Thursday, November 25, 2021

Biden Thankful for House of Greed

U.S. President Joe Biden is spending Thanksgiving at the Nantucket home of Carlyle Group co-founder David Rubenstein.  This will be at least the third time he has done so.  The first occurred in 2014, then 2016 and now 2021.  There is a chance Biden stayed there in 2019.

Multi-billionaire Rubenstein is the man who repeatedly saved private equity's preferred carried interest taxation and may benefit from the Blue Team tax cut for the wealthy.  On how many homes can David Rubenstein claim the state and local tax deduction?  

Carlyle's Rubenstein is reportedly in Europe and not with Biden for his Thanksgiving trip.  

Rubenstein has reportedly boasted to friends that he only spends 12 days a year at the Nantucket estate. 

Ultrarich Rubenstein would much rather pay interest than taxes.  Here's his latest take on taxes.

‘If you tax the upper income, there aren’t enough of those people to really make a wealth distribution effect that’s going to be significant. There just aren’t enough highly wealthy people.
It's remarkably consistent with his stand over a decade ago.  This is from a major business reporter (Summer 2011):
I have seen so many people -- particularly those in their 50s - 70s -- taken apart by what has happened in their industry as greed has hollowed out the economy. These are people took pride in their jobs and held themselves to this invisible standard that we all just took for granted, but is being wiped out.

The Carlyle Group scares me more than anything I've ever seen on Wall Street. It seems to exist to corrupt politicians and it's hard to know who they even represent.

I watched a video interview of (David) Rubenstein and his arrogance is really beyond tolerance. He was going on about the debt ceiling problem and how there would need to be cuts in services and higher taxes. When the reporter asked him about tax on carried interest he turned really disdainful and said that this "only" amounted to $22 billion over some number of years and this was not serious money. Boy, nothing like everybody doing their small part to save the country from oblivion!

History is why Biden's staying at the Carlyle Compound is disconcerting.   

Update 11-26-21:  The Carlyle Group's most recent lobbying report indicates its desire to keep PEU preferred carried interest taxation, garner a chunk of all of the Blue Team's spending bills and further Carlyle's COVID-19 profit plans.  Billionaire PEU founders can pick up the phone and call the occupant of the White House.  Both Red and Blue Presidents answer the phone for non-lobbyist David Rubenstein.

Update 1-14-22:  After bailing as lead developer for the Port of Corpus Christi's Harbor Island Carlyle plans to start a new infrastructure offering.  Time to mine more of Uncle Sam's wallet?

Update 11-22-22:  Biden is back at the PEU Rubenstein compound on Nantucket for yet another Thanksgiving.