Another Trump Coin? It's Real!

Treasury Chief Scott Bessent's "praise the boss without ceasing" campaign entered new territory with the proposal of a Trump $1 coin issued by the U.S. government.  The Trump family has panned the federal currency and America's banking system with a series of memecoins, tokens and stablecoin offerings.  

Who knew Trump II, the digital Caligula, appreciated the hard currency?  Anything with his face and name on it is an opportunity to earn a deal or licensing fee.  

The just announced TrumpRx came out of Health and Human Services and its Center for Medicare/Medicaid Services.  Details are sketchy but that's expected as appointees slather to set up perpetual fee generating arrangements for the wider Trump organization.

The pressure is on within the Trump cabinet to beat their peers in the "praise without ceasing" category.  Praise includes compliments, name rights and licensing arrangements/deal fees.   

this first draft reflects well the enduring spirit of our country and democracy, even in the face of immense obstacles.

Yes, the immense obstacle of young men immersed in a digital world of violent video games, irony and manipulated by evil forces to make their mark by assassinating someone influential.  

Also Congress passed a law in 1866 that prohibits living Presidents from appearing on U.S. currency. 

“No coin issued may bear the image of a living former or current President,” says the federal law − 31 U.S. Code 5112 regarding coin denominations, specifications, and design

Laws mean nothing to Trump II and little to the Supremes.  Thus, there may be yet another Trump coin.  How long before he's the face on the $1 trillion bill?

Trump the AI Creeper

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Trump II posted an AI video of himself as the Cowbell King of Death. He unleashes OMB Chief Russ Vought to harvest federal jobs as a Grim Reaper.  It echoes decades of job slashing by private equity underwriters (PEU) and TechGods.  

Trump and AI are perfect for one another as both are rife with errors but pretend to offer perfection. 

Trump II's Reign of Ignoble Irreality is clear for those with eyes to see and ears to hear.

Politicians Red and Blue love PEU and their new TechGod brethren (who've decided to play the same political influence game).  Increasingly, more are one.  

Update:  AI video has quickly joined social media in proliferating widespread harm:

“Synthetic media machines, whether designed to extrude text, images or video, are a scourge on our information ecosystem,” Bender said. “Their outputs function analogously to an oil spill, flowing through connections of technical and social infrastructure, weakening and breaking relationships of trust.”

Trump II is a voracious consumer and spreader of same.  TechGods suck.

Leavitt Admits PEUs Are Government

Media enforcer Caroline Leavitt got indignant when asked about the President's son-in-law advising on Middle East affairs that impact countries which have over $2.5 billion invested with Jared Kushner's Affinity Partners.  Those countries are Saudi Arabia, Qatar and the United Arab Emirates.  Kushner started his private equity underwriter (PEU) shortly after leaving the White House.  

The Kushner move is a variation of the Red Team White House dads, Trump II and Steve Witkoff, running around the globe creating massive profit opportunities for their boys.  Jared has already made serious bank so he can "donate" back to the U.S. government while setting himself up for greater profits down the road.  

That is the way of the private equity underwriter.  Red and Blue White House cabinets have been populated by the PEU boys and an occasional girl.

This just in!

Hunter Biden to Advise White House on Ukrainian Natural Gas: Pro Bono!

If the headline were true under a Biden White House MAGA hoards would've been livid.  

The Red Team barrels along in a clown car of conflict of interest.  And Caroline Leavitt earned her red nose.  Wear it proudly!

Politicians Red and Blue love PEU and their new TechGod brethren.  Increasingly more are one.

Politics is an insufficient way to explain our world, given its ever shifting sands, serial mistruths and mind numbing double standards.  Follow the PEU...

So Much Sowing for PEU/TechGod Class

 Jesse wrote:

The recklessness of a childishly selfish, shockingly arrogant few are going to be the catalysts for a potentially highly destructive outbreak of renewed conflict. 

They have no shame or fear, and have convinced themselves that there will be no judgement or consequences. This is the fruits of sustained moral hazard. We are in a period of elevated, and highly mispriced risk. 

Do not be deceived. For God is not mocked. What a man sows, so shall he reap.

And the U.S. government is now shut down because elected officials are not willing to do their jobs.  The Red Team is in control and intent on the kind of deal making that turned vast portions of America into an economic desert.  Dealmakers get deal fees and Trump II intends to have a $200 billion net worth come January 2029.  How much will TrumpRx contribute to that unseemly goal?

