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Protocolul de colaborare se va termina in ziua de 7 decembrie, iar proiectul va fi inaintat pentru aprobare la Comisia Europeana. Valoarea estimata a proiectului este de 500.000 euro. Reteaua de situri trebuie sa includa 24 de arii protejate din 3 judete (Brasov, Covasna, Harghita). Specialistii romani din institutiile implicate in demararea proiectului vor inventaria (daca proiectul va primi finantare externa) speciile de fauna si flora inscrise in Directia CE – "Habitat si Pasari", in acelasi timp se va realiza o lista-anexa a speciilor endemice neinscrise in directiva, dar pentru care Romania solicita inscrierea acestora in patrimoniul natural universal. Daca proiectul va fi aprobat, actiunea in teren va demara in septembrie 2005 si se va finaliza in 2008.

Ministrul a precizat insa ca, in urma negocierilor, Romania a solicitat si obtinut, pe ansamblu, perioade de gratie in vederea conformarii la cerintele UE cuprinse in 11 directive. Perioadele de tranzitie solicitate de Romania difera, cea mai lunga (pana in 2018) vizand directiva in privinta managementului apelor uzate.

Potrivit lui Ianculescu, Romania a primit cel mai mare numar de perioade de tranzitie dintre toate statele candidate, pe locul doi clasandu-se Polonia, cu 10 directive, in vreme ce Bulgaria a primit doar opt astfel de termene de gratie.

In cazul termocentralelor, spre exemplu, in urma discutiilor cu administratorii lor, oficialii Ministerului Mediului au cerut perioade de gratie pana la 31 decembrie 2013 pentru 120 din cele 174 de astfel de unitati, alte sase termocentrale urmand a se conforma normelor de mediu in perioada 2016-2017.

Restul institutiilor nu au solicitat perioade de tranzitie, ceea ce inseamna – potrivit oficialilor ministerului – ca se obliga sa indeplineasca, pana la data aderarii, normele de mediu impuse de UE, in caz contrar urmand a fi inchise, iar proprietarii sanctionati.

De asemenea, au fost obtinute derogari pentru 34 de termocentrale, care vor putea functiona maximum 20.000 de ore in perioada 2008-2015.

Un proces similar a avut loc si in ceea ce priveste depozitele de deseuri. "Pentru asigurarea respectarii cerintelor europene specifice depozitarii deseurilor, din cele 265 de depozite municipale inventariate s-au obtinut perioade de tranzitie etapizate pentru 101 depozite din zona urbana, ultimul termen fiind 16 iulie 2017", a declarat Ianculescu.

Costurile totale pentru implementarea intregului acquis comunitar privind mediul au fost estimate la aproximativ 29,3 miliarde de euro, pentru perioada 2004-2018.

Yet the company can count itself lucky.

Even with further project delays and cost increases possible, it is making steady progress on Sakhalin 2, one of only two developments underway in a region officials say holds more crude oil and natural gas than Europe’s North Sea.

A jetty stretching into the icy waters off Russia’s far east coast looks forlorn but is a footstep of progress made by Shell, as it tries to challenge nature to ship liquefied natural gas (LNG) to countries enamoured with the clean fuel.

By summer 2008, LNG will start flowing from the jetty on tankers heading around the Pacific, relieving energy markets stretched by surging gas demand for residential and industrial use from Asian and US consumers.

The Anglo-Dutch oil major and its partners, Japan’s Mitsui & Co and Mitsubishi Corp, missed an initial November 2007 target for the first LNG shipment from Sakhalin 2 by six months because of ecological obstacles and repeated postponements by Russian authorities over expenditure.

Project costs have doubled to $20 billion.

And there may still be a risk of further delays, though the world’s largest LNG project is progressing at the quickest pace out of nine energy projects in Sakhalin.

"The project is just over 60 percent complete at the moment," Sakhalin Energy’s chief executive Ian Craig said.

Shell plans to start year-round crude oil production in 2007, Craig said. Its oil production is now suspended for about six months in the year because of drift ice shutting ports.

Sakhalin 2 consists of gigantic offshore platforms, oil and gas pipelines with a total length of 800 kilometres (497 miles), as well as terminals with two LNG trains that chill natural gas to a liquid form for transport.

FROZEN BEAUTY

Sakhalin, an island about the size of Scotland, has a population of around 53,000 and holds an estimated 45 billion barrels equivalent of recoverable oil and gas reserves.

