Thursday, December 29, 2022

Biden Gets Personal PEU Hospitality

NY Post

When Biden receives free lodging, he’s supposed to disclose it on annual financial disclosure forms that are released publicly each May. The form requires the president and vice president to disclose free lodging worth more than $390. Ethics experts say the “personal hospitality” reporting exception on that form doesn’t cover instances where the homeowner isn’t present.

Not present for free Biden vacation stays were.

New Year's in St. Croix -- Bill Neville, CEO of LoanLogics, affiliate of Sun Capital Partners, a global private equity underwriter (PEU).  Neville and his wife Connie attended the White House state dinner for French President Emmanuel Macron.

Thanksgiving in Nantucket -- David Rubenstein, co-founder of The Carlyle Group, a politically connected PEU

Summer vacation in Kiawah Island --  Maria Allwin, widow of hedge fund founder James Allwin, Aetos Capital

It's a bad sign that a U.S. President can get free lodging from shadow bankers and not have to declare the gift.  What gifts are given in return that are also undisclosed?

It's not clear if President Biden will meet with any other billionaires vacationing in St. Croix on their Superyachts.  If so, the American public likely has no ability to find out.

Update 12-29-22:  Bill Neville was a 63.7% owner in BBVI, a Virgin Islands broadband internet provider.  He sold it to Liberty Latin America LTD in late 2021.  The price may have been boosted by nearly $85 million in federal money.

Broadband VI has won an $84.5 million federal bid to buildout phase 2 of the Connect USVI program, whose aim is to provide affordable voice and broadband services for 10-year periods with speeds of up to 1 gigabit per second downstream.

Neville stepped down as LoanLogics CEO two months ago.  

Neville played an instrumental role in LoanLogics being selected as the technology provider behind Freddie Mac’s FAST.
This is the way our Government Corporate Monstrosity works.