Carlyle Capital is insolvent

Tom Heath, writing in the Post,

The high-profile downfall, part of the broad turmoil in credit markets worldwide, followed a week of frantic negotiations between the Carlyle Group and a number of lenders. Carlyle Group’s three founders as recently as Monday were considering injecting cash into the fund as a way to usher it through the credit crisis.

By yesterday the fund had defaulted on $16.6 billion of debt and said it expected to default soon on its remaining debt. The fund’s $21.7 billion in assets were exclusively in AAA mortgage-backed securities issued by Fannie Mae and Freddie Mac, traditionally considered secure and conservative investments, which it was using as collateral against its loans.

Excrement sandwich, anyone?

Hank Paulson says there are so many “mistakes” in the market that there is not going to be an “easy solution.”

Well, duh.

We didn’t arrive at this point overnight, and there will be no overnight solution. I think we all understand that. Most of us are wondering where the bottom is, where the sideline is, and what to do next. Standing pat might be the right strategy, but dang, just dang.

h/t n2l

What’s past is prologue

So, what does John F. Kerry (who served in Viet Nam) have in common with the current crop of winter soldiers? From Obiter Dictum

In May 2006 an IVAW member named Jesse MacBeth appeared in a video widely circulated on the Internet. MacBeth claimed to have been a Ranger in Iraq who had committed horrific atrocities with his unit, including the execution of hundreds of men, women and children. However, MacBeth was exposed as a fraud who had been dismissed from the Army before completing Basic Training. Source: Seattle Times

In 2005, IVAW co-founder Jimmy Massy, a Marine veteran of Iraq, was found to have fabricated stories published in the Modesto Bee, the Sacramento Bee and the Associated Press. Ron Harris of the St. Louis Post-Dispatch and four other embedded reports and other Marines in Massey’s unit refuted the claims. The news organizations published retractions. Sources: Jewish World Review / Michelle Malkin

In an interview in March 2005, IVAW leader Camilo Mejia was asked if he had ever abused or tortured detainees in Iraq and replied in the negative. During his court martial for desertion Mejia again made no claims to have done or been ordered to do so, which claim if made might have strengthened his defense. However, in an interview the next August with Dahr Jamail, author of “Beyond the Green Zone”, Mejia’s story changed to “I tortured guys.” Sources: PBS / Dahr Jamail’s Mideast Dispatches / Point of Clarity News
In the same interview with Dahr Jamail in Aug 2005, Jamail wrote of what several IVAW members were telling him “I type furiously for three hours, trying to keep up with the stories each of the men shared….about the atrocities of what they saw, and committed, while in Iraq.” IVAW member Harvey Tharp was quoted by Jamail saying “Most of what we’re talking about is war crimes…war crimes because they are directed by our government for power projection.”Mideast Dispatches / Yemen Times

However, in an interview with the Yemen Times published on Feb 25, 2008, Tharp admitted to never having witnessed an atrocity in Iraq. Sources: Dahr Jamail’s

Grab the Popcorn as you watch John Kerry try to run away from his past.

Jason Mattera’s video interview of Kerry needs to go viral, doncha know. Cha-ching!

h/t Michelle Malkin

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