Trump II just saved Argentina so that country could concoct a soybean deal with China and devastate U.S. farmers.  By doing his boss' bidding Treasury Chief Scott Bessent may have been played.  

Questions have arisen around Bessent's Epstein ties as both Soros (then Bessent's boss) and Epstein invested in Israeli intelligence companies.

The political Blue Team finally "found a spine" to save U.S. healthcare that it already turned over to private equity underwriters (PEU) and their new TechGod brethren.  My wise friend wrote:

If the Democrats were so worried about the health care system they would not have gotten on their knees to private equity and big business many, many, many years ago and stood by and watched patients go under. They gutted everything from the day you were pulled into this world up until the time you land in a nursing home (from soup to nuts).

School choice is but the latest way for the greed and leverage boys to harm employees and customers, in this case children.

Media consolidation is rapidly occurring under the ownership of PEU Legends and TechGods of the first order.  Israeli Prime Minister Bibi Netanyahu noted his charm plans for Israel aligned TechGod owners of Tik Tok & Twitter/X.  Bibi expects his messages to be proliferated worldwide.  He who controls the algorithms...  

According to Responsible Statecraft, the money is already flowing:

Being paid by Israel to post on social media is also very lucrative. According to previously unreported recent documents, these influencers are likely being paid around $7,000 per post on social media such as Tik Tok and Instagram on behalf of Israel.

As for the TechGods, their superyachts need support yachts.  Hold that image in your mind for a minute.

The Fed has heavily supported the greed and leverage boys for the last few decades (alongside Congress, the White House & Supreme Court-Citizens United)

The newest Fed Governor wants to accelerate support for the PEU/TechGod class. 

 

Politicians Red and Blue love PEU and their new TechGod brethren.  Increasingly, more are one.

Update 10-3-25:  Trump II posted a Grim Reaper video for his administration's planned harvesting of federal jobs under the government shutdown.

TechGods Writing Checks

Trump II, the digital Caligula, got Google for $22 million for his new ballroom as he sets his sights on LinkedIn's Reid Hoffman, TechGod of the Blue Lucy variety. 

 

Hoffman failed to join the Palo Alto "All In" prick parade to the Insane Red Team in summer 2024.  

Google paid $24.5 million for locking America's lead insurrectionist out of his YouTube account.  The boys at Rumble welcomed Trump with open arms in June 2021, so he had a video platform to spew his nonsense.  

TechGods and PEU Legends better keep their checkbooks open.  Trump II's need for cash is insatiable.  

Eric Schmidt Bifurcates Tech Future

Fortune reported:

Eric Schmidt, who was top boss at Google for a decade in the early 2000s, said during a conference interview published by the All-In podcast Wednesday that he doesn’t believe in remote work in part because it’s not helping U.S. tech companies compete with China’s cutthroat work culture. 

“If you’re going to be in tech and you’re going to win, you’re going to have to make some tradeoffs,” Schmidt said. “Remember, we’re up against the Chinese; the Chinese work-life balance consists of 996, which is 9 a.m. to 9 p.m., six days a week

Whoa! What happened to the promise of AI?  It was supposed to relieve us of the burden of work, not add more.  CNBC reported:

 Eric Schmidt’s family office, called Hillspire, has made investments in 22 private AI firms since 2019

Schmidt has a family office.  Hillspire LLC is essentially his personal private equity underwriter (PEU). 

But there's more.  He co-founded Innovation Endeavors, a venture capital firm.  Eric and Wendy Schmidt have multiple layers of foundations.  

This upstanding TechGod encouraged Stanford students to steal from others, develop their project and when it appears to have a profitable future, hire lawyers to negotiate a settlement.

Intellectual property theft is foundational to AI, according to Schmidt   Why would a storied executive and TechGod make such a suggestion to students?  Because he is a member of the group that does not have to follow the rules.  As a matter of fact, Schmidt has been making them for quite some time, alongside other noted TechGods.

Listen to Eric.  He knows.  The worker's future is 72 hour weeks.  The benefits of AI will accrue to the same folks making bank over the last twenty five years.

Don't expect elected officials to do anything about it.  Politicians Red and Blue love PEU and their new TechGod brethren.  Increasingly, more are one.

