strategies segment had approximately $40 billion in AUM as of September 30, 2017.[1]

Investment SolutionsEdit

Carlyle’s Investment Solutions segment advises global private equity (AlpInvest Partners) and real estate (Metropolitan) fund of funds programs and related co-investment and secondary activities across 190 fund vehicles. The Investment Solutions segment had approximately $47 billion AUM as of September 30, 2017.[1]

AlpInvest Partners
Private
Industry Private Equity
Headquarters Amsterdam, Netherlands
Products Fund investments
Secondaries
Co-Investments
Mezzanine
Total assets € 39 billion
Website www.alpinvest.com

AlpInvest Partners is one of the largest private equity investment managers globally with over €39 billion under management as of June 30, 2017, invested alongside more than 250 private equity firms. Founded in 1999, AlpInvest has historically been the exclusive manager of private equity investments for the investment managers of two of the world's largest pension funds Stichting Pensioenfonds ABP (ABP) and Stichting Pensioenfonds Zorg en Welzijn (PFZW), both based in the Netherlands. In 2011, Carlyle acquired AlpInvest and has integrated the business, including its leading fund-of-funds and secondary platforms, significantly expanding Carlyle's global asset management business.

AlpInvest pursues investment opportunities across the entire spectrum of private equity including: large buyout, middle-market buyout, venture capital, growth capital, mezzanine, distressed and sustainable energy investments. AlpInvest has offices in New York City, Amsterdam and Hong Kong with approximately 150 people, of whom more than 80 are investment professionals.

Carlyle's real estate fund of funds group is called Metropolitan, which provides investors with access to multi-manager real estate funds and solutions with more than 85 fund managers in the United States, Europe, Asia and Latin America. Metropolitan constructs and manages U.S., non-U.S. and global real estate portfolios, which include primary and secondary fund interests as well as co-investments.

HistoryEdit

Founding and early historyEdit

Carlyle was founded in 1987 as an investment banking boutique by five original partners with backgrounds in finance and government: William E. Conway, Jr., Stephen L. Norris, David M. Rubenstein, Daniel A. D'Aniello and Greg Rosenbaum.[3] The founding partners named the firm after the Carlyle Hotel in New York City where Norris and Rubenstein had often met to discuss the formation of their new investment business.[4] Rubenstein, who was a Washington-based lawyer, had worked in the Carter Administration. Norris and D'Aneillo had previously worked together at Marriott Corporation while Conway was a finance executive at MCI Communications. Of the founding five partners Rubenstein, Conway and D'Aneillo remain active in the business while Rosenbaum left in the first year[5] and Norris departed in 1995.[4][6] Carlyle was founded with $5 million of financial backing from T. Rowe Price, Alex. Brown & Sons, First Interstate Equities, and the Richard King Mellon family.[7][8]

In the late 1980s, Carlyle raised capital on a deal-by-deal basis to pursue leveraged buyout investments including a failed takeover battle for Chi-Chi's.[5][8] The firm raised its first dedicated buyout fund with $100 million of investor commitments in 1990. In its early years, Carlyle also advised in transactions including a $500 million investment by Prince Al-Waleed bin Talal, a member of the Saudi royal family, in Citigroup in 1991.[8]

 
The Crusader weapon system, developed by United Defense, Carlyle's largest investment in the defense industry, was cancelled in May 2002[9]

Carlyle initially developed a reputation for acquiring businesses related to the defense industry. In 1992, Carlyle completed the acquisition of the Electronics division of General Dynamics Corporation, renamed GDE Systems, a producer of military electronics systems.[10] Carlyle would later sell the business to Tracor in October 1994.[11] Carlyle acquired Magnavox Electronic Systems, the military communications and electronic-warfare systems segment of Magnavox, from Philips Electronics in 1993.[12] Carlyle sold Magnavox for approximately $370 million to Hughes Aircraft Company in 1995. Carlyle also invested in Vought Aircraft through a partnership with Northrop Grumman.[13] Carlyle's most notable defense industry investment came in October 1997 with its acquisition of United Defense Industries. The $850 million acquisition of United Defense represented Carlyle's largest investment to that point.[9][14] Carlyle was able to complete an IPO of United Defense on the New York Stock Exchange in December 2001 selling a significant portion of its interest in the company. Carlyle completed a sale of its remaining United Defense stock and exited the investment in April 2004.[15] In more recent years, Carlyle has deemphasized its focus on defense industry investments.[16]

