Tuesday, June 16, 2015

Obamas Party Like it's Dot-Com Bubble Time

The Hill reported:

The White House on Monday defended a private concert over the weekend featuring Prince and Stevie Wonder, saying the Obamas paid for it themselves.

Around 500 people attended the event, which was not disclosed on the president’s public schedule. Press secretary Josh Earnest confirmed the first couple hosted a private party for their friends and said they “did it on their own dime."

Seattle Seahawks quarterback Russell Wilson, singer Ciara, and the Rev. Al Sharpton were among those in attendance. The guest list reportedly also  included powerful business figures such as Carlyle Group co-founder David Rubenstein and American Express CEO Ken Chenault. 

Much has changed since 1999, including the virus like spread of private equity underwriters.  They've enriched their billionaire founders at the expense of the middle class, many of whom are now paupers.

President Obama may lead from behind, but he's always thinking ahead.  I can see a PEU slot in his future.

Update 6-17-15:  Carlyle Group co-founder David Rubenstein told CNBC that stocks aren't cheap (club deals) as his PEU announced it would reopen its office in Silicon Valley, home of super-over priced stocks and monster equity returns (harkening back to the dot.com bubble).  Wall Street asked for more government subsidies, the last round of $13 trillion came from the 2008 financial crisis.  The greed and power boys always want more..  

Update 6-19-15:  In a flashback to the last PEU run-up it looks like club deals may be back.