Tuesday, November 12, 2024

The Moment Democrats Chose PEU over Little People


Blue Team political consultant James Carville named the devastating moment Kamala Harris lost the Presidential race.  BusinessWeek reported:

A Tax Hike Has Carlyle Up in Arms 
6-21-2010 

For David Rubenstein, the founder of private equity firm Carlyle Group, the prospect of losing a three-year fight over legislation that would force him to pay higher income taxes was bad enough. Then, in late May, he discovered a clause in the same bill that would more than double the taxes he would owe if he sold his stake in the firm or took it public. Rubenstein became one of several high-profile private equity executives who personally took to the Capitol's corridors to persuade lawmakers to remove the clause. Rubenstein visited Senator Max Baucus (D-Mont.), the Finance Committee chairman whose panel oversees all tax legislation. He also got an audience with Senate Majority Leader Harry Reid (D-Nev.). Other private equity chiefs, including Glenn Hutchins, co-founder of Silver Lake Financial Management, and David Bonderman, founding partner of buyout firm TPG, also called on lawmakers.

The measure with the tax increases passed the House in May and is stalled in the Senate by lawmakers worried about adding to the deficit. Meanwhile, the lobbying by private equity executives may be having some effect. Senator Evan Bayh (D-Ind.) objects to the proposal's impact on sales of buyout firms and other partnerships.
The head of the private equity trade group called the measure "discriminatory and inequitable."  This was shortly after the Supreme Court granted money free speech rights.

Private equity underwriters (PEU) enjoy their preferred taxation still today.  There is no end in sight.  For once, neither the Reds or Blues promised the voting class that they would take it on.

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

Trump's Treasury Candidates: PEUs & Hedge Funders


Seven candidates have been mentioned for Treasury Secretary under Trump II.  They include former Carlyle Group co-CEO and current Virginia Governor Glenn Youngkin, CEO of seven Wall Street companies and DEI lover Howard Lutnick and Senator Bill Hagerty, founder of private equity underwriter (PEU) Hagerty Peterson & Co LLC and most recently with Hall Capital.  Hagerty also has Trident Capital in his PEU history.


Two other Treasury candidates include hedge fund mavens Scott Bessent and John Paulson.  The PEU boys allow hedge funders into their "never enough" family, which happen to also charge high fees.  

Politicians Red & Blue love PEU and increasingly, more are one.  It's the Red Team's turn to steer Uncle Sam's wallet to their PEU friends.  Who will get the Treasury job, with its gigantic money shovel?  President elect Donald Trump wants to start slinging cash the government does not have.

What part of that sounds the least bit conservative?  Zero, zip, nada....  Remember the Red Team is "done catering to Wall Street."   They plan to cater to PEU legends and TechGods.

Monday, November 11, 2024

Trump Fix is In


Polls showed people voted for Trump as he 'is a businessperson" and "from outside Washington, D. C."  What business person says "there is no price tag" for one of his signature promises?  He owes Congress and citizens a proposed budget for his initiatives.  Flashback to Trump I:
The national debt rose by almost $7.8 trillion during Trump’s time in office.
Trump's budget will need to pass the House and Senate.  Trump II wants Red Teamer Rick Scott to head the Senate.  Scott's background includes a massive $1.7 billion Justice Department settlement for Columbia/HCA's fraudulent billing of Medicare and Medicaid.  

Scott himself got to keep most of his vast fortune which he invested in private equity or ring fenced in family partnerships and/or trusts.  While serving as Governor, the State of Florida sunk $200 million into a Cerberus FSBA Levered Loan Opportunities Fund LP.  A week prior the Cerberus CEO put $500,000 in a Scott Super PAC.

Scott had the most money invested in private equity of any member of Congress in 2022.


Politicians Red and Blue love PEU and increasingly, more are one.  It's the Red Team's turn to steer Uncle Sam's wallet to their PEU friends.  My guess is most Trump voters will miss out on the cash bonanza.

Trump Win Portends More PEU


My wise friend shared several assessments after the November 5th election.  His take:

Mobsters are great again! The Bible toting citizens of the USA have declared victory through the election of the morality-minded Donald J. Trump. Crypto wins, Howard Lutnick wins, Tether wins, private equity wins, plutocracy wins, Elon Musk and the PayPal Mafia wins.  Labor thinks they have WON? 
BIGOTS have won.  Taxes will be lowered and Social Security weakened. Trump I was a test of boundaries and limits and how far he could push them. Now he knows what's acceptable and tolerable to the detriment of anyone that believes in laws and regulations. Trump II has a mandate that he will execute with full force. 

