Charlie Rose

matty502  06/02/2012 07:01 AM Report

BRILLIANT THANKS GENTLEMAN BULLSEYE!!! :)

EyesOnYou  05/30/2012 01:49 AM Report

More 'constructive dialogue? Really? Where was so-called business when the president was demonized and subjected to racist attacks for 31/2 years? Now your 'feelings are hurt'? You don't say!

Sucked it up. 100s of millions of people around the world lost everything they had because of your greed.

Btw, why did private equity change it's name? Didn't we call them CORPORATE RAIDERS?

finalfantasytown  05/29/2012 08:36 AM Report

After massive unemployment, after stock market collapse, after painful rethinking, the members forming Ares will be waken up.

finalfantasytown  05/29/2012 08:12 AM Report

It is time for revolution, not reform. Solute! Solute! Solute!

finalfantasytown  05/29/2012 08:08 AM Report

Everyday Americans just talk about corruption in China, watch how fast Chinese decline in less than 20 years. Lots of Americans, so-called allies, friends even have enough experiences in China. But they don't understand all things happened and are happening in China are going to happen in United States, even much faster because of technology. Everything is ready for your own decision. No way to defend because attacks are from everywhere.

ShalomFreedman  05/29/2012 01:57 AM Report

What a pleasant, rational and balanced defender of his own self- interest.

finalfantasytown  05/28/2012 11:17 PM Report

I began to believe the American history since world war two as world leader is wrong. Various cultures based on various genetic combinations mix together without distinctions, keep changing classics and traditions one by one into wrong way, finally falling into communist society. False leader gives people false belief.

The only way is revolution to be Ares.

finalfantasytown  05/27/2012 05:49 AM Report

Politicians are most dangerous murderers. If being well trained and pursuing profit max, they will become professional murderers. Narrator has no such kind of ability of performance. Each detail action publicly like Wen's smile would probably trigger events when matching the code stored in Hades. But in this over populated and completely free world, we have no other choice. Behaving like a soldier, like an army might be hope.

SharkswithfrikingLazers  05/27/2012 02:33 AM Report

Charlie, you mentioned a party that Mr. Gogel said he did not attend.

I am guessing it was the party at Hamilton James' home in New York. (Hamilton James is the president of the private equity firm Blackstone.)

For $35,800 you got to spend two hours with President Obama.

The funny thing is this ad ran before the party--AWKWARD!

The really sad thing is that these guys paid thirty six grand to be in a private home with our President.

So there you have if folks: bite the hand an hour before you want that hand to give you $36K.

If this was a dog . . . well you know what you would do.

Our campaign financial system really, really sucks.

Leila  05/26/2012 07:31 PM Report

Charlie,

Your way to chummy with all your "good friends". This completely diminishes you as a interviewer. They aren't all your "good friends". They can't be a good friend, because you'll blab anything they say on your show, which you do.

You kept putting words in Gogel's mouth about Obama, and he kept correcting you. You don't seem to have respect for our President and I really don't appreciate you, asking everyone that comes on to your show, what do they think

about Obama, trying to get some dirt. It's very unbecoming.

You do it with everyone you can. Many times, I feel uncomfortable for them.

Being with Bain for 25 years, qualifies anyone to be president? All we need is a Wall Street guy in the White house. Why didn't you challenge that??

Watch this clip. Stewart hasn't sold out.

http://www.thedailyshow.com/watch/tue-january-31-2012/indecision-2012---bain-man

Your just the interviewer Charlie and you seem to forget that.

tabs  05/26/2012 05:19 PM Report

Mr Gogel comes out and says to draw in Liberal sympathy "I to was a supporter (sinner)of Obama, but now I have had an epiphany and I am going to support MITT!" Then Mr Gogel continues on with the infomercial portion of his visit, of how beneficial Private Equity Firms are to the US and Global economy. That is about it.