Carlyle's 2001 investor conference took place on September 11, 2001. In the weeks following the meeting, it was reported that Shafiq bin Laden, a member of the Bin Laden family, had been the "guest of honor", and that they were investors in Carlyle managed funds.[17][18][19][20][21] Later reports confirmed that the Bin Laden family had invested $2 million into Carlyle's $1.3 billion Carlyle Partners II Fund in 1995, making the family relatively small investors with the firm. However, their overall investment might have been considerably larger, with the $2 million committed in 1995 only being an initial contribution that grew over time.[22] These connections would later be profiled in Michael Moore's Fahrenheit 911. The Bin Laden family liquidated its holdings in Carlyle's funds in October 2001, just after the September 11th attacks, when the connection of their family name to the Carlyle Group's name became impolitic.[23]

2002–2006Edit

 
The Carlyle Group Logo

Following the collapse of the Dot-com bubble in 2000 and 2001, buyout activity declined significantly. Marked by the two-stage buyout of Dex Media at the end of 2002 and 2003, large multibillion-dollar U.S. buyouts could once again obtain significant high yield debt financing and larger transactions could be completed. Carlyle, together with Welsh, Carson, Anderson & Stowe, led a $7.5 billion buyout of QwestDex. The buyout was the third largest corporate buyout since 1989. QwestDex's purchase occurred in two stages: a $2.75 billion acquisition of assets known as Dex Media East in November 2002 and a $4.30 billion acquisition of assets known as Dex Media West in 2003. R. H. Donnelley Corporation acquired Dex Media in 2006. Shortly after Dex Media, other larger buyouts would be completed signaling the resurgence in private equity was underway.

Lou Gerstner, former chairman and CEO of IBM and Nabisco, was appointed chairman of Carlyle in January 2003, replacing Frank Carlucci. Gerstner would serve in that position through October 2008.[24][25] The hiring of Gerstner, was intended to reduce the perception of Carlyle as a politically dominated firm.[26] At the time, Carlyle, which had been founded 15 years earlier had accumulated $13.9 billion of assets under management and had generated annualized returns for investors of 36%.[25]

Carlyle also announced the $1.6 billion acquisition of Hawaiian Telcom from Verizon in May 2004.[27] Carlyle's investment was immediately challenged when Hawaii regulators delayed the closing of the buyout. The company also suffered billing and customer-service issues as it had to recreate its back-office systems. Hawaiian Telcom ultimately filed for bankruptcy in December 2008, costing Carlyle the $425 million it had invested in the company.[28]

 
Carlyle led the $15 billion buyout of Hertz in 2005

As the activity of the large private equity firms increased in the mid-2000s, Carlyle kept pace with such competitors as Kohlberg Kravis Roberts, Blackstone Group, and TPG Capital. In 2005, Carlyle, together with Clayton Dubilier & Rice and Merrill Lynch completed the $15.0 billion leveraged buyout of The Hertz Corporation, the largest car rental agency from Ford.[29][30]

The following year, in August 2006, Carlyle and its Riverstone Holdings affiliate partnered with Goldman Sachs Capital Partners in the $27.5 billion (including assumed debt) acquisition of Kinder Morgan, one of the largest pipeline operators in the US. The buyout was backed by Richard Kinder, the company's co-founder and a former president of Enron.[31]

In September 2006, Carlyle led a consortium, comprising Blackstone Group, Permira and TPG Capital, in the $17.6 billion takeover of Freescale Semiconductor. At the time of its announcement, Freescale would be the largest leveraged buyout of a technology company ever, surpassing the 2005 buyout of SunGard. The buyers were forced to pay an extra $800 million because KKR made a last-minute bid as the original deal was about to be signed. Shortly after the deal closed in late 2006, cell phone sales at Motorola Corp., Freescale's former corporate parent and a major customer, began dropping sharply. In addition, in the recession of 2008–2009, Freescale's chip sales to automakers fell off, and the company came under great financial strain.[32][33]

Earlier that year, in January 2006, Carlyle together with Blackstone Group, AlpInvest Partners, Hellman & Friedman, Kohlberg Kravis Roberts and Thomas H. Lee Partners acquired Nielsen Company, the global information and media company formerly known as VNU in an $8.9 billion buyout.[34][35][36] Also in 2006, Carlyle acquired Oriental Trading Company which ultimately declared bankruptcy in August 2010[37] as well as Forba Dental Management, the owner of Small Smiles Dental Centers, the largest US chain of dental clinics for children.[38]

