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| Caterair |
CaterairCaterair was the name of a Texas-based investment, Caterair International, Inc., of the private equity firm Carlyle Group. It provided in-flight meals for passengers on large commuter aircraft. It is famous for its association with George W. Bush, who was a member of its Board of Directors between 1990 and 1994, and even served on its audit committee. He quit the Board to run for the position of Texas governor, months before the firm declared bankruptcy.
Carlyle acquired the business from Marriott Corp. which sold its In-Flite Services catering business to Marriott’s upper management. Carlyle took a 50% stake, committing $93.8 million. The business was renamed Caterair. The investment was funded primarily by a massive issuance of junk bond financing, as was the trend at that time.
With the global economy spiralling into recession during the early 1990s, the airline business faltered, and with it did Caterair. It eventually defaulted on its debt obligations during 1994. Hence, it was later dubbed CraterAir, by Wall Street analysts.
Caterair was sold by Carlyle to the Canadian private equity firm, Onex Corporation, in September 1995 which merged it with its other acquisition LSG/Sky Chef.
Quotes
- David Rubenstein (a founder of the Carlyle Group) described that time to a convention of pension managers in Los Angeles last year, recalling that Republican fund raiser, Fred Malek approached him and said, "There is a guy who would like to be on the board. He's kind of down on his luck a bit. Needs a job. . . . Needs some board positions." Though Rubenstein didn't think George W. Bush, then in his mid-40's, "added much value," he put him on the Caterair board. "Came to all the meetings," Rubenstein told the conventioneers. "Told a lot of jokes. Not that many clean ones. And after a while I kind of said to him, after about three years: You know, I'm not sure this is really for you. Maybe you should do something else. Because I don't think you're adding that much value to the board. You don't know that much about the company." He said: "Well, I think I'm getting out of this business anyway. And I don't really like it that much. So I'm probably going to resign from the board." And I said "thanks". Didn't think I'd ever see him again.' - New York Times, Ron Suskind, Without A Doubt, 17 October 2004.
Category:George W. Bush
Texas
Texas is a state located in the United States of America. The 28th U.S. state, Texas joined the United States in 1845. Its postal abbreviation is TX.
The state name derives from a word in a Caddoan language of the Hasinai, táysha (or tejas, as the Spaniards spelled it), meaning friends or allies. Spanish explorers mistakenly applied the word to the people and their location.
With an area of 696,241 km2 and a population of 22.5 million, Texas is the second largest U.S. state in both area and population, and the largest state in the contiguous 48 states in area. (Alaska is the largest U.S. state in area and California is the most populous.) Texas has historically had a "larger than life" reputation, especially in cowboy films.
History
Texas can claim that "Six Flags" have flown over its soil: the Fleur-de-lis of France, and the national flags of Spain, Mexico, the Republic of Texas, the United States of America and the Confederate States of America.
Native American tribes that once lived inside the boundaries of present-day Texas include Apache, Atakapan, Bidai, Caddo, Comanche, Cherokee, Kiowa, Tonkawa, and Wichita. Currently, there are three federally recognized Native American tribes which reside in Texas: the Alabama-Coushatta Tribe of Texas, the Kickapoo Traditional Tribe of Texas, and the Ysleta Del Sur Pueblo of Texas.
On November 6, 1528 shipwrecked Spanish conquistador Álvar Núñez Cabeza de Vaca became the first known European to set foot on Texas. A member of the Narváez expedition, he was later enslaved by a Native American tribe of the upper Gulf coast, and explored what are now the U.S. states of Texas, New Mexico and Arizona on foot from coastal Louisiana to Sinaloa, Mexico, over a period of roughly six years. He returned to Europe in 1537, where he wrote about his experiences in a work called La relación ("The Tale").
Álvar Núñez Cabeza de Vaca]
Prior to 1821, Texas was part of the Spanish colony of New Spain. After Mexican independence in 1821, Texas became part of Mexico and in 1824 became the northern section of Coahuila y Tejas. On 3 January 1823, Stephen F. Austin began a colony of 300 American families along the Brazos River in present-day Fort Bend County and Brazoria County, centered primarily in the area of what is now Sugar Land. This group became known as the "Old Three Hundred." The "Conventions" of 1832 and 1833 responded to rising unrest at the policies of the ruling Mexican government. Policies that most irritated the Texians included the Mexican ban on slavery, the forcible disarmament of Texian settlers, and the expulsion of illegal immigrants from the United States of America. The example of the Centralista forces' suppression of dissidents in Zacatecas also inspired fear of the Mexican government.
Zacatecas
On March 2, 1836, the "Convention of 1836" signed the Texas "Declaration of Independence," declaring Texas an independent nation. On April 21, 1836 the Texans won their independence when they defeated the Mexican forces of Santa Anna at the Battle of San Jacinto. Santa Anna himself passed into captivity, and on May 14, Republic of Texas officials and General Santa Anna signed the treaty of Velasco. The Republic of Texas included all the area now included in the state of Texas, although its self-proclaimed western and northwestern borders extended as far west as Santa Fe and as far northwest as present-day Wyoming, respectively.
In 1845, Texas was admitted to the United States as a constituent state of the Union. Annexation was mutually beneficial to Texas and the United States. Texas was in a very susceptible position following independence, with a weak government, little industry, and minimal infrastructure. The U.S. could not allow such a tenuous nation to sit right on its border. Texas also lay partially in the way of the U.S. expansion to the Pacific, and its "Manifest Destiny." The major stumbling block of annexation, besides the potential for war with Mexico, was the fact that Texas was a slave state and potentially would tip the balance between free and slave states due to its huge size. Some southerners were pushing for the ability to divide Texas into multiple states, thereby increasing the number of slave states even more. A compromise was reached in that if Texas were divided, any states north of the Missouri Compromise would be free states.
During the Civil War, Texas seceded from the Union and joined the Confederate States of America. In 1870, the United States Congress readmitted Texas into the Union.
Texas today is a state thoroughly steeped in tradition, yet equally embracing of new social and technological developments. From the state capital of Austin (also headquarters of Dell Computers and known as "Silicon Hills") to the cosmopolitan air of Dallas, to the oil-and-finance rich industry of Houston to the Latinesque cultures of San Antonio and El Paso, the state tourism slogan truly fits: "Texas: It's like a whole other country."
