PEUs Love 'em Some Middle East Monarchy

Private equity underwriters (PEUs) are excited about investing in the Middle East.  Fresh off consuming U.S politics and destroying America's middle class, it makes sense for PEUs to target Middle East monarchies, where neither a middle class nor democracy exists.  

WaPo quoted one billionaire in the story imaged above.  That person said:

"I worry about America and the way of life we have."

The Carlyle Group's David Rubenstein, the visionary who subsumed Washington politicians with "patriotic philanthropy" and Congressional "lectures", was in the United Arab Emirates, which he knows very well.  Carlyle was part owned by a UAE sovereign wealth fund (Mubadala) beginning in 2007.  

As Carlyle Group co-founder (and Semafor investor) David Rubenstein put it: “I’ve seen the future of capitalism, and its name is Abu Dhabi.”

Rubenstein has seen the future of capitalism and it has nothing to do with freedom.  He has been going there for decades.

Capitalism requires a strong and clear rule of law.  Abu Dhabi justice may be questionable for those used to Western justice.

In the United Arab Emirates: 

•  Depositions are taken without a lawyer present. 
• There is no bond system. 
• There is no trial by jury.

Punishments are divided into two categories, Sharia-based and Chastisement. 

Doctrinal punishments are based on Islamic jurisprudence (Sharia). For example, qisas is equal punishment (an eye for an eye, for example) and diyya is compensatory payment for the death of a victim (known as “blood money”). Diyya is not exclusively used for punishment (or victim’s relief) in a criminal setting. Diyya is often applied in motor vehicle accident and other cases where death has resulted from the actions of another person found negligent. Diyya is federally limited at AED200,000.

Chastisement penalties include:

• death (capital punishment) 
• life imprisonment (15 years +) 
• temporary imprisonment (3 to 15 years)
• confinement (1 to 3 years) 
• detention (1 month to 1 year) flagellation (up to 200 lashes) fines

This sounds very Trumpian, with its "an eye for an eye" and significant "compensatory payments."  Trump II employs both strategies with disturbing frequency.  

As for PEU billionaires taking over politics, that is a familiar theme at PEUReport.  The addition of impatient imitators, TechGods and CryptoBros, has been a blessing given their "in your face" arrogance and poor interpersonal skills.  

It makes things easier to see, especially as the PEU boys work quietly behind the scenes and generally display more subtlety than their TechGod/CryptoBro counterparts.

Middle East monarchs love PEU, just like American politicians.  

Carlyle & Company (Fellow PEUs) to IPO Medline

The Carlyle Group plans to IPO medical supply affiliate Medline at a $55 billion valuation, a 62% increase from its $34 billion valuation when Carlyle, Blackstone and Hellman & Friedman bought Medline in 2021.  The equity return (per an SEC filing) is even higher at 85.5%.  

It's the biggest private equity underwriter (PEU) sponsored IPO since KKR took HCA public in 2011.  Flashback to 2010:

SEC filings show HCA paid investors $1.75 billion and $500 million in 2010. 

The filing shows the impact of PEU's on health care. HCA's interest expense rose from $655 million in 2005 to $2.2 billion in 2007, an increase of over $1.5 billion. Add $1.2 billion in management fees over three years and health care costs go higher.

The PEU impact on healthcare has been more than money, although that has been significant.   Missouri Medicine reported private equity brings:

more debt, more bankruptcies, higher prices, and less quality care.

Elected officials took forever to restrict "surprise medical billing," a nefarious PEU profit maximizing scheme that harmed people needing emergency room care.  

Carlyle, Blackstone and Hellman & Friedman stand to profit handsomely from the IPO.  That's in addition to billions already drawn from Medline.

Private equity's preferred "carried interest" taxation remains firmly in place, long after both political teams promised to eliminate the unpopular tax break.

PEUs know how to pay the tax game, they don't pay and any breaks come to them.  Medline's latest S-1/A states:  

In connection with the Reorganization Transactions, Medline Inc. will enter into a tax receivable agreement with certain of our pre-IPO owners that provides for the payment by Medline Inc. to such pre-IPO owners of 90% of certain tax benefits, if any, that Medline Inc. actually realizes, or is deemed to realize (calculated using certain assumptions)

The greed and leverage boys know how to pull cash from affiliates:

We made payments pursuant to the Services Agreements to BX Management (Blackstone)totaling $270,000, $360,000, $711,000, and $784,000 in the years ended December 31, 2022, 2023, 2024 and the nine months ended September 27, 2025, respectively. That totals $2.1 million

We made payments pursuant to the Services Agreements to Carlyle Management totaling $244,000 and $60,000 in the year ended December 31, 2023 and the nine months ended September 27, 2025, respectively. That's $304,000 in total.

We made payments pursuant to the Services Agreements to H&F Management totaling $120,000 and $133,000 in the year ended December 31, 2024 and the nine months ended September 27, 2025, respectively. Combined that totals $253,000.

Apparently management fees turned into Service Agreements which cost Medline another $2.6 million under PEU ownership.

How many of you have gotten an 62 to 85.5% raise in the last four years?   That's probably more like the increase in your health insurance premiums since 2021.

Health care coverage now comes with absurd deductibles and annual "out of pocket" maximums that destroy the perilous finances of those lucky enough to have coverage, should they actually need care.

Trump II's Big Beautiful Bill benefits the billionaires and leaves ACA subsidy recipients out in the cold.  This is telling you something.

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

Trump II's Involvement is Bad Sign for WB

Trump II is tossing around markers as he weighs two opposing bids for Warner Brothers Discovery.  In one corner is TechGod/Media Giant Netflix and in the other TechGod related, Media Giant Paramount Skydance.  Skydance CEO David Ellison is the son of Larry Ellison of Oracle, a major TechGod and good friend of Trump II.

