Carlyle Credit Opportunities: Tyrion Lannister vs. Bruno Zago

The Carlyle Group took a significant minority stake in Entertainment 360, which is behind Game of Thrones and other productions.  It did so through Carlyle Credit Opportunities which offers:

privately-negotiated debt and capital solutions partnering with high-quality sponsors and leading family or entrepreneur-owned companies.

Private credit has been marketed as "low risk" and "relatively safe."  Carlyle Capital Corporation investors were told similar things before that highly leveraged mortgage backed securities vehicle collapsed in March 2008.  Carlyle's legendary founders distanced themselves from that financial corpse before tapping TARP funds for other affiliates and garnering a massive FDIC subsidy for BankUnited.  Enough sordid financial history.

Bloomberg reported on another Carlyle Credit Opportunities loan gone bad.

It seemed like a low-risk bet when in 2020 Carlyle Group Inc. agreed to provide around €200 million ($210 million) in private bonds to Pro-Gest SpA, a family-owned paper and packaging company based near Venice.

Carlyle's loan took priority over other Pro-Gest debt, which the firm defaulted on in June 2024.  The company is in court supervised negotiations with its various lenders.  A forensic financial analysis report by Deloitte indicated:

...founder Bruno Zago and other members of his family may have used company funds to pay for non-business-related expenses.

 ...€1.4 million purchase of a Ferretti Custom Line 94 yacht, and zero-interest loans to several Zago family members and close allies, some of which weren’t paid back

Zago family members allegedly used company funds to pay for aircraft rentals for purposes not related to Pro-Gest’s core business, and to cover about €530,000 in yacht maintenance costs between 2021 and 2024

...expenses questioned included payments for a yacht and cash used to fund a prosecco winery.

What can Entertainment 360 do with this story line?  Tryion Lannister vs. Bruno Zago...that may be why Carlyle made it's significant minority investment.  With crisis comes opportunity.

Rubenstein Seeks New Baseball Cap

Carlyle Group co-founder and Declaration Partners founder David Rubenstein is known as a "policy making billionaire."  For nearly fourteen years he's enjoyed preferred "carried interest" taxation because Congress granted his wish to not eliminate the highly unpopular billionaire tax dodge.

Rubenstein has another wish, maybe more of a declaration, that Major League Baseball institute a salary cap that helps small market teams like the Baltimore Orioles.  

When Rubenstein makes a wish, political powers move mountains.  Somebody give this MLB yet another break...

Trump Kicks Off TEI: TechGod Enrichment Initiative

The stroke of a Trump II pen turned the established United States Digital Service into the United States DOGE Service.  The Executive Order also established a temporary DOGE organization, headed by the permanent DOGE's administrator.  

For those unaware of the US Digital Services department or its origin story:

Founded by President Obama in August of 2014, the U.S. Digital Service brought together the best engineering, design, and government talent to change our government’s approach to technology.

The Executive Order specifies the DOGE Administrator start a Software Modernization Initiative.  TechGods are masters of software and now have billions more taxpayer dollars in their sights.

Elon Musk is the head of Trump's DOGE.  The Executive Order seems to indicate Musk will become the USDS Administrator, heading both temporary and permanent DOGE arms.  Never mind that Elon has multiple billion dollar companies to run as CEO.  

It appears Musk will get that coveted White House office and the perk of selling stock holdings and delaying the payment of capital gains taxes. 

And the potential source of this money for software modernization?  Medicaid and the Affordable Care Act.  It's truly Trumpian for billionaire TechGods to become trillionaires on the backs of voters struggling to get by.

DEI has been replaced with TEI, Trump's TechGod Enrichment Initiative.

Update:  As with Trump there is a self enrichment aspect, given he is the Godliest of the TechGods.

Trump family-backed World Liberty Financial scooped up MOVE, the native digital token of the Movement blockchain, minutes before a report that the project might be discussing blockchain use with Elon Musk’s Department of Government Efficiency

Every Hollywood villain needs a young understudy and Elon Musk is no different.