Geography
1870
Location
Texas borders New Mexico on the west, Oklahoma on the north (across the Red River), and Louisiana (across the Sabine River) and Arkansas on the east. To the southwest, across the Rio Grande, Texas borders the Mexican states of Chihuahua, Coahuila, Nuevo León, and Tamaulipas. To the southeast of Texas lies the Gulf of Mexico.
Texas lies in the south-central part of the United States of America. Texas is considered to form part of the US South and part of the U.S. Southwest. Some regions of Texas are associated with the Southwest more than the South, while other regions are associated with the South more than the Southwest. Texas shares some cultural elements with both regions, with more similarities with the South, especially Arkansas and Louisiana, in East Texas, and more similarities with the Southwest, especially Mexico and New Mexico, in West Texas and South Texas. Texas is so large in its east-west expanse that El Paso, in the western corner of the state, is closer to San Diego, California than to Beaumont, near the Louisiana state line; Beaumont, in turn is closer to Jacksonville, Florida than it is to El Paso. The north-south extent is similarly impressive; Dalhart, in the nortwestern corner of the state, is closer to the state capitals of Kansas,
Colorado, and Wyoming than it is to the Texas state capital (Austin).
Human Geography
Articles on Texas regions:
- Arklatex
- Big Bend
- Central Texas
- Dallas/Fort Worth Metroplex
- Deep East Texas
- East Texas
- Edwards Plateau
- Greater Houston
- North Texas
- Northeast Texas
- Piney Woods
- Rio Grande Valley
- Texas Hill Country
- Texas Panhandle
- Llano Estacado
- Southeast Texas
- South Texas
- West Texas
For the 254 counties of Texas,
Natural Geography
counties]
counties]
counties]
Texas has five major topographic regions:
# The Coastal Plain, from the Gulf of Mexico inland to about San Antonio and just southeast of Austin
# The Hill Country and Edwards Plateau, a hilly rocky area in central Texas bordered on the east by the Balcones Fault zone and Blackland Prairie.
# The Great Plains region extends into northern Texas, including the Llano Estacado and the Panhandle High Plains
# The North Central Plains
# The Trans-Pecos Desert, a subdivision of the Chihuahuan Desert, in extreme western Texas, west of the Pecos River
Geology
Texas is the southernmost part of the Great Plains, which ends in the south against the folded Sierra Madre Oriental of Mexico. It is mostly sedimentary rocks, with east Texas underlain by a Cretaceous and younger sequence of sediments, the trace of ancient shorelines east and south until the active continental margin of the Gulf of Mexico is met. This sequence is built atop the subsided crest of the Appalachian Mountains–Ouachita Mountains–Marathon Mountains zone of Pennsylvanian continental collision, which collapsed when rifting in Jurassic time opened the Gulf. West from this orogenic crest, which is buried beneath the Dallas–Waco–Austin–San Antonio trend, the sediments are Permian and Triassic in age. Oil is found in the Cretaceous sediments in the east, the Permian sediments in the west, and along the Gulf coast and out on the Texas continental shelf. A few exposures of Precambrian igneous and metamorphic rocks are found in the central and western parts of the state, and Oligocene volcanic rocks are found in far west Texas, in the Big Bend area. A blanket of Miocene sediments known as the Ogallala formation in the western high plains region is an important aquifer. Texas has no active or dormant volcanoes and few earthquakes, being situated far from an active plate tectonic boundary.
Government and politics
State Law and Government
plate tectonic]
Austin is the capital of Texas. The State Capitol resembles the federal Capitol Building in Washington, DC, but is faced in pink granite and is topped by a statue of the "Goddess of Liberty" holding aloft a five-point Texas star. Like several other southern state capitols, it faces south instead of north. The capitol building is seven feet taller than the U.S. national capitol, but it is less massive.
Republican Rick Perry has served as Governor of Texas since December 2000 when George W. Bush vacated the office to assume the Presidency. Two Republicans represent Texas in the U.S. Senate: Kay Bailey Hutchison (since 1993) and John Cornyn (since 2002). Texas has 32 representatives in the U.S. House of Representatives: 21 Republicans and 11 Democrats.
The Texas Constitution, adopted in 1876, is the second longest in the nation. As with many state constitutions, it explicitly provides for the separation of powers and incorporates its bill of rights directly into the text of the constitution (as Article I). The bill of rights is considerably lengthier and more detailed than the federal Bill of Rights, and includes some provisions unique to Texas.
The executive branch consists of the Governor, Lieutenant Governor, Comptroller of Public Accounts, Land Commissioner, Attorney General, Agriculture Commissioner, the three-member Railroad Commission, the State Board of Education, and the Secretary of State. The Comptroller decides if expected state income is sufficient to cover the propsed state budget. Except for the Secretary of State—who is appointed by the Governor with the advice and consent of the Senate—each of these officials is elected. There are also a large number of state agencies and numerous boards and commissions. Partly because of the large number of elected officials, the Governor's powers are quite limited in comparison to other state governors or the U.S. President. In popular lore and belief the Lieutenant Governor, who heads the Senate and appoints its committees, has more power than the Governor. The Governor commands the state militia and can veto bills passed by the Legislature and call special sessions of the Legislature. He or she also appoints members of various executive boards and fills judicial vacancies between elections.
The Legislature of Texas, like the legislature of every other state except Nebraska, is bicameral (that is, has two chambers). The House of Representatives has 150 members, while the Senate has 31. The speaker of the house, currently Tom Craddick (R-Midland) leads the House, and the Lieutenant Governor (currently Republican David Dewhurst) leads the State Senate. The Legislature meets in regular session only once every two years.
The judicial system of Texas has a reputation as one of the most complex in the United States—if not in the world—with many layers and many overlapping jurisdictions. Texas has two courts of last resort: the Texas Supreme Court—which hears civil cases—and the Texas Court of Criminal Appeals. Except in the case of some municipal benches, partisan elections choose all of the judges at all levels of the judiciary; the Governor fills vacancies by appointment.
County Government
Texas has a total of 254 counties, by far the most counties of any state. Each county is run by a "commissioners court" consisting of four elected commissioners (one from each of four precincts drawn based on population) and a "county judge" elected from all the voters of the county. The county judge does not have authority to veto a decision of the commissioners court, s/he votes along with the commissioners. In smaller counties, the county judge actually does perform judicial duties, but in larger counties the judge's role is limited to serving on the commissioners court. Certain officials such as the sheriff and tax collector are elected separately by the voters and state law specifies their salaries, but the commissioners court determines their office budgets. Counties also have much less legal power than municipalities, for instance, counties in Texas do not have zoning power or eminent domain power (except in very rare circumstances).
