‘Butterfly Effect’, a Korean man on Wall Street who created the Biden crisis[특파원 다이어리]

Virginia governor-elect enters politics behind South Korean rivals
After two years of commitment to politics, Biden plunged into crisis
Fortunes increase and list price rises rapidly

Glenn Youngkin, the governor of Virginia, announces his election speech. [이미지출처=AP연합뉴스]

Glenn Youngkin, the governor of Virginia, announces his election speech. [이미지출처=AP연합뉴스]

湲 蹂肄

[아시아경제 뉴욕=백종민 특파원] An American who left the company after being pushed by Koreans has risen to the top of the list, shaking the power of President Joe Biden for the first time in two years. The story of Glenn Youngkin, the governor-elect of Virginia.

Republican Candidate Youngkin, who was held on the 2nd of last month, shattered expectations and won the election with ease, beating Democratic candidate Terry McCulliff.

His victory in this election, which was held as a proxy for President Biden and former President Donald Trump, is particularly remarkable. The upheaval at the place where President Biden defeated former President Trump by 10 percentage points in the presidential election a year ago came as a shock that could shake the US political spectrum.

In a way, his election can be seen as a frame made by Koreans. This is because the fact that President-elect Youngkin lost in the internal power struggle led to the current situation. If Youngkin had been successful in the company, he wouldn’t have run for office and put a dagger in the back of President Biden.

Youngkin left the Carlyle Fund, a private equity fund he had worked for for over 20 years in 2020.

Lee Kyu-sung, Carlyle Choi Young-jae

Lee Kyu-sung, Carlyle Choi Young-jae

湲 蹂肄

Foreign media criticized that Youngkin-elect was pushed out during a contest with current Carlyle CEO Lee Kyu-seong for promotion. When the Carlyle founders retired in 2018 and the two were promoted to co-CEOs in 2018, it was difficult to predict who would be victorious in the end. The conclusion was reached after two years. The winner was this CEO. A major foreign press evaluated Youngkin-elect as being pushed out of the struggle for power.

The performance divided the fate of the two. CEO Lee was responsible for the private equity and credit divisions, while Youngkin-elect was responsible for the real estate and infrastructure investment divisions.

“The two CEOs had very different personalities,” a former Carlyle official recalled. “The CEO was a classic, sharp New Yorker, but Youngkin was a delightful person. They were like water and oil.”

This official explained, “CEO Lee has taken an important business from the first day.” The business area in which this CEO was responsible was at the heart of Carlyle and determined the fate of the two. President-elect Youngkin had no choice but to pack his bags when the businesses he was in charge of were sluggish.

After Youngkin left, the value of the company began to skyrocket. As CEO Lee took the lead, Carlyle’s stock soared 116% in one year. Thanks to this, Youngkin’s fortune also increased. According to Phobos, Youngkin’s fortune has risen to $470 million.

Although Youngkin left the investment industry, his wealth grew, and his election as governor earned him fame. According to Forbes, Youngkin is the second most wealthy U.S. governor. Leaving the private equity industry was a turning point in my life.

Rather than relying on former President Trump’s halo, Youngkin won the election by discovering that education was the primary concern of Virginians. This is why it is said that the accurate judgment of the private equity fund led the election to victory. There is also the prospect of aiming for a larger position.

Youngkin is not the only one who has achieved success at the top of the list, a former private equity and investment banker, the top fighters in the capital market. New Jersey Governor Phil Murphy, who ‘revived a knight’ after a close battle in this election, is also from Goldman Sachs, an investment bank. Governor Murphy was in charge of financing the Democratic Party with his financial power from an investment banker, and he also served as the German ambassador to former President Barack Obama.

In the Republican Party, Senator Mitt Romney, the leader of the anti-Trump camp, has worked for Bain Capital, a private equity firm. Romney was elected as the Republican nominee for president and is a politician with experience running against former President Barack Obama. Even former President Trump, who dominated the Republican Party, could not stop Romney.


New York = Correspondent Baek Jong-min [email protected]


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