Sunday, October 17, 2010

Middle East SuperReturn's PEU Odor

Private equity underwriters (PEU's) will gather in Abu Dhabi, United Arab Emirates, this week for the annual SuperReturn Conference.  Carlyle Group co-founder David Rubenstein will speak at the event.  It's also a pilgrimage to Mubadala Development Company, part owner of Carlyle.

Reuters reported:

Experts expect deal activity to pick up in 2011 on the back of stronger regional economic growth, but PE firms will spend more time on small-to-medium sized enterprises (SME's) and even angel funding -- providing funding for start-up businesses -- to ensure the sector's long-term appeal.
"Angel financing" brings to mind Goldman Sachs CEO Lloyd Blankfein's "God's work" comment. Yet, a potential devil from Deloitte made the piece.

"The fundraising environment in MENA remains tough, but sentiment appears to be moving in a positive direction," said Chris Ward, chief executive of Deloitte's corporate finance operations in the Middle East..

Deloitte's Chris Ward has no work history prior to October 2008 on his LinkedIn profile.  A rascal accountant with the same name stole $750,000 from the National Republican Congressional Committee from 2003 to early 2008.  That Chris Ward resigned and seemingly disappeared after a confrontation with Rep. Mike Conaway, CPA.  Or was it Jeff Burton?.

Did the NRCC's Chris Ward resurface in the United Arab Emirates as Deloitte's PEU man?  Did the man who presented fake Deloitte & Touche audits get a job with the firm?  12-11-11:  Deloitte wants you to know the answer is a definitive NO!

If so, how could such a thing happen?  Chris Ward's knowledge of Congressional shenanigans, personal and/or financial, could pave the way for such a deal.  Cindy Hampton, who had an affair with Senator John Ensign (R-NV), served as Chris Ward's assistant Treasurer at the Senate Majority Committee.

Does Cindy know what this man did before October 2008?

(The picture of Deloitte's Chris Ward has been removed after a request from the company on 12-11-11.  The link to his picture has also been removed.) 

CQPolitics reported NRCC's Christopher Ward awaits sentencing, after pleading guilty last month to embezzling hundreds of thousands of dollars. It didn't state where he is waiting.  For all the news about embezzler Ward, there are no pictures of him on the web.

I expect Deloitte's Ward is not the NRCC's, but it is conceivable given today's low standards.  Too many with dark pasts, Tom Donilon, Jamie Gorelick, Eliot Spitzer, Lord John Browne, and Bill Clinton, act like they have no history.

One speaker at the SuperReturn Middle East has a scandal in his background. Ex-Fannie Mae CEO Daniel Mudd took Countrywide VIP loans, a form of "pay to play."  Mudd is now CEO of Fortress Investment Group and will address the convention.

Financial devils will gather in Abu Dhabi for the SuperReturn conference.  The question is how many?

Update 8-22-11:  Ward worked under Tom Davis (R-VA) at the NRCC.  Davis is now Director of Federal Government Affairs at Deloitte, the employer of one Chris Ward.  Davis couldn't perform his basic fiduciary function as chair of the NRCC, yet he now teaches how to transform the way government works.  Amazing.

Update 12-7-11:  Deloitte's Chris Ward attended Southampton University, graduating in 1971.  As I expected, their man is not the NRCC embezzler.

Update 12-11-11:  A Deloitte representative contacted me with concerns about this opinion piece.   At the time this was written, there was not much information about the two men with a common name.  In 2011 Deloitte's Chris Ward was promoted and is not in jail.  The NRCC's is behind bars.

Update 1-20-12:  Fortress' Daniel Mudd took a leave of absence to defend himself from a SEC lawsuit regarding Fannie Mae disclosures under Mudd's tenure.