Municipal Government
Texas does not have townships; areas within a county are either "incorporated" (i.e., part of a city, though the city may contract with the county for needed services) or "unincorporated" (i.e., not part of a city, in these areas the county has authority for law enforcement and road maintenance).
Cities are classified as either "general law" or "home rule". A city may elect "home rule" status (i.e., draft an independent city charter) once it exceeds 5,000 population and the voters agree to home rule. Otherwise, it is classified as "general law" and has very limited powers. One example of the difference in the two structures regards annexation. General law cities cannot annex adjacent unincorporated areas without the property owner's consent; home rule cities may annex without consent, but must provide essential services within a specified period of time or the property owner may file suit to be deannexed.
School and Special Districts
In addition to cities and counties, Texas has numerous "special districts". The most common is the independent school district, which (with one exception) has a board of trustees that is independent of any other governing authority. School district boundaries are not coaligned with city or county boundaries; it is not uncommon for a school district to cover one or more counties or for a large city to be served by several school districts.
Other special districts include water supply, public hospitals, and community colleges.
Politics
Texas politics are currently dominated by the Republican Party, which has strong majorities in the Texas Senate and House of Representatives. Every executive branch official elected statewide is Republican, as is every member of Texas's two courts of last resort; no Democrat has won a statewide election since 1994. The majority of the state's delegation to the U.S. House of Representatives is Republican, as are both U.S. Senators. A notable exception to this trend is the Travis County District Attorney, Ronnie Earle, a Democrat elected by the people of Austin who has served since 1978 with state-wide authority and responsibility for legally prosecuting political mischief. The position of Travis County DA is uniquely so-empowered by the Texas Constitution; most states grant this authority to the more broadly elected position of Attorney General. Note: the congressional districts in Texas were redrawn in 2003 by the Republican-dominated legislature. Districts are supposed to be drawn after the national census every 10 years, but an impasse in the Texas Legislature resulted in the districts being drawn by the courts. The legislature, with controversial help from U.S. Congressman Tom DeLay, redrew the districts after the Republicans gained a larger share of the legislature. A court challenge of the change was upheld by the Republican-dominated Texas Supreme Court.
Like other Southern states, Texas historically was a one-party state of the Democratic Party. The Democrats controlled a majority in the Texas House and in the state's Congressional delegation until the 2002 and 2004 elections, respectively. One of the most famous Texans was a Democrat: Lyndon Baines Johnson served in the U.S. House of Representatives, the U.S. Senate, and as vice-president and president of the United States.
Economy
vice-president
Texas remained largely rural until World War II, with cattle ranching, oil, and agriculture as its main industries. Contrary to popular mythology, cattle ranching was never Texas's chief industry. Before the oil boom, back to the period of the first anglo settlers, this was cotton farming (as in most of the South).
In 1926 San Antonio had over 120,000 people, the largest population of any city in Texas. After World War II, Texas became increasingly industralized.
Its economy (circa 2000) relies largely on information technology, oil and natural gas, energy exploration and energy trading, agriculture, and manufacturing. The state has two major economic centers: the Greater Houston area and the Dallas/Fort Worth Metroplex. Houston stands at the center of the petrochemical and biomedical research trades while Dallas functions as the center of the agricultural and information technology labor market in Texas. Other major cities include San Antonio, Austin, Brownsville, Lubbock, Amarillo, Abilene, Beaumont, McAllen, Tyler, Odessa and Midland. Other important cities include Killeen, home to Fort Hood the largest military Post in the U.S., El Paso, Eagle Pass, and Laredo; these have particular significance due to their location on the border with Mexico, making them important trade points.
The state passed New York in the 1990s to become the second-largest U.S. state in population (after California). Texas had a gross state product of $764 billion, the third highest in America after California and New York respectively. Texas's growth is often attributed to the availability of jobs, the low cost of housing (housing values in the Dallas and Houston areas, while generally rising, have not risen at the astronomical rates of other areas such as San Francisco), the lack of a personal state income tax, low taxation of business, limited government (the state legislature of Texas meets only once every two years), and favorable climate.
Film and television
Texas is one of the top filmmaking states in the United States, just after California and New York. More than $1.2 billion has been spent in Texas just for filming since 1990.
The Texas Film Commission was founded for free services to filmmakers, from location research to traveling.
Demographics
The people of Texas, historically often known as Texians, are now generally referred to as Texans.
As of 2004, the state had a population of 22,490,022. The state has 3,450,500 foreign-born residents (15.6% of the state population), of which an estimated 1.2 million are illegal aliens (illegal aliens account for more than one-third of the foreign-born population in Texas and 5.4% of the total state population). The state's population grew 5.5 million between 1990 and 2004, a growth of 32.4%
Ethnic origins
More than one-third of Texas residents are of Hispanic origin and may be of any racial groups. Some are recent arrivals from Mexico, Central America, or South America, while others, known as Tejanos, have ancestors who have lived in Texas since before Texan independence, or at least for several generations. Tejanos are the largest ancestral group in southern Duval County. Perhaps numerically Mexican-Texans dominate south, south-central, and west Texas and are a significant part of the work force of cities of Dallas and Houston.
Other population groups in Texas also exhibit great diversity. Frontier Texas saw settlements of Germans, particularly in Fredericksburg and New Braunfels. In fact, the largest family in Texas today is of German descent. After the European revolutions of 1848, German, Polish, Swedish, Norwegian, Czech and French immigration grew, and continued until World War I. The influence of the diverse immigrants from Europe survives in the names of towns, styles of architecture, genres of music, and varieties of cuisine. Texans of German descent dominate much of central and southeast-central Texas and one county in the area, Lavaca, is predominately Czech.
In recent years, the Asian population in Texas has grown, especially in Houston and in Dallas. People from mainland China, Vietnam, the Philippines, Thailand, Indonesia India, South Korea, Japan, Taiwan, Pakistan and other countries have settled in Texas.
In August 2005, it was announced by the United States Census that Texas has become the fourth minority-majority state in the nation (after Hawaii, New Mexico, and California). According to the Texas state Data Center, if current trends continue, Hispanics will become a majority in the state by 2030.
All data comes from the United States Census state population estimates.
