Sunday, August 7, 2022

Blankfein Calls Out PEU Lobby

The Private Equity lobby did double duty preserving carried interest and exempting PEU affiliates from the 15% minimum corporate income tax.  Former Goldman Sachs CEO noticed!

Goldman Sachs has long had a private equity division.  Blankfein's son Alex joined The Carlyle Group in 2016.  He is now a Principal at Redbird Capital Partners.  Lloyd knows that of which he speaks.

Update 8-8-22:  WSJ noted PEU lobby's latest wins.  Lobbies don't win unless politicians cave.  Elected officials have done this over and over and over.  The PEU lobby calls carried interest the billionaire tax subsidy with nine lives.  Buyouts remain hot, even during a down market.

It's the Blue Lucys vs. the Insane Reds.

Update 8-10-22:  CNBC did a story on the PEU lobby.  A flashback to 2011 showed the same lobby working overtime to save "carried interest" taxation.  The former name of the trade group was Private Equity Growth Capital Council- PEGCC.  It initially rolled off the tongue, then turned into a gag reflex.  I changed it to something easier to say PECKER (Private Equity Capital Knowledge Executed Responsibly).   Congress remains hands off on PEU financial engorgement.