Alas I think Carlyle’s business model in Asia is fundamentally flawed: we can see this through a purely hypothetical example. Imagine if Chelsea Clinton went to work in business and to sell her connections. (I know nothing about Chelsea Clinton other than she got married recently - so this example is purely hypothetical.) And suppose that with considerable hard work at some Wall Street or Private Equity shop she wound up with $5 million. (As I said I know nothing much about Chelsea.) We would not be terribly surprised if Chelsea wound up with $5 million - we might think it unseemly - but it would also by Western standards not be terribly surprising. However if Chelsea - through nothing other than her connections - were to wind up with (say) $500 million then that would be unseemly. Journalists would be all over the story and the integrity and morality of the people involved would be questioned. Indeed it would be so unseemly it would not happen.