The largest reported ancestry groups in Texas include: Mexican (24.3%), African American (11.5%), German (9.9%), American (7.2%), and Irish (7.2%).
Much of east, central, and north Texas is inhabited primarily by Texans of White Anglo Saxon Protestant heritage, primarily descended from the British Isles. African Americans, who historically made up one-third of the state population, are concentrated in those parts of East Texas where the ante-bellum cotton plantation culture was most prominent.
Census data reports 7.8% of Texas's population as under 5, 28.2% under 18, and 9.9% over 64 years. Females made up 50.4% of the population.
Cities and metropolitan areas
Largest cities
Roman Catholic]
Roman Catholic]
Roman Catholic]
Roman Catholic]
Roman Catholic]
Texas has two global cities as Houston and Dallas hold the title of "Gamma World City" by the Globalization and World Cities Study Group & Network (GaWC).
Ranked by population of cities (incorporated municipalities), the five largest cities in Texas are Houston, San Antonio, Dallas, Austin, and Fort Worth. Photographs of the downtowns of those five cities are displayed to the right, in order of each city's population according to 2004 U.S. Census estimates within city limits. Texas is the only state in the U.S.A. to have three cities with populations exceeding 1 million (California has two; no other state has more than one)--Houston, San Antonio, and Dallas, which are also among the 10 largest cities of the United States. Austin and Fort Worth are in the top 20 largest US cities.
Some cities not listed are still considered important on the basis of other factors and issues, including culture, economics, heritage, and politics.
Metropolitan areas
Texas has 25 metropolitan areas (MSAs) defined by the United States Census Bureau. The two largest are ranked among the top 10 United States metropolitan areas. In 2003, the U.S. Census introduced "metropolitan divisions" within some metropolitan areas. Texas has two metropolitan divisions within the Dallas–Fort Worth–Arlington MSA.
The following table lists population figures for those metropolitan areas, in rank of population. Population figures are as of the 2003 U.S. Census estimates.
Education and scientific research
Public schools
The public school systems are administered by the Texas Education Agency.
All but one of the school districts in Texas are separate from any form of municipal government, hence they are called "independent school districts," or "ISD" for short. School districts may cross city and county boundaries. School districts have the power to tax their residents and to use eminent domain.
The sole exception to this rule is Stafford Municipal School District, which serves all of the city of Stafford.
Texas has twenty Educational Service Center "regions" that serve the local school districts.
Colleges and universities
Stafford]
The University of Texas System, established by the Texas Constitution in 1876, consisted of nine academic universities, six health institutions, and UT System administration in 2004. UT System institutions enrolled a total of 182,752 students in fall 2004 making it one of the largest systems of higher education in the nation. In 2004, The University of Texas at Austin, which is the largest institution in the UT System and in the state of Texas, maintained an enrollment of 50,377 students.
The University of Texas at Austin was once the largest institution in the United States, but it is now one of the top 3 largest by population and is the world's 15th top ranking university. Seven doctoral programs at UT Austin rank in the top 10 in the nation and 22 degree programs rank in the top 25, according to a comprehensive study of the quality of graduate schools conducted by the United States National Research Council. Four of the seven medical schools of Texas are within the University of Texas System. In 2004, the University of Texas Southwestern Medical Center at Dallas was ranked the 16th highest ranking medical school in the United States, with four of Texas' eleven Nobel laureates.
The Texas A&M University System is the second largest state university system of higher learning in Texas. Its flagship institution is Texas A&M University located in College Station and is the state's oldest public institution of higher education. Funded research generally exceeds that of all other Texas universities, and Texas A&M ranks among the top ten national universities in research. It is the second largest university in the state of Texas and also one of the top 10 largest schools in the nation.
The University of Houston System is the largest urban state system of higher education in the Gulf Coast, which has four universities with three located in Houston. Its flagship institution is the University of Houston, the only doctoral degree granting extensive research institution in Houston and is the third largest in the state of Texas with an enrollment of over 36,000. The interdisciplinary research conducted at UH breaks new ground in such vital areas as superconductivity, space commercialization, biomedical engineering, economics, education, petroleum exploration and management. UH is also home to over 40 research centers and institutes. Amongst the most prestigious of the University of Houston's colleges is the University of Houston Law Center (law school). The UH Law Center's Health Law and Policy Institute is ranked number one in the nation while the Intellectual Property Law Program is ranked fifth, according to U.S. News & World Report.
Houston is home to the Texas Medical Center, the world's largest concentration of research and healthcare institutions, such as Baylor College of Medicine, The University of Texas Health Science Center at Houston and The University of Texas M. D. Anderson Cancer Center. The University of Texas M. D. Anderson Cancer Center, which now ranks as one of the world's most productive and highly regarded academic institutions devoted to cancer patient care, research, education, and prevention.
Houston is the location of a well known prestigious private institution of Rice University, which boasts one of the largest financial endowments of any university in the world. The small undergraduate student body is among the nation's most select and one of the highest percentages of National Merit Scholarship winners. Rice University maintains a variety of research facilities and laboratories. Rice is also associated with the Houston Area Research Center, a consortium supported by Rice, the University of Texas at Austin, Texas A&M University, and the University of Houston.
Houston is also home to Texas Southern University,the first Historically Black College and University (HBCU) to house a law school, and was also the first state-supported institution in the city of Houston. Over the years, the University's educational facilities and programs expanded, and many of its graduates began to achieve local, regional, and national recognition for their influence in politics, education, business, technology, medicine, and the arts. Its pioneering spirit continues today
San Antonio is home to many universities, such as the rapidly-growing UTSA, a branch of the University of Texas system, as well as Trinity University, St. Mary's University, and University of the Incarnate Word, and Our Lady of the Lake University.
Transportation
Interstate highway
- Interstate 10
- Interstate 20
- Interstate 27
- Interstate 30
- Interstate 35
- Interstate 37
- Interstate 40
- Interstate 44
- Interstate 45
- Interstate 69 (proposed extension)
- Interstate 410
- Interstate 610 (Texas)
- Interstate 635
- Interstate 820
United States highway
Professional sports teams
The Houston Oilers, formerly based in Texas, moved to Memphis and later to Nashville, Tennessee, and became the Tennessee Titans. Houston also formerly had the Arena Football League team Houston Thunderbears, and the Minor League Soccer team Houston Hotshots.
Miscellaneous information
Houston Hotshots.]]