The Paramount Skydance hostile bid has big Middle Eastern money in the equity portion, including funds from Affinity Partners, a private equity underwriter (PEU) founded by Trump II's son-in-law Jared Kushner.  The next Fed Chair is rumored to be National Economic Advisor Kevin Hassett, the former Global Head of Research for Affinity Partners.  Hassett would participate in a CFIUS review if that should come in play.

Under either deal Trump will usurp or extract something that feeds his or his family's pocketbook and enhances his image in each and every present moment.

The White House is tired of losing to women, be it Sabrina Carpenter or Marjorie Taylor Greene.  Fake videos and tantrums to Paramount's Chief gets Trump II that fleeting, hollow moment of payback.  Trump II needs the winner to tamp down the Sabrina's and Marjorie's as his 79 year old ego is as fragile as his lower limb vascular structure. 

Independent voters see a tired, old fool throwing haymakers at apparitions.  There is nothing there, just a series of straw-bots created by the algorithm that poses as Trump II's brain.  

These are diversions for the real agenda, the accumulation of obscene levels of power (in a flipping democracy) and gargantuan wealth, equally obscene in a democracy that once prized a vibrant middle class as a vital ingredient.

Trump intends to get involved.  Deal makers get deal fees.  As for deal making, Trump demands concessions that favor him and his family.  He then berates that party mercilessly, until they give in.  The petulant child style of deal making is back in vogue for the nation and world to see.  

Congress and the Supremes seem happy to support, even cheer, behavior that would embarrass any decent person.  Trump II's antics are offensive, especially to parents wanting to raise a child that could fit in and contribute to society.  Not bully and take from others every chance they get.  

Politicians Red & Blue love PEU and their new TechGod/CryptoBro brethren.  Increasingly, more are one.  The current crop in power wants it all.  That leaves little for the average citizen.  

The Trump brand's tagline should be:  "Conflicts of Interest 'R US"

Dominari Aces with McCourt Appointment

Dominari Holdings added Jamie McCourt, the former Ambassador of France & Monaco, to their Advisory Board.  

That board started with the elder Trump sons Don Jr., Eric and other Trump Organization executives (February 2025) before adding several crypto focused executives.  

Dominari's winning streak keeps on going.  It was only 2022 when the company shifted focus from biotech/pharma as Aikido Labs, LLC.  In June 2022:

" the Company formed a wholly owned financial services subsidiary, Dominari Financial Inc." 

By the end of March 2023 the company paid $3.4 million for the membership interests in: 

Fieldpoint Private Securities, LLC, a Connecticut limited liability company (“FPS”), that is a broker-dealer, a member of FINRA and an investment adviser registered with the SEC.

The entity (FPS) became Dominari Securities. 

Aikido Labs, LLC headquartered at:

One Rockefeller Plaza, 11th Floor, New York, NY 10020

Filings through its 2022 Annual Report (dated 3-31-2023) show that address.  

Dominari's first quarter report (filed 5-11-2023) shows a Trump Tower address.

725 FIFTH AVENUE, 22ND FLOOR, NEW YORK, NY, 10022

That move got Dominari within the Trump deal making orbit.  

...its access to exclusive deals and the Trump family’s networks have changed its trajectory. Once obscure, the firm now sits at the intersection of politics, finance and family loyalty.

Former Los Angeles Dodgers CEO Jamie McCourt planted herself and her Monaco contacts smack in the middle of that intersection.  Accessing old European right wing money could be a sound strategy.

Dominari recently released its 2024 Annual Report.  It included:

Private Equity: Dominari Securities offers private equity investments through special purpose vehicles (“SPVs”) which allows investors to pool capital into specific investment projects while managing risk and liability. Dominari Securities structures and manages the SPVs, providing investors access to high-quality private equity opportunities in both early and late stage emerging technology, med-tech, defense, and artificial intelligence (“AI”) sectors, among others.

Dominari is a private equity underwriter (PEU).  Jamie McCourt is one as well, given her Senior Managing Director position with Steve Mnuchin's Liberty Strategic Capital.

Liberty Strategic Capital is a Washington DC-based private equity firm focused on investing in dynamic global technology companies.

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

Trump II & Gowdy's Enriching Round

Some people think the pardon of Tim Leiweke of Oak View Group should not have happened on a golf course as Trump II played a round with Leiweke's lawyer Trey Gowdy.  Others think it should not have happened at all.

Trump's golf partner was Rep. Trey Gowdy (Red Team) from South Carolina.  Gowdy entered politics in 2000 promising to be tough on crime. GoUpstate reported:

"He has an aggressive and successful prosecution record," said Spartanburg police Sgt. Richard Banks, a veteran officer who also serves as president of the Piedmont chapter of the Police Benevolence Association. "He is genuinely interested in bringing felons to justice, and he has built a lasting partnership with law enforcement throughout the Upstate."

Yes, Gowdy is a former prosecutor.   

"He is really head and shoulders above most people in terms of preparation and integrity," said Tony Duarte, a DEA agent who worked with Gowdy in prosecuting a number drug cases. "One of the things I like about him is that he means what he says.

Integrity, aggressive, brings felons to justice in partnership with law enforcement...

What did Oak View Group's Tim Leiweke do?

..the Defendant rigged a bidding process to benefit his own company and deprived a public university and taxpayers of the benefits of competitive bidding

He ripped off the University of Texas as it built a new basketball arena and was caught red handed.

His lawyer (Gowdy) once told a group of prosecutors:

It’s my job to signal to [my elected district attorney] that I’m going to judge you based on how you work for a blindfolded woman holding a set of scales. 

I want a justice system that is not only respected but worthy of respect.

Then don't get a pardon for your sleazy, rich, greedy client during a round of golf with a sleazy, rich, greedy Trump II.  There's no respect in that.  Winning for you and your client, but a huge loss for the U.S. Justice system.  

It's now "Just Us" rich, powerful guys watching each other's backs.  