But the biggest challenge is the island’s harsh if beautiful natural environment.

In addition to frigid weather that sees temperatures plunge to minus 30 degrees Celsius on winter nights, the land has numerous seismic faults as part of the Pacific’s rim of fire.

Pipeline crossing points at active faults at the southern part were still under design, engineer Samar Slim told Reuters.

He has to use the costly technique of horizontal drilling to avoid damaging rivers where salmon come to lay eggs in summer.

"It is a lot more expensive than normal methods (to build pipelines). In my understanding, 10 times more," Slim said.

The dark waters of the Sea of Okhotsk provide a rich marine environment, harbouring feeding grounds for the endangered Western Grey Whale environmentalists fear has been disrupted by the project.

Shell says it is working to safeguard the species, with Sakhalin Energy spending about $7 million on whale research from 1997 to 2005 and agreeing last year to reroute offshore pipelines.

Humans are also an endangered species on Sakhalin.

Construction workers at Sakhalin 2’s Prigorodnoye terminal in the south, where the two giant LNG trains reside, are bundled up in padded clothes like skiers to protect their bodies from heavy snow, only their frost-crusted eyes visible from outside.

The workers have to warm up machinery parts?in tents – not to mention themselves – before putting them into action, a practice hardly necessary in warmer energy producers such as Saudi Arabia, and one adding to the project’s time and cost.

"Usually, it takes about 36 months to complete construction works of this kind of facility. But here in Sakhalin, the first train takes 51 months," said Frank Fletcher, project manager at the plant.

The jetty, chilled by wind from Aniva Bay and still not connected to land like England’s fire-wrecked old Brighton pier, is still waiting for spring and the return of more workers, whose numbers rise from 6,000 in winter to 8,000 in summer.

Up to 5,000 construction workers live in a camp just next to the plant. The main office’s walls are full of cautious advice: "Drugs don’t relax you. It kills you… Alcohol doesn’t build friendship, it destroys it… Safe sex, or no sex."

STILL AHEAD

Shell has sold about 75 percent of its planned 9.6 million tonnes a year of LNG from Sakhalin 2 on long-term supply contracts to Japan, South Korea and the US West Coast.

But Sakhalin 2 is only developing about 10 percent of the area’s resources and Shell is not the only one eyeing the riches.

Russia’s gas monopoly Gazprom is negotiating with Shell to take 25 percent of Sakhalin 2.

There are eight other new energy projects, including Sakhalin 1 led by US oil giant Exxon Mobil Corp.

Sakhalin 1 started commercial crude oil production in October, but Exxon has not begun to build gas facilities since it first needs a buyer; unlike Shell it plans to transfer gas from Sakhalin 1 to a single customer, possibly China, via a pipeline.

Exxon had hoped to develop Sakhalin 3, under a previous deal scrapped by the government. The field is expected to be auctioned later this year.

"The rest of the projects just have numbers," an industry official said.

Este vorba de un proiect european in valoare de 1,5 milioane de euro care are drept scop gestionarea durabila a deseurilor menajere din cea mai mare zona umeda din Europa si din tara noastra, care este Delta Dunarii. Initiatorii acestui proiect incearca pentru inceput gasirea unor formule viabile de colectare si de prelucrare pe plan local a deseurilor din zona centrala a Deltei Dunarii. Este vorba de zona Crisan-Mila 23, zona cu cel mai mare potential turistic din intreaga Delta a Dunarii, dar si cea mai poluata parte a Deltei din cauza presiunii turistice de aici. Trebuie spus ca initiatorul acestui proiect este Asociatia Salvati Delta si Dunarea, care a reusit sa atraga rapid la implementarea acestui program ambitios atat Ministerul Mediului, cat si ARBDD si administratia judeteana din Tulcea. Fondurile pentru realizarea acestui proiect urmeaza sa fie asigurate in mod egal de Uniunea Europeana, 750.000 de euro, si de autoritatile din Romania asociate la respectivul proiect, aceeasi suma. Astfel, Ministerul Mediului si ARBDD ar urma sa contribuie cu cate 250.000 de euro, Asociatia Salvati Delta si Dunarea cu 175.000 de euro, iar Consiliul Judetean Tulcea cu 75.000 de euro. Proiectul ar urma sa fie aplicat din anul urmator si apoi sa fie multiplicat, in functie de rezultatele obtinute, la nivelul intregii Delte.