PAYOLA rules, but please use Trump Crypto.  He's surrounded by the worst of the worst and will not use FBI background checks for security. Roy Cohn holding on line one. DJT stock - up 12 points. The 10 year is pushing 4.47percent and the Dow is up 1,200 points. China and Russia and Iran are on high watch. 

Maybe everyone gets everything they want and more which pushes everything to break.  Are we finally at the euphoric top?
Another piece from Russell Clark noted:
The victory of Trump and Republicans is potentially the next step on moving to a true digital world, that is distinct from the nation state world we live in today. American corporations control almost all the important aspects of the digital world - from optic fiber cables, to social media, to operating systems to payment systems. Large US corporates operate on purely global scale, that is at odds with the domestic focus of nation state. 
We have already seen that the nation state struggles to enforce its will against large US corporates, and with the reelection of Trump, tax rates will likely fall further. Elon Musk has already made the jump from businessman to politician (with control over SpaceX and Starlink making him the most powerful single person in military matters). The support of Bitcoin, which is outside of the control of the US government, also adds to the idea that we are moving to a new stage in Western civilisation, or returning to an age of Empire, with US tech company the digital world overlords. This would be similar to the arrangement between the UK government and the East India Company back in the day.
My wise friend later added:
Trump rhymes with hump and Elon will power the pump. Who knew Carlyle's David Rubenstein would become a closet Dick Cheney with "deficits don't matter"? 
The little people do not realize how sold down the river they are, but like Dave Portnoy says, no one works harder for the billionaire class. I have a nephew that works in investment banking that is overjoyed that Lina Khan and Gary Gensler are out of the way for more deals to be done. Monetization causes elation when it improves your station.  Little people be damned. 
The Republicans are using the complete annihilation of the Democratic Party turnout and results to send the message that  the Democrat platform needs to move more to the center. LOL, what they need to do is go read Bernie Sanders message. That's the real reason the platform didn't match up to Trump's rhetoric.

On the decline in accounting principles and practices:

We have no standards. We have rules but they're always broken. We have no ORDER. It's fictitious like our capital. Inflation nation in every way possible.

The lack of oversight and protection for citizens:

Can't wait until AI hallucinations become medical procrastinations to withhold medical treatment. 

Don't worry though, Elon Musk's DOGE will clean the budget but deliver oligarchs their share of government expenditures, for sure. 

And who owns all the data? If news is data then PE has accumulated quite a bit. We went from all the news that's fit to print to Hal saying "It's all good"?

No Gary Gensler, no Lina Khan, no disclosures, good times.

Think about how self-serving cutting government, especially regulatory bodies, as the crypto and private market model guys get a firm stronghold on the economy. It's like the  SEC, how can they fight fraud when we reduce the budget and staffing? You can't and guys like Howard Lutnick, Mark Cuban, Michael Saylor, private equity/credit, crypto, all get to thrive, especially Musk.

Isn't it great when they align their interests with nary a care for their victims out there?  LOL, what a **** world and poor Lina Khan will be out of a job after proving Google was a monopoly.

The Elon Musk/Donald Trump campaign team:
Did you see Elon's X post stating the future is the future? His tweet that had robots, self driving cars, spaceships etc., as if that is the human condition. This is the problem with these high functioning so-called geniuses with zero empathy for what is going on around them. It's like the idiot savant. But I don't think he's an idiot, I think he's a self-serving savant. 

It's all about the money grab. Private market valuations have created kingdoms with their own walls of money.

As for Trump, it's really incredible how we look the other way, over and over regarding his behavior. What truly sickens me is given all we know about his frauds, his cheating, his scheming, and he is able to run for the highest office with astounding support. 

It's as if there is no moral to the story, literally and figuratively. It's like catching an Olympian on tape for cheating and handing over the gold medal. This is what we teach our children. And honestly I am not sure Kamala Harris and the DNC are any better. Maybe we have hit peak fraud? Is that the new dollar bill is that the new $3 bill with Trump on it? E. coli UNUM?