- Four ships of the United States Navy have borne the name USS Texas in honor of the state.
- Famous for their role in the history of Texas law enforcement, the Texas Rangers continue today to provide special law enforcement services to the state.
- One state holiday, Juneteenth (from "June" + "Nineteenth," its date), commemorates the day in 1865 that the slaves in Texas learned of the Emancipation Proclamation.
- At 311 feet, Texas's capitol building in Austin is taller than the capitol building in Washington, D.C.
State designations and symbols
Washington, D.C.]
- state flower — the bluebonnet (Lupinus texensis)
- state motto — "Friendship"
- state nickname — The Lone Star State (after the single star on several historical flags of Texas, including the current Texas flag)
- state tree — the pecan
- state bird — the mockingbird
- official state song — Texas Our Texas
- state mammals (three)
- small — armadillo
- large — Texas longhorn
- flying — Mexican free-tailed bat
Other state designations
Mexican free-tailed bat
- Air Force — Commemorative Air Force (formerly known as the Confederate Air Force), based in Midland
- state dance — Square Dance
- state dinosaur — the Brachiosaur Sauropod, Pleurocoelus
- state dish — chili con carne
- state fiber and fabric — cotton
- state fish —
Private equityPrivate equity is a broad term that refers to any type of equity investment in an asset in which the equity is not freely tradable on a public stock market. Categories of private equity investment include leveraged buyouts, venture capital, growth capital, angel investing, mezzanine capital and others.
Private equity firms
Generally, private equity funds are organized as limited partnerships which are controlled by the private equity firm that acts as the general partner. The fund obtains commitments from certain qualified investors such as pension funds, financial institutions and wealthy individuals to invest a specified amount. These investors become passive limited partners in the fund partnership and at such time as the general partner identifies an appropriate investment opportunity, it is entitled to "call" the required equity capital at which time each limited partner funds a pro rata portion of its commitment. All investment decisions are made by the General Partner which also manages the fund's investments (commonly referred to as the "portfolio"). Over the life of a fund which often extends up to ten years, the fund will typically make between 15 and 25 separate investments with usually no single investment exceeding 10% of the total commitments.
General partners are generally compensated with a management fee, defined as a percentage of the fund's total equity capital, as well as a carried interest, defined as a percentage of profits generated by the fund (so long as some minimum return for the investors called the hurdle rate is achieved). Typically, general partners of funds will receive a management fee of 2% and carried interest of 20%. (Although typically, the carry is reduced by the amount of the management fees received). Gross private equity returns may be in excess of 20% per year, which in the case of leveraged buyout firms is primarily due to leverage, and in the case of venture capital firms, due to the high level of risk associated with early stage investments.
Although there is a limited market for limited partnership interests, such interests are not freely tradeable like mutual fund interests.
See also
- Business
- Leveraged buyout
- Mergers & acquisitions
External links
- [http://www.economist.com/displaystory.cfm?story_id=3398496 Economist.com - Survey - The new kings of capitalism]
- [http://news.bbc.co.uk/2/hi/business/4249673.stm The rise of the new conglomerates]
Carlyle Group
The Carlyle Group is a Washington, D.C. based global private equity investment firm with more than $30 billion of equity capital in 2005. This large pool of money belongs to just 800 individuals from all over the world, making an average contribution of approximately $37.5 million. The firm employs more than 300 investment professionals in 14 countries with multiple offices in North America, Europe and Asia. It boasts of having on its staff, 138 MBAs, 24 JDs and 14 Ph.D/MDs from many of the world’s most prestigious universities. The firm operates four fund families, focusing on leveraged buyouts, venture capital, real estate and high-yield investments.
Origin
Carlyle was founded in 1987 by Stephen L. Norris William E. Conway, Jr., Daniel A. D'Aniello, and David M. Rubenstein. Only Norris has since left the Group, at the behest (some say demand) of the other founders. The three remaining founders are reported to collectively own around a 50% interest in the group's general partnership. CalPERS, the California Public Employees Retirement System, is the only institution which owns a stake in the partnership. They own 5.5 percent of Carlyle. The founders named the firm after the upper east side hotel in New York City, "The Carlyle," where they first met to discuss the idea. Carlyle's current chairman is Lou Gerstner, former chairman and CEO of IBM.
Specialization
Carlyle specializes in the following industries: Aerospace & Defense, Automotive, Consumer & Industrial, Energy & Power, Healthcare, Real Estate, Technology & Business Services, Telecommunication & Media, and Transportation. The Group's aerospace and defense investments have been a source of criticism because of the Group's alleged connections to the Middle East. The Carlyle Group's investments are focused on East Asia, Europe, and North America. Defense investments represent about 1% of the group's current portfolio - though this translates, for example, into a 33.8% ownership of QinetiQ, the UK's recently privatized defence company.
Controversy
Critics of the Carlyle Group frequently note its connections to various political figures. Some of the sectors and companies it invests in are highly sensitive to political activity, indeed its actions may be viewed as a form of political arbitrage. This may create conflicts of interest when political decision makers have their own personal wealth linked to such investments. Unlike most private equity firms which are predominately located in New York, Boston or around San Francisco, Carlyle is the only large private equity firm located in Washington, DC. Corporate headquarters are on Pennsylvania Avenue, midway between the White House and the Capitol building.
Critics will often refer to Carlyle as a private defense contractor, but this is not completely accurate. It is a private equity firm that owns controlling or partial interests in a portfolio of companies, some of which are contractors for the military. For example, it lobbied for the XM2001 Crusader artillery project, because one of its portfolio companies would be able to share in the contract. Likewise, it has a history of leveraged buyouts in the aerospace and defense industries.
Politicians affiliated with Carlyle
- Alice Albright, daughter of ex-Secretary of State Madeleine Albright
- James Baker III, former United States Secretary of State under George H. W. Bush, Staff member under Ronald Reagan and George W. Bush, Carlyle Senior Counselor
- George H. W. Bush, former U.S. President, Senior Advisor to the Carlyle Asia Advisory Board from April 1998 to October 2003.
- George W. Bush, current U.S. President. Was appointed in 1990 to the Board of Directors of one of Carlyle's first acquisitions, an airline food business called Caterair, which Carlyle eventually sold at a loss. George left the board in 1992 to later become Governor of Texas, where he was responsible for appointing several members of the board which controlled the investment of Texas teachers' pension funds. A few years later, the board decided to invest $100m of public money in the Carlyle Group.
