Monday, May 22, 2023

Francis Suarez: Another PEU Politician

Miami Mayor Francis Suarez is considering a run for the Red Team's Presidential nomination.  Under questioning on Face the Nation Suarez spoke briefly to paid outside work.   Local news reported on a $10,000 per month consulting agreement with developer Location Ventures.

It turns out Suarez is a private equity underwriter (PEU) with DaGrosa Capital Parnters.  DaGrosa's website describes the firm:

A Miami-based private equity firm focused on making control and influential minority investments in exceptional companies located throughout the United States, Western Europe and Latin America.  

Suarez is part of the big money funnel with multiple full time jobs paying huge sums.  Each of those jobs carries professional conflicts of interest but nobody cares about that nowadays.  Well, maybe Warren Buffett cares.

Turn over a political rock and one often finds a greed and leverage boy.  Politicians Red and Blue love PEU and increasingly, more are one. 

Update:  Miami Mayor Francis Suarez once said that Sam Bankman-Fried, the now disgraced former head of FTX, embodied the “ethos of Miami.”  Is that greed and leverage?

Update 6-15-23:  PEU Suarez threw his hat into the White House ring for the Red Team.  CNN failed to report on Suariz' private equity ties.  

Update 8-16-23:  My wise friend wrote me:

In an interview with NBC News in early July, Suarez said, “I’ve done well, and I’m not going to apologize for doing well.”

“I’ve never used my position inappropriately to have any sort of financial gain.”
He commented:

Suarez exposes himself in those two lines. Number One FU I'm not going to apologize. Number two, I'd say he used it to his maximum benefit IE  like all politicians he used it appropriately for the financial gain meanwhile the cost of living is going up everywhere and placing people in increasingly desperate positions.

The PEU boys earned every bit of their outsized pay.  The common man, not so much.

Update 8-31-23:  Suarez suspended his campaign but his financial filings are revealing.