If politicians treated individuals the same as Wall Street and private equity underwriters (PEU):

Donald Trump could offer any eligible voting citizen a $100 million US government loan for 100 years with A PIK toggle. The first three years of the loan will have an interest rate of .01%. The next 50 years will be in forbearance. The remaining years will be payment in kind. If you have an early demise before all balances are spent by you they may be transferred to any family member under the same terms. This instrument will be held by BlackRock and mark to make believe forever and ever and ever. Everyone in America should be oblivious to their debts as Blackstone, Apollo, and the Carlyle Group. These loans can be used as collateral for other loans on a non-recourse basis. MAGA millions are given away!
I don't think the PEU boys and their sponsored politicians like to share.  Good times for the policy making billionaire class and their new TechGod associates.  Thy will be done.

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

Sunday, November 10, 2024

2024 Election: PEU Undergirded


If the economy is booming why do so many people feel the country is moving in the wrong direction?  Because the boom is not shared.  

Yes, many people listen to Red Team media and get worked up as the purveyors intend.  But many voters don't and are not diehard Trumpers.  They just know something's not right.

I offer this election backdrop (news articles over the last four years):



Noted investor Jim Chanos offered the following observation:


Private equity firms employ over 12 million people.  A study showed PEU ownership results in declines in "current employees’ satisfaction with their Compensation & Benefits...  We see similar declines in Culture & Values, and smaller declines in Work-Life Balance and Senior Management."

The crapification of the workplace accelerated as PEU barbarians stormed company after company.  Elected officials did not protect us.  

I shared my experience under private equity ownership with the Federal Trade Commission (after WCAS and TPG bought 60% of our hospice company):
After saying there would be "no changes" they reduced office staff 50%, cut the number of holidays 33% and stopped the 50% premium for holiday pay. They implemented unreliable technology. Numerous times the phone system stopped working altogether. It's critical that hospice patients, family and caregivers can reach someone 24/7. The system failed after the company took away company provided cell phones for most staff, so we were not able to use those phones as a backup.
 
The new "comprehensive" hospice EMR/Office management system robbed staff of fair pay for hours worked and shorted reimbursement for miles driven. Already overburdened hospice staff had to take hours they did not have to check the overly complex and convoluted pay portion of the system and add time to ensure pay for hours worked. It was virtually impossible for staff to decode the mileage reimbursement system. Promises to bring in experts to help staff went unfilled. I believe the company liked the significant money it was saving in both areas, pay and mileage.
Of the over 2,000 published FTC comments, half mentioned private equity.  Physicians, health professionals and patients shared dark experience after dark experience.  Even an insider offered:
Many of thepworst instances of a poorlygfunctioning corporate governance/economic incentive system have been through U.S. private equityafirms mismanaging investments in U.S. healthcare and technology companies -- are just the uniquely awful examples with broad public awareness. Private equity firmslcynically deny they have operational control of their portfolio companies when abuse is revealed, despite their effectiveicontrol through an interlocking directorate of board members, investors, and economic incentives. Some limited partner investors arevincentivized into complicity through access, equity co-investments, or fee breaks. Employees and management teams at these portfolio companies, like helots, are retaliated against if they speak out of line. The current governancepsystem in place for private equity is not effective and the DOJ, FTC, and Department of Health and Human Serviceseshould have a greater degree of oversight to stop this from happening again. This induced trauma is happening with full awareness from the wider private equity ecosystem. Many of the most resourced private equity firms in the world are right nowucolluding to ringfence their own liability and cover up the impact this misappropriation of resources is having on our healthcare system.
Simply providing the opportunity for public comment got the Blue Team in hot water with their PEU backers.  In their world everything is a trade secret or belongs under an NDA (nondisclosure agreement). 

The greed and leverage boys targeted FTC Chair Lina Kahn, who had the audacity to look into "vertical integration" (PEU ownership).  She likely had no job under either Trump II or Harris.  

I wonder how the PEU crapification of the workplace played into the election.  Was it a subconscious force steering voters to vote for "the entertainer" promising to "protect you"?  Maybe, may not.  Nevertheless, it leaves us on shaky ground.  Your protector may just be a predator.