PEUject 2025 in Play

The world now knows that Trump II, the digital Caligula lied about not being aware of Project 2025.  His barrage of executive orders clearly came from that body of political preparation.  

“All warfare is based on deception. Hence, when we are able to attack, we must seem unable; when using our forces, we must appear inactive; when we are near, we must make the enemy believe we are far away; when far away, we must make him believe we are near.” The Art of War by Sun Tzu

Project 2025's author will head Trump II's Office of Management & Budget.  That office

directed all federal agencies to freeze “all activities related to obligation or disbursement of all federal financial assistance” to the “extent admissible by applicable law.”

StateScoop reported:

The memo’s vagueness continues a trend of uncertainty for states and local governments ever since President Donald Trump’s administration.

Trump loves chaos, the taste and exercise of power, however mendacious and arbitrary.

“Let your plans be dark and impenetrable as night, and when you move, fall like a thunderbolt.” The Art of War by Sun Tzu

While many feel thunderstruck, that is Trump's aim.  His political flash bangs conceal what?  

My challenge is to clear my head enough to monitor how the Red political team is steering Uncle Sam's wallet and dismantling any regulatory apparatus to assist friends and donors.

“Opportunities multiply as they are seized.”  The Art of War by Sun Tzu

My wise friend wrote:

By deregulating and removing all oversight Trump will create enough chaos to thieve at will. Either way, they will call it in the interest of national security. 

Right now, the VC and PE gang are a little upset with Deep Seek bursting their AI bubble. No bubble, no grift. Mega mansions come with mega bills 

I am sure the giveaways will be endless in the next four years.

PEU Legends and TechGods will be well served under Trump II.  The rest of us?  Not so much.

Update 1-29-25:  The Trump team rescinded the OMB order but not the freeze.

Democracy Works Quite Well for PEU Class

Carlyle Group co-founder and Declaration Partners founder David Rubenstein cited the need for democracy to "work harder" at the 2025 World Economic Forum annual meeting.

Some doubt democracy because it does the will of "policy making billionaires" like Rubenstein over that of the people.  

OXFAM released its latest report on inequality.  The Davos men failed to reduce income inequality over the last thirteen years.  

Mr. Rubenstein had an estimated $1.9 billion net worth in 2012, the year the World Economic Forum declared income inequality a major global risk.  That same year he worked hard to maintain private equity's lower "carried interest" tax rates, something very unpopular with the general public.  Carried interest has been the subject of many campaign promises but politicians Red & Blue could never get enough votes to eliminate private equity underwriter (PEU) preferred taxes.

Democracy has worked massively well for Rubenstein and his PEU peers.  His current net worth is estimated at $4.1 billion, up 115%.  As for the common person's finances Google noted:

According to the Bureau of Labor Statistics, from 2012 to the present, average hourly wages have risen at a relatively slow rate, with real average hourly earnings increasing by only around 0.8% annually on average.

With money as speech, democracy isn't turning toward the common person in any substantive manner.  It will continue to work hard for PEU legends and their TechGod brethren, new partners in steering policy, budgets and taxation to their will.

Politicians Red and Blue love PEU and increasingly, more are one.  It's the Red Team's turn to steer Uncle Sam's resources to benefit their friends and supporters.  That's not the kind of hard work needed.  It is but more of the same.

Update 1-25-25:  The Kentucky Attorney General is proposing a settlement with KKR and Blackstone over the illicit handling of state retirement investments.  The proposal removes any personal liability for founders Henry Kravis and George Roberts with KKR and Blackstone's Stephen Schwarzman and Tomilson Hill.

Trump II Virtue Signals to PEU Gathering

President Donald Trump's monologue at the World Economic Forum was comedic in many ways.  He cited record inflation, highest in U.S. history.  Does he think people who lived through the 70's and early 80's are no longer alive?  