Digital ID: TechGod & PEU Bonanza

The Independent reported:

Every working adult in Britain will be required to have a new government-issued digital identity card as part of a fresh attempt to crack down on illegal migration.

Former UK Prime Minister Tony Blair pushed for such an ID when he was in office.  Blair showed his love for private equity underwrites (PEU) while Prime Minister.   

A report from Sir Tony Blair’s think tank, The Tony Blair Institute (TBI), published this week, also suggests there is growing public support for a “super-digital identity card” which would allow people to access public services and report problems in their local area.

The news prompted me to do a search on digital ID companies and Google provided a list (seen in the image at the top of this post).  I then researched the owners/investors of these companies.  To no surprise most of the equity holders are PEUs, venture capital firms or investment arms of major tech firms.  In the case of ID.me, Ares provided debt financing.  A former Blair advisor works for Ares.  Charles Steel notes:

I started out at Goldman Sachs in London in 1997, switched to investing at The Carlyle Group and subsequently launched the private equity business of Ares Management in Europe.

IDNow just went through a continuation vehicle and secondary sale so limited partners could get their money back. 

The public is well aware of who wins and who loses when government contracts with PEUs and their affiliates.

Politicians Red & Blue love PEU and their new TechGod brethren.  Increasingly, more are one.

Update 9-27-25:  PEUReport is not the only one concerned about digital ID.  Larry Ellison sees AI integrating everything under digital ID (total surveillance).  Ellison and Tony Blair see eye to eye in this regard.  Tony Blair's son is the CEO of Multiverse, which could have a role in the UK's digital ID.  TechGod wankers and PEU bankers...

Update 9-28-25:  My wise friend wrote:

Isn't it funny how Tony Blair and Larry Ellison merge for a financial outcome tied to digital IDs? Almost as funny as Tony Blair with Bill Clinton and Sam Bankman-Fried with cryptocurrency.  Note how the financial gains accrue to both sides of the political aisle. 

All of this fostered by putting Trump in the king's throne. Each side can blame the other but in reality through all the fog of chaos the destination was always clear, their pockets. To depict Trump as an outsider Is a complete misnomer, He was the necessary but unpalatable useful idiot to force and seal the deal. It's their golden age but the masses get golden showers.

"All In Summit "Targets the Vain

Vanity Fair reported on the fourth year of the All In Summit, hosted by the four hosts of the All In podcast.  The summit came after most of Silicon Valley shifted alliances to the political Red Team.  I guess pathology attracts pathology.  

The "no assholes" corporate rule from the 1990's is long gone, replaced by the greater the rectal behavior, the better.  Palantir co-founder Alex Karp epitomizes this new feature as a giant government contractor that repeatedly states inane things.  Fortune did a story on Karp's "batshit crazy" statements.

The rise of the TechGod follows decades of government manipulation by a different class of billionaires, private equity underwriters (PEU).  The greed and leverage boys coopted government, landing key Cabinet and other government positions, hiring former elected officials for non-lobbying influence, buying affiliates that did or had the potential to do large amounts of business with Uncle Sam and dictating a preferred tax policy that remains in place today (despite being highly unpopular).  

TechGods gathered for what?  The article states:

Summit-goers spoke the language of revolution. The West was dying; it was actually killing itself. Still, it could be saved. The people here, in fact, would save it. “This is not an audience committing suicide,” Palantir CEO Alex Karp said from the main stage. “This is an audience fighting to win.” What would save us exactly, was not completely clear, but it had something to do with ambition, the new political drift, cryptocurrencies, AI, and getting to Mars.

When politicians and billionaires get together, the little people pay.  I don't want cryptocurrencies, AI or to go to Mars.  All three things need huge subsidies and safe haven (regulatory, tax and liability).  Trump World is most accommodating in these areas while pursuing an obscene amount of conflicting business ventures.  

The vain showed up in droves to rub elbows with the boys who legitimized Trump II and now serve at the feet of our digital Caligula President.  

The pod has lately become a kind of kingmaker’s pulpit, with the Besties dropping casual hints that the concerns of All-In’s guests—entrepreneurs, VCs, billionaires—might find their way into public policy. Or, as one attendee put it: “This podcast is like a direct line to the administration.” 

“You were at a dinner with a bunch of private equity and venture assholes..."

TechGods play a mean game of PEU imitation.

