French President Emmanuel Macron told Fareed Zakaria that private equity underwriters (PEU) are part of the solution to global poverty, climate change and biodiversity. The French leader hosted a Summit for a New Global Financing Pact.
I had a feeling Macron would mention the PEU boys once he stressed the World Bank and IMF use leverage and access private money.
The rise of private equity in the U.S. corresponded with the relative decline in wealth for the vast majority of citizens.
So the group that contributed to inequality is touted as a critical part of the solution? Promoting the greed and leverage boys is a strategic priority for U.S politicians and our close allies. Macron punctuated that fact.
Update: Macron's former employer Rothschild has a PEU division, Corporate Private Equity. Their website states:
Our Corporate Private Equity business focuses on investing in lower-middle market companies in Western Europe through Five Arrows Principal Investments (FAPI) and in the US through Five Arrows Capital Partners (FACP).