- Frank C. Carlucci, former United States Secretary of Defense from 1987 to 1989, chairman emeritus and currently strategic business advisor. Also, former Princeton roommate and wrestling partner of present US Secretary of Defense, Donald Rumsfeld.
- Richard Darman, former Director of the U.S. Office of Management and Budget under George H. W. Bush, Senior Advisor and Managing Director of The Carlyle Group
- William Kennard, former chairman of the U.S. Federal Communications Commission, Carlyle's Managing Director in the Telecommunications & Media Group
- Arthur Levitt, chairman of the U.S. Securities and Exchange Commission (SEC) under President Bill Clinton, Carlyle Senior Advisor
- John Major, former British Prime Minister, Chairman, Carlyle Europe until May 2004, and other posts to the present
- Frank McKenna, Canadian ambassador (effective March 1, 2005) to the United States, former member of Carlyle's Canadian advisory board
- Mack McLarty, President of Kissinger McLarty Associates, Carlyle Senior Advisor
- Anand Panyarachun, former premier of Thailand
- Colin Powell, former United States Secretary of State
- Fidel Ramos, former president of the Philippines, Carlyle Asia Advisor Board Member until the board was disbanded in February 2004
- Park Tae Joon, former prime minister of South Korea
The Saudi Arabian relatives of Osama bin Laden (not Osama bin Laden himself) were also minor investors in Carlyle until October 2001 when the family sold its $2.02 million investment back to the firm in light of the public controversy surrounding the bin Laden family after September 11.
Businesspersons affiliated with Carlyle
- Paul Desmarais, Chairman of the Power Corporation of Canada
- Arthur Levitt, former chairman of the SEC
- Karl Otto Pöhl, former president of the Bundesbank
- George Soros, international investor
Luis Téllez Kuenzler, mexican economist, former Secretary of Energy under Zedillo administration
See also
- Private equity
- LBO
External links
- [http://www.thecarlylegroup.com The Carlyle Group home page]
- [http://www.sourcewatch.org/wiki.phtml?title=Carlyle_Group&printable=yes Sourcewatch article]
Articles
- [http://www.guardian.co.uk/international/story/0,,1325971,00.html The Guardian on a deal in Kuwait]
Criticism
- [http://propagandamatrix.com/carlyles_way.html Making a mint inside "the iron triangle" of defense, government, and industry], Dan Briody, propagandamatrix mirror
- [http://www.buzzflash.com/interviews/03/06/23_briody.html What Did Eisenhower Mean When He Warned of a Military Industrial Complex? Take a Look at the Carlyle Group] An interview with Dan Briody
- [http://www.observer.com/pages/story.asp?ID=7622 Be Afraid. Be Very Afraid: Those Spooky Carlyle Rumors], Jonathan A. Knee, page 26 of June 9, 2003 edition of The New York Observer
- [http://isuisse.ifrance.com/stopcarlyle/enindex.htm Why The Carlyle Group is afraid of Stop Carlyle?]
- [http://informationclearinghouse.info/article3995.htm Exposed: The Carlyle Group] and [http://www.vpro.nl/info/tegenlicht/carlyle/ VPRO Tegenlicht: Carlyle Group (uses Flash)], documentary created by Dutch VPRO TV program [http://www.vpro.nl/info/tegenlicht/ Tegenlicht]
- [http://cgi.omroep.nl/cgi-bin/streams?/tv/vpro/tegenlicht/bb.20040125.rm?title=Bekijk%20hier%20de%20uitzending%20DE%20IJZEREN%20DRIEHOEK%20in%20realvideo%20BREEDBAND%20tot%20500%20kbs DE IJZEREN DRIEHOEK (Exposed: The Carlyle Group) by VPRPO Dutch television] High-speed internet connection. Note: The first minute and fortyseven seconds of this program is broadcast in Dutch, The remainder is in English. Translation of the first one minute fortyseven seconds of this program: "The war in Iraq does not seem to be over at all, but in the meantime the rebuilding has already started. This has unleashed fierce competition for contracts, which are mainly awarded to American (ed: U.S.) companies. What is remarkable about these companies is that they have people on their payroll from American politics and the military. Is there a conflict of interest, or is this the new global way of doing business? -[text in the screen at this time reads: 'the iron triangle']- One of the companies that operates in this manner is the Carlyle Group." On their payroll are people like : George Bush (Sr.), James Baker III and former prime-minister John Major. The Carlyle Group is a private investment bank which doesn't come to the publics attention very often but it is one of the biggest American (ed: USA) investors of the defense industry, telecom, property and financial services. What is the Carlyle Group? Who are the people behind the name? And how much power does Carlyle have?"
Further reading
- Dan Briody, The Iron Triangle: Inside the Secret World of the Carlyle Group, John Wiley & Sons, 2003, ISBN 0471281085.
Category:Companies based in Washington, D.C.
Category:Private equity firms
1990
:This article is about the year. For other uses, see 1990 (disambiguation).
:"MCMXC" redirects here; for the Enigma album, see MCMXC a.D..
1990 (MCMXC) is a common year starting on Monday of the Gregorian calendar.
Events
January
- January 3 - Former leader of Panama Manuel Noriega surrenders to American forces.
- January 7 - The Leaning Tower of Pisa is closed to the public due to safety concerns.
- January 9 - Lt Gen Bazilio Olara Okello, the man who led the coup against Dr Apolo Milton Obote's government, dies in Ormduruman Hospital in Khartoum, Sudan.
- January 10 - Time Warner is formed from the merger of Time Inc. and Warner Communications Inc.
- January 11 - Massive (200,000) demonstration in favor of Lithuanian independence.
- January 13 - Douglas Wilder becomes the first elected African American governor as he takes office in Richmond, Virginia.
- January 15 - Thousands storm the Stasi HQ in Berlin in an attempt to view their records.
- January 18 - Former McMartin preschool operators Raymond Buckey and his mother Peggy McMartin Buckey are acquitted in a Los Angeles, California court of 52 child molestation charges.
- January 18 - Washington, DC, Mayor Marion Barry is arrested for drug possession in an FBI sting.
- January 22 - Robert Tappan Morris, Jr. is convicted of releasing the 1988 Internet worm.
- January 25 - Avianca Flight 52 crashed into Cove Neck, Long Island, after a miscommunication between the flight crew and JFK airport officials.