Update 9-26-25:  Trump II, the digital Caligula, went after TechGod Reid Hoffman, one of the few remaining Blue Team supporters.  Hoffman has the resources to play Trump's lawsuit games and pursue them to the bitter end.

Retirement Account Alert re: PEU Secondaries

Bloomberg reported private equity underwriter (PEU) deals and exits are down through Q2 2025.  Limited partners (those with the big money) are tired of hearing ever changing reasons why their PEU has not returned capital.   The problem is with affiliate valuations and a lack of buyers for those companies.  

The article suggests a number of firms may fail.  They offer a Sixth Sense analogy that some firms are dead but do not know it.  Experts did not offer which PEUs they believe are ghosts or walking corpses.

If the U.S. Treasury can bail out Argentina, I'm sure the PEU boys can use their political heft to steer federal funds their way.  

Treat PEU offerings the same as cryptocurrency for your 401(k).  Invest only what you can afford to lose.

Politicians Red & Blue love PEU and their new TechGod brethren.  Increasingly, more are one.

CEOs Pan Trump as "Bad for Business"

Fortune reported on a recent CEO gathering where private positions are much different than public statements.  These are mostly members of Trump's political Red Team.  The article stated:

Business leaders at our forum worry that Trump is undermining an economic system that took decades to build and has long benefited the U.S. more than any other country, under both Republican and Democratic administrations, all for short-term gains. They see what’s happening as a hollowing out of U.S. economic foundations and institutions. In this free-to-speak environment (a loaded topic these days), they said that while they approve of bringing manufacturing back to the U.S. and bolstering economic and national security, they fear for America’s international standing amid the degradation of national security at the FBI, the CIA, and the Pentagon.

As for hollowing out, many of us remember a private equity underwriter (PEU) takeover and its impact on our company.  Flashback to July 2011 when a major business reporter wrote:

I have seen so many people -- particularly those in their 50s - 70s -- taken apart by what has happened in their industry as greed has hollowed out the economy. These are people took pride in their jobs and held themselves to this invisible standard that we all just took for granted, but is being wiped out. 

 The Carlyle Group scares me more than anything I've ever seen on Wall Street. It seems to exist to corrupt politicians and it's hard to know who they even represent.

That has occurred thousands of times for thousands of companies over the last fifteen years.  Private equity's reach, money and influence penetrated both political parties to the point I began closing posts with:

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

When the TechGods jumped on board and executed the PEU political playbook I adapted:

Politicians Red & Blue love PEU and their new TechGod brethren.  Increasingly, more are one.

Six months ago I wrote:

At some point TechGod wankers and PEU bankers will beg to pay more in taxes just to be away from Trump's toxic tampering, grandiose delusions, vicious takedowns and vacuous flip-flops.

That day may already have arrived.  If so, it's a kick in the ballroom for the Trump brand.

Comedians Can Reflect

The year of living dangerously continues for comedians.  The Daily Show's Jordan Klepper spoke the mission of PEUReport.

I would go farther than Klepper and suggest that many of these billionaires are PEU legends who have exercised levers of political power and tapped Uncle Sam's wallet for their financial windfall.  That spawned the term "policy making billionaire."

TechGods are employing similar strategies in a more obvious and clumsy manner than their refined PEU peers.  

Who can beat Carlyle co-founder David Rubenstein's belief that "private equity is man's highest calling?"  That gives me a chuckle every time.

My wise friend wrote:

Comedians are great at exposing Societal Malevolent Transformations with great poignancy. Each day the Overton window for normalcy shifts as we accept the administration's shocks to the system as perturbations instead of a great crack. 

Even the Romans tolerated Juvenal's cryptic messages through comedy for a time. We have seen this deterioration for a long time but probably never thought it would reach this level. 

What are we going to do now?  Bring Back Caesar?  LOL

Who needs Caesar when we have Trump II, the digital Caligula?  Trump II wants far more than a beach house.  He wants a $200 billion net worth come January 2029.

Politicians Red and Blue love PEU (private equity underwriters) and their new TechGod brethren.  Increasingly, more are one.

Race to the Bottom Aids PEU Boys

If public company data is no longer reported quarterly, but every six months, who benefits?  The rationale is onerous regulatory requirements would be reduced.  A deeper look show less public information benefits the private side as well.

