CNBC reported:
“What we found was a really strong connection between feeling badly about your money situation and how much time you spend on social media,” said Isabel Barrow, director of financial planning at Edelman Financial Engines.“
"There’s this perception that you have to portray yourself as successful and that means having an expensive watch or nice car....."
Social media can take good kids and turn them into black holes, endlessly sucking ever increasing amounts of external validation.
It should be no surprise the false god of luxury lifestyle has poisoned their minds.
And what is social media pushing now? Cryptocurrencies, especially Bitcoin, and private equity, Tony Robbin's financial Holy Grail.
Better Markets has been battling crypto:
Given crypto has no legitimate use & the industry’s long rap sheet of, criminal convictions, bankruptcies, lawsuits, & scandals, it has to use its predatory profits for campaign contributions to buy political allies to keep its scams going.
It's up to candidates and elected officials to reject the crypto industry's special interests and protect the public from this worthless, speculative, high-risk gambling.
The same people who won't protect constituents from the clear harms of social media created a giant on ramp for crypto legitimacy by allowing Bitcoin ETFs'
There are two burgeoning ways social media users can feel bad about their financial situation. One, missing the Bitcoin speculation party and two, not snorting PEU stakes alongside the greed and leverage boys.
Semafor reported:
Josh Harris’ investment firm, 26North, fired a top executive because of concerns over his previous work at 777, the investment firm and would-be Everton soccer club buyer that is under criminal investigation by federal prosecutors, people familiar with the matter said.
26North hired Jorge Beruff in September to help lead its insurance business. Beruff had spent six years at 777, including at its Bermudan reinsurance arm, which invested policyholders’ money into risky and illiquid deals including European soccer teams, payday lenders, and failing airlines.
Over the past few months I’ve been hearing from executives at Apollo, KKR, and other firms active in this space who are worried about the scrutiny that 777 is putting on the entire business model, which rests on being seen as responsible stewards. The 26North moves suggest that the blast radius is starting to widen.Josh Harris co-founded Apollo before leaving to start a new PEU, 26North. Harris bought the Washington Commanders for $6 billion, calling it a bargain. The jury is out on Harris' impact on the team. The "hands on" leader recently sat in on quarterback interviews at the NFL combine.
There is a track record for Harris' control stake in Crystal Palace, an English Premier League soccer team. When Harris bought his stake in 2015 Crystal Palace stood at 6th out of twenty teams. Since then they've been below that mark, 15th, 14th, 11th, 12th, 14th, 14th, 12th, 11th and currently 14th. That's consistently in the bottom half of the table, or underperforming.
Washington Commanders tickets are a unique currency for PEU Josh Harris in our nation's capital.
There is zero chance elected officials will reign in private equity underwriters (PEU). Politicians Red and Blue love PEU and increasingly, more are one.
Update 3-17-24: WaPo reported:
....777 Partners has financed several businesses that have been accused of profiting from what critics deem predatory financial practices that target economically vulnerable people\
In the case of one person taken advantage of by a 777 subsidiary:“They prey on individuals who are very young or very naive or drug addicts or people with problems,” said Farva Jafri, a former executive at a 777 subsidiary
For years, her mother, Lori Goney, had sent letters to politicians and law enforcement officials, calling on them to investigate 777’s business practices. “Nobody did anything about it,” she said. “Nobody helped me.”
Update 4-3-24: British crypto firm Copper used a scantily dressed woman and man as sushi platters for a reception at a crypto conference. Former British Chancellor Phillip Hammond is Chairman of Copper.
A judge ruled in favor of a former Apollo executive who'd submitted fraudulent expense reports, saying the PEU's accounting/billing department had approved similar expenses for others in the past and that the fraudster did not know his fraudulent expenses would be billed to limited partners.
The evidence is now clear that smartphones have caused widespread harm to children, not only in the U.S. but around the globe.
Update 4-11-24: Dan Rasmussen warned individual investors away from putting money into private equity. Levered money borrowed at floating rates in microcaps with zero margin is the opposite of safe. The risk is hidden by PEU portfolio smoothing.