Ownership changesEdit

For the first 25 years of its existence, Carlyle operated as a private partnership controlled by its investment partners. In 2001, the California Public Employees' Retirement System (CalPERS), which had been an investor in Carlyle managed funds since 1996, acquired a 5.5% holding in Carlyle's management company for $175 million.[39] The investment was valued at approximately $1 billion by 2007 at the height of the 2000s buyout boom.[40]

In September 2007, Mubadala Development Company, an investment vehicle for the government of Abu Dhabi of the United Arab Emirates, purchased a 7.5% stake for $1.35 billion.[40][41]

In February 2008, California legislators targeted Carlyle and Mubdala, proposing a bill that would have barred CalPERS from investing money "with private-equity firms that are partly owned by countries with poor records on human rights." The bill, which was intended to draw attention to the connection between Carlyle and Mubadala Development was later withdrawn.[42]

In May 2012, Carlyle completed an initial public offering of the company, listing under the symbol CG on the NASDAQ. The firm, which at the time managed approximately $147 billion of assets, raised $671 million in the offering. Following the IPO, Carlyle's three remaining founding partners, Rubenstein, D'Aniello and Conway retained the position as the company's largest shareholders.[43]

In June 2017, Carlyle took its non-traded BDC, TCG BDC, Inc., public in the first business development company IPO since 2014.[44][45]

Subsidiaries and joint-venturesEdit

Carlyle has been actively expanding its investment activities and assets under management through a series of acquisitions and joint-ventures.

Carlyle Capital CorporationEdit

In March 2008, Carlyle Capital Corporation, established in August 2006[46] for the purpose of making investments in U.S. mortgage-backed securities, defaulted on about $16.6 billion of debt as the global credit crunch brought about by the subprime mortgage crisis worsened for leveraged investors. The Guernsey-based affiliate of Carlyle was very heavily leveraged, up to 32 times by some accounts, and it expects its creditors to seize its remaining assets.[47] Tremors in the mortgage markets induced several of Carlyle's 13 lenders to make margin calls or to declare Carlyle in default on its loans.[48] In response to the forced liquidation of mortgage-backed assets caused by the Carlyle margin calls and other similar developments in credit markets, on March 11, 2008, the Federal Reserve gave Wall Street's primary dealers the right to post mortgaged-back securities as collateral for loans of up to $200 billion in higher-grade, U.S. government-backed securities.[49]

On 12 March 2008, BBC News Online reported that "instead of underpinning the mortgage-backed securities market, it seems to have had the opposite effect, giving lenders an opportunity to dump the risky asset" and that Carlyle Capital Corp. "will collapse if, as expected, its lenders seize its remaining assets."[50] On March 16, 2008, Carlyle Capital announced that its Class A Shareholders had voted unanimously in favor of the Corporation filing a petition under Part XVI, Sec. 96, of the Companies Law (1994) of Guernsey[51] for a "compulsory winding up proceeding" to permit all its remaining assets to be liquidated by a court-appointed liquidator.[52]

The losses to the Carlyle Group due to the collapse of Carlyle Capital are reported to be "minimal from a financial standpoint".[53]

In September 2017 the court ruled that Carlyle had no liability in the lawsuit. [54]

In documentariesEdit

Carlyle has been profiled in two notable documentaries: Michael Moore's Fahrenheit 9/11 and William Karel's The World According to Bush.

In Fahrenheit 9/11, Moore makes nine allegations concerning the Carlyle Group.[55] Moore focused on Carlyle's connections with George H. W. Bush and his Secretary of State James Baker, both of whom had at times served as advisers to the firm. The movie quotes author Dan Briody, who claimed that the Carlyle Group "gained" from the September 11 attacks because it owned United Defense, a military contractor, although the firm’s $11 billion Crusader artillery rocket system developed for the United States Army is one of the few weapons systems cancelled by the Bush administration.[16] A Carlyle spokesman noted in 2003 that its 7% interest in defense industries was far less than several other Private equity firms.[56] Carlyle also has provided detail on its links with the Bin Laden family, specifically the relatively minor investments by an estranged half brother.[citation needed]

In The World According to Bush, William Karel interviewed Frank Carlucci to discuss the presence of Shafiq bin Laden, Osama bin Laden's estranged brother, at Carlyle's annual investor conference while the September 11 attacks were occurring.[18][57]