Private equity underwriters (PEU) are notoriously secretive about nearly everything.  Private credit claims to be more open but it takes a detective to seek out their myriad of sources.

That's the ding for those trying to push PEU stakes and private credit (often packaged by those very same PEUs).  Making public company information less available reduces the size of the ding.

Politicians Red and Blue love PEU and their new TechGod brethren.  Increasingly, more are one.

Windsor Accord Benefits TechGods & PEUs

The Trump II entourage to Windsor Castle included TechGods and PEUs (private equity underwriters).  ABC News reported formal State Dinner guests included:

Blackstone CEO Steve Schwarzman, Rupert Murdoch, Apple CEO Tim Cook, Nvidia CEO Jensen Huang and OpenAI CEO Sam Altman.

The focus of Trump's trip was deals.  BBC reported:

The vast majority of the £150bn investment - £90bn - will come from Blackstone over the next decade, although how most of this money will be spent has yet to be decided. The US private equity firm announced in June it would spend £370bn across Europe over 10 years.

Blackstone co-founder Stephen Schwarzman has been busy filling his three acre lake within his British countryside estate.  His water pumping efforts aroused the ire of his neighbors.  Local officials cut off the spigot.

TechGods and PEU Legends generally don't give without the expectation of return.  Both have long histories of tax and regulatory avoidance.

Politico reported:

...the tech industry are joining forces with the White House to pressure the U.K. on digital taxes. 

The tech lobby also wants to see some rollback of the U.K.’s Online Safety Act

The UK can do this the easy way or the hard way.  Trump II, the digital Caligula and his TechGod/PEU predators, are coming.  They plan to usurp everything.

Media Earthquake 9.0

Tectonic shifts are underway in the media landscape.  Trump II, the digital Caligula, struck a deal framework that puts Tic Tok US operations under the ownership of TechGods and private equity underwriters (PEU).  Forbes reported on the club deal:

An investor group headlined by Larry Ellison’s Oracle, the private equity Silver Lake and Marc Andreessen's venture capital firm will hold a controlling stake in TikTok’s new U.S. business, the Wall Street Journal reported Tuesday

Reuters reported US based investors will own 80% of the equity with Chinese investors holding the remaining 20%.

TechGod of the first order Larry Ellison is joined by fellow TechGod Marc Andreessen and PEU Silver Lake in the deal. 

One need not look far to find harm these people have done in the business world and to society.  Andreessen's Synapse imploded after implying customers had FDIC protection and then left them on the hook for $85 million (at last counting). 

Social media, birthed by TechGods, has torn apart our social fabric and facilitated direct and significant harm to children.  Now these same people are taking over all forms of media.  

Semafor reported:

Once-great broadcast networks have long been selling off their stations to private equity-backed operators with antiseptic names like Nexstar and Tegna

Tegna is an affiliate of PEU Apollo Global Management.  Nexstar and Sinclair Broadcasting Group are publicly traded companies.  

Both Nexstar and Sinclair have courted Tegna.  The Federal Communications Commission must approve any merger and provide exceptions to current regulations.

Politicians Red and Blue love PEU and their new TechGod brethren.  Increasingly, more are one. 

The free speech restricting Red Team will determine who gets what.  Rest assured there will be political deal fees for Trump II's hard work.  Will they be direct or indirect?  

Update 9-29-25:  Tik Tok algorithms will be steered in the direction desired by their new TechGod/PEU owners according to Israeli PM Bibi Netanyahu.

Video game giant Electronic Arts is going private in a deal funded by the Saudi Public Investment Fund (PIF), Jared Kushner's Affinity Partners (which has billions in PIF money to invest) and Silver Lake (of Tik Tok deal).  Are you getting the PEU-cture?  

Update 10-2-25:  Existing Tik Tok equity holders include KKR and General Atlantic, so that's two more PEUs in the mix.  Other new Tik Tok investors in the U.S. include Susquehanna International Group, Michael Dell and Rupert Murdoch.

Gray Lady Lawsuit Cover for ?

Might Trump II, the digital Caligula's $15 billion lawsuit against the NYTimes be a diversion for his next massive money grab? 

Which of his close supporters will get Tik Tok equity stakes?  There is zero chance Trump II would let a political rival in on the deal.

Dealmakers deserve deal fees.  I expect a Kwame Leonard type indirect payoff for Trump's Tik Tok framework.  Trump II already got a luxury plane, currently being updated on the taxpayer dime.