Mr Gogel you were played for a fool essessay, a vertible RUBE...You got caught (by supporting Obama) and you can not claim that the info about his character and ideological preferences were not known. Jamie Dimon (CEO of JPM) said in June of 2008 sitting in the same chair you were sitting in Charlies Studio that, "If the Democrats (Obama) get in they will RUIN AMERICA." Mr Gogel let us not mince words you supported and voted for the man who has been cutting your throat every chance that he has gotten for the last 3.5 years (Remember the Obama Comments about the GM Bond Holders).

Ohhh Mr Obama talks that Harvardese very well like the sirens song he does. He whispers in your ear that this is all campaign rhetoric and when the election is over all will return to business as usual. So Obama talks the talk but then his actions are ever more restrictive regulations and bigger government if by no other means than Executive Order. Mr Gogle might as well have said like the Roman Emperor Tiberius about Caligula,"I have nutured a viper in the bossum of Washington."

vongleichent  05/26/2012 12:23 PM Report

Ironically economics was the center in 2008 election as well. Nothing great has been accomplished since then. If anything more debt, and unemployment has been created.

W_A_Howell  05/26/2012 11:20 AM Report

Outstanding conversation with Don Gogel Mr. Rose. We currently employ 140,000 folks through various companies acquired through equity or debt purchases. People, these companies have or had one foot over a cliff and one on a banana peel before we step in. We breathe life into an otherwise dead or close to dead entity. So with a 95% resuscitation record in keeping companies intact and folks employed you would rather we just get out of the private equity business? Microsoft, Apple, Oracle, etc., all were birthed by private equity. Do any of you use Armor All? If we had not moved on this years ago that product’s chemistry wouldn’t have gotten out of the inventors bathtub. Regardless great interview Charley. W. A.

Ricardo_Amaral  05/26/2012 06:33 AM Report

Here is some interesting information regarding the United States and China

http://www.elitetrader.com/vb/showthread.php?s=969e2d8c826f25e44ae448422b4e0125&threadid=222491&perpa ge=6&pagenumber=20

.

NoPardonforMichaelMilken  05/26/2012 03:22 AM Report

Also, Charlie and PBS czars, please disclose all contributions made to The Charlie Rose Show and PBS by Mr. Gogel, Mr. Gogel's private equity firm, Mr. Gogel's litany of dummy corporations, Mr. Gogel's family members, Mr. Gogel's offshore holdings, and Mr. Gogel's litany of trust funds and other varied tax management policies.

Do it within the next 96 hours or you will receive a formal Freedom of Information request for said data.

Thank you.

Holmes  05/26/2012 03:20 AM Report

Charlie,

You are asking this guy the wrong question. The issue isn't whether the private equity fund defaults on the bonds, but whether the company does. Most everyone who works in this industry is savvy, so you have to make sure you get to the important part of the discussion, not the talking points.

Otherwise I thought it was an interesting discussion.

John

NoPardonforMichaelMilken  05/26/2012 03:19 AM Report

Mr. Gogel appeared on this show solely for the purpose of protecting Mr. Gogel, Mr. Gogel's offshore holdings, and the various opaque markets from which Mr. Gogel has long benefited - often doing all of these things at the expense of his fellow Americans.

Mr. Gogel is the Mayor of Gogel Land, where the Dollar reigns and where The Rule of 2-and-20 dominates all life.

Mr. Gogel views any questions of his business practices or those of Wall Street as attacks on capitalism, envy, and questions best not asked by the "lesser people", otherwise known as the Americans who pave his streets, stock his grocery shelves, and built his various mansions.

SharkswithfrikingLazers  05/26/2012 03:00 AM Report

Don Gogel sir,

Please take five minutes with our friend Jon Stewart:

http://www.thedailyshow.com/watch/tue-january-31-2012/indecision-2012---bain-man

Thank you.

SharkswithfrikingLazers  05/26/2012 02:50 AM Report

DAVIS: So our study looks at most of the private equity buyout transactions that occurred from 1980 to 2005, and we found that the firms acquired by private equity did involve the loss of more jobs at a faster pace than firms that are otherwise similar in terms of industry, size, age and prior growth but that they also created more new jobs at a faster pace than these otherwise similar firms.