- January 25 - The Berlin Wall starts to come down.
- January 25-January 26 - Burns' Day storm rages over northwestern Europe - 97 dead
- January 27 - City of Tiraspol in the Moldavian SSR declares brief independence
- January 29 - The trial of the former skipper of the Exxon Valdez, Joseph Hazelwood, begins in Anchorage, Alaska. He is accused of negligence that resulted in America's worst oil spill.
- January 31 - The first McDonald's opens in Moscow, USSR.
February
USSR
- February 2 - Apartheid: In South Africa President F.W. de Klerk allows the African National Congress to legally function again and promises to set Nelson Mandela free.
- February 7 - Collapse of the Soviet Union: The Central Committee of the Soviet Communist Party agrees to give up its monopoly of power
- February 10 - South African President F.W. de Klerk announces that Nelson Mandela would be released the next day.
- February 11 - James "Buster" Douglas KOs Mike Tyson to win world heavyweight boxing crown.
- February 11 - Nelson Mandela is released from Victor Verster prison, near Cape Town, South Africa
- February 13 - German reunification: An agreement is reached for a two-stage plan to reunite Germany
- February 15 - The United Kingdom and Argentina restore diplomatic links after 8 years. The UK had broken off links in response to Argentina's invasion of the Falkland Islands, a British Dependent Territory
- February 26 - The Sandinistas are defeated in Nicaraguan elections.
- February 26 - The USSR agrees to withdraw all 73500 troops from Czechoslovakia by July, 1991.
- February 27 - Exxon Valdez oil spill: Exxon and its shipping company are indicted on five criminal counts.
March
- March 1 - A fire at the Sheraton Hotel in Cairo kills 16.
- March 1 - Steve Jackson Games is raided by the U.S. Secret Service, prompting the later formation of the EFF.
- March 1 - Royal New Zealand Navy discontinues the daily rum ration
- March 4 - Afrisecal movement/ Afrisecaism introduced as an intellectual school of thought to the Literary collective of Jos by Francis Okechukwu Ohanyido on his birthday as part of the "Afriquest initiative".
- March 6 - An SR-71 sets a US transcontinental speed record of 1 hour 8 minutes 17 seconds, on what is publicized as its last official flight.
- March 9 - Police seals off Brixton South London after another night of protests against the poll tax
- March 9 - Dr. Antonia Novello is sworn in as Surgeon General of the United States, becoming the first female and Hispanic to serve in that position
- March 9 - Newfoundland and Labrador Premier Clyde Wells confirms he will rescind Newfoundland's approval of the Meech Lake Accord, effectively killing the Accord
- March 10 - 18 months after seizing power in a coup, Prosper Avril is ousted in Haiti
- March 11 - Lithuania declares independence from the Soviet Union
- March 11 - Patricio Aylwin is sworn-in as the first democratically-elected Chilean president since 1970
- March 15 - Gulf War: Iraqis hang British journalist Farzad Bazoft for spying. Daphne Parish, a British nurse, is sentenced to 15 years' imprisonment as an accomplice
- March 15 - Mikhail Gorbachev is elected as the first executive president of the Soviet Union
- March 15 - The Soviet Union announces that Lithuania's declaration of independence is invalid
- March 18 - 12 paintings, collectively worth $100 million, are stolen by two thieves posing as police officers from the Isabella Stewart Gardner Museum in Boston, Massachusetts. This is the largest art theft in US history and the paintings (as of 2005) have not been recovered
- March 18 - East Germany holds first free elections since 1932
- March 18 - Thieves loot Isabella Steward Gardner Museum in Boston, Massachusetts, stealing paintings and treasures worth estimated $200 million (not recovered as of 2005)
- March 20 - Ferdinand Marcos's widow, Imelda Marcos, goes on trial for bribery, embezzlement, and racketeering
- March 21 - After 75 years of South African rule Namibia becomes independent
- March 21 - A massive poll tax demonstration in Trafalgar Square, London turns into a riot. 417 people injured, 341 arrested
- March 23 - Gerald Bull assassinated in Brussels
- March 24 - The government of Australian prime minister Bob Hawke is re-elected for a 4th term.
- March 25 - In New York City, a fire due to arson at an illegal social club called "Happy Land" kills 87
- March 27 - Propaganda: The United States begins broadcasting TV Martí to Cuba
- March 27 - Namibia becomes a state independent of South Africa
- March 28 - President George H. W. Bush presents Jesse Owens with the Congressional Gold Medal.
- March 31 - London anti-Poll Tax Riots in Trafalgar Square. Incident subsequently known as "The Second Battle of Trafalgar"
April
- April 7 - Iran Contra Affair: John Poindexter is found guilty of five charges for his part in the scandal but the convictions were later reversed after an appeal
- April 7 - Scandinavian Star, a Bahamas-registered ferry, catches fire en route from Norway to Denmark - 158 dead
- April 13 - The Soviet Union apologizes for the Katyn Massacre
- April 15 - Food poisoning kills 450 guests of an engagement party in Uttar Pradesh
- April 24 - The Space Shuttle Discovery places the Hubble Space Telescope into orbit.It becomes operational May 20
- April 24 - West and East Germany agree to merge currency and economies on July 1
May
- May 2 - In London, England, man brandishing a knife robs courier Nicholas Lane of bearer bonds worth £292 million - the largest mugging to date.
- May 15 - Portrait of Doctor Gachet by Vincent van Gogh is sold for a record $82.5 million.
- May 19 - British agriculture Minister John Gummer feeds a hamburger to his 5-year-old daughter to counter rumours about the spread of Mad cow disease and its transmission to humans
- May 20 - The first post- Communist presidential and parliamentary elections are held in Romania
- May 22 - The leaders of the Yemen Arab Republic and the People's Democratic Republic of Yemen announce the unification of their countries as the Republic of Yemen.
- May 29 - Rhode Island celebrates its bicentennial statehood.
June
- June 1 - U.S. President George H. W. Bush and Soviet Union leader Mikhail Gorbachev sign a treaty to end chemical weapon production and to start destroying each of their nation's stockpiles
- June 12 - The parliament of the Russian Federation formally declares its sovereignty (see Russia Day)
- June 20 - British Chancellor John Major proposes a new European currency which would circulate alongside existing national currencies.