I wrote this yesterday:

Who's in the Tik Tok deal? Lutnick's kids, the Trump boys, Dominari Holdings, Mnuchin, Peter Thiel, Alex Karp, Elon Musk, Eric Schmidt, the whole membership of the Executive Branch ("Just Us" Club)...or any private equity firms needing marketing fodder for their stale holdings?

My wise friend wrote re:  Trump II: 

His whole family is minting money like never before, in industries they know nothing about.

You know you are on the road to serfdom. No disclosures, no audits, just toll booths on the Fraud Expressway.  

TDS - Trump Drains Society

The bigger the diversionary "private individual" Trump II headline, the larger the related grift or scam.  Tic, toc, tic, toc goes the clock on the looming private deal for Tik Tok.  

There is a very low likelihood Tik Tok will go to a public company.  Secrecy is required in the Houses of Greed.  Subsuming a whole organization takes a true monster and team of enablers.

Jesse wrote:

The unsustainable is maintained through force and fraud. 

 As fraud loses its effectiveness, force increases. 

Madness is in the air.

And the Madman rants on without ceasing..... 

Update 9-18-25:  Oracle's Larry Ellison, a Legendary TechGod of the First Order, is supposedly in on the Tik Tok deal.  Surely, it is a club effort.

Forbes reported:

Larry Ellison’s Oracle, the private equity Silver Lake and Marc Andreessen's venture capital firm will hold a controlling stake in TikTok’s new U.S. business, the Wall Street Journal reported Tuesday

Update 9-20-25:  Politico reported the judge tossed Trump's $15 billion defamation lawsuit.

“A complaint is not a megaphone for public relations or a podium for a passionate oration at a political rally or the functional equivalent of the Hyde Park Speakers’ Corner.”

Three Super Villains to Join Forces: Expect Human Remains

The Saudi Arabian monarchy may join forces with private equity underwriters (PEU) on AI.  That Saudi human judgement imprisoned Saudi royals and businessmen in the Riyadh Ritz Carlton for a princely shakedown.  It killed more than one journalist with virtually no consequences.  

AI goes where it is steered, so any HUMAIN information scrapping would avoid negative information on Saudi Arabia, as well anything detrimental to private equity as it targets 401(k)s across the U.S.

PEUReport is now avoided by scraping bots as it does not serve the RIA's private equity sales bullets.

Lex Luthor (PEU) has now joined forces with General Zod (Saudi Arabia) and Parasite (AI) to inflict untold damage on the world of people struggling to live.

I expect there to be significant human remains.  Just as our government protect Saudi Crown Prince Mohammed bin Salman and serial child predator Jeffrey Espstein, it will turn the other way when the body count starts rising.

Trump II, the digital Caligula, lobbed another savage whim recommending corporations go to reporting every six months vs. quarterly.  Isn't AI supposed to make everything easier, especially routine things like financial reporting?  Why push back the time frame for sharing information if it can be more readily produced?  Because someone does not want that information shared.  

Politicians Red and Blue love PEU and their new TechGod brethren (the creeps behind AI).  Inceasingly, more are one.

Carlyle Adds Another Secondaries Fund, Lake Blackstone

Billionaire private equity underwriters (PEU) need more cash.  Last week Carlyle's AlpInvest announced a $20 billion package to buy up PE secondary offerings.  This week they tacked on another $4 to 5 billion fundraise for essentially the same thing.  

Carlyle co-founder and Declaration Partners founder David Rubenstein is readying for a Stubhub IPO.  Stubhub is an affiliate of Declaration (not in the Carlyle stable).

One PEU needs money to fill his three acre lake in his British countryside estate.  Blackstone's co-founder Stephen Schwarzman aroused the ire of his neighbors with his water pumping efforts.

As if the PEU boys care what the serfs do or think.  They have politicians who constantly jigger the system for their billionaire donors to win, win and keep on winning.  Yes, PEU preferred "carried interest" taxation is still around despite both political parties promising to eliminate it.

Politicians Red and Blue love PEU and their new TechGod brethren.  Increasingly, more are one.

Update 9-16-25:  Carlyle intends to offer senior notes for general corporate purchases..  The filing did not specify an amount.  

Seeking Alpha reported Carlyle will issue $800 million in senior notes paying 5.05% interest.