Ministrul mediului, care a prezentat rezultatele obtinute la inchiderea celei de a doua parti a negocierilor Capitolului de Mediu, mult mai complicata decat prima parte, a precizat ca perioadele de tranzitie acceptate pentru Romania sunt in deplina concordanta cu solicitarile si evaluarile financiare realizate impreuna cu toate institutiile implicate si agentii economici care se afla sub incidenta acestor prevederi.

Speranta Ianculescu a explicat ca documentele Romaniei au fost bine intocmite si a fost justificat tot ceea ce s-a cerut. Documentul de pozitie al Romaniei la Capitolul de Mediu a cantarit 16 kg si a fost facuta cate o "teza de doctorat" pentru fiecare directiva in parte.

"Trebuie sa fim insa extrem de atenti si fermi – a subliniat ministrul – pentru a ne respecta angajamentele. Am obtinut increderea oficialilor UE si daca nu ne vom respecta angajamentele, pe langa amenzile cu care statul roman va fi sanctionat, vom pierde credibilitatea obtinuta prin eforturi deosebite’.

Romania a obtinut, in total, la Capitolul de Mediu, 11 perioade de tranzitie, in timp ce Bulgaria a obtinut numai opt. La Directiva privind deseurile, Romania a obtinut perioada de tranzitie pana in anul 2016, iar Bulgaria pana in 2014, la transportul deseurilor Romania – 2015, Bulgaria – 2009, in domeniul apelor uzate Romania – 2018, Bulgaria 2014, la instalatiile mari de ardere Romania – 2017, Bulgaria – 2014.

Directivele pentru care Romania a solicitat si a obtinut perioade de tranzitie in a doua etapa a negocierilor la Capitolul de Mediu vizeaza epurarea apelor uzate municipale, calitatea apei destinate consumului uman, prevenirea si controlul poluarii, limitarea emisiilor in atmosfera de la termocentrale, depozitarea deseurilor si supravegherea transportului deseurilor.

Costurile totale pentru implementarea intregului acquis de mediu sunt estimate la 29,3 miliarde euro pentru perioada 2004-2018, din care 5,4 miliarde euro de la Bugetul de stat, 9,9 miliarde euro din fonduri comunitare, 7,8 miliarde euro de la agentii economici si 6,2 miliarde euro din alte surse./ROMPRES/

A opta parte din rezervatiile si monumentele naturii din Romania sunt reprezentate de pesteri. Procentul capata proportii si mai semnificative daca luam in considerare faptul ca ele reprezinta unele dintre obiectivele turistice cele mai atractive si vizitate, dar si cele mai fragile. Odata distruse, nu se mai pot reface nici macar in sute de ani, asa cum, de pilda, se poate reface o padure. Pesterile s-au format in sute de mii sau milioane de ani, in conditii climatice care nu mai exista azi pe Terra. Astfel, orice agresare asupra lor duce la modificari ireversibile", a apreciat Ovidiu Guja.

Tocmai de aceea, in Legea Ariilor Protejate (Legea 462/2001), pesterile sunt tratate distinct, intr-un capitol separat, cu prevederi si sarcini specifice, menite sa duca la protejarea si conservarea lor. In opinia lui Guja, organizatiile non-guvernamentale speologice, care ar trebui sa aiba numai scopul explorarii sau protectiei pesterilor, s-au transformat in societati comerciale neautorizate, care ofera turistului vizite chiar si in pesterile protejate. Unele dintre pesteri sunt deja intrate in circuitul turistic, dar nu sub forma organizata, ceea ce duce la un impact negativ mult mai mare si la o degradare rapida.

Articolele de lege privind protectia pesterilor interzic folosirea neautorizata a acestora. In Romania, activitatile comerciale, agroturistice sau nu, care vizeaza pesterile nu se pot desfasura fara autorizatie. In ultimii ani se constata o intensificare a impactului uman asupra pesterilor.

"Diverse organizatii si grupari fac, sub diverse forme, o reclama insistenta pentru turism organizat in pesteri. Se vorbeste cand de 70, cand de 40 de pesteri amenajate pentru turism si care abia asteapta sa-si primeasca vizitatorii. Cautarea senzationalului si a faptului divers nu face insa decat reclama incalcarii flagrante a legii", a declarat Ovidiu Guja.