Update:  The Department of "Just Us" website shows 89 clemency grants by Trump II as of 12-2-25.  He has golfed 79 days thus far.  That's a pardon ratio of 1.13 super rich creeps per round.  It would be far higher if the Jan 6th rioters were included but I doubt many of those people had the money to hire Trey Gowdy as their lawyer.  

Someone with integrity may wish to consider Jesse's words:

The disapproval ratings of the major Western leaders is almost shocking. This is the fashionable thing these days, to damn the public and do what they will. Their devotion to a new order of lawlessness and power is slowly consuming us.

Usurp, appropriate, subsume whatever Trump II wants in order to set up a perpetual, exponentially growing gravy train.

Apollo Sports Capital Takes Stake in Wrexham AFC

The Guardian reported: 

The Wrexham AFC owners Ryan Reynolds and Rob McElhenney have sold a stake in the company to the US private equity investors Apollo, less than three months after the football club was given £14m in state aid. 

 The Welsh club on Monday announced the investment by Apollo Sports Capital, part of the New York-listed investor. It did not reveal the size of the investment, but said Reynolds and McElhenney, who has changed his name to Rob Mac, would remain majority owners. 

Apollo’s investment is likely to have been made more attractive by the prospect of significant government support. Wrexham AFC was awarded £14m in non-repayable grants on 17 September, after receiving £3.8m last year.

Apollo, a monstrous private equity underwriter (PEU), started Apollo Sports Capital in September 2025.  

Its Wrexham PEU investment enabled owners Ryan Reynolds and Rob McElhenney to garner a sizable return of capital.  The pair purchased the club in 2021.

In just over a year, Wrexham AFC has been able to repay loans worth £15m to a company co-owned by McElhenny and Reynolds, according to its latest accounts. 

It has also attracted tens of millions of pounds in investment from the wealthy New York-based Allyn family. 

The Allyn investment in Red Dragon Ventures LLC came through their family office, 50 State LLC.  

50 State LLC invested in SpaceX and OpenAI.  Eric Allyn and his daughter Kaleen Allyn have substantial financial backgrounds.  

Eric Allyn is also an LP Advisor to Armory Square Ventures, a tech oriented venture capital firm in upstate New York. A managing partner wrote about AI and its ability to empower secondary cities in the Northeast U.S.

Kaleen Allyn is a Director for Wrexham and formerly worked as an Alternative Investment Product Specialist for Rockefeller Capital Management.  

She focuses on strategic investments across private equity, real estate, venture capital, and direct investments.

Apollo Sports Capital weighed in on the Wrexham deal:

Lee Solomon, an Apollo partner, said: “Wrexham is on an incredible journey, and we are thrilled to be a part of it and to support the club, the Wrexham community and Rob and Ryan. This is a multifaceted investment where Apollo Sports Capital can provide long-term, patient capital to help Wrexham reach its goals and to contribute to the ongoing revitalisation of the facilities and local economy.”

With £18m in public subsidy to revitalize facilities Apollo, 50 State LLC and Wrexham Holdings can be very patient.  As for revitalizing the local economy in this age of AI, that remains to be seen. 

Two month old Apollo Sports Capital bought the third oldest football club in the world.  Wrexham was established in 1864.  Is Apollo Sports Capital old enough to order a beer in the stadium?  Ah, hell,  It's Wales.  They don't care, at least not yet.  The greed and leverage boys can be very annoying, maybe more like a two year old.

Warner Brothers: Affinity and Beyond!

Trump II's son-in-law Jared Kushner's Affinity Partners joined Paramount-Skydance in their latest bid for Warner Brothers.  Affinity is a private equity underwriter (PEU) headed by Trump son-in-law Jared Kushner and it's chock full of Middle East money (from various sovereign wealth funds).

Trump II noted problems with the Netflix purchase, a deal accepted by Warner Brothers board of directors.

It's not clear which deal will advance but the amount of foreign money could trigger a CFIUS review.  Should that happen, former Affinity Partners Head of  Global Research Kevin Hassett could be in the room as  the head of the National Economic Council.

It's also not known if a review would take place before Hassett leaves to take over as Fed Chair.  There are a lot of moving parts.  

Oddly, one of those involves another PEU, former Carlyle Group co-CEO Glenn Youngkin.  As his Virginia Governorship grows to a close, Youngkin is under consideration for replacing Kristi Noem, Homeland Security Director.  That role also comes with a CFIUS spot.  

Former PEUs could be approving a PEU aided Paramount deal for Warner Brothers.  That's the kind of conflict of interest they like.

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

Trump II Goes After Bit Cons & D Mules

At the start I wish to declare the following:  All fraud is bad.  It is a dishonest appropriation of someone else's resources by manipulative person/agents.

On Face the Nation Treasury Chief Scott Bessent noted that IRS enforcement had caught fraudsters in Minnesota.  

"These are money via bureau services and they are wire transfer organizations outside the regular banking system."

That sounds like fintech and its twisted sister, crypto.  TechGods have long wanted their own system of money outside government inspection.  To my surprise they were willing to work with serial child sex trafficker Jeffrey Epstein in that endeavor.  

Byline Times reported:

The Edge Foundation was not just a talk-shop. For Jeffrey Epstein, it was a route to influence the direction of Silicon Valley, AI, Big Tech and cryptocurrency at their most pivotal period. One of the most crucial moments of impact was on Bitcoin, the world’s most recognised, valuable and widely used cryptocurrency. 

At the very moment Bitcoin’s future was in jeopardy, Epstein’s money and access placed him inside the institutions that were beginning to frame the cryptocurrency as a tool to route around nation states – and consolidate power among a new class of networked tech elites.

Back to all fraud is bad and Bessent's IRS enforcement.  The Big Beautiful Bill impacts that very thing:

....IRS units auditing the wealthy have faced huge cuts. As of March, the Pass-Through Entities office of the IRS had lost 27% of its staff, while the Global High Wealth unit had lost 38%. These staff reductions bode poorly for tax enforcement: When the IRS was crunched for resources in the 2010s, there was a 71% drop in audits of millionaires.

