Carlyle Chief Ready To Go Bargain-Hunting

David Rubenstein, managing director of Washington's Carlyle Group private-equity giant, said firms such as his would play a big role in eventually buying back from the government those private assets it is poised to bail out.

In an interview moments ago on CNBC, Rubenstein said the coming transaction between the federal government and private buyers will be "one of the largest wealth transfers in the history of the country."

Rubenstein would not specify which assets Carlyle might buy, but did not rule out the purchase of the risky mortgage-backed securities that launched the current crisis.

So far this year, Rubenstein said Carlyle has invested more money outside the United States than inside, though he expects that to change as he bargain-hunts in the coming sales.

Rubenstein predicted he will be joined by overseas money, seeking good deals in the U.S., including sovereign wealth funds, and "we shouldn't discourage that," he said.

-- Frank Ahrens

September 22, 2008; 4:48 PM ET  | Category:  business
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