Word: bonderman
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Turns out the barbarians at the gate--Henry Kravis of Kohlberg Kravis Roberts & Co. and David Bonderman of Texas Pacific Group (TPG)--have a little tree hugger in them. Even before the deal with TXU was sealed, the buyout shops called up environmentalists and, in a 17-hr. meeting at San Francisco's Mandarin Oriental Hotel, agreed to roll back carbon emissions from all TXU power plants to 1990 levels by 2020. Four days later, the company's board accepted the buyout offer, agreeing to drop controversial plans for eight of 11 new coal-fired power plants and to support...
Michael O'Leary, president of Europe's hottest no-frills airline, Ryanair, based in Dublin, got to know Bonderman in 1996 when he "was looking for dumb companies that didn't realize they were on to a good thing. He kind of raped us," says O'Leary, chuckling. "He got 20% for pretty much nothing. Sold us in '97 and made a fortune." The $42 million that Bonderman and his partners invested in Ryanair's initial public offering of stock increased sevenfold...
...Leary observes that none of Bonderman's riches have gone to his wardrobe: "The guy can't dress himself. Bad suits. Ties don't match. Socks horrendous. Shoes from St. Vincent de Paul. A guy dressed as badly as Bonderman can't tell you how to run your business...
This touchy-feely stuff comes in part from Bonderman, who taught law at Tulane University in New Orleans in the 1960s but reportedly fell out of favor because of his "hippie" clothing and outspoken liberal viewpoints. He is an ardent conservationist, working with the Grand Canyon Trust and the Wilderness Society...
...Bonderman and his partners, however, believe this is prime time for long-term-value investors. "There's a lot of trouble in the world, but it is also a potential time of value," says Coulter. "As investors, we like this environment better than the bubble. It may stay rough for a while, but we're focused five years out." --With reporting by Sally B. Donnelly/ Washington