SkyBridge Capital’s flagship fund saw net outflows of $1.6 billion for its fiscal year ending March 31, leaving the fund with $5.4 billion in assets, according to a filing with the Securities and Exchange Commission earlier this month.It remains to be seen if Scaramucci makes the expected $100 million in profits from selling a declining asset to the Chinese.
Scaramucci, an ardent Trump supporter and fundraiser, sold Skybridge to a team of foreign buyers earlier this year in anticipation of landing a gig with the Trump administration.
The deal is expected to close this summer although Scaramucci’s White House ambitions have been delayed.
Citizens have paid more out of pocket and gotten less. My employer sponsored insurance covers less every year and my out of pocket expenses, solely for physician visits, soared in 2016. Healthcare earned its sorry reputation by overcharging while cutting service and coverage levels. The data shows both.
I can imagine healthcare getting worse as healthcare corporations optimize profits for their PEU owners. Yes, PPACA kicked off huge private equity investments in health care companies. Those firms have funneled massive amounts to sponsors. Some affiliates will need to be flipped or returned to debt holders, like The Carlyle Group's HCR ManorCare.
KKR's HCA and Carlyle's ManorCare are but two windows into the PEU healthcare world. Neither reduced costs during the Obama years.
People sense something is terribly wrong in healthcare. It's hyper-profitization, the want for the greed and leverage boys to grow their billions in holdings. Smile pretty, because they want to profit from your misery and suffering.
Update 9-25-19: PPACA Report Card: Employers shifted costs to employees via higher deductibles and increased co-pays. PPACA has not helped make healthcare more affordable. It has made a lot of money for the PEU boys.
Update 4-16-20: A coronavirus pandemic revealed
America's broken healthcare system and PPACA's many shortcomings. How
many 22 million newly unemployed can afford the premiums? How many of
these will get COVID-19 and die at home without proper care?
Update 1-20-22: In 2020, the average health insurance premium contribution was 6.9% of median income, while the average deductible was 4.7%, combining for a mighty 11.6% of median income. Curve not bent in the least.
American CEOs expected to meet India PM Narendra Modi on Sunday include Apple's Tim Cook, Walmart's Doug McMillon, Caterpillar's Jim Umpleby, Google's Sundar Pichai and Microsoft's Satya Nadella.PM Modi's visit will take place June 25-26. The Prime Minister will meet with firms helping India go cashless. Global leaders serve the corporations, not the people. Modi is but one. He's coming to meet with the many.
Among others are Mariott International chief Arne Sorenson, Johnson & Johnson's Alex Gorsky, Mastercard's Ajay Banga, Warburg Pincus's Charles Kaye and Carlyle Group's David Rubenstein.
This year’s event is a homecoming of sorts for Mnuchin, a former Goldman Sachs Group Inc. partner who later relocated to Los Angeles to invest in banks and films. (PEU - Dune Capital) Commerce Secretary Ross, who made his fortune snatching up and rebuilding distressed businesses, (PEU - Invesco/WL Ross) also slips in easily with the Wall Street who’s-who milling about the Beverly Hills Hilton. Those include PEU Blackstone Group LP billionaires Steve Schwarzman and Tony James, JPMorgan Chase’s Jamie Dimon, Wells Fargo CEO Tim Sloan, hedge-fund billionaire Ken Griffin and billionaire private equity underwriter David Rubenstein of Carlyle Group LP.I believe the conference theme was "Milk'em in the name of progress and equality."
“There’s a lot of data that shows when there’s one woman on the board, it’s much more likely that there will be a second woman on the board,” Arianna Huffington said around six minutes into the recording.“Actually what it shows is it’s much likely to be more talking,” Uber board member David Bonderman said.“Oh. Come on, David,” Huffington responded.
In testimony that provided flashes of Carlyle Group’s rarefied perch in the investment world, Mr. Conway said the Angolan government, CCC’s biggest investor, considered putting $500 million in the fund. The West African country ended up taking a $150 million stake.After CCC imploded Carlyle asked Michael Huffington for the chance to make his $20 million back and more. Huffington declined and sued Carlyle for his losses. Carlyle plead a puffery defense in another equity investor lawsuit (SemGroup).
Several CCC investors, including former Republican U.S. congressman Michael Huffington and Kuwait’s National Industries Group, later brought lawsuits against Carlyle Group, but only the liquidators’ case made it to trial. The other suits were all thrown out or dropped and are no longer active.
The liquidators were appointed by the Guernsey court in 2008 as part of the island’s insolvency procedures.
After raising $600 million privately in late 2006 and early 2007, CCC prepared to offer shares on Euronext Amsterdam in the summer of 2007. But alarm bells began to sound on U.S. subprime mortgages, and other mortgage-related assets were hit. It was touch and go whether CCC’s initial public offering would go ahead, according to emails shown in court.
CCC’s Fannie Mae and Freddie Mac bonds had fallen in value, and banks wanted more cash and collateral to keep providing loans. CCC borrowed around 30 times its equity to increase returns and had little wiggle room.