See alsoEdit

ReferencesEdit

  1. ^ a b c d e f g h i "CG 2017 10-Q". 
  2. ^ "PEI 300". Private Equity International. June 2015. Retrieved 24 June 2015. 
  3. ^ David A. Vise, "Area Merchant Banking Firm Formed," Washington Post, October 5, 1987, F33
  4. ^ a b John Mintz, "Founder Going Beyond the Carlyle Group," Washington Post, January 9, 1995, F9
  5. ^ a b Paul Farhi, "Chi-Chi's Bid Won D.C. Investment Firm Wall Street's Attention," Washington Post, June 6, 1988, F1
  6. ^ Thornton, Emily "Carlyle Changes Its Stripes," BusinessWeek, February 12, 2007
  7. ^ "Carlucci Takes Job at Carlyle Group". The New York Times, January 30, 1989
  8. ^ a b c "Little-Known Carlyle Scores Big". New York Times, March 26, 1991
  9. ^ a b "Carlyle Beats Out Dynamics for United Defense". Wall Street Journal, August 27, 1997
  10. ^ "GENERAL DYNAMICS SELLS UNIT TO PRIVATE GROUP". New York Times, October 6, 1992
  11. ^ "TRACOR TO BUY GDE SYSTEMS FROM CARLYLE GROUP". New York Times, October 14, 1994
  12. ^ "PHILIPS TO SELL MAGNAVOX ELECTRONIC SYSTEMS". New York Times, July 28, 1993
  13. ^ "Hughes Aircraft Sets Purchase Of Magnavox for $370 Million". New York Times, September 12, 1995
  14. ^ "Military Contractor Sold to Buyout Firm". New York Times, August 27, 1997
  15. ^ United Defense Industries. GlobalSecurity.org, July 31, 2005. Retrieved October 22, 2008.
  16. ^ a b Pratley, Nils. Fahrenheit 9/11 had no effect, says Carlyle chief, The Guardian, February 15, 2005.
  17. ^ Eric Alterman, Mark J. Green (2004). The Book on Bush: How George W. (Mis)leads America. Penguin. ISBN 9781101200810. Retrieved 2014-02-22. The extremely influential Carlyle Group has arranged similar gatherings during the previous fourteen years, beneath the radar of most of the mass media, between former politicians like Bush, James Baker, John Major, former World Bank treasurer Afsaneh Masheyekhi, and interested parties looking for some extremely expensive, high-powered lobbying services. On September 11, 2001, the Group happened to be hosting a conference at a Washington hotel. Among the guest of honor: investor Shafig bin Laden, another brother to Osama. 
  18. ^ a b James K. Glassman (June 2006). "Big Deals. David Rubenstein and His Partners Have Made Billions With the Carlyle Group, the World's Hottest Private Equity Firm. How Have They Made All That Money? Why Are They in Washington?" (PDF). The Washingtonian. Archived from the original (PDF) on 2008-09-10. Retrieved February 2014.  Check date values in: |access-date= (help)
  19. ^ "The Carlyle Group: C for Capitalism". The Economist. 2003-06-26. Archived from the original on 2005-12-12. Retrieved 2014-02-22. ON the day Osama bin Laden's men attacked America, Shafiq bin Laden, described as an estranged brother of the terrorist, was at an investment conference in Washington, DC, along with two people who are close to President George Bush: his father, the first President Bush, and James Baker, the former secretary of state who masterminded the legal campaign that secured Dubya's move to the White House. 
  20. ^ Ed Vulliamy (2002-05-16). "Dark heart of the American dream". The Guardian. Archived from the original on 2008-09-17. Retrieved 2014-02-22. On 11 September, while Al-Qaeda's planes slammed into the World Trade Center and the Pentagon, the Carlyle Group hosted a conference at a Washington hotel. Among the guests of honour was a valued investor: Shafig bin Laden, brother to Osama. 
  21. ^ Michel Chossudovsky (2013-04-13). "Is Kissing a "State Sponsor of Terrorism" a "Terrorist Act"? Political Satire". NSNBC. Archived from the original on 2013-05-02. Retrieved 2014-02-22. There is nothing wrong, therefore, in socializing and doing business with family members of terror mastermind Osama bin Laden, including the late Salem bin Laden and Shafiq bin Laden of the Carlyle Group. 