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

Saturday, November 9, 2024

Biden to Return to Nantucket


While the Blue political teams deals with a Trump White House victory, President Joe Biden plans to continue his tradition of spending Thanksgiving in Nantucket.  Host David Rubenstein is cofounder of The Carlyle Group, a politically connected private equity underwriter (PEU).  

Biden's stay would be his fourth as President.  Prior visits had some controversy:

Administration reps did not respond to multiple requests for comment about whether Biden is paying. A spokesman for Rubenstein, whose net worth is estimated at $3.5 billion by Forbes, also declined to comment.

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

Wednesday, November 6, 2024

PEU Legends & Tech Gods Win


The second election of Donald Trump to the White House is a major win for his billionaire backers, a mix of legendary private equity underwriters (PEU) and storied "live forever" tech founders.  Jim Chanos noted same on X:
The greatest trick the Devil ever performed is convincing pundits like this that a ticket with a Wharton-educated RE developer who lives in Palm Beach, and a Yale Law-educated venture capitalist, both advised by Wall St/Silicon Valley billionaires, is not the elite Establishment!

The political Red Team may control both chambers of Congress, which means they'll have lots of energy to enact their budget concerns.  Flash back a mere three months:

Republican leaders are coming under pressure from conservatives to take federal deficits and the debt more seriously than they did during Trump’s prior term.

Red Team Tech God Elon Musk believes the people who just voted Trump in office need "economic hardship."  How's that for a thank you?  Elon is aligned with the PEU legends in wanting more tax cuts for his ungodly riches.  Carlyle co-founder David Rubenstein told CNBC this morning that according to the market, "deficits don't matter."


Rubenstein located Carlyle in Washington, D.C. for the express purpose of corrupting government officials (non-lobbying lobbyist) and gaining access to Uncle Sam's wallet.  

The PEU movement is now global.  Just last week in Riyadh, Saudi Arabia:

Carlyle Chairman and Future Investment Initiative Institute Secretary of the Board, David Rubenstein discussed the rising influence of the Global South, technological disruptions, and the need for novel economic systems to support sustainable global progress
Elon Musk appeared by videoconference at the same event.  
“Going Forward, we need AI that loves humanity, which is why xAI was created. It seeks the best interests of humanity” promoting a future where these technologies serve to uplift and enhance the human experience.
AI that loves....that does not compute.  Danger, danger.

TechGods also found Uncle Sam's financial teats.  It turns out they are equally skilled at suckling as the PEU boys.  

Refill the federal coffers?  A resounding chorus of cognac tinged "Blasphemy!"

I vote for the American economic hardship that involves taxing billionaires.  Queue that one up and leave the federal employee alone.

Politicians Red and Blue love PEU and increasingly, more are one.  So, my wish is not going to happen.

Trump raises his thin scepter (that makes his hands look bigger), "Enact the tax cuts!"  The Musks and Rubensteins nod appreciatively.  And their net worth adds another zero at the end.

Update 11-9-24:  ProPublica's piece revealed Trump tried to cut support for the working man during his first term in office.  Voters expecting Trump to "stick it to the man" may just find "that man" is in the mirror.

Mike Peumpeo Returns


Former Secretary of State Mike Pompeo campaigned for President elect Donald Trump.  Physically, Pompeo is much lighter than his Secretary of State days.  He's also far wealthier.  This summer Mike joined the private equity underwriter (PEU) ranks at tech focused Niobrara Capital.


Niobrara's only affiliate Polar Semiconductor was the first to tap that federal pot of CHIPS Act money.  

Founder Chip Shorr cut his PEU teeth with CVC Capital before going to Blackstone.  I'm glad the greed and leverage boys made room for Pompeo, now Peumpeo.  

There's no need to dump any PEU holdings should Mike rejoin the Trump White House.  Anything goes nowadays.  Conflicts of interest are not only expected, they are highly desirable.  

Politicians Red and Blue love PEU and increasingly, more are one.  Congratulations to the Red Team on their turn to steer the federal budget to their friends.

Update 11-6-24:  Jim Chanos wrote on X:
The greatest trick the Devil ever performed is convincing pundits like this that a ticket with a Wharton-educated RE developer who lives in Palm Beach, and a Yale Law-educated venture capitalist, both advised by Wall St/Silicon Valley billionaires, is not the elite Establishment!