His nose should have fallen off when he talked "law and order" after pardoning January 6th insurrectionists, which he called "hostages."  These items show how hard Trump is working to usurp Jimmy Carter's legacy.  After losing re-election (which Trump "never did"), Carter worked hard to bring Iranian hostages home and appointed Paul Volker to head the Fed during real record inflation.

The World Economic Forum removed the laugh track for Trump II's monologue.  After his rant and ramble, the digital Caligula took questions from a distinguished panel, which included at least one friend.

Blackstone Group co-founder Stephen Schwarzman went first and the private equity underwriter (PEU) lobbed a giant softball about European regulation.  The greed and leverage boys are giddy over even more tax cuts, reduced regulations and continued access to Uncle Sam's wallet.  They'd love Europe to follow suit.

Politicians Red and Blue love PEU and increasingly, more are one.  TechGods recently joined the PEU class in bear hugging politicians, doing so more publicly and with extreme checkbook vigor.  The greed and leverage boys did so for decades but behind the scene, in places live Davos, Switzerland.  They became oligarchs and Davos the annual oligarchic strategic planning session.

Trump uses and usurps people, as do the PEU boys.  The game is on for the most powerful people in the world to further themselves and their firms.  Regular people are not front and center in their mind.

Update:  After watching the Trump's speech, my wise friend offered:

If this guy was a sponge he could soak up all the oceans. The self absorption is incredible.

Rubenstein on TechGods from Davos

Bloomberg interviewed Carlyle Group co-founder and Declaration Partners founder David Rubenstein regarding TechGods being front and center at Trump II, the digital Caligula's coronation.

TechGods are just regular folk, like private equity underwriters (PEU).   Spoken like an oligarch protecting oligarchy.  Policy making billionaire Rubenstein did so from the annual gathering of oligarchs in Davos, Switzerland.

Jimmy Kimmel did an UP spoof on Biden's exit from the White House.  The image shows him brushing the Washington Monument.  I included Biden's recent words about Rubenstein as a bonus.

His remarks were:

Biden said that when he prepared to live in the president’s residence in the White House, his brother said, “‘Look, you want to be able to see from your desk—you want to be able to see Rubenstein.’ 

 I said, ‘I beg your pardon?’ He said, ‘The Washington Memorial.’ This guy rebuilt the sucker.” 

“You’re the best, David,” Biden added. “You are.”

And Rubenstein has a great Nantucket estate.  Joe knows the benefits of oligarchic connection as a frequent Thanksgiving guest at that Nantucket compound.

Politicians Red and Blue love PEU and increasingly, more are one.  The Davos crowd's "euphoria", "giddiness" and excitement over "animal spirits coming back" should be of deep concern to regular folk.  It is on our backs the burdens fall.

Golden Calf Age of America

The Daily Beast reported:

Just hours after he delivered an impassioned benediction at President Donald Trump’s inauguration, Reverend Lorenzo Sewell announced the launch of his own crypto token dubbed $Lorenzo.

Trump II, the digital Caligula, chose his benediction speaker well.  Shortly after the coronation Reverend Sewell started his own $LORENZO memecoin, following in the crypto footsteps of  Trump's $TRUMP and Melania's MELANIA.  

The current marketcap of the two Trump memecoins is $8.6 billion.  Neither existed a week ago.  The pastor's coin currently has a $500 million marketcap.

Playing along with the TechGods and Crypto-pinheads seems odd for a man of the cloth, given both groups intrusion into what has traditionally been God's dominion, creation of new life, new elements, even new compounds.  

Artificial Intelligence will not reduce it's garbage in-garbage out to the Great Commandment:

“‘Love the Lord your God with all your heart and with all your soul and with all your mind.’ This is the first and greatest commandment and the second is like it: ‘Love your neighbor as yourself.’"

Politicians creating self-serving memecoins is bad enough.  A pastor doing likewise in support of that politician is even more discordant.