.Bessent made it clear that fraud by recent immigrants is not acceptable and it will be investigated:  

"When you come to this country you need to learn what side of the road to drive on,you've got to learn to stop at stop signs and you've got to learn not to defraud the American people."

Trump appears interested in catching or killing only small time persons in the drug trade as he recently pardoned convicted drug smuggler former President of Honduras Juan Hernandez.  One does not get convicted in the U.S. without evidence.  The Guardian reported:

Thanks to Trump’s shocking pardon, Hernández’s drug crimes are now more well known than ever. But the rest of his repressive, thieving, dictatorial history, backed by the United States year after year, has evaporated from the story.

Trump II must feel the same way about fraud as he does about drugs.  Let's catch the little guy and make him pay while the President pardoned fraudster after fraudster in the finance world.  

"Fintech appropriates depositor money based on lies."  That's Synapse Financial Technologies, an Andreessen Horowitz affiliate.  We will see who gets prosecuted first, Synapse or Somalis.

Trump II protected Jeffrey Epstein as he worked on the currency of criminals.  He pardoned the Honduran President after he had stolen government money and facilitated the movement of 400 tons of illegal drugs into the United States.  That fit with Trump II's earlier pardon of Silk Road founder Ross Ulbricht.

Silk Road, which was shut down in 2013 after police arrested Ulbricht, sold illegal drugs using Bitcoin, as well as hacking equipment and stolen passports.

Ross Ulbricht was a dark marketplace TechGod.  Jeffrey Epstein ran in the same circles as major TechGods:

LinkedIn co-founder Reid Hoffman, who sat on MIT Media Lab’s advisory council, invited Ito and Epstein to an August 2015 dinner in Palo Alto with Elon Musk, Mark Zuckerberg and Peter Thiel – the PayPal co-founder and driving force behind Palantir. 

The Honduran President worked directly with TechGods to establish Propsera:

Próspera is a special economic zone, specifically a “Zone for Employment and Economic Development (ZEDE),” as established by the Honduran government in 2013. The legality of these zones was originally enshrined in the Honduran Constitution by former President Juan Orlando Hernandez to attract investment and for economic development. In 2017, Honduras Próspera Inc., a U.S. based company, signed an agreement with the Honduran government, taking control of the zone. Its identity as a semi-autonomous zone is unique; the Honduran government has little control over it, Honduran law does not apply there, and the zone does not pay taxes. For example, labor laws and regulations are different, as well as the court system, which is not headed by Honduran judges. The zone is effectively governed by the corporation. 

Libertarian-leaning tech billionaires such as Peter Thiel and Marc Andressen have invested in Próspera’s development.   

And that corporation is owned by a PEU, NeWay Capital.  It's founder spoke at the Federalist Society.

Trump II effectively made the U.S. a fraud non-prosecution zone for the wealthy.  My wise friend wrote after Trump pardoned David Gentile, a private equity underwriter (PEU) who ran a Ponzi scheme:

By pardoning Gentile, the Trump administration made it a moot point to go after people skimming off others assets for personal gain and enrichment. If you're a prosecutor, even if you prove wrongdoing, what's the point? 

Instead of raising the bar on white collar crime we will remove the bar altogether. Therefore party on and no need to fear. Hopefully lack of trust grinds the market to a halt.

I'm sure the full force of the law will come down on Somali immigrants.  

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

Politicians Red & Blue love PEU and their new TechGod/CryptoBro brethren.  Increasingly, more are one.  And their sons shall be far richer than their fathers. 

Update:  Trump pardoned another financial criminal after a round of golf with the perpetrator's lawyer, Red Team former Rep. Trey Gowdy. 

Trump pardoned Oak View Group co-founder Tim Leiweke.

...the Defendant rigged a bidding process to benefit his own company and deprived a public university and taxpayers of the benefits of competitive bidding

Oak View was funded by PEUs.

A golf fan noted:

“Another pardon, another GOP representative owned by Trump, another millionaire owned by Trump. And all owe him huge favors in the future. This is the new government. Congress needs to legislate out these kind of pardons, this is a top priority. Why waste DOJ money prosecuting?”

 Sounds an awful lot like my wise friend...

This Holiday Season, Let's Not Consider Peter Thiel's Teachings

Joe Lonsdale, TechGod of intrusive spying & masculine public executions, wrote a defense of Peter Thiel's Anti-Christ teachings.  It's dated December 2, 2025.

Londsale began by lauding Thiel's ability to play the long game in various tech ventures and political wins for the Red Team.  

Translated Biblically, Thiel may have been an early aggregator of olive orchards, traded spices from Asia, profited from the bars and whorehouses of Sodom and Gomorrah and been an early supporter of Pontius Pilate when everyone else thought he was a dolt.  Surely a Biblical Thiel would have hated the tax collector Zacchaeus, like everyone else (except Jesus who dined with him).  

The Bible is full of people living earthly lives who, after their interaction with Jesus or one of his disciples, repents and pursues more heavenly ends.  Peter Thiel has not done that.  He may rue an investment that went bad or a candidate that didn't win.  

Thiel's ends of unrestrained economic and political power remain firmly intact.  In fact that's his Anti-Christ message.  Anyone who can interfere with TechGods and restrain them is evil.

Lonsdale said this of Christians:

In Christian thought, the only throne for the whole earth is that of Christ

There's a bit more.  We have the Father (God), the Son (Christ) and the Holy Spirit.   The Gospels of the Bible reveal story after story about Christ's teachings of rejecting earthly ways and creating heaven on earth.  

I doubt Jesus would compliment Peter Thiel or Joe Lonsdale for putting digital Roman soldiers on every street corner of the internet.  I'm pretty sure he would not endorse Christ's return via artificial intelligence, Jesus with an 85% accuracy rate as suggested by Joe Rogan.  Is the other 15% Satanic or just plain drivel?