  22. ^ "Bin Laden Family Is Tied To U.S. Group". Wall Street Journal, September 27, 2001
  23. ^ "Bin Laden Family Liquidates Holdings With Carlyle Group". New York Times, October 26, 2001
  24. ^ [IBM's Gerstner To Join Carlyle As Chairman]. Wall Street Journal, November 22, 2002
  25. ^ a b [Gerstner to Be Carlyle Group Chairman; Former IBM Chief Brings Long List of Contacts to Private Equity Firm]. The Washington Post, November 22, 2002
  26. ^ [The Man Behind the Curtain at Carlyle Group --- Despite All the Powerful Names, Little-Known David Rubenstein Drives Its Fund-Raising Success]. Wall Street Journal, August 25, 2003
  27. ^ [VERIZON SELLS HAWAIIAN UNIT FOR $1.6 BILLION]. New York Times, May 22, 2004
  28. ^ Carlyle's Bet on Telecom in Hawaii Ends Badly. Wall Street Journal, December 2, 2008
  29. ^ ANDREW ROSS SORKIN and DANNY HAKIM. "Ford Said to Be Ready to Pursue a Hertz Sale." The New York Times, September 8, 2005
  30. ^ PETERS, JEREMY W. "Ford Completes Sale of Hertz to 3 Firms." The New York Times, September 13, 2005
  31. ^ MOUAWAD, JAD. "Kinder Morgan Agrees to an Improved Buyout Offer Led by Its Chairman." The New York Times, August 29, 2006.
  32. ^ King of Capital, 231-235
  33. ^ Sorkin, Andrew Ross and Flynn, Laurie J. "Blackstone Alliance to Buy Chip Maker for $17.6 Billion." The New York Times, September 16, 2006
  34. ^ Goldsmith, Charles (2006-03-08). "VNU Shareholders Reject $8.9 Bln Offer From KKR Group (Update2)". Bloomberg. Retrieved 2015-10-16. 
  35. ^ Buyout Bid For Parent Of Nielsen. The New York Times, January 17, 2006
  36. ^ [1] Archived November 16, 2008, at the Wayback Machine.
  37. ^ McCarty, Dawn (2010-08-25). "Oriental Trading Co. Files for Bankruptcy in Delaware". Bloomberg. Retrieved 2010-09-28. 
  38. ^ [2] Archived August 29, 2008, at the Wayback Machine.
  39. ^ [Deals & Deal Makers: Calpers Buys 5% Stake in Carlyle Group For $175 Million, Invests in Some Funds]. Wall Street Journal, February 2, 2001
  40. ^ a b Heath, Thomas. "Government of Abu Dhabi Buys Stake in Carlyle." Washington Post, September 21, 2007, page D01.
  41. ^ Sorkin, Andrew Ross. "Carlyle to Sell Stake to a Mideast Government." The New York Times, September 21, 2007.
  42. ^ Kasler, Dale. "Bill limiting CalPERS, CalSTRS investments withdrawn." Sacramento Bee, April 9, 2008.
  43. ^ Carlyle Prices IPO at Lower Range. Wall Street Journal, May 2, 2012
  44. ^ "TCG BDC, Inc". BDC Stocks. Retrieved 3 July 2017. 
  45. ^ "TCG BDC, Inc. Prices Public Offering". The Carlyle Group. The Carlyle Group. Retrieved 3 July 2017. 
  46. ^ [3][dead link]
  47. ^ "Carlyle Capital in default, on brink of collapse". Reuters. 
  48. ^ "Carlyle Founders Consider Cash Infusion". washingtonpost.com. 
  49. ^ [4] Archived December 20, 2013, at the Wayback Machine.
  50. ^ "Hedge fund on verge of collapse". BBC News Online. 13 March 2008. 
  51. ^ [5] Archived September 10, 2008, at the Wayback Machine.
  52. ^ [6] Archived December 25, 2008, at the Wayback Machine.
  53. ^ Jessica Hall, Dane Hamilton (March 14, 2008). "CCC's Woes Seen as Small Blemish for Carlyle Group". Reuters. 
  54. ^ DeJarnette, Jordan. "Carlyle executives exonerated over collapsed bond fund". Financial Times. Financial Times. 
  55. ^ Moore, Michael "Factual Back-Up for Fahrenheit 9/11: Section Four" Archived 2009-06-27 at the Wayback Machine. Michaelmoore.com
  56. ^ Doward, Jamie (2003-05-23). "'Ex-presidents club' gets fat on conflict". The Observer. 
  57. ^ "C for capitalism". The Economist. 2003-06-26. Retrieved 2015-10-16. 

Notes and referencesEdit

External linksEdit