PEUReport chronicled democracy's catering to the greed and leverage boys over the last seventeen and a half years.  

Politicians Red and Blue love PEU (private equity underwriters).  It took effort to see these connections as PEUs prefer to work surreptitiously to influence policy and gain access to Uncle Sam's wallet.  Not so with TechGods.  They were front and center at Trump II, the digital Caligula's coronation.  Like their PEU brethren, the brash, impatient TechGods want to control their government future while reaping the benefits.  

It's there for the public to see.  Trump II will tell us it's "beautiful" and "golden" as he and his Red Team insiders make kajillions (dollars, crypto & whatever else he chooses to pump).

Inside the Bible which Trump failed to touch during his swearing in ceremony is a passage:

Then Jesus entered the temple and drove out all who were selling and buying in the temple, and he overturned the tables of the money changers and the seats of those who sold doves.  

He said to them, “It is written, ‘My house shall be called a house of prayer,’ but you are making it a den of robbers.”

If Trump couldn't give up swearing, he's likely not giving up other earthly things close to his heart.  It's the "golden calf age" and like a $TRUMP memecoin, everyone wants one.

Update 1-24-25:  WallStreetonParade  tackled the Trump memecoin grift.

Update 1-25-25:  Pointing out the Gospel to Trump II, the digital Caligula, did not go over well.  Memecoin Emperor Trump did a thumb's down on the sermon.

Our new Defense Secretary has some unusual ideas about Christianity, especially the Old Testament, superseding democracy.  In no other time would this guy have been approved by the Senate.  It is the Age of Sponsorship headed by a man with savage whims.

Update 1-29-25:  The Trump memecoin can now be used to buy Trump branded products.

January 20th: Trump Coronation, WEF & MLK Day

Three events will occur on January 20th, the coronation of Trump II (the Digital Caligula), the MLK holiday and the annual meeting of the World Economic Forum (gathering of billionaire global tamperers).  

Trump II launched the official TRUMP memecoin while announcing his World Liberty Financial would acquire Tron tokens for its treasury.

While Trump's memecoin "created billions from thin air" (Bloomberg), OXFAM prepared for the release its new report on global inequality.  It will unveil their findings at the World Economic Forum annual meeting in Davos, Switzerland.  For the first time in decades, many legendary private equity founders will not be in attendance.  Their attention is called to Mar-a-Lago and Trump's coronation events in Washington, D.C.

The PEU boys want access to your retirement account, in addition to holding on to their preferred taxation and government business they and their affiliates have enjoyed for decades

Private equity needs buyers for its affiliates and new debt sources for deals.

If BlackRock's PEU push failed, I'm not sure what chance the average retirement saver has of making huge returns off private equity.  It would be a sad day if workers used those 401(k) accounts for risky wagers.

At the World Economic Forum OXFAM will release its annual inequality report:

The Davos men, a mix of corporate jet flying executive titans and government officials, targeted reducing inequality over a decade ago.  It has done nothing but increase, i.e. gotten worse while WEF attendees did better and better and better.

When targets are not achieved corporate chiefs know to change the measure.  When all else fails, insult those who've failed to achieve their "bootstrap" results.

A reporter shared that billionaire TechGod Marc Andreessen said:

“I’m glad there’s OxyContin and video games to keep those people quiet.”

Add porn, gambling, crypto and what do you get?

Jim Chanos declared these “next 4 years” will be “the golden age of fraud” and "that fraud just got shinier."

Cryptopolitan reported that Trump sold $500 million of TRUMP memecoin but retains 85% of the float.

Trump’s son, Eric Trump, said, “I am extremely proud of what we continue to accomplish in crypto. TRUMP is currently the hottest digital meme on earth and I truly believe that World Liberty Financial will revolutionize DeFi/CeFi and will be the future of finance. We are just getting started!”

Extremely proud of his Dad's blatant conflicts of interest....