Jesus, the victim of a public execution to dissuade others, might not endorse Lonsdale's recent call for same.   Joe also expressed interest in investing in Iran.  Apparently, he's a quick study, emulating mullahs who similarly enact masculine executions, although less publicly than Joe recommends.

Lonsdale went on to explore aspects of Revelations.  Dreams and myths are kaleidoscopes, enabling people to see and experience different things. 

What is Peter Thiel really arguing against with his "Anti-Christ" teachings?  Thiel opposes any coordinated cross government approach to rein in the power of TechGods or slow the exponential growth rate of their already obscene wealth.  

Jesus called us to embrace and uplift, to listen and truly hear, to be thankful, to willingly give of one's self and resources and to render unto the earthly powerful that which they must have.  I'd hate to think that is my biometrics.

For all the talk of Christianity, Peter Thiel sponsored politicians straight from the Old Testament.  There is no discernable evidence they follow Christ's teachings.  Fortunately, Old Testament monarchs don't tend to band together into one world governments.  They are too busy trying to conquer one another while controlling their people.

If TechGod/PEU Peter Thiel must have a "One World Government" Anti-Christ, like Caesar in the Bible, let's render that unto him.  He and his disciples will soon be old and infirmed and they can't stand losing, caring or sharing.  

Jesus fed the crowds he spoke to.  Billionaire Peter Thiel charged $200 a head for the series.

Trump Accounts Have PEUs Cheering

Semafor reported how Trump baby accounts can morph into Social Security's replacement, a new public pension system:

The model, former SEC chairman and current SDNY Chief Jay Clayton suggested to me at our The Ledger live event this week, is “a well-run pension fund… invested across American industry as much as possible” — like, he said, Australia. There, a national system of mandatory wage-garnishment has created a $4.5 trillion complex of “superannuation” funds — an astounding $300,000 per worker — that’s invested mostly in Australian stocks and property, with enough left over for the country to punch well above its weight as an international investor. The US Social Security trust fund has about $15,000 per employed person today, and it’s clipping Treasury coupons.

For it to work here, there have to be wages. 

Many TechGods believe jobs are going away, thus wages will do likewise and disappear.

Michael and Susan Dell are kick starting Trump II's baby accounts with $6.25 billion, or $250 per 25 million children.  That is in addition to the government contributing $1,000 per child.  Michael Dell started MSD Capital, L.P. in 1998 and added MSD Partners, L.P. (for outside investors) in 2009.  MSD Capital rebranded as DFO Management LLC in 2022.  

MSD Partners was ranked #40 in size among global private equity underwrites (PEU) in 2025 by Private Equity International.  #1 for 2025 was KKR.  My wise friend informed me of KKR's early success in the Pacific Northwest, the Blue states of Washington and Oregon.  That was a key time as LBOs began rebranding as private equity and needed a beachhead 

Here's a gem from Buyouts September 2000:

In raising capital for their New Millenium Fund, KKR revisited the deep green wells of well-heeled public pension funds such as the Oregon Public Employees Retirement System and the $60 billion Washington State Investment Board.

PEUs have long been the answer for public pensions to chase greater returns.  

Over the last twenty five years PEUs sent U.S. jobs by the yacht-load from the U.S. to India and Southeast Asia.  What PEUs started by exporting jobs and reducing domestic affiliate headcount, TechGods plan to finish with AI and robots of various sorts.

Given that Trump II's manufacturing renaissance  is based on automated factories, it remains to be seen how many human jobs are created once those factories are built.  

I purposefully have no private equity, private credit or alternatives in my IRA and don't want Social Security or its evolutionary successor to hold that junk either.  I know who elected officials have listened to since before the New Millenium.  It's been the subject of PEUReport (started July 2007).  

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

Update 12-7-25:  Trump baby accounts are being recognized for the Trojan Horse they are.

Sons of Donarchy Ride Into Another SPAC

Don Jr. and Eric Trump landed another Advisory Board position with New America Acquisition I Corp. The company just completed a $300 million IPO for the SPAC. The filing is dated 12-3-25.

Donald J. Trump Jr. has received an indirect interest in 2,000,000 founder shares through membership interests in our sponsor (New America Sponsor I LLC), Eric Trump has received an indirect interest in 3,000,000 founder shares through membership interests in our sponsor. 

Dominari Securities served as a book running manager for the IPO and received 1,100,000 shares of Class A common stock as a result.  Once a target is found Dominari and the other underwriter have a bigger payday.

We will pay the representatives a cash fee for such services upon the consummation of our initial business combination in an amount of $15,000,000 or, if the underwriter’s over-allotment option is exercised in full, $17,250,000 

Don and Eric have a big equity stake in Dominari so they can profit in fractal fashion.

New America Acquisition I Corp is yet another Yorkville SPAC.  Yorkville has done a number of deals with Trump related organizations.

The sole member of New America Sponsor I LLC is Kevin McGurn, CEO.  McGurn is also CEO of Yorkville Acquisition Corp (another Trump related SPAC), Blue Water Acquisition Corp III (Yorkville) and Texas Ventures Acquisition III (Yorkville).  

Kevin McGurn is CEO of four SPACs and Sono Group.  Five full time jobs for someone politically connected?  That should sound familiar to those tracking insiders and the massive money that moves in their direction.  

The SEC lists McGurn's address as that of Yorkville Advisors in Mountainside, New Jersey.  A Sono Group filing shared this about McGurn:

Mr. McGurn, age 52, currently serves as the Chairman of the board of directors, Chief Executive Officer and Chief Financial Officer of New America Acquisition I Corp., a special purpose acquisition company, since July 2025. Mr. McGurn has also served as Chief Executive Officer of Yorkville Acquisition Corp., a special purpose acquisition company, since March 2025 and is a member of its board of directors. 