So there was both more destruction of old jobs and more creation of new jobs at - in the aftermath of these private equity transactions. The net effect on employment was actually fairly modest. Depending on exactly how you measure it, one to percent of initial employment over two years.

DONVAN: Went down.

DAVIS: Yes, went down, yes. So that would be kind of the first headline from our study.

http://www.npr.org/2012/01/19/145463691/vulture-capitalism-how-private-equity-firms-work

SharkswithfrikingLazers  05/26/2012 02:47 AM Report

BUYING A HOUSE vs BUYING A BUSINESS

When you buy a house, and you have a mortgage, you are responsible for paying the mortgage.

When a PRIVATE EQUITY COMPANY buys a business, it is the business that puts up a little bit of equity and finances the rest, just like a mortgage, but it is not the private equity firm that has to pay that mortgage. It is the company that they've acquired.

(Funny thing, some of our politicians follow this same private equity model and have their large donors make the payments on the item. The FBI calls that a felony.)

SharkswithfrikingLazers  05/26/2012 02:41 AM Report

This is how I lost a job in 2003:

A Private Equity Company goes into a company. It might bid on the company in an auction and may do various things to drive the price down because it wants to try to get it as cheaply as possible.

Then the Private Equity Company invests in it, but it invests in it with a lot of borrowed dollars, and it loads the company up with too much debt.

It might charge this company management fees that are far too high.

And the next thing you know, a lot of workers end up being laid off.

That's when I got the ax.

SharkswithfrikingLazers  05/26/2012 02:31 AM Report

"What emerged from that long decade of change was a system that is more productive, nimble, and efficient than the one it replaced; it is also less equal, less stable, and more brutal."

http://nymag.com/news/politics/mitt-romney-2011-10/index6.html

SharkswithfrikingLazers  05/26/2012 02:22 AM Report

Gee whiz, if only we could remember back to January.

“Look, I’m for capitalism,” Gingrich said on NBC’s “Today” show. “But if somebody comes in, takes all the money out of your company and then leaves you bankrupt while they go off with millions, that’s not traditional capitalism.”

Thank you Republicans for showing us "Vulture Capitalism" both in word and deed.

How dare Obama steal their thunder!

SharkswithfrikingLazers  05/26/2012 02:18 AM Report

Charlie, this interview brings back memories of the movie "Other People's Money" from 1991.

http://en.wikipedia.org/wiki/Other_People%27s_Money

Bats  05/26/2012 12:36 AM Report

A Republican college classmate referred me to this interview as even handed and balanced. Contrary to the previous comments, I'm inclined to agree.

The problem with asking a private investment firm to explain what they do is that that is the question to which they've devoted their business lives to answering. Left to their own devices, they will always prevail.

The missing dimension in all explanations of how private equity firms work is time. It doesn't take a miracle worker to take a firm with a 10-15 year track record, whether going up or down, and find some assets that can be converted to quick term profit, if there are no restrictions, market-wise, or humanity-based.

Private equity firms are to American business as car rental companies are to car manufacturers. Car rental companies buy new cars every six months,and don't worry about maintenance much beyond ashtray-emptying and car washing. The car manufacturers have to try to plan for a series of winning car designs 10-12 years out.

There's nothing wrong with an economy that allows car rental companies to make a profit. The same could be said about private equity companies, if you're willing to equate trained employees with obsolete, six-month old new cars.

Bats  05/26/2012 12:36 AM Report

A Republican college classmate referred me to this interview as even handed and balanced. Contrary to the previous comments, I'm inclined to agree.

The problem with asking a private investment firm to explain what they do is that that is the question to which they've devoted their business lives to answering. Left to their own devices, they will always prevail.

The missing dimension in all explanations of how private equity firms work is time. It doesn't take a miracle worker to take a firm with a 10-15 year track record, whether going up or down, and find some assets that can be converted to quick term profit, if there are no restrictions, market-wise, or humanity-based.