How much will Trump II's net worth grow during his second Presidency?   How much of that will arise from thin air?   

Thin skin & hot air, that's our Digital Caligula.  Coronation awaits!  The irony is it will occur on the Rev. Dr. Martin Luther King, Jr. holiday.  King fought for the American dream for his people, the poor and the oppressed.

The World Economic Forum failed to address its highest priority, income inequality.  Trump II should make inequality much worse.  In four years will there even be an MLK Day?  

Update:  Just after I posted the above, I learned there is a Melania memecoin.

Melania memes are digital collectibles intended to function as an expression of support for and engagement with the values embodied by the symbol MELANIA. and the associated artwork, and are not intended to be, or to be the subject of, an investment opportunity, investment contract, or security of any type. memes.melaniatrump.com is not political and has nothing to do with any political campaign or any political office or governmental agency.

Cointelegraph reported:

President-Elect Donald Trump’s controversial memecoin fell 28% as the incoming first lady Melania Trump launched a memecoin of her own, notching a $4 billion market cap within the first half hour of launch.

The shilling never ends....

Update 1-20-25:  More than PEU legends are staying away from Davos this year, government leaders are also taking a pass.  Reuters update noted the same.

While a man whose petulant behavior most parents would be embarrassed to claim is sworn into the White House, one can focus on the life and legacy of Rev. Martin Luther King, Jr.  The American flag remains at half mast for former President Jimmy Carter, a faithful Southern Baptist and decent human being.  A few government capital building have Old Glory at full attention for the coronation, in homage to Trump's savage whims.

Update 1-21-25:  The pastor who offered the benediction at Trump II, the digital Caligula's coronation started his own memecoin, $LORENZO.  Trump did say it's the golden age of America.  What better way to start than minting golden calves?

Update 1-24-25: WSJ did a variation on Trump's predilections, calling recent moves to strip security protection a "vindictive whim." Savage, vindictive work for Trump II's mendacity.

Trump to Supplant Davos, Biden Finally Sees PEUligarchy

"Mirror mirror on the wall, who's the PEUist of them all?"

"Why it's you, Mr. Trump!"

"And what makes me so special amongst the legendary PEU founders?"

"You don't hide your incessant greed or ceaseless lust for power behind philanthropy or hollow elevating diatribes."  

"Yes, I'm special, so special..."

A bitter cold Washington, D.C. will be the backdrop for Trump II's coronation.  It will be warmer in Davos, Switzerland for the 2025 World Economic Forum Annual Meeting.  Three days after the coronation President Donald Trump will present at the WEF meeting, doing so remotely.  

Shark Tank's Mr. Wonderful wrote in The Daily Mail:

O'Leary is but one of the many industry scions planting their lips firmly on Trump II's posterior.  TechGods Elon Musk, Jeff Bezos and Mark Zuckerberg ponied up the required $1 million for the looming coronation and may attend as a triumvirate.

Remaining in Trump II's good graces will require ongoing monetary injections and lavish amounts of praise, backed by a loyalty oath.

Following the Constitution is not enough under Trump II.  The Supreme Court granted Trump immunity for his Presidential acts.  Trump demands complete fealty, subservience.  

Trump even demanded subservience of the U.S. flag on his coronation day.  It must be at full attention, not moppy over the death of former President Jimmy Carter.  Oddly, it will be the coldest swearing in of a President since James Earl Carter when the high was 22 degrees.

The theme for this years WEF event is "Collaboration for the Intelligent Age" while Trump II's theme is "Evisceration (Enemies), Enrichment (Family/Friends) & Exaggeration (Everything)." 

Politicians Red and Blue love PEU (private equity underwriters) and increasingly, more are one.  It's the Red Team's turn to steer Uncle Sam's wallet to their friends.  

On his way out President Joe Biden issued a warning, albeit at least a decade and a half late.

