Sunday, September 14, 2025
Carlyle Adds Another Secondaries Fund, Lake Blackstone
Friday, September 12, 2025
USAT to Launch Under Bo Hines
Thursday, September 11, 2025
Mandelson Sacked, Who's Next?
Peter Mandelson is co-founder of Global Counsel. He has played an instrumental role in establishing GC as one of the world's leading strategic advisory firmsGlobal Counsel's website lists its customers which includes "acquirers," i.e. private equity.
Wednesday, September 10, 2025
Carlyle Worried About Fed
Bloomberg reported on The Carlyle Group's weighing in on Federal Reserve Bank independence. Current Fed Chair Jay Powell is a former Carlyle Managing Director. Trump II, the digital Caligula, has ravaged Powell for not doing his bidding. That's not a surprise for our Petulant President.
Trump II the Impatient Impulsive, incorporates anything within his purview, enveloping it into his very being. That includes people and organizations.
Carlyle invested big money into cultivating relationships with elected and government officials. That goes to naught when Trump has one of his tantrums.
Carlyle tended to operate in the shadows, silently busting business ethics standards. Trump defecates on longstanding ethics requirements in full view of the camera while saying "I'm not shitting you." Of course he is, over and over and over.
The U.S. Senate will likely approve Stephen Miran for a four month Fed Governor post with the stipulation that Miran is on leave of absence from his job in the Trump White House. Another name for possible Fed Governor is James Fishback, a poor performing hedge fund analyst just two years ago. In any other administration the Senate would slap away such "candidates."
Carlyle's worming its way into Washington, D.C. over the last several decades is being threatened by Trump's Buffoon Regiment, which doesn't even bother to operate in the background.
It took Carlyle decades to grow AUM (assets under management) to several hundred billion dollars. Trump plans to leave office with a $200 billion net worth in January 2029. For that to happen, he needs buffoons nearly everywhere.
Politicians Red and Blue love PEU and their new TechGod/CryptoBro brethren. Increasingly, more are one.
New Trump motto: Buffoons for Billions: Join my Party
Tuesday, September 9, 2025
Fed Irritant: James Fishback of DOGE Dividend
James Fishback's Azoria launched its first ETF on July 8th , the Azoria 500 Meritocracy ETF (“SPXM”).
Since then he has joined the Trump fight against the Fed. Barron's reported Fishback as involved in the dismissal of Fed Governor Lisa Cook and being a general Fed irritant (via a specious lawsuit).
In early August VIN News ran a story about Fishback being a Fed Governor candidate. Give me a break. The guy is two years out from being a hedge fund analyst.
Below is information from Greenlight Capital's lawsuit against their former employee.
Nature of the Action1. Fishback is a former Greenlight Research Analyst who left Greenlight on August 15, 2023. Correctly deducing that he was about to be terminated for his poor performance and lack of accountability, Fishback resigned on July 31, 2023. Ever since, he has been on a campaign to harass, intimidate and defame Greenlight and its co-founder, David Einhorn, by disparaging them, by falsely inflating his title, responsibilities and contributions to Greenlight, by claiming a track record that does not belong to him, by commencing complaints and litigation under false pretenses, and by seeking to interfere with Greenlight’s relationships including with its customers in violation of Fishback’s legal duties to Greenlight.2. In addition to seeking to harm Greenlight, Fishback purports to have formed a competing fund, Azoria Partners (“Azoria”). Indeed, Fishback lied to Greenlight even before he resigned, concealing the fact that he formed Azoria as early as July 4, 2023, almost a full month before he noticed his resignation. Instead of following industry practice and the law, Fishback began a campaign to attract investors to Azoria by attempting to expropriate portions of Greenlight’s track record that don’t belong to him, by making false statements about his responsibilities at Greenlight, and by misappropriating and misusing Greenlight’s Confidential Information (defined below).3. Fishback falsely represented himself to industry contacts and at industry events as Greenlight’s “Head of Macro” and the person “running macro investing” at Greenlight and responsible for the “insane” performance of Greenlight’s macro investment portfolio. None of these things were true. Fishback was hired as a Research Analyst, and was never promoted by Greenlight to “Head of Macro.” In fact, the title “Head of Macro” has never existed at Greenlight, and Mr. Einhorn alone, not Fishback, had the sole authority and discretion to manage and run Greenlight’s macro investment portfolio, and Mr. Einhorn was responsible for its performance. Fishback made these false statements to misleadingly inflate his perceived abilities and responsibilities and to take credit for Greenlight’s track record, goodwill, and reputation. Fishback apparently thought that this would provide him and Azoria with more credibility and help attract investors at Greenlight’s expense.