USAT to Launch Under Bo Hines

Tether, USDT, is the largest stablecoin.  Rather than make that comply with all the recently passed garbage crypto legislation, the company is launching a new one, USAT.  

Apparently U.S. dollar innovation requires imitation.  Stablecoins are not the real thing, no matter how hard the flimflammer's sell.  It's an intermediary, a pass through entity which collects interest from Treasuries and fees from users.

The new CEO for USAT is former Executive Director of the White House Crypto Council under Trump II, the digital Caligula.  Bo levered his seven months in that role into his new job.

Surely, a number of Cantor Fitzgerald related SPACs are lining up to offer a USAT corporate treasury.  Trump ushered in the era where everyone can be a Fed Chair and invent money from nothing, even a 29 year former public servant who set up his own millionaire future in a record short time.

That's the kind of ethics one expects from Trump II, who ensures his family and his buddies make out like bandits courtesy of the levers of government.  It's grotesque on so many levels.

Trump subsumes all he touches.  His hangers on slink behind him snatching up the spoils.  There's a new CryptoBro, one grown from a short White House stay.  Bo Hines made quite a snatch.

Mandelson Sacked, Who's Next?

One politician bit the dust as a result of his Jeffrey Epstein ties.  Lord Peter Mandelson was fired as the UK's Ambassador to the United States.  

Mandelson's long political career provides many opportunities to see where his loyalty lies.  It's with the politically powerful and that includes private equity underwriters (PEU).  

Epstein's largest funder ($170 million) was PEU Apollo Global co-founder Leon Black.  Like Mandelson, Black stepped down in 2021 after the depth of his Epstein ties were revealed.  Leon settled his criminal and civil liability with the U.S. Virgin Islands for $62.5 million in 2023.  

In 2010 Mandelson formed a consultancy that served PEUs and other corporate clients.  

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 firms

Global Counsel's website lists its customers which includes "acquirers,"  i.e. private equity.

I'm sure other PEUs are connected to the Epstein.  Those may or may not come out over time.

The world has the opportunity to see clear and compelling evidence that admitted sexual molester Trump II was Epstein's wingman for many years.  Some choose to close their eyes and look the other way.  That behavior, looking the other way, enabled Jeffrey Epstein to accumulate over one thousand victims.

A post script PEU tie is that Epstein's islands ended up in the hands of the founder of Black Diamond Capital Management of Stamford, Connecticut with offices in London, St. Thomas and Mumbai, India.

The PEU family is rather large and black sheep seem to be fairly common.  Politicians Red and Blue love PEU and their new TechGod brethren.  Increasingly, more are one.

Trump's protecting the abuser class shows he remains Epstein's wingman.

Update 9-14-25:  The Atlantic noticed as well.

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

Update 9-28-25:  Bloomberg reported on "Fed candidate" James Fishback:

James Fishback, a former analyst at David Einhorn’s Greenlight Capital, admitted sharing confidential information and agreed to pay the hedge fund’s costs to resolve a lawsuit it filed against him. 

 According to an agreement filed Wednesday in Manhattan federal court, Fishback, who worked at Greenlight between 2021 and 2023, said he violated the terms of his employment by sending to a personal email account summaries of the fund’s positions and strategies as well as a document showing its entire portfolio. He also said he had an undisclosed personal trading account that invested in the same instruments as Greenlight at around the same time.

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 Action 

1. 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.

Update 9-28-25:  Bloomberg reported on "Fed candidate" James Fishback:

James Fishback, a former analyst at David Einhorn’s Greenlight Capital, admitted sharing confidential information and agreed to pay the hedge fund’s costs to resolve a lawsuit it filed against him. 

 According to an agreement filed Wednesday in Manhattan federal court, Fishback, who worked at Greenlight between 2021 and 2023, said he violated the terms of his employment by sending to a personal email account summaries of the fund’s positions and strategies as well as a document showing its entire portfolio. He also said he had an undisclosed personal trading account that invested in the same instruments as Greenlight at around the same time.

Carlyle Finally Resorts to Hot Cars

The Carlyle Group took its "fast lane of valuation" and leveraged that into the "fast lane of global sports," specifically Formula One racing.  Carlyle will be the Oracle Red Bull Racing's exclusive partner in the investment management industry.  