It only shared the most recent SPAC CEO slots.  Back to the filing:

Prior to then, Mr. McGurn most recently served as Vice President of Advertising Solutions at T-Mobile, where he led initiatives across digital and programmatic advertising platforms. Prior to that, from 2018 to 2023 he was President at Vevo LLC, a global music video platform jointly owned by Universal Music Group and Sony Music Entertainment, where he was responsible for monetization, sales strategy, and global partnerships. Earlier in his career, from 2007 to 2013, Mr. McGurn served as Senior Vice President of Advertising Sales at Hulu, where he helped to launch and scale the company’s ad-supported streaming business. He has also held an independent board role at Zype, Inc., a video infrastructure platform that was acquired by Backlight, a portfolio company of PSG Equity. 

One could consider McGurn a Junior TechGod.  Finishing the filing:

Mr. McGurn currently serves in an advisory capacity to Trump Media and Technology Group, supporting the company’s diligence and strategy around mergers and acquisitions, subscription video on demand (SVOD) and social networking platforms, including Truth+ and Truth Social. He is also a limited partner and strategic entrepreneurial advisor to Revel Partners, a venture capital firm focused on B2B SaaS and media innovation, and Alpine Meridian, a venture capital fund with investments across digital media and consumer technology. Mr. McGurn has cultivated extensive relationships across media, entertainment, technology, telecommunications, and music industries. 

McGurn sounds like a private equity underwriter (PEU).  His advisory work for Trump Media & Technology Group was announced in early August.  Five days ago he offered this via a press release: 

“CRO is a high-performance token, and Trump Media Group CRO Strategy, which will aggregate CRO, is poised to unlock significant value for shareholders,” said Kevin McGurn, CEO of Yorkville Acquisition Corp. “To capitalize on this opportunity, we need strong strategic partners in the industry and an experienced management team. We already had the partners; now we’ve added the team.”

McGrun is performing three major roles for New America Acquisition I, Chairman, Chief Executive Officer and Chief Financial Officer, according to their S-1.  At some point SEC filings will reveal McGurn's pay for his five CEO, one Chairman and one CFO slots.  

A sixth CEO role slipped out of his hands a year ago when his job at Triller was cancelled at the last minute.

The Trump boys are insiders cranking out deals faster than Hunter Biden can finish a painting.  Kevin McGurn is an insider with multiple full time jobs while many people struggle to find one stinking job that pays enough to live.  

Politicians Red & Blue love PEU and their new TechGod/CryptoBro brethren.  Increasingly, more are one and the sons shall be far richer than their fathers.  These things, they do not want you to know.

Don Jr. told FBI Director Kash Patel:

“I’m sort of a free speech absolutist on that and, frankly, I’ve been, you know, pretty conspiratorial over the last, lets call it decade, and rightfully so.”

They need you to look away, so you don't see what is before your very eyes.  Don't fall for it.  Stare directly into the son's...

Update 12-6-25:  Jesse wrote:

I just don't have the words to describe my disappointment with the anti-human actions of this government, and the Western elites in general. 

 And it seems as though the majority of the public now tends to agree. 

Change will come. The darkness ebbs and flows, but it will never finally prevail.

Carlyle Files with SEC to Increase Co-Investment Internally

The Carlyle Group asked the Securities and Exchange Commission for relief to allow regulated funds and affiliated entities to engage in co-investment transactions.  It listed fifteen regulated funds seeking relief.  

They cover private equity, private credit and a mix of the two. as well as fixed income securities, senior debt tranches of CLOs, loan accumulation facilities (“LAFs”), securities issued by other securitization vehicles, such as collateralized bond obligations, or “CBOs and a smattering of other products offered by the 450 Carlyle funds listed under Schedule A of the filing.

Carlyle has existing advisors:

It also has TCG Capital Markets LLC, a broker dealer which "underwrites, syndicates, places and arranges securities of corporate issuers, among other related activities. TCG Capital Markets may participate in Co-Investment Transactions on a principal basis."

Carlyle also has TCG Senior Funding LLC which "was formed to originate, underwrite, structure and place loans. TCG Senior Funding is advised by CGCIM pursuant to an investment management agreement. TCG Senior Funding may participate in Co-Investment Transactions on a principal basis."

Private equity underwriters (PEU) charge deal fees in addition to annual management fees.  They can pull cash from affiliates via special dividends/distributions.  They've long been able to be on both sides of a deal.  

Trump II is knocking down SEC rules and pardoning convicted fraudsters, bribers and bribe recipients.  

The greed and leverage boys have targeted 401(k)'s in their sales plans, hoping to get retirement savers to put money into PEU funds of various sorts.  

I view Carlyle's SEC request as repackaging their inventory.  First, sell to self, i.e. move stale investments from one Carlyle fund to another.  Charge fees.  Repackage.  Partner with financial advisors.  Sell to retiree.  More fees.  

If anything goes bad, there won't be staff at the SEC to investigate.  Legal authorities have been dis-incentivized to charge people with fraud or bribery given Trump II hands out pardons like free raffle tickets at a State Fair.

It's clear skies ahead for the PEU boys, regulatory wise.  The trouble starts when the big money boys no longer trust each other to make good on their debts.  It's not clear when that might happen but when it does, watch out.  Nothing moves, no matter how pretty the packaging.

Feds to Send $670 Million to Don Jr.'s Vulcan Elements

The Pentagon Office of Strategic Capital will provide a $620 million loan to Vulcan Elements and the Commerce Department will add another $50 million for Vulcan via the CHIPS Act.

Don Jr. joined Omar Malik's 1789 Capital in late 2024.  1789 Capital invested in Vulcan in August.  

It's amazing how quickly a 1789 Capital investment turns into federal business.  Don Jr, told the world how that happens at the recent Saudi Investment Conference in Washington, D.C.

Don Jr.'s understanding is that private equity underwriters (PEU) run the world and he is one.  PEUs are also in Pentagon leadership and staff the War Department's Office of Strategic Capital (SC).

