President Joe Biden will vacation yet again at an investment manager's
beach house.
“They stayed here before and they’re not paying,” a source close to the family told the New York Post. “They’ve never paid. They’re just friends.”
The beach home is on Kiawah Island and owned by the co-founder of Aetos Capital.
The 10,500-square-foot, nine-bedroom oceanfront retreat is owned by Maria Allwin, the Connecticut-based widow of real estate and hedge fund manager James Allwin, and she has hosted Biden in years past, including while he was vice president.
Aetos divided in two after the death of Jim Allwin.
"Jim's original vision was to have several different alternative businesses--hedge funds, real estate, private equity and venture capital."
Biden often spends Thanksgiving at the Nantucket home of Carlyle Group co-founder David Rubenstein. It's almost become an annual event.
The Biden cabinet is chock full of former private equity underwriters (PEU):
Chief of Staff Ron Klain - Revolution LLC
Secretary of State Anthony Blinken - Pine Island Capital
Defense Secretary Lloyd Austin - Pine Island Capital
Commerce Secretary Gina Raimondo - Point Judith Capital
Energy Secretary Jennifer Granholm - Ridge-Lane Limited Partners
Agriculture Secretary Tom Vilsack - Ridge-Lane Limited Partners
Director of National Intelligence Avril Haines - Tikehau Capital
Biden just nominated yet another one for a Department of Energy infrastructure position.
Politicians Red and Blue love PEU and increasingly more are one. The Blue Lucys and Insane Reds do their best to keep this romance behind the public curtain.
Update 1-4-23: Raimondo has been mentioned as a future Treasury Secretary should Janet Yellen move on.
Update 10-31-23: Forbes asked one contributor covering Raimondo to back off before stopping his articles altogether.
