Interesting article in the Observer's business section on the Carlyle Group, and a new book about the 'ex-Presidents club'.

But Briody's account of how an upstart venture capi tal firm went from nothing to managing funds of nearly $14 billion in just 15 years, earning investors returns of around 36 per cent, is likely to reinforce the controversial image of the Carlyle Group and raise concerns about its influence in Washington and beyond.

Sometimes called the Ex-Presidents Club, Carlyle has a glittering array of ex-politicians and big league bankers on its board. Former secretary of state James Baker is managing director while ex-secretary of defence Frank Carlucci is chairman. George Bush senior is an adviser. John Major heads up its European operations. To give the conspiracy theorists plenty of ammunition, US newspapers have also highlighted the fact that current Defense Secretary Donald Rumsfeld was a wrestling partner of Carlucci's at Princeton and the two have remained close friends ever since.