Bloomberg reported:
Blackstone Inc., Apollo Global Management Inc. and Carlyle Group Inc. collectively sold out of almost $150 billion in deals, double that of the prior year.
The influx of cash pushed earnings to new highs, minted new wealth for dealmakers and added to private equity’s allure during Wall Street’s war for talent.
As Congress considered increasing taxes on the wealthy, private equity underwriters (PEU) took advantage of low interest rates to flip affiliates in the midst of a giant corporate asset bubble. The Carlyle Group's CFO said “2021 was a special year” with the cash from exits.
Politicians Red and Blue love PEU so no tax raises on the wealthy, no matter how condescending they act. Preferred "carried interest" taxation ensures the PEU boys mint more take home wealth. Deal and management fees add to their obscene bounty.
The greed and leverage boys won't make housing more affordable or healthcare cheaper. They will look at their money stash in relation to other billionaires. Might it be envy?