- June 22 - Underwater volcano Mount Didicas erupts in the Philippines
July
- July 2 - Stampede in a pedestrian tunnel leading to Mecca - 1426 pilgrims dead
- July 8 - At 12:34:56 PM the time and date by US reckoning was 12:34:56 7/8/90.
- July 8 - West Germany defeats Argentina 1-0 to win the Football World Cup 1990
- July 12 - Square Co., Ltd. releases Final Fantasy in North America.
- July 15 - Tamil Tigers kill 168 Muslims in Colombo, Sri Lanka
- July 16 - In the Philippines, an earthquake measuring 7.7 on the Richter Scale kills over 1600
- July 25 - The Serbian Democratic Party declares sovereignty of the Serbs in Croatia
- July 27 - The parliament building and a government television house in Port-of-Spain, Trinidad and Tobago are stormed by the Jamaat al Muslimeen in a Coup d'état attempt which lasts five days. Approximately 26 to 30 people are killed and several wounded (including then Prime Minister, A.N.R. Robinson, who was shot in the leg).
- July 27 - Belarus declares its sovereignty; a key step toward independence from the USSR.
- July 28 - Alberto Fujimori becomes president of Peru
- July 30 - IRA car bomb kills British MP Ian Gow, a staunch unionist.
August
- August 2 - Gulf War: Iraq invades Kuwait, eventually leading to the Gulf War.
- August 3 - The highest temperature recorded in the UK until 2003 - 37.1°C (98.8°F) at Cheltenham in Gloucestershire
- August 6 - Gulf War: The United Nations Security Council orders a global trade embargo against Iraq in response to Iraq's invasion of Kuwait.
- August 7 - John Cain Resigns as VIC premier over a series of financial scandals and is replaced by Joan Kirner (10th)
- August 7 - At 12:34:56 (both AM and PM) the time and date by British reckoning was 12:34:56 7/8/90 i.e. 1234567890.
- August 19 - Leonard Bernstein conducts his final concert, ending with Ludwig van Beethoven's Symphony No. 7 performed by the Boston Symphony Orchestra.
- August 27 - Blues musician Stevie Ray Vaughan dies in a helicopter crash along with 4 others following a concert near East Troy, Wisconsin.
September
- September 2 - Transnistria declares its independence from the Moldavian SSR; however, the declaration is not recognized by any government.
- September 11 - President George H. W. Bush delivers a nationally televised speech in which he threatens the use of force to remove Iraqi soldiers from Kuwait, which Iraq had recently invaded.
- September 12 - The two German states and the Four Powers sign the Treaty on the Final Settlement With Respect to Germany in Moscow, paving the way for German re-unification.
October
- October 3 - German re-unification, East Germany becomes part of the Federal Republic of Germany.
- October 5 - After one hundred and fifty years, ten months and two days (Friday, January 3, 1840 - Friday, October 5, 1990), The Herald broadsheet newspaper in Melbourne, Australia is published for the last time as a separate newspaper. Founded in 1840 as The Port Phillip Herald, it is merged with its morning tabloid sister paper The Sun News-Pictorial and the first issue of the new Herald Sun, described by owner Rupert Murdoch as "The world's first 24-hour newspaper", with morning and afternoon editions, is published on the 8th
- October 8 - Israeli-Palestinian Conflict: In Jerusalem, Israeli police kill 17 Palestinians and wound over 100 near the Dome of the Rock mosque on the Temple Mount
- October 13 - Lebanese Civil War: Syrian military forces invade and occupy Mount Lebanon, ousting General Michel Aoun's government. This effectively consolidates Syria's 14 year occupation of Lebanese soil.
- October 15 - Soviet Union leader Mikhail Gorbachev is awarded the Nobel Peace Prize for his efforts to lessen Cold War tensions and reform his nation.
- October 27 - Supreme Soviet of Kyrgyzstan choses Askar Akayev as republic's first president
- October 27 - New Zealand general election returns National with record number of seats - 67; Labour 29, NewLabour 1
November
- November 1 - Mary Robinson defeats odds-on favourite Brian Lenihan to become the first woman President of Ireland.
- November 1 - The Australian domestic avation market is deregulated.
- November 5 - Rabbi Meir Kahane, founder of the far-right Kach movement, is shot dead after a speech at a New York City hotel and Reynir Ver Jónsson borned.
- November 8 - Mary Robinson becomes the first female president of the Republic of Ireland.
- November 11 - Gulf War: The U.N. Security Council passes Resolution 678, giving Iraq until Tuesday, January 15, 1991 to withdraw its forces from Kuwait
- November 12 - Crown Prince Akihito becomes the 125th Japanese monarch and takes the title Emperor Akihito of Japan
- November 12 - Tim Berners-Lee publishes a more formal proposal for the World Wide Web. [http://www.w3.org/Proposal]
- November 13 - The first known web page is written.
- November 14 - Germany and Poland sign a treaty confirming the border at the Oder-Neisse line.
- November 15 - Space Shuttle program: Space Shuttle Atlantis launches with flight STS-38.
- November 18 - Andrei Tjikatilo is arrested on suspicion of serial murder and rape
- November 21 - The Super Famicom (aka Super Nintendo) is released in Japan
- November 22 - Margaret Thatcher resigns as the Prime Minister of the United Kingdom.
- November 25 - Lech Wałęsa and Stanisław Tymiński win the 1st round of first presidential elections in Poland, see: December 9
- November 27 - The UK Conservative Party chooses John Major to succeed Margaret Thatcher as Prime Minister of the United Kingdom.
- November 29 - Gulf War: The United Nations Security Council passes UN Security Council Resolution 678, authorizing military intervention in Iraq if that nation did not withdraw its forces from Kuwait and free all foreign hostages by Tuesday, January 15, 1991.
- November 29 - Treasurer Paul Keating announces that Australia is experiencing an economic recession.
December
- December 1 - Channel Tunnel workers from the United Kingdom and France meet 40 meters beneath the English Channel seabed, establishing the first ground connection between the United Kingdom and the mainland of Europe since the last ice age
- December 1 - The Los Angeles, California radio station KROQ opens their first annual Acoustic Christmas live concert.
- December 2 - A coalition led by Chancellor Helmut Kohl wins the first free all-German elections since 1932
- December 3 - At Detroit Metropolitan Airport, a McDonnell Douglas DC-9 carrying Northwest Airlines Flight 1482 collides with a Boeing 727 carrying Northwest Airlines Flight 299 on the runway, killing 8 passengers and 4 crewmembers | | |
