The Carlyle Group Buys the Magna Carta

Not long ago a rare copy of the Magna Carta was sold for the mind-boggling sum of $21.3 million. Apparently there are only 16 other copies left.

The original Magna Carta was sealed in 1215. It was an attempt to limit the rights of King John of England. It is the basis of the Rule of Law and is the foundation stone of the writ of habeas corpus, which granted protection against unlawful imprisonment by the state. It firmly became part of the English common law in 1297.

It's been called the talisman of liberty. It's one of the main sources of what we now cherish as our democracy and democratic freedoms.

The copy has been bought by American businessman David Rubenstein co-founder of The Carlye Group.

The plot thickens...

The Carlyle Group has been accused by some to be subversive of American democracy. It is an influential private company, an investment bank, that invests heavily in defence, telecommunications, property and finance.

It is involved in the Iraq rebuilding contracts. Top people in politics and the military are on its payroll, thus creating suspicion of serious conflicts of interest.

The Bush family, through former President Bush, is deeply involved. Bush Snr was a Senior Advisor of the Group, retired in 2003 but remains a shareholder of the group. The former Secretary of State, James Baker, also held the position of Senior Counselor until 2005. The invasion of Afghanistan and Iraq, and the 'War on Terrorism” in its various guises, have greatly enriched the coffers of the Group.

Some are deeply concerned that a tight-knit private group such as this should have directors and advisors doing big business and at the same time advising the president.

The last president Dubya Bush's personal connection with the Group was also deep. In 1990 he was appointed to Caterair, which had been bought by the Group. He left in 1992 and went on to become Governor of Texas. He appointed several members of the board that controlled the Texas teachers' pension fund. A few years later that board decided to invest $100 million in the Carlyle Group. No doubt a wise investment.

It's good to see money going around.

Now the Magna Carta (albeit just a rare copy) has been bought by the Carlyle Group co-founder. Is there something symbolic in that? I wonder.