Wednesday, September 20, 2023

Scheming Billionaires: PEUs Red and Blue

Blue Team Senator Sheldon Whitehouse gave compelling testimony about billionaire efforts to control parts of our national government.  He cited Red Team oriented billionaires shaping the Supreme Court and then currying favor with conservative appointees.  Congress enacted legislation that enables special interest organizations to influence elected officials and impact government operations.

The U.S. grew a new class of billionaires over the last three decades. Co-founder David Rubenstein located The Carlyle Group in Washington, D.C. to tap Uncle Sam's wallet and influence policy.   Carlyle is a politically connected private equity underwriter (PEU).

Rubenstein descends on Capital Hill every time Congress pretends to take a serious run at eliminating PEU preferred "carried interest" taxation.  He dines with Presidents regardless of their political stripes.  

He benefacted his Nantucket estate for many of President Biden's Thanksgiving vacations.  Surely, Sheldon is aware of this given Rhode Island's proximity to Nantucket.

I am grateful the Senator pointed out decades of undue influence by a few of our wealthiest citizens.  It's happened on many fronts and the people steering the politicians reap the benefits.  That's not the common citizen.

Congress designed a system that enables people with more resources to have significantly more influence.  Politicians Red and Blue love PEU and increasingly, more are one.