Joe and his family spent numerous Thanksgivings at the Nantucket estate of Carlyle Group co-founder David Rubenstein, one of those "oligarchs" responsible for keeping private equity's preferred "carried interest" taxation in place, despite widespread public opposition.  Biden's cabinet was chock full of PEUs.  

Carlyle's Rubenstein will serve on two panels at Davos:

The oligarchy has been fully bipartisan to date.  Trump's Davos talk will shed light on the PEUture.

Elon Messin' with Everything

My wise friend shared a CNBC video interview with Walter Isaacson, author of an Elon Musk biography.  Issaacson noted Musk's companies would benefit from reducing government regulations and likely grow their government book of business but called that "not the main goal."  This friend offered their take on the interview:

Listen to dastardly dog Walter Isaacson endorse and build the narrative for Baron Musk. Less regulation, less cost. Just like Elon's dumping sewer water into the Colorado River at Bastrop, who the **** CARES?  It's cheaper and I don't swim and I don't drink and I don't eat the fish downstream. This is totally sickening. They should all get struck by lightning. We need divine intervention.  They skin the people on the way up to build their fortunes, then they lock them in their ecosystems and skin them from the inside. Go ahead Isaacson,  create the next narrative for the PEU/VC community at the Aspen Institute of Prostitution.

Other comments offered regarding Musk include:

Musk is building Robocops to police the nation which calls for creating a narrative of massive crime so he could get a government contract. The best ones will be the dogs that carry AI military grade machine guns on their back. The guy read dystopic comic books as a kid and wants to bring them to reality for all of us through Trump.

Let the government fund the mission to Mars mandating Baron Musk be on the delivery capsule . One problem solved . Fellow libertarian & government teat contractor Peter Thiel can be on the next flight to the Red planet.

Without private market valuations Musk is just another subsidy enriched operator The money raise they just did for AI is astronomical given there's no business.  . 

Don't you find it peculiar that musk is interfering in German politics, Italy, England, and now Canada after Trudeau steps down? Almost like a plan. Something is so not right and so orchestrated that I cannot believe people aren't shouting louder. All for Crypto, all for private equity. And don't forget Silicon Valley.

TechGod Elon Musk, the South African immigrant, bears an impatience and impulsivity not seen by the PEU Legends who quietly steered government policy and the federal budget to their benefit over the last three decades.

Just thinking as I saw Ares Capital, Blackstone, Apollo, Carlyle, KKR... how they've basically been unscathed monetarily as the rest of the world and the rest of us get shaken from the tree, i.e. become economic fallout.  Almost as if someone planned, wink-wink, to have it this way.  It's good to be the king. Winning!

Elon Musk is a stark giant window enabling citizens to see:

"the collapse of the veneer that masked the corruption within the ruling class and their pretense of democracy" - Chris Hedges

Elon's X army could soon be joined by the Tik Tok hoards.

Uncle Sam's wallet needs to be repurposed the support the political Red Team and their billionaire insiders.  DOGE needs to cut enough money to fund the next round of TechGod projects.  Yes, those devout libertarians dine mightily at the federal trough.  Let the Trump II engorgement begin!

Update:  Semafor reported:

An open-air bazaar has replaced a black market of influence-peddling. It’s unsettling to reporters who are used to having to dig around for evidence of pay-to-play, but it’s fascinating to watch everyone say the quiet part out loud.

Update 1-15-24:  Elon Musk, Jeff Bezos and Mark Zuckerberg will attend Trump II's coronation and may even sit together.  

Conservative WaPo columnist Jennifer Rubin resigned in response to Jeff Bezos full throated MAGA suckup and Trump II's authoritarian predilections.

Update 1-20-25:  Vivek Ramaswamy is out as co-head of DOGE so you can remove the "S" at the end of Department of Greedy Executives (DOGE).  It's just Elon now.

