Amid Biden State Dinner Attendees

Yesterday I perused the attendee list from the recent White House state dinner for Japanese Prime Minister Kishida Fumio.  In my search for current and former private equity underwriters (PEU) some obvious names stood out:

Ajay Banga - General Atlantic

Jon Gray - Blackstone

Anthony Blinken - Pine Island Partnera

Bill Clinton - Yucaipi, Teneo, Ecobridge

Lisa Jackson - Galvanize Climate Solutions 

I noticed an invitee from the White House Office of Public Engagement Stephen Benjamin.  Here's what I found.  Benjamin served as Mayor of Charleston, South Carolina for over a decade and President of African American Mayors Association.

As a young lawyer Stephen Benjamin served on the board of Advance America Cash Advance Centers.

There he had the opportunity to learn about self dealing at the top.  Advance America had numerous entanglements with its Board Chairman.

This may be ancient history.  Private equity was in its relative infancy during this period.  Conflicted, self dealing became a signature mark of the greed and leverage boys.

More recently Mr. Benjamin served as Executive Chairman for Municipal Bonds for America.  They lobbied against taking away tax free muni's in 2016.

Some critics say the exclusion for municipal bond interest is an inefficient windfall for wealthy investors....

I'm sure the billionaire class was grateful.  

Politicians Red and Blue love PEU and increasingly, more are one.