“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

A racing engine may be a good analogy for private equity underwriting (PEU).  Ride it hard for long enough (maximum profitability and fee extrusion) and something blows.  Weight makes a difference as does a heavy debt/interest expense burden.

Sports is the new way for PEUs to entice regular folk to put their retirement money into their vast array of products.  They've tried to offer investment opportunities before to this group, but got little traction.  That's changed with the Trump II endorsement of PEU holdings in 401(k)'s.  

The greed and leverage boys are ready to hit the gas with your retirement funds.  Beware the slick talking Carlyle fuel attendant.  You know he will close with "Fill 'er up?"

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 first dinner guests came from Trump's cabinet, a bizarre group of lick spittle mostly former corporate chiefs trying to garner their boss' approval (which requires belittling peers, i.e. the competition).  

Non-political invitees were not named in the article as the point of the leak is to show "Executive Branch" has the political goods to sell (as in direct access), as well as palace intrigue.  My question is how many private equity underwriters (PEU) and their new TechGod peers were in attendance, given the Club allows 200 members?  

Of course with any Trump event, there is a fight on tap.  This one occurred between Treasury Chief Scott Bessent and Bill Pulte, head of the Federal Housing Authority.  Politico reported:

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....

Update 9-10-25:  Jesse wrote:

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.

Yet another reason to leave the dysfunctional irreality of Trump II, the digital Caligula, preservation of the what little sanity remains.

Update 9-11-25:  South Koreans know what to do when Trump starts to subsume them, 

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.

Trump II: Layers of Earthly Grift

Trump II, the digital Caligula, will not attend the 2025 G20 meeting and is sending V.P. J.D. Vance, founder of Narya Capital, instead.  He also announced the 2026 G20 meeting will be held at his Doral Resort in South Florida.  Miami Mayor Francis Suarez, General Partner for DaGrosa Capital Partners, and Treasury Secretary Scott Bessent, founder of KeySquare Capital Management, joined Trump in the Oval Office for these announcements.

It's no wonder the greed and leverage boys still have their preferred "carried interest" taxation.  Turn over a paperweight in the Oval Office and you're liable to find a private equity underwriter (PEU) founder or general partner.  It's been that way for decades under Red and Blue administrations.

South Africa is beneath Trump, but then again, everything and everyone are beneath Trump.  As for hosting Trump II said:

"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."

The Bible, including the version with the Trump brand costing $1,000, does not mention money in its instructions for how to join Christ and God in heaven.  Belief is free.  Living Christ's teachings cost not one penny.  It requires no political donation to a man adding billions to his net worth, seemingly on a monthly basis.  Don Jr. defended the Trump family grab of earthly gains:

“We did this out of necessity because we weren’t just going to crawl into a corner and drop dead.”

Necessity?  More like greed.

Doesn't one have to "drop dead" before they can go to heaven?  Junior's father has plans to leave office in January 2029 with over $200 billion in net worth.  That's a heavy stone to drag to the pearly gates.

Trump II already evicted the homeless (think Lazarus) near the White House.  He plans to throw millions off Medicaid.  If he is manipulating widows scraping by on a fixed income, that move may come back to bite Trump in the afterlife (think Cerberus).  By serving Cerberus Capital Management on this realm Trump II may have to answer to Cerberus the Hellhound in another.

Update:  Bloomberg was a bit kinder in describing the Trump grift.

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.

Does anyone believe Donald Trump understands what's coming?  He can't figure out a tariff is a tax.

Trump II serves the interests of the billionaire class, populated by private equity underwriters (PEU), TechGods and CryptoBros.  He recently pushed for PEU investments and cryptocurrencies to be made available to retirement accounts. This move corresponded with a stark decrease in PEUReport "readership."  

It seems AI turned away from content less favorable to the greed and leverage boys.  I created this blog to share a different viewpoint than the PEU lobby, to be on record for what I considered unseemly business practices, to show the PEU connections to the political hegemony.  I am fortunate to have done so for nearly two decades.

Thank you to those who read PEUReport, regularly, irregularly or for a one time purpose.  I came from an era when business priorities had more balance, ethics seemed to matter and elected officials did not cater to moneyed interests.  It's good to be heard, even above the AI screen.

Update 9-21-25:  Low income workers slash spending.  

The Daily Show's Jordan Klepper came close to nailing the rationale for PEUReport.  Bravo Jordan!