Alinierea la politica europeana impune si masuri legate de protectia ariilor naturale. Din pacate, au existat si exista finantari din surse europene, pentru arii carstice si pesteri, care au facut mai mult rau decat bine, atentioneaza membrii societatii.

Institutul de Speologie, ca unic institut care studiaza pesterile la noi in tara, poate stabili aceste �reguli ale jocului�, el fiind si unicul administrator al pesterilor, potrivit legii de infiintare, inca neabrogata, din 1920. Specialisti in toate domeniile care privesc pestera, din cadrul acestui Institut, sprijina activitatile de protectie si realizeaza studii de impact daca se doreste dezvoltarea unei activitati turistice de masa. Acest lucru se face insa numai pentru pesterile care se preteaza la aceasta, "care nu sunt prea fragile", dupa cum apreciaza Guja.

Programul continua campania "Rezervatii naturale fara bariere", prin care se invita organizatii si persoane fizice sa se alature acestei initiative.

"Decenii de-a randul, generatii de tineri au descoperit, explorat si protejat un patrimoniu natural de exceptie, reprezentat de rezervatiile naturale ale Romaniei. Astazi suntem in situatia in care libertatea de a intra in rezervatiile naturale traditional deschise tuturor este pe cale sa fie ingradita din dorinta de a obtine profit prin exploatarea turistica a acestora. Nu este vorba de oferta de servicii turistice, ci pur si simplu de incasarea unor taxe pentru simpla intrare in aceste rezervatii. Credem ca este de datoria noastra sa incercam sa pastram accesul liber si pentru viitor in rezervatiile naturale care au fost accesibile in acest mod pana acum", a declarat Ovidiu Guja.

Programul pleaca de de ideea ca, ani de zile, mii de pasionati de natura au contribuit voluntar la protejarea si conservarea acestor rezervatii. Initiativa isi propune sa ceara si sa determine mentinerea fara taxe a intrarii in parcurile si rezervatiile naturale traditional deschise publicului, urmand exemplele unor importante parcuri si rezervatii europene in care, pentru desavarsirea educatiei ecologice a publicului, nu se percep taxe de intrare.

"Suntem convinsi ca impreuna, pasionati de natura, custozi ai acestor rezervatii, apeland si la finantatorii si donatorii cu preocupari pentru protectia mediului, vom putea sa gasim resursele financiare necesare pentru mentinerea acestui statut", a mai precizat presedintele Societatii de Speologie.

Incepand din 2004, societatea poate sponsoriza cu o parte a impozitului pe care il datoreaza statului, organizatii nonprofit care administreaza sau au luat in custodie o arie naturala protejata. Un simplu calcul ne arata ca suma cu care se poate sponsoriza anual, depaseste la nivel de tara suma de 1.000 de miliarde lei. Societatea Nationala de Speologie arata ca este important este sa se profite de acest drept. Nu conteaza daca sponsorizezi un proiect de mediu, unul educativ, un proiect umanitar sau orice alt proiect desfasurat de o organizatie nonprofit din orice domeniu. Aceasta campanie se desfasoara cu intentia expresa de a sustine proiectele administratorilor care adera la "Rezervatii naturale fara bariere" si au inteles ca protectia naturii nu se face cu bariere, ci prin educatie

Britain had sought to change its original allocation of pollution rights to allow industry to pump out an additional 20 million tonnes of carbon dioxide (CO2), the main gas blamed for global warming, in the 2005-2007 period.

The EU emissions trading scheme is its key instrument to fight climate change and meet commitments under the environmental treaty known as the Kyoto Protocol.

Britain’s attempt to allow its industry to pollute more came at the same time as Prime Minister Tony Blair put the fight against climate change at the top of the agenda of Britain’s presidency of the EU and G8 group of rich nations last year.

When the European Commission rejected the changes, Britain went to court. The EU’s Court of First Instance sided with Britain, saying it wa? entitled to revise the plan.

The Commission said it had studied the court’s ruling and decided that Britain had missed a September 30, 2004 deadline to submit any changes.

"Since the UK amendment was notified after this deadline, the Commission has passed today’s decision rejecting the amended plan on the grounds of late submission," it said.

The Commission said it took note of the court’s ruling that it had to consider changes as long as they are notified on time.