OSC Chief Investment Officer Ryan Lindner began his role in August as 1789 Capital was investing in Vulcan.  Lindner came from a Greenwich, Conn, PEU, Marblegate Asset Management.  Lindner thanked Under Secretary Emil Michael and Deputy Secretary of War Steve Feinberg in the November 21 press release.  

"These commitments demonstrate that OSC's federal financing tools can successfully scale private capital investment in sectors vital to our economic and national security," said Mr. Ryan Lindner, Chief Investment Officer, OSC. "I am immensely grateful to Under Secretary Michael (TechGod), Deputy Secretary Feinberg (PEU), and Secretary Hegseth for their support in executing these commitments, which are part of the Trump Administration's whole-of-government effort to secure domestic critical minerals production, revitalize the U.S. industrial base, and ultimately achieve peace through strength."

Feinberg is also a PEU and infamous for harming New England healthcare via Steward Health.

Undersecretary Emil Michael is a TechGod, having been an executive at Uber and an investor in many tech firms, including AI.  TechGods are most excited about the prospect of garnering huge chunks of the federal budget and it helps to have people on the inside.   

DOGE's original unmentioned mission was implanting TechGod products/services in the federal government.  That's why it saved no money.  DOGE ended and now the Genesis Mission (Uncle Sam AI) begins.

Trump II is using the federal budget to provide debt and equity to strategic industries.  The Pentagon is but one area.  A simple hint to family and friends that "now is a good time to invest in ____ " easily fits within Trump's pathological personality.  Don Jr. revealed the trick to the Saudis.

Did the Saudi Crown Prince get an invitation to visit Don Jr. and Omar Malik's private club in Georgetown called the "Executive Branch?"  It's frequented by Trump II's cabinet members.  

Politicians Red & Blue love PEU and their new TechGod/CryptoBro brethren.  Increasingly, more are one.  The Red Team is really out-PEUing itself with the amount of money it shamelessly steers to family and friends.

Trump II savages Biden and the CHIPS Act, so it's salt in the wound time with Don Jr.'s Vulcan Elements getting $50 million from that pot of money.  

Also, the Pentagon money is part of a $1.4B government partnership with ReElement Technologies, led by a shady self dealing group of executives, some former PEUs.  That's a perfect match for Trump II, the shadiest of self dealers.

Update:  The Trump boys understanding of Daddy's plans should help their latest venture, New America Acquisition I Corp.  The company just did a $300 million IPO for the SPAC.  The filing is dated 12-3-25.

Donald J. Trump Jr. has received an indirect interest in 2,000,000 founder shares through membership interests in our sponsor (New America Sponsor I LLC), Eric Trump has received an indirect interest in 3,000,000 founder shares through membership interests in our sponsor.

Dominari Securities served as a book running manager for the IPO and received 1,100,000 shares of Class A common stock as a result. Once a target is found Dominari and the other underwriter have a bigger payday.

We will pay the representatives a cash fee for such services upon the consummation of our initial business combination in an amount of $15,000,000 or, if the underwriter’s over-allotment option is exercised in full, $17,250,000

Don and Eric have a big equity stake in Dominari so they can profit in fractal fashion.   

Two Stories from Mis-Fortune

Corporate Chiefs scream regularly "we need predictability", "show us the rules" as they get giant tax breaks, direct government subsidies and loan guarantees.  That does not apply to everyday people.

Many TechGods have their roots in Ayn Rand and consider themselves libertarian, minimal government, maximum freedom.  Their companies do the very opposite, providing tech services to an intrusive federal government for significant revenues (dollar sums).

“Capitalism was the only system in history where wealth was not acquired by looting, but by production, not by force, but by trade, the only system that stood for man’s right to his own mind, to his work, to his life, to his happiness, to himself.” -Ayn Rand

Google's CEO wants everyday people to adapt to the rapidly changing world around them.  How?  Everyday people can't get laws to protect their kids from harmful social media or brain rotting AI.  Everyday people can't tell the difference between a person online and a bot, as those distinctions are not required.  

Google's founder Eric Schmidt coached Stanford MBA students to violate intellectual property law in creating their own AI company. 

 

Everyday people get to do disruption while billionaire cheats go the White House and get laws passed to their personal economic advantage. 

OpenAI's Sam Altman has a service that proves you are human.  He just needs your biometrics and permission.  World ID comes with its own currency (which applications use to pay for services).  

From an application’s perspective, there will only be one World ID fee – the sum of the credential fee and the protocol fee. The World ID fee will be charged when an application (identified via a unique app id) requests a World ID proof.

These pinheads need to remember one thing about everyday people.  We vote.

TechGods, CryptoBros, private equity underwriters (PEU), family offices, sovereign wealth funds and other corporates have had their way for decades.  They have taken and taken and taken.

When this cabal removes the game plan for surviving day to day, a decent paying job, they have gone too far.  

Trump II wants everything scorched for the sheer joy he gets in watching things burn and people harmed.  The Reds in Congress kow-tow to their Creep in the White House.  The Blues are beholden to the Corporate class (as are the Reds when Trump II is not twisting their nuts in a vise for his viewing pleasure).  

The people doing the harm (TechGods and PEUs) are facilitated by our political system and together they give not a sodden flip about everyday people.  Society knows as TechGods increasingly show up as villains in movies and television shows.

Independent voters have gotten the message.  The political Red team is as popular as smallpox, which could well make a comeback under Robert F. Kennedy, Jr. and Trump II.  

Here is my take as to what Sundar Pichai meant:

"We, as in us TechGods" will have to work through social disruption.  Those everyday people will have to un-employ their way through social disruption.  

Thanks, Google CEO.  Next time, stick a sock in it.  It likely tastes better than those "AI wipes."

Unwell Trump Sics Bessent on Fed Governors

When he's not napping Trump II can deliver blistering take downs of a seemingly endless scroll of people.  The Kranky Old Guy in the White House hates the Fed.  Trump II needs willing sycophants to carry out his savage whims.   