Schwarzman Wants Truckloads of Money

Not sure how I got through the holiday season without seeing the Blackstone 2024 Holiday Video, but thank God I did.  This morning I reviewed the annual shameless promotion, which made fun of the 2023 "Alternatives Era" edition.  I guess Swifties failed to influence their parents to invest their hard earned retirement money in gated BX products.

I took the liberty of adding Blackstone's goal to the four image elevation of Blackstone founder Stephen Schwarzman.  

The video promoted a number of new Blackstone affiliates.  I made the promotion clear by adding affiliate logos to the images:

The high minds at Blackstone turned to country music for this year's "song."  Shot on the Southern streets of New York City.  Was it near the Southern District of New York, US District Court?

Everybody can enjoy the rich PEU men's video as it is embedded below.  I suggest you wait for your food to fully digest before viewing:

Update 1-9-25:  Blackstone is launching BXINFRA, an infrastructure fund available to wealthy individuals.  Blackstone Holdings Finance Co. LLC provided a $300 million line of credit due January 2026.

approximately 20% of the Fund’s Infrastructure Investment portfolio is comprised of fund interests in Blackstone’s infrastructure funds and a diversified secondaries portfolio.

The PEU boys are happy to be on all sides of a deal.  The better to generate more fees.  The fund is gated, like its sister fund BREIT.  Blackstone will also offer a credit fund for wealthy individuals.

Another article highlighted PEU's desire for access to retiree 401(k)'s and the hope that Trump II will deliver for them.  Trump II, the digital Caligula, may do that for his buddy Stephen Schwarzman.

PEU Lord David Rubenstein's Great Month

Carlyle Group co-founder and Declaration Partners founding father David Rubenstein saturated the airwaves in late 2024, early 2025.  He was one of nineteen citizens to receive the Presidential Medal of Freedom.  Several of his fellow recipients are also current or former private equity underwriters (PEU).

• Bono - Elevation Partners, The Rise Fund
• Hillary Clinton - Yucaipa, Fondo Accesso
• Magic Johnson - JLC Infrastructure, Detroit Venture Partners

Nantucket's The Inquirer and Mirror reported on the White House event:

Oddly, the paper failed to mention that Rubenstein's Nantucket estate has been the Thanksgiving vacation home for President Joe Biden, going back to his Vice President days.

Late last year Rubenstein spoke with Face the Nation.  It was their final episode of 2024.  He said:

Trump is- got more power than I think many people would have thought by the virtue of his victory size. In other words, he didn't win the way that, let's say, Richard Nixon did in his second term or Ronald Reagan in his second term, but he's won by enough so that people feel he's got a mandate and certainly he feels he's got a mandate. And I do think he's going to act like he's got a mandate. And Washington is bracing for what's going to happen

Historically U.S. Presidents from both political teams have catered to the PEU boys, who preferred to work behind the scenes to access Uncle Sam's wallet and steer government policy to their advantage.  

Trump's coronation on January 20th is being funded by corporations and wealthy individuals.  To have a seat at the inaugural table, corporations and wealthy individuals have to pony up $1 million.  CNBC's Jim Cramer referred to the $1 million donation this morning.  He seemed worried that it was the price of entry before noting Facebook's moves to curry favor with the incoming President.  Meta added a Trump buddy to their board and decimated their content review team.

Hollywood and entertainment types also have reason to be worried about a Trump White House hell bent on revenge.  That leads us to another Rubenstein role, Chair of the Kennedy Center.

In late November 2024 Rubenstein reneged on his retirement from The Kennedy Center Chairman role.  A year long search could not find a suitable replacement.  Rubenstein will remain in that role until September 2026.

The Kennedy Center honored President Joe Biden and Secretary of State Anthony Blinken (also a PEU with Pine Island Capital).  Rubenstein did the honors, however the recipients returned the compliments.  Jewish News Syndicate reported"

Biden called Rubenstein “one of the most generous people” during his remarks at the White House reception for the honorees on Dec. 8. Biden said that when he prepared to live in the president’s residence in the White House, his brother said, “‘Look, you want to be able to see from your desk—you want to be able to see Rubenstein.’ 