Britain said it was studying a range of options in response, including further legal action.

"We are looking at the ruling and considering what to do next, including the case for any legal challenge," a spokesman for Britain’s Department for Environment Food and Rural Affairs said. "The legal possibilities exist for a challenge."

The government accused the Commission of hiding "behind procedure" with its ruling.

ENVIRONMENT, INDUSTRY RIFT

The setback for the UK comes as British government departments squabble over the level of CO2 limits it will impose on industry during phase two of the trading scheme (2008-2012).

EU governments must submit their emissions plans for the second trading period by June 30.

Britain’s power industry, which faces the toughest CO2 limits under the EU scheme, said it was disappointed with the Commission’s decision and would look for ways to fight it.

"We are extremely disappointed, we will be considering what steps we might now take," said David Porter, chief executive of the London-based Association of Electricity Producers.

He said the decision could cost the power industry 350 million pounds ($609.8 million) a year as companies would have to buy extra CO2 allowances.

Traders said the Commission’s decision was bullish for the price of CO2 allowances as it meant the market would not receive an extra 20 million tonnes.

"The market firmed up last night and this morning ahead of the decision, but it was widely expected, it has been largely factored into prices already," said a London-based trader.

The UK’s original plan has been in place since last year despite the legal wrangling.

Under the EU scheme companies buy or sell rights to pollute, based on limits set by national governments and approved by the Commission. It covers high-polluting factories like power stations, oil refineries, steel mills and cement plants.

S-au obtinut, in total, 11 perioade de tranzitie intre 1 si 12 ani pentru domeniile: calitatea apei, managementul deseurilor, controlul poluarii industriale, a anuntat, vineri, Ministerul Integrarii Europene.

In prima etapa a negocierilor (incheiata la 23 septembrie 2004), Romania obtinuse 5 perioade de tranzitie, intre 1 si 5 ani, pentru aproape 2500 de instalatii in domeniul petrolier, al incinerarii deseurilor spitalicesti, al colectarii deseurilor de ambalaje si echipamente electrice si electronice, al industriei care poate deversa substante in mediul acvatic al comunitatii.

In a doua etapa de negocieri s-au obtinut alte 6 perioade de tranzitie intre 1 si 12 ani.

"Si negocierile pentru aceste ultime perioade de tranzitie au fost foarte intense si deosebit de dificile" – a declarat ministrul delegat Vasile Puscas, negociatorul-esf al Romaniei cu UE, care a condus delegatia tarii noastre la Conferinta de aderare desfasurata, vineri, la Bruxelles.

Pentru managementul deseurilor, s-au acordat perioade de tranzitie cuprinse intre 3 si 8 ani pentru depozitarea deseurilor (perioada este calculata dupa expirarea perioadei de implementare acordata de acquis statelor membre, respectiv de la data de 16 iulie 2009) pentru ca 129 de depozite de deseuri sa se conformeze la standardele comunitare si perioade de 5 pana la 9 ani pentru transporturile deseurilor.

In ceea ce priveste epurarea apelor uzate, s-au obtinut perioade de tranzitie pana la 12 ani, adica pana la 31 decembrie 2018, pentru cea mai mare parte a localitatilor urbane (2609 localitati).

Referitor la nivelul calitatii apei potabile, perioada de tranzitie pentru atingerea standardelor comunitare variaza, in functie de diferiti parametri de calitate, intre 4 si 9 ani pentru localitatile cu populatie intre 10.000 si 100.000 de locuitori.

In domeniul prevenirii si controlului integrat al poluarii, s-au obtinut perioade de tranzitie cuprinse intre 2 si 9 ani pentru 195 de instalatii, iar pentru limitarea emisiilor anumitor poluanti in atmosfera de la instalatiile mari de ardere au fost obtinute perioade de tranzitie cuprinse intre 1 si 6 ani pentru 126 de instalatii.

"A trebuit sa negociem interesul companiilor, al comunitatilor locale, sa tinem cont atat de necesitatea de a avea un aer mai curat, o apa mai buna, dar si de capacitatea de a investi a administratiilor publice locale si a companiilor. Am dorit ca efortul investitional, de aproape 30 de miliarde de euro, sa fie repartizat pe urmatoarele 2 decade. Nu trebuie sa uitam ca investitiile vor fi realizate atat de la bugetul de stat, dar si de companii si din fonduri comunitare consistente, mai ales dupa aderare. Uniunea Europeana ne acorda si acum sute de milioane de euro anual pentru mediu. Trebuie sa invatam din proiectele ISPA, deoarece, dupa aderare, fondurile comunitare vor fi si mai consistente si este necesar sa realizam proiecte eficiente, care sa faciliteze absorbtia acestora" – a explicat Vasile Puscas.