Nominating Fishback for a Fed Governor position would bring to light many untoward things about the man. Those are yet to matter to our complicit Congress.
Fishback even had a run in with DOGE, he of the DOGE Dividend. Fisback launched the Full Support for Donald PAC to counter Elon Musk's new political party.
I am reticent to say "there is not a bigger prick that could be nominated" as similar statements have come back to haunt me.
Fishback is part of the backstabbing contingent slinking around the White House hoping Trump II, the digital Caligula, calls out their name. In the olden days this guy would've been escorted off the property. The Donarch has his own club and I guess they need staff willing to plant their lips on his backside 24/7. Fawn without ceasing.
Carlyle Finally Resorts to Hot Cars
“Our industry is undergoing an extraordinary transformation, fueled by greater access to private markets and growing interest from a new generation of investors."--Carlyle CEO Harvey Schwartz
Monday, September 8, 2025
Knives Out at Executive Branch Inaugural Dinner
The Trump family's influence peddling operation held an inaugural dinner at the Executive Branch, an exclusive club for the Red Team's uber-rich.
The Treasury secretary had heard from several people that the Federal Housing Finance Agency director had been badmouthing him to Trump, a person close to him said. He wasn’t about to engage in chit-chat as if nothing was amiss.
“Why the fuck are you talking to the president about me? Fuck you,” Bessent told Pulte. “I’m gonna punch you in your fucking face.”
The scene was described to me by one eyewitness and four other people familiar with what happened. The only fact they disagreed on was whether it was Bessent or Pulte who initiated the conversation. They and others who described the conflict were granted anonymity due to the sensitivity of the situation.
If I were the owner of Executive Branch I'd spread this story far and wide. If I were the head of government ethics I would seek immediate and intensive therapy.
Jerk managers like Trump intentionally pit their underlings against one another. For one to get ahead, another has to lose. So the knives were out before any Cabinet member entered the club and saw their place setting.
Bessent had his shock orientation to Trump II, the digital Caligula with his ever changing savage whims. He chose to stay and deliver his lines, most of which he knows are financial nonsense. For that Scott got tossed under the Trump orange bus by Bill Pulte who must have multiple tickets to ride that perilous route.
Bessent missed the number one rule. Never, ever work for a complete and total rectum of a human being. They will eat you up from the inside out. Trump is the physical manifestation of the Smile movie monster. First, he makes you crazy and then he swallows you whole.
Get out Bessent, before you are completely subsumed. It is not worth it. Other cabinet members may wish to take the same route. You all have lasted longer than a CDC director, so you've already won....
I find it almost amazing how boldly Trump's cabinet members lie to the people. Yes, all politicians lie, but generally it is the exception and not the rule. And there is always an element of 'shame' to it.Not anymore. Lying is now a duty to the Commander, even when it doesn't matter, or is counter-productive.And the manner in which the mask has fallen away from the madness of governments is stunning, even more so for the lengths to which some will bend their minds and hearts to excuse obvious sadism, dishonesty, injustice, and murder.
U.S. President Donald Trump offered to allow hundreds of South Korean workers arrested during an immigration raid to stay in the United States, but only one has opted to remain, South Korean officials said on Thursday.