Private equity firms are to American business as car rental companies are to car manufacturers. Car rental companies buy new cars every six months,and don't worry about maintenance much beyond ashtray-emptying and car washing. The car manufacturers have to try to plan for a series of winning car designs 10-12 years out.

There's nothing wrong with an economy that allows car rental companies to make a profit. The same could be said about private equity companies, if you're willing to equate trained employees with obsolete, six-month old new cars.

Bats  05/26/2012 12:36 AM Report

A Republican college classmate referred me to this interview as even handed and balanced. Contrary to the previous comments, I'm inclined to agree.

The problem with asking a private investment firm to explain what they do is that that is the question to which they've devoted their business lives to answering. Left to their own devices, they will always prevail.

The missing dimension in all explanations of how private equity firms work is time. It doesn't take a miracle worker to take a firm with a 10-15 year track record, whether going up or down, and find some assets that can be converted to quick term profit, if there are no restrictions, market-wise, or humanity-based.

Private equity firms are to American business as car rental companies are to car manufacturers. Car rental companies buy new cars every six months,and don't worry about maintenance much beyond ashtray-emptying and car washing. The car manufacturers have to try to plan for a series of winning car designs 10-12 years out.

There's nothing wrong with an economy that allows car rental companies to make a profit. The same could be said about private equity companies, if you're willing to equate trained employees with obsolete, six-month old new cars.

Bill_USA  05/25/2012 05:57 PM Report

Nice to see you continuing, Charlie to echo GOP talking points. In this case you built an entire program around the Big Lie that Obama has 'attacked' private equity firms. Of course, this is a complete 'crock'.

What Obama has said is that working as a partner in a Private Equity firm gives you experience in maximizing profits for the stock holders. Obama has gone on to say that this is not sufficient experience for occupying the White House.

The political ad you referred to is not an attack on Private Equity firms per se, but only at the way one private equity firm (which Romney was a principal partner in) handled a particular investment.

Your guest mentioned that BAin invested quite a sum in the steel company. What he forgot to mention was that Bain also increased the steel company's debt enormously and when they went bankrupt the company reneged on it's obligations to workers re their pensions. The ad was critiqueing the way one private equity firm dealt with one company and contending it was worth examining as an indicator of Romney's sensibilities to workers.

mkeeler  05/25/2012 05:54 PM Report

Charlie really let us down by going along with Gogel's claim that the political ad attacks private equity firms. I am Very Disappointed that this interview turned into a promotion of private equity, when it could have been a careful consideration of what Bain did under Romney — that's what we needed!

Charlie, maybe you should not interview so many of your friends, and could then do a better job for us? Yes, as Bonalibro says (below), you are "skirting away from journalism." The only significant point I got from this interview is that private equity doesn't care about true consumer—or citizen—confidence.

Furthermore, as REMant says (below), we need to know what "pro-grow policy" really means. Please help us learn, not merely repeat words and pretend we know what they refer to.

allenkl  05/25/2012 05:42 PM Report

Way to go Charlie. Keep on shilling for the plutocrats.

bonalibro  05/25/2012 05:41 PM Report

That ad did not constitute an attack on the private equity industry. constitutes an attack on one of its more notorious players, Mitt Romney's Bain Capital. And no doubt Cory Booker, who has a lot of prominent backers in high finance was pressured to say something about it. But he made himself look like a weasel.

Presumably, Mr. Gogel runs an honest business, and is sincere in stating how many private equity firms operate. But there others that operate as sharks, making huge piles of money for themselves at the expense of the people who devoted their lives to working in those companies, as the New York times story on the destruction of Simmons Mattress Company by a succession of private equity firms makes all too tragically clear.

Capitalism is a wonderful system, especially when it allows small local businesses to compete with each other to benefit the communities in which they operate. I grew up in a town like that and remember how the local merchants supported the little league I played in for all of one summer. And I remember how the local grocers, for example, always had better quality merchandise than the national chains they competed with. But corporate capitalism, especially of the type represented by big box retailers, that put local businesses out of business, and extract wealth from communities that used to support youth sports programs and local public libraries and such, is the bane of our nation.