Every Goldfinger needs an Odd Job or Pussy Galore.  Trump has Stephen Cheung, who resembles Odd Job.  I wouldn't call Scott Bessent Pussy Galore but he willingly debases himself on a regular basis for Trump II.

Making up new rules for independent positions and applying them retroactively is bizarre.  A residency requirement?  Does it have to be a Red state within the district?  Might it need to be a certain sized home square foot wise?  How about solar panels?  Are those disqualifying?  

Kranky Trump and Skanky Bessent, that's a bad combination at least for an independent Fed.  Surely, Congress and Wall Street will push back on this nonsense.  Congress?  Congress...  CONGRESS!!!!

OpenAI Invests in Thrive Holdings a Year After Investing in Thrive AI Health

This story is about three Thrives, Thrive Capital, Thrive Holdings and Thrive Health AI.  

Years ago Thrive Capital invested in OpenAI.  Yesterday, OpenAI announced it invested in Thrive Holdings, a division of Thrive Capital that intends to leverage AI in two areas that employ many U.S. citizens, accounting and IT.

Joshua Kushner founded Thrive Capital, a private equity underwriter (PEU), over fifteen years ago.  His brother Jared Kushner of Affinity Partners reportedly invested in Thrive Capital.  Josh's PEU has been an early equity holder in many companies started by people recognized today as TechGods.  

OpenAI is Thrive Capital's top investment according to TRACXN.  And now OpenAI has an equity stake in Thrive Holdings.

Reuters reported:

Thrive Holdings is a vehicle created by Josh Kushner's Thrive Capital to focus on buying traditional businesses in an AI-roll up play. Founded this year, the firm has raised over $1 billion to acquire service providers across the country, such as accounting and IT firms, aiming to overhaul their operations using AI to boost efficiency. 

The collaboration will focus on AI application in professional services, particularly through reinforcement learning. This research technique uses feedback from domain experts to continuously train and improve the AI models for highly specialized functions. 

Thrive Holdings will own the intellectual property and products created through the joint effort. OpenAI, in addition to its equity, gains insights from seeing its models tested and refined in real-world enterprise environments

Most people do not have a personal accountant or their own IT department but citizens might recall damage done by PEU rollups in hospital emergency rooms, specialty medical practices, dental offices, HVAC service companies, veterinary offices, and hospices.  

Many are trying to use AI in their work and finding the output less than satisfactory as it (workslop) requires much rework.  85% accuracy is a poor standard, made worse by hallucination (something made up out of nowhere by AI).  

Anuj Mehndiratta, partner at Thrive Capital who oversees Thrive Holdings, said the deal was necessary after it ran into "research problems much sooner" while deploying AI models. The firm found that "off-the-shelf" solutions were insufficient for complex, domain-specific tasks in its portfolio companies.

AI was insufficient for performing quality accounting or IT work.  Once again, accountants and IT professionals have to train their replacement.  It's no longer the foreign H-1B worker that will do their job for much less.  It's Thrive Holdings-OpenAI collaboration, now asking professional staff in rollup companies to train their AI replacement.

OpenAI's Sam Altman might have just the tonic for stressed out accountants and IT professionals, Thrive AI Health.  

Thrive Holdings rollup workers can leave their stressful office and enjoy hyper-personalized AI health coaching, courtesy of Thrive AI Health, brought to you by OpenAI Startup Fund (sounds like a PEU) and Arianna Huffington.  

Your AI health coach (OpenAI) can help reduce the stress from having to train that problematic AI (also OpenAI) in accounting or computer coding.  Got it.  No real people involved, except those accepting the fees/profits.

Just what society needs more of from TechGod products.  We already have reduction of appropriate boundaries, addiction, erosion of interpersonal skills and self esteem, loneliness, decline in cognitive function, exposure to the worst of humanity manipulating tech for harmful and even criminal pursuits.

Accounting and IT are professions with knowledge bases that are broader than one company.  They require analytical skills and judgement.  Thrive Holdings and Open AI are coming for independent accounting and IT firms.  Are you ready to be rolled up and rolled out the door after training your replacement?  

That's what happens when PEUs and TechGods get together.  Your employer becomes their sandbox in which to play.  And you become the grain of sand.  

Update:  My wise friend sent me these quotes (from the Making Hay substack):

“Let us accept truth, even when it surprises us and alters our views.” -George Sand 

French romantic novelist (actual name Amantine Lucile Aurore Dupin de Francueil, but her pen name clearly ties in more closely with today’s topic)

“Capitalism was the only system in history where wealth was not acquired by looting, but by production, not by force, but by trade, the only system that stood for man’s right to his own mind, to his work, to his life, to his happiness, to himself.” -Ayn Rand

(birth name: Alisa Zinovyevna Rosenbaum; married name: Alice O’Connor; pen name rhymes with “Sand”)

The Substack article regarded an oilfield frac sand company, thus the references to Sand and Rand.   In the small world camp I recently did a piece on Carlyle's comparing AI to the shale boom.  In it I mentioned the risk to life driving in the direction of the oil field from 18 wheelers hauling frac sand and oilfield chemicals.  The weight tore up roads which then needed repairs.  Add young men texting while operating a super heavy big rig to the mix and things were dangerous.  On a regular basis people were killed in road accidents.  People said it smelled like money to them.

Update 12-3-25:  PEUs rolled up doctor practices in an area such that they could control clinical volumes through incentives and manipulate physician compensation in an area/region.  The bounty went to the PEU not the doctor or provider and patients suffered.  Elected officials did little to nothing.  

AI is worse in that it is an outright thief, appropriating individual knowledge as well as that of a whole profession, and giving no credit much less fair long term pay or equity for those making/creating the AI professional model.  The bounty will go to OpenAI and Thrive Holdings, TechGods & PEUs.

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