Sunday, September 7, 2025
Trump II: Layers of Earthly Grift
"There's no money in it. But we want to make sure it's good."Where is there good money for Trump? His new WLFI token is pulling in billions for his trust. There's also his fresh fundraising plea requesting $15 so he can "try to go to heaven."
“We did this out of necessity because we weren’t just going to crawl into a corner and drop dead.”Necessity? More like greed.
Trump Economic Boom May Be An AI Implosion
Fortune reported:
America’s private employers added only 54,000 jobs in August, much lower than economists’ already modest expectations of 68,000, according to payroll processor ADP’s latest National Employment Report, released Wednesday. The number marks a steep slowdown from July’s upwardly revised 106,000, underscoring how fragile employment momentum has become halfway through 2025.ADP's Chief Economist Dr. Nela Richardson noted:
"The year started with strong job growth, but that momentum has been whipsawed by uncertainty. A variety of things could explain the hiring slowdown, including labor shortages, skittish consumers, and AI disruptions."Yes, those AI disruptions which are numerous and have many ramifications:
The University of Cambridge warned of the dangers of AI in 2018:
In the political sphere, detailed analytics, targeted propaganda, and cheap, highly-believable fake videos present powerful tools for manipulating public opinion on previously unimaginable scales. The ability to aggregate, analyze and act on citizen’s information at scale using AI could enable new levels of surveillance, invasions of privacy and threaten to radically shift the power between individuals, corporations and states.Trump II opened federal government databases for AI. Surely, the digital Caligula's use of AI extends far beyond his penchant for posing his mug in a variety of what he believes are "image enhancing" pictures and videos.
Thursday, September 4, 2025
PEUmp Up the Value
Goldman Sachs’ asset-management arm has launched a $10 billion hybrid capital fund and a $15 billion secondaries fund to support private equity clients struggling with exits in a muted M&A and IPO environment.
These funds aim to provide liquidity through continuation vehicles, which extend holding periods for portfolio companies, and structured equity transactions that unlock value without relying on traditional exits
Today Seeking Alpha reported:
Carlyle Group said on Thursday that its unit, Carlyle AlpInvest, has raised $20B for its global private equity secondaries strategy.
How many Carlyle PEU holdings will make their way in Carlyle AlpInvest secondaries? It is common for the PEU boys to be on both sides of a deal. It's not close to arm's length, especially with spongey valuations and the opportunity to generate deal fees from two different sides.
Layers and layers of self dealing is new rage in American culture. From a secrecy standpoint the PEU boys do it best. TechGods and CryptoBros are a quick study, proving they can rapidly scale self dealing. But they love to brag whilst garnering attention and adulation for their genius moves.
All three are shameless in their gross excesses of taking. Beware the takers for their bounty is never enough.
Add Years for PEU/TechGod Class (Exclusively)
...investors are jumping in and pouring billions of dollars into longevity research, by funding biotech and life sciences companies like Calico Labs (backed by Google) and Altos Labs (supported by Jeff Bezos)
Bezos is "building the capacity to be able to give away money." That echoes world leader promises "to work to build the capability to feed the starving people in Gaza."
these clinics—most of which cater only to the very wealthy—vary wildly in their offerings
Tuesday, September 2, 2025
Trump Jr. Ventures Smoking Hot
Donald Trump’s administration has dropped a Joe Biden-era probe into a gun-sales financing company backed by Donald Trump Jr, saying the initial investigation was “conducted in a biased manner”.
The US Consumer Financial Protection Bureau on Tuesday wrote to PublicSquare, a conservative online marketplace in which Trump Jr owns a $1.5mn stake, saying it was closing an investigation into its buy-now-pay-later subsidiary, Credova Financial.
That should help Jr.'s holdings, Credova's owner (Public Square) and major customer (GrabaGun):
PublicSquare shares shot up almost 20 per cent on Tuesday after the letter was reported by Breitbart.
