Wednesday, November 16, 2016

Trump's Red PEU Cabinet

President elect Donald Trump's transition team already floated two private equity underwriters (PEU) as possible Treasury and Commerce Department cabinet members come January 2017.  Billionaire PEU Wilbur Ross could take the top Commerce spot.  Ross' ICG owned the Sago Mine where 12 miners died in a Jan. 2, 2006 methane gas explosion.  PEU Ross is 78 years old and still growing his billions in assets.

Ross invested in distressed banks after the financial crisis and those deals received $6 billion in FDIC subsidies. A Bloomberg article on Ross's bank acquisitions had one Ross admirer bragging:

"He’s one of the best bottom feeders in the business!"
Trump's Treasury Chief could make the same claim as Steven Mnuchin's Dune Capital Management rode FDIC subsidies to massive profits on IndyMac bank, renamed OneWest Bank.  Two men who rode public money to greater riches could soon be overseeing your tax dollars.  Rest assured funds will be steered to their PEU brethren, not the economically frustrated common man who put their boss in office.

It's the Red Team's turn to use the White House as a money funnel to connected friends.  Disrupt a few industries, telegraph a few swamp drains so new bottom feeders can make billions.  They might express their appreciation by donating to the Red Team.

The Blue Team showed their concern for the struggling common man by appointing PEU water carrier Chuck Schumer (D-NY) as Senate Minority Leader.  The Clinton and Obama PEU stains remain, as noted by Wall Street on Parade.

Update 11-19-16:  Politico reported how Wall Street is celebrating a Trump Presidency.

Update 12-1-16:  Bloomberg reported Trump's newly found Wall Street love.