Frankly, Mr. Rose, as one who was raised in a loft apartment above your family's local business, as your bio suggests, and rose to prominence and wealth by means of law and journalism, through the medium of Public Television, it behooves you to remember your roots and the values you were raised with. Shame on you for not recognizing and acknowledging that. You are skirting away from journalism here towards partisan polemics. Perhaps your association with Bloomberg lately is what has gotten to you. I don't always remember you talking this way. It certainly wasn't in your interest in your Public Broadcasting days.

REMant  05/25/2012 11:57 AM Report

I still do not know what these ppl mean when they talk about "a pro-growth policy." I'm afraid it means printing money, and I think it behooves them be more specific. I see that shortly after he became CEO, Mr Gogel's firm hired Jack Welch to advise them, so whatever Welch means by "growth" is presumably what Mr Gogel means. Welch was involved in a number of leveraged buyouts while at GE.

They should also ask themselves how consumption could have become a greater "driver" of the US economy than production. When they get finished with that they might tackle whether the increase in the price of a stock really represents an increase in shareholder value, much less one in consumer value.

Personally, I think things were/are better with private ownership. I am less sure that private equity bears much resemblance to it. To give you an idea of ownership today take the more recent history of Culligan, founded during the Depression by a blacksmith who discovered how to soften water, and now owned by Mr Gogel's firm. In 1986 owned by Beatrice Foods, according to Wikipedia, "Beatrice Foods, newly acquired by Kohlberg Kravis Roberts, spun off its specialty foods and non-food brands as E-II Holdings. E-II attempted to take over American Brands in 1988, but instead American Brands purchased E-II. American Brands went on to sell the majority of the E-II brands to Meshulam Riklis. Riklis soon left the company, and E-II filed for bankruptcy in 1992. After a takeover battle from Carl Icahn, E-II emerged from bankruptcy in 1993 under the name Astrum International. Culligan was spun off in 1995, and Astrum was renamed Samsonite. Culligan was acquired by United States Filter in 1998; US Filter was acquired by Vivendi in 1999. Vivendi spun off its water business in 2000, and the resulting company, Veolia Environnement, sold Culligan to Clayton, Dubilier & Rice in 2003." Makes you wonder when they found time to make water softeners, not mention what they were doing in entertainment. This is not at all uncommon, and I wonder if this country really wants its economy run by financiers, speculators and lawyers, or by scientists, engineers and consumers.

Such firms have often been vultures, too, and Bain was a premier operator in this area according to the public testimony of some in the industry. Many of them just load cos up with debt, much the same as the Keynesians try to load the govt up with debt. Even if they don't do that, I think it undeniable that they have benefited largely from loose monetary policies. On that score this president and this Fed, which he has supported, have done just about everything Wall St has asked. I certainly wouldn't want them to do any more.

I notice, also, that Mr Gogel, himself a lawyer, has no business or engineering experience, like many at McKinsey, nor has many of his firm's partners, just as Rand's minions have no experience fighting wars or in diplomacy, Brookings and the Cato Institute in social welfare, etc. Everyone these days, it seems, wants to be an advisor, manager or a governor, but no one wants to actually get his hands dirty. I suppose that's why they try to get into the most prestigious colleges they can.

There is no "vital center." There's never been a "vital center," which, incidentally Schlesinger never meant to be used in that way. Indeed, he called that idea "the dead center," when Clinton adapted it to politics. (http://en.wikipedia.org/wiki/Vital_Center) What there has been is a bunch of elites who've used govt power to their advantage, like the old machine bosses. The "purplist" ppl in Washington are those on K St. Mr Gogel never did mention what he thought were the legitimate concerns of govt.

And Hobbes had nothing whatever to do with Hobson's choice (http://en.wikipedia.org/wiki/Hobson's_choice) Hobbes merely said that ppl in a state of war ought to be happy to support someone with the power to stop it. Hobson, who ran a stable of horses, gave his customers no choice in mount.