....the Trump-family backed crypto project, World Liberty Financial, unveiled public trading of its tokens, boosting its wealth on paper by around $5 billion as of Tuesday, according to CBS News. A separate bitcoin treasury and mining company, American Bitcoin, which is backed by the president’s eldest son and Eric Trump, began trading on the Nasdaq stock market on Wednesday.Conjuring money out of nothing sounds very Trumpish.
Sunday, August 31, 2025
Trump & PEU's to Usurp Gaza
Affinity Partners Jared Kushner was back in the White House recently. Jared, a private equity underwriter (PEU), had cited Gaza's oceanfront as uniquely developable property.
The Jerusalem Post reported:
The plan, which is called the "Gaza Reconstitution, Economic Acceleration and Transformation Trust" (GREAT) was developed by some Israelis who were involved in creating the Gaza Humanitarian Foundation (GHF). The report also added that financial planning was conducted by a team from the Boston Consulting Group. The administration's plan would see Gaza transformed into a tourism resort and a high-tech manufacturing and technology hub.
(The proposal) would turn the Gaza Strip into a "trusteeship" administered by the US for ten years.
Gazans who own land would be offered a digital token by the trust in exchange for rights to develop their property, while also being given the option to use it to finance a new life elsewhere or be redeemed for an apartment.
Each Gazan who chooses to leave would be provided $5,000 cash payment and subsidies to cover four years of rent and a year of food.
PEUs, Trump and digital tokens, oh my..... what's a Gazan to do in the face of financial barbarians? Haven't they been through enough predation?
Saturday, August 30, 2025
Chanos Warns, Nunes CRO's
Chanos identifies financial gibberish in companies building their models around accumulating Bitcoin.
He draws direct parallels between today’s speculative mania and past booms, viewing the current landscape as a “casino society” where products like meme coins are simply “speculative vehicles for people to gamble on.” He underscores a critical point: “if prices were going down or not going up, none of this stuff would exist.”Chanos has a history of sniffing things out.
Now that President Trump has come in, you have sensible people. He's basically embracing this new technology because as you can see, you can't trust the Fed.
Regarding publicly traded DJT, Nunes added:
....putting that $2 billion of Bitcoin was essentially freeing ourself of ever needing to use banks again. Not that we won't.
Friday, August 29, 2025
CDC Chief is PEU TechGod
Jim O'Neill was sworn in as Deputy Secretary of the Center for Disease Control. He is the latest private equity underwriter (PEU) to be installed in a key government position.
O'Neill was under consideration for FDA Chief under Trump I. He thought drugs did not need to be reviewed for efficacy.
O'Neill's appointment comes as the CDC experienced numerous resignations and the firing of a newly approved Chief for what has been described as toxic work environment. Oddly, O'Neill sued his former employer for same.
Thursday, August 28, 2025
"Trump Media Group CRO Strategy" Using Dinky Token CRO
The Trump family has multiple crypto vehicles and continues to add more. Fortune reported
The company that owns the Trump family’s media properties announced it has raised $6.42 billion to acquire a supply of a digital token called Cronos, which is issued by Crypto.com, one of the world’s largest crypto exchanges. The funding includes a $5 billion credit line, an already acquired stash of $1 billion of Crypto.com’s token, $220 million in warrants, and $200 million in cash.
That's 77.8% debt funded. Likely not a record for a Trump venture. It does add to the risk profile for Trump Media Group CRO Strategy, Inc.
TMG CRO Strategy could be viewed as a micro MicroStrategy given CRO's cheap price. CRO went from 0.16 to 0.32 as of today.
Decrypt reported:
CRO, the native coin of the Cronos network, hit a three-year high price Wednesday after President Donald Trump's media company announced plans to build a multi-billion-dollar treasury to hold the cryptocurrency.