Monday, November 4, 2024

PEU Energy Deals Hot in West Texas


West Texas is a hot spot for private equity underwriter (PEU) deals.  Many are energy related.  With solar and wind generation facilities weather dependent, the latest trend is battery storage. 

Tom Green County has an Apex Clean Energy solar site that added battery storage.  In January 2023 Apex's press release stated:

Apex Clean Energy today announced an environmental attribute purchase agreement (EAPA) with Meta for the full capacity of Angelo Solar in Tom Green County, Texas. The 195 MW project will help Meta support its regional operations with 100% renewable energy.
Ares Management acquired a majority stake in Apex in 2021.  

In early 2024 another firm bought into the project"

Great Bay renewables (“Great Bay”) today announced it has entered into a $30 million royalty investment with Apex Clean Energy (“Apex”) related to Apex’s 195 MWac Angelo Solar project in Tom Green County, Texas (“Angelo”), which is anticipated to achieve commercial operations in May 2024. 
Apex is an established industry leader in origination, commercialization, construction, and operation of utility-scale renewable energy projects, with one of the largest portfolios of renewable resources in the nation. 
The full capacity of Angelo will be sold to Meta under an environmental attribute purchase agreement. The royalty investment has been structured using royalty rates that vary over time and achieve Great Bay’s investment hurdles.
Chamber of Commerce Vice President of Economic Development Michael Looney cited the Angelo Solar project before the Tom Green County Commissioners Court in late April, as he spoke on behalf of the next battery farm.  


The Peregrine Energy project is in North San Angelo and is known as Zeppelin Energy Storage LLC.


Concho Valley Homepage reported on the Commissioners' Court meeting:
“It’s a storage facility, and they use different yields and different graphs to know exactly when the peak hours for energy usage are, and they deploy that from the battery storage,” said Tom Green County Judge Lane Carter. They’re selling a commodity that they take off the grid when there’s not as much usage and deploy it when there is high usage.”
County officials approved a $250 million project in March but that dropped to $160 million in April.


Both Tom Green County and the City of San Angelo paved the way for massive tax abatement on Peregrine's investment, even though the project provides virtually no permanent jobs.  


City Council last acted on the Zeppelin project on September 17, 2024.  

Peregrine started in 2022 as a partnership with PEU Castlelake.  Since then it's done deals with IMM Investment Global, AB Carval and most recently with KKR.


Chamber VP Michael Looney spoke to the Development Corporation Board last week.  He said:
"We aim to engage primary job creating businesses"
Giving significant county and city tax breaks to Peregrine's Zeppelin project does not fit with creating primary jobs.  I'm sure it helps Peregrine and its various private equity financiers cross their hurdle rate.  I don't see how it helps employment, a primary aim for both the Development Corporation and its Chamber of Commerce vendor.  

Looney talked about private investment and raised the Chamber's working with private equity.
This is the use and parlaying of private investment, private equity, on the projects we have in process or those that we are aspiring to have in process.  This serves as an accoutrement to half cent sales tax dollars.  We're finding that private equity is very hungry for positions within tertiary markets, like San Angelo, and oftentimes they don't necessarily want to share any market positions with municipalities, which is not necessarily a bad thing.
VP Looney noted:
We are well into discussions with the development of speculative buildings within the Business Park.  That goes along with several private equity investment companies we are working with.
His "value proposition" close included:
Access to private equity relationships
In sum, the PEU boys want economic subsidies and tax breaks, but don't want to disclose their stake in deals or reveal their fees, profit expectations and/or expected time frame for flipping the project.  Everything is a PEU trade secret, which is in direct contrast to open government.   

Local elected officials asked no questions at Tom Green County Commissioners' Court.  City Council approved the item under a Consent Agenda vote, thus no discussion.  That's the way the greed and leverage boys like it.

Update 11-5-24:  My wise friend wrote:
"Deals like these basically furnish the private equity and big business interests with tax abatements for no jobs and as a plus the tax base of the area gets pushed on the people again."
City Council met today and voted to reduce the retiree health benefit by adding a $500 deductible and a $250 charge for outpatient surgery.  Many retirees get less than $500 a month from their public pension while others get between $500 and $1,000.  The current Police Chief suggested a fund be established to help those retirees who cannot meet the new financial burdens imposed.  

