Monday, September 25, 2023

SEC to Open PEUdora's Box?

Seeking Alpha

The U.S. Securities and Exchange Commission has escalated its investigation into the financial industry's use of personal devices for communicating about business matters by collecting thousands of messages, according to a media report.

Now the SEC is asking at least 16 investment firms for messages from the first half of 2021 that pertain to their businesses, Reuters said, citing four people with direct knowledge of the matter. The companies include Blackstone (NYSE:BX), Apollo Global Management (NYSE:APO), KKR & Co. (NYSE:KKR), Carlyle Group (NASDAQ:CG), and TPG (NASDAQ:TPG), three of the people told the news organization. Another person said some hedge funds, including Citadel, were also involved.

Private equity underwriters (PEU) brought us nonlobbyist lobbying where billionaire founders set U.S. policy via "personal relationships" with legislators, governors and Presidents.

Indicted Blue Team Senator Bob Menendez had Blackstone and Apollo in his top five donor list.  Did any PEU insiders use their nonlobbyist lobbying relationships to fuel their insatiable greed?  PEU personal devices may shed light on that question.  

It will be interesting to see what evil flies out of PEUdora's WhatsApp box.