A Trump Media (DJT) SEC filing reported:
On August 26, 2025, Trump Media & Technology Group Corp., a Florida corporation (“TMTG”), announced that it executed a Business Combination Agreement (the “Business Combination Agreement”), dated as of August 25, 2025, with Yorkville Acquisition Corp., a Cayman Islands exempted company (“SPAC”), YA S3 Inc., a Florida corporation and an indirect wholly owned subsidiary of the SPAC (“SPAC Sub”), Foris Holdings KY Limited, a Cayman Islands exempted company known commercially as Crypto.com (“Crypto.com”), Crypto.com Strategy Holdings, a Cayman Islands exempted company (“Crypto.com Sub”), and Yorkville Acquisition Sponsor, LLC, a Delaware limited liability company (“Sponsor” and together with TMTG and Crypto.com Sub, the “Sellers”)
Trump had prior dealings with Yorkville regarding TMTG (DJT).
The Trump family also partners with Dominari Holdings on crypto ventures. Dominari added a Crypto Advisory Board to its existing Trump dominated Advisory Board.
Wednesday, August 27, 2025
Cry for Trump II Argentina
Trump II, the digital Caligula, continues steering the U.S. economy away from first world status. He took a page from the Argentina playbook with his firing the BLS Chief for supplying numbers that did not support his greatness. Bloomberg interviewed a gentleman several months ago about the Mar-a-Lago accords. He said "Why would you do that? It's a third world strategy."
Key Mar-a-Lago Accord elements have a distinct hedge fund/private equity underwriter (PEU) odor. They include:
Restructuring the U.S. debt load ---- (analogous to PEU's) Going off balance sheet, PIK loans, liquidity recaps, mark to model/fantasy
Weaken the dollar ---- (analogous to PEU's) Harming product/service quality, fire workers, reduce benefits
Revamp trade via tariffs --- (analogous to PEU's) Capture industries via consolidation, Revamp laws per policy making billionaire priorities.
Establishing sovereign wealth fund --- (Newest opportunity for PEU capture) Red & Blue political teams love PEU, White House cabinets chock full of PEUs
The Mar-a-Lago Discords is the complete and total PEUization of America. I wrote my wise friend recently, noting:
The Mar-a-Lago Accords --There is nothing arm's length when you are on both sides of the deal, a common PEU strategy.
- Shifting liabilities off balance sheet
- Claiming fake savings
- Pumping up value of assets
- Pro forma never reconciled with reality
- Fraud like we've never seen it......
Trump II is ready to load up that sovereign wealth fund. He plans to follow a 10% stake in Intel with many more government equity stakes, U.S. state backed enterprises. That also has a central planning, third world aspect to it. It all sounds so un-conservative, but that is Trump's brand.
Pay me and I may be nice. Pay me and I may not. But either way pay me. It can be money or homage.
Ideally both.
Update 8-28-25: Japan says "not so fast" on Trump's $550 billion of sovereign wealth fund money. Oddly, Affinity Partners founder Jared Kushner was back in the White House for a meeting on Gaza. Jared called Gaza oceanfront prime real estate. Trump wants to develop luxury resorts on Gaza beachfront. Kushner's fellow PEU Tony Blair attended the Gaza development meeting.
Tuesday, August 26, 2025
Trump's Intel Shakedown Whets Appetite for More
Trump II, the digital Caligula, indicated the government would take more stakes in U.S. corporations. Trump did so after shaking down Intel's CEO. The shakedown occurred after Trump II called for his resignation.
Who has equity stakes to sell? Private equity underwriters (PEU) have been waiting for deep pocketed investors to come along and relieve them of their over-marked affiliates. Could Trump II and the federal wallet be their savior?
Trump could simply saunter down the beach at Mar-a-Lago and talk to his neighbors, many of whom are PEUs.
Ay-Eye Governor!
Saturday, August 23, 2025
ALT5 Sigma: Latest Trump Crypto Boondoggle
DT Marks DEFI LLC, an entity affiliated with Donald J. Trump and certain of his family members, owns approximately 40% of the equity interests in WLF Holdco LLC, which holds the only membership interest in World Liberty Financial, Inc