Not one person mentioned the 85% tax abatement recently granted to a PEU battery storage project that likely needed to be within city limits (fire protection) for insurance purposes.

J.D. Vance Invests with Billionaires


Tech Gods and PEU Legends joined to support a second Trump presidency.  Former President Donald Trump tipped his hat to the Tech Lords with his VP pick of J.D. Vance.  

Vance formed Narya Capital with investments from former boss Peter Thiel, Marc Andressen (who recently opened a Washington, DC office) and Eric Schmidt (fresh off suggesting AI steal intellectual property in the U.S. and hire lawyers to "clean up the mess" afterwards.  

Narya Capital invested in Rumble in 2021, alongside Peter Thiel.  Tech Bishop David Sachs joined the Rumble board in June 2023 after Rumble bought out Callin.  Howard Lutnick's Cantor Fitzgerald took Rumble public via an SPAC in September 2022.
"We're done, ladies and gentlemen, catering to Wall Street. We'll commit to the working man."
While J.D. Vance eschews billionaires, his best buddies are one.  Trump's transition team co-chair Howard Lutnick couldn't be more Wall Street with his eight CEO positions and stakes in private equity underwriter (PEU) GCM Grosvenor.

Politicians Red and Blue love PEU and increasingly, more are one.  A VP slot would be the highest they've achieved.

Update 11-6-24:  Jim Chanos wrote on X:
The greatest trick the Devil ever performed is convincing pundits like this that a ticket with a Wharton-educated RE developer who lives in Palm Beach, and a Yale Law-educated venture capitalist, both advised by Wall St/Silicon Valley billionaires, is not the elite Establishment!

Saturday, November 2, 2024

Lutnick "Not Pinocchio" as His Nose Never Grew


Trump Transition Team Co-Chair rallied Donald Trump's faithful followers in Madison Square Garden last Sunday.  He exhorted the crowd to "crush Jihad", lamented that the rest of the world is "eating our lunch" and patted himself on the back for the team building job he is doing on behalf of Donald Trump.

Billionaire Lutnick already has lots of jobs, eight CEO positions according to SEC filings.


Lutnick holds at least a 10 percent stake in GCM Grosvenor which has a $30 billion private equity platform.  That means Howard gets the billionaire tax break from GCM Grosvenor's carried interest distributions.  It also makes Lutnick a private equity underwriter (PEU).  

Did Howard help deliver the Bay area venture capitalists to Trump?  David Sachs and his podcast buddies pushed Trump with comments like, see... he's not crazy.  Lutnick was the man in Rumble's SPAC, which helped Tech Gods Peter Thiel and Sachs make even more money.  


Lutnick was not only the head of the merger sub, his firm served as advisor and placement agent for the deal.  Ka-ching, ka-ching, ka-ching.

As for "the rest of world eating our lunch", Howard has been a frequent attendee at the World Economic Forum in Davos, Switzerland.  His GFI Group announced a joint venture in China in December 2020, shortly after the COVID-19 pandemic hit its stride in the U.S.  Lutnick's press release stated:

GFI Asia Partners Pte. Ltd ("GFI"), a subsidiary of BGC Partners, Inc. (NASDAQ: BGCP), a leading global brokerage and financial technology company, announced today that it took a majority stake in a newly established joint venture company in China, GFIGS Commercial Consulting (Shanghai) Co., Ltd ("GFIGS"), offering OTC derivatives brokerage service. 

GFI's joint venture partner, Guizhou Big Data Capital Service Centre Co., Ltd. ("Guizhou Big Data Capital"), is a modern service enterprise whose main business direction is data commercialization and capitalization for both the information and financial services industry.

"Data commercialization" sounds like the predatory behavior Lutnick is citing with his "eating our lunch" comment.  That's his Chinese JV partner.

As for the "greatest team to ever walk into government," that's Howard's job.  I expect to see many PEUs occupy key positions in a Trump White House.  That's been the case for both political teams for quite some time.  

This race is different in that PEU legends and Tech Gods have joined to push the Red Team.  They don't want to give up their insider seat at the table where these billionaires steer government policy, direct Uncle Sam's wallet to their affiliates and keep the preferred taxation they've enjoyed for decades (that the public hates).  

Politicians Red and Blue love PEU and increasingly, more are one.  Howard will ensure that continues should Trump win.