“Pulling the deal will be a public black eye,” Mr. Rubenstein wrote in an email to Mr. Conway at the end of June 2007, according to court filings. “On the other hand I’m at a loss to say how the whole market can be wrong about the product at this time and we are right,” he wrote.
Two years ago the Department of Justice said it was investigating HCR ManorCare for allegedly exerting pressure on skilled nursing facility administrators and rehabilitation therapists to perform unnecessary services on patients in order to collect additional Medicare and Tricare payment, the DOJ said in 2015.Greed, intimidation are PEU methods. Healthcare, thanks to Presidents Bush and Obama, is peppered with PEU owned companies. Who will provide these firms life support after years of toxic sponsor ownership? Apollo Global Management will own part of ManorCare's carcass, so the company will not be leaving the PEU fold. That's sad for patients and their families.
Patients were kept in facilities even though they were medically ready to be discharged, the DOJ said.
Skilled nursing facility managers and therapists were threatened with discharge if they did not administer the additional treatments necessary to qualify for the highest Medicare payments, according to the complaint.
Global alternative asset manager The Carlyle Group (NASDAQ: CG) has today announced it has entered into an agreement to acquire the majority shareholding of the Italian company IRCA, a large European manufacturer of ingredients and food products for pastry-making, baking and ice-cream retailing. Carlyle will acquire an 80% shareholding from Ardian and the company’s founding Nobili family, who will continue to manage the company.It will be interesting to see how the founding family mixes with Carlyle. The Brintons' family had nothing nice to say about Carlyle and its PEU ways.
Established in 1919, Irca has a prominent position in the artisanal pastry and ice-cream markets, expanding its European presence across France, Germany, Spain and Eastern Europe, renowned for the quality of its product offering, which currently totals nearly 1800 lines. Irca currently distributes its products in approximately 70 countries, through a strong network of long-standing distributors.
Mr Roberto Nobili, member of the fourth generation of entrepreneurs, will continue to retain his role as Irca’s CEO.
The landlord of America’s second-biggest nursing home chain is haggling with the company’s top executive over a lavish compensation package, even as the chain teeters on the edge of bankruptcy, sources told The Post.Could Carlyle be that bad to work for, that a CEO would need that kind of pay to stomach working for PEU ilk? Not likely. Ormond invited Carlyle in and partnered to make himself stinking rich. Carlyle expected to make billions more. After putting ManorCare in a precarious position, Carlyle's founders know better to throw good money after bad.
Paul Ormond, CEO of HCR ManorCare, is demanding $100 million in deferred compensation that private equity giant Carlyle Group promised to pay him as part of a $6.3 billion buyout of the company in 2007.
"We detected unauthorized access to OneLogin data in our US data region," OneLogin disclosed in a blog posting this week.
This initial notice was frustratingly lacking in detail, and customers were left to assume the worst with regards to the severity of the attack. However, OneLogin has since updated its blog posting with more details, including the unfortunate news that hackers were able to gain access to the company's AWS keys.
The hackers were then able to use those keys to "access the AWS API from an intermediate host with another, smaller service provider in the US." The company reports that the intrusion began at 2AM on May 31st, but it wasn't until seven hours later that OneLogin staff detected any anomalies and was able to cut off access. That is a rather lengthy period of time for the "threat actors" to have access to the company's database tables.TechCrunch had a portion of the e-mail sent to customers:
OneLogin also provided this rather dour warning:
While we encrypt certain sensitive data at rest, at this time we cannot rule out the possibility that the threat actor also obtained the ability to decrypt data. We are thus erring on the side of caution and recommending actions our customers should take, which we have already communicated to our customers.
Those actions of course include resetting passwords, generating new API keys and creating new security certificates.
It is reported that OneLogin provides services to over 2,000 companies (including Yelp, Midas, Pinterest, Pacific Life, The Carlyle Group, Conde Nast, and Pandora) and has millions of individual users. OneLogin allows users to integrate with services like Amazon Web Services, Office 365 and Google ecosystem.
All customers served by our US data center are affected; customer data was compromised, including the ability to decrypt encrypted data.Carlyle most recent podcast tackled cybersecurity. Their advice could be timely. Any egg would come from vendor selection not from direct investment.
• Skyhigh Networks named Dheeraj Khanna as VP of technical operations. Khanna joins Skyhigh from OneLogin, where he built a team from the ground up as the VP of technical operations.Mr. Khanna's new employer Skyhigh Networks may be in a position to make hay from OneLogin's security failure.
Gymboree is another retailer that is saddled with debt taken on in a leveraged buyout. The company was acquired by Mitt Romney’s former firm Bain Capital in 2010 for $1.8 billion. Today, the company has $1.043 billion of debt, split between a $769 million term loan, the $171 million of 9125% senior secured notes due December of 2018, an $80 million ABL revolving credit facility and a $49 million first-lien ABL term loan.The report did not say how much Bain siphoned from Gymboree via deal fees, annual management fees and special dividends/distributions. It did not share whether Bain added Gymboree debt since 2010 to fund a sponsor PEU dividend.
The company’s bonds were last trading at 8.729 cents on the dollar, according to MarketAxess, deep into distressed territory. Its term loan was quoted at 44 cents to 46 cents on the dollar, according to Debtwire.
