Monday, July 11, 2022

Youngkin Played Rare Game of PEUNGO

Virginia Governor and former Carlyle Group CEO Glenn Youngkin doesn't want kids playing "privilege bingo."  Red Team Glenn benefited from his years at Carlyle, a private equity underwriter (PEU).  

Very few people get to play PEUNGO.  This rarefied air is reserved for truly privileged, mostly white PEU founders.  Many of these billionaires stepped back from their active role and now run family offices.  

Family offices hold $6 trillion in wealth, up 20 fold in the last twenty years.

The investable assets of ultra-high net worth individuals are expected to double in almost every part of the world by 2030.

As for justice, the purview of government FT reported:

Archegos Capital Management, the family office whose collapse last year gripped Wall Street, transferred shares worth hundreds of millions of dollars to a charitable foundation that became a financial “escape pod” for founder Bill Hwang, according to a civil lawsuit filed in New York.

Every student should play PEUNGO so they can understand the man in the Governor's Office.  It would be basic civics.

Politicians Red and Blue love PEU and increasingly, more are one.

Update 7-18-22:   The Guardian reported:

The 2022 Democratic primaries have seen a surge of white billionaires, ostensibly Democrats, throwing their weight – and their money – around to try to boost the fortunes of hand-picked, under-qualified white men running against candidates of color.