California Davos, i.e. the Milken Global Institute, is in full throttle session. Power brokers from across the globe haven't had this much fun since they celebrated achieving their base fortune or last foreclosed on a tenement of elderly immigrants.
Michael Milken's nonprofit nonpartisan think tank is "focused on accelerating measurable progress on the path to a meaningful life." Weeks ago Milken gathered with a number of his billionaire friends determined to stop the Blue Team from another term in the White House. Many of Milken's "anti-Biden" dinner buddies are speaking at the nonprofit event.
Last year the Calvos clan was trying to save crypto. Goal achieved now that there are BitCoin ETFs and Marathon Digital Holdings was just added to the Smallcap 600.
As for the state of American politics our elected leaders couldn't save us from the harms of social media, damage done by private equity ownership in healthcare or the spectacular illusion of cryptocurrencies. Officials did however save private equity's preferred "carried interest" taxation and two of those are speaking at the Milk'em confab, Senators Kyrsten Sinema and Joe Manchin. They have numerous future employers as sponsors for the event.
My guess is there will be plenty of PEU platinum, gold and silver for Sinema, Manchin and other obedient politicians. And who will pay for that? It's called "Shaping our Fee-uture."
Power brokers sponsor politicians Red and Blue who love PEU and increasingly, more are one.
Update: Citi CEO said the U.S. can look forward to the democratization of capital markets in the next five years. For some reason giving "more rights" to money is not on my wish list.