Ministrul delegat a mentionat ca, in negocieri, partea romana a prezentat planuri de implementre pentru fiecare instalatie in parte, in care s-a precizat cum se va face alinierea graduala la standardele comunitare (investitii, surse de finantare etc.). Totodata, a multumit companiilor si autoritatilor publice locale, cu care s-a consultat inca din 2001 si care au oferit aceste date, ajutand delegatia sa le negocieze interesele.

"Putem spune ca am obtinut in negocieri rezultate bune" – a subliniat Vasile Puscas, atragand atentia ca vor fi necesare considerabile investitii in domeniul mediului "nu pentru ca asa ne cere Uniunea Europeana, ci pentru ca vrem sa avem o apa mai buna, un mediu mai curat si sa fim mai sanatosi".

"S-a observat ca, in localitatile in care poluarea este crescuta, durata de viata este mai redusa. Asadar, trebuie sa investim in mediu, adica sa investim in viata si sanatatea noastra si a copiilor nostri", iar acest lucru necesita un efort comun al guvernului, al companiilor si al societatii civile – a mai spus negociatorul-sef cu UE./

"We intend to be much more active in the wind, power, solar energy, biomass and geothermal areas," Rubenstein said.

"We think it’s an extremely attractive area in which to invest, particularly because many states in the US now require that utilities buy a certain percentage of their energy from solar, biomass, geothermal or wind power sources," he told Reuters at a private equity conference in Frankfurt where he also predicted that some buyout firms would go public within the next several years.

To meet the energy demand, Carlyle, one of the world’s largest private equity firms, is raising a fund that will invest in renewable energy infrastructure, sources familiar with the matter said.

Carlyle declined to comment on the fund. Rubenstein did, however, say the firm was set to launch a hedge fund within the next several weeks after announcing the move last year.

Soaring oil prices have prompted state and federal governments to explore alternative sources.

US President George Bush in his State of the Union address outlined details of a ?ederal initiative to provide a 22 percent increase in clean-energy research. The US government’s 2007 budget includes $44 million for wind energy research, a $5 million increase from the year before.

Investing in the current cycle of renewable energy interest has not taken off, with only a handful of firms actively pursuing opportunities.

J.P. Morgan Partners, the private equity arm of investment bank J.P. Morgan and rival bank Goldman Sachs are among companies investing in the projects.

CREDIT

Rubenstein was speaking at the annual Super Return conference in Germany, where private equity firms came under attack last year from a leading local politician, who branded them "locusts" who buy up companies and cut jobs.

Rubenstein said that charge was unfounded and encouraged German pension funds to invest in private equity funds.

"German political leaders and business leaders should encourage more German private equity firms to get started – don’t wait for the Americans to show up but support and encourage Germans to start their own funds and to do the same kind of things that the Americans are doing," Rubenstein said.

"They should also take a look at the facts about what is actually happening in the German economy as opposed to criticising private equity people," Rubenstein said.

"We don’t deserve all the credit for the German economy, clearly, but I think private equity people deserve some credit for trying to help get the German economy into the 21st century."

IPOS ON THE HORIZON

The buyout pioneer also predicted some private equity firms would look to go public within the next five years.

"Private equity firms are being beseiged by investment banks all the time to go public," he said, although he stressed that Carlyle would not be seeking a listing.

Others may be bought by an investment bank, he said.

He also warned that the current ripe conditions for buyouts – huge funds, mountains of cheap debt, low interest rates and strong economic growth – might not last forever.

"Right now we’re operating as if the music’s not going to stop playing and the music is going to stop. I am more concerned about this than any other issue," Rubenstein said.

He also cautioned about the rush of private equity funds to do ever-larger club style deals, where up to five or six firms get together to buy assets, piling on billions of dollars in debt as part of the process.

"It might be easy to buy into these … when things are going good. I worry these deals don’t look so smart when economies turn down," Rubenstein said.