I said, ‘I beg your pardon?’ He said, ‘The Washington Memorial.’ This guy rebuilt the sucker.”

“You’re the best, David,” Biden added. “You are.”

Biden referred to the Washington Monument as "Rubenstein."  I'd call it philanthropy in lieu of taxes.

Not to be outdone, Blinken offered:

“Your contributions to American philanthropy, to the arts, are simply unparalleled. Your tenure as the board chair of the Kennedy Center—genuinely historic.” 

The Secretary of State reflected on the location of the special tribute ceremony, which took place in the Benjamin Franklin State Dining Room in the Harry S. Truman Federal Building. 

“I’m reminded of the story of when Thomas Jefferson was appointed to follow Franklin as the United States ambassador to France,” Blinken said. “When Jefferson presented his credentials, the French foreign minister said, ‘You replace Monsieur Franklin,’ to which Jefferson replied, ‘I succeed him. No man can replace him.’” 

Blinken addressed Rubenstein, saying, “David—I’m glad the Kennedy Center has persuaded you to stay while they work to find the Jefferson to your Franklin.”

Rubenstein's avoidance of taxes, ability to lobby government officials as a non-lobbyist and discretely manipulate the strings of power is simply unparalleled.   It's what PEU Lords do and have done for the last two and a half decades. 

Trump catered to the PEU Lords in his first term, but now has the impatient, brash, live forever Tech Gods in his corner.   I can picture a December 2028 White House award ceremony with Blackstone's Stephen Schwarzman and Apollo's Marc Rowan. 

Politicians Red and Blue love PEU and increasingly, more are one.  It's the Red Team's turn to steer Uncle Sam's wallet and regulatory regime in favor of their donors.  Carlyle's DNA ensured they had the players to appeal to both political teams.  We'll see if that is still allowed after Trump's coronation.

Rubenstein stated his Face the Nation interview:

...in the case of President Trump, for example, clearly he has some resentments. But I think overall, I believe he's going to rise above that in his second term.

"Rise above" could mean a lot of things to a Tyrannical Rectum Usurping as Much as Possible.

Update1-8-25:  On January 6th Rubenstein shared his latest "From David's Desk" which illuminates the U.S. debt limit.  The PEU boys know a thing or two about corporate debt but hate paying taxes to fund the national debt

City Hides PEU Spec Building in Industrial Park

The City of San Angelo petitioned the Texas Attorney General's Office to withhold public information regarding private equity deals regarding spec buildings in the Industrial Park.  I made the request after finding Chamber of Commerce Vice President Michael Looney stated:

We are well into discussions with the development of speculative buildings within the Business Park. That goes along with several private equity investment companies we are working with.

To date the AG's Office has not replied.  I called several days ago but the phone message said staff would be severely limited between December 23rd and January 3rd.  It's been two months and the City of San Angelo has shared zero information regarding this request.    

West Texas is hot for investment, given its multiple sources of energy production, oil/gas, wind and solar.  The Industrial Park has access to power, water and sewer.  It is served by San Angelo Police and Fire Departments.

Brookfield noted:

Private investors who invest with discipline and understand how to navigate regulatory regimes have an opportunity to invest in high-quality critical infrastructure, where these tailwinds are generating opportunities to grow the regulated asset base with accretive returns and strong downside mitigation. Further, such private investors with boots on the ground in local markets are well-positioned to partner with utilities and other relevant stakeholders to execute custom solutions.

Another investment opportunity is in assisting energy-intensive companies such as data center operators in securing enough power to meet their future needs.  Private investors with the capability to execute power purchase agreements stand to benefit from this trend, and this also underlines the need and potential for investment in both onsite, “behind the meter” renewable power and transmission connection.

Four months ago San Angelo's City Council approved an 85% tax abatement on an energy storage facility (battery farm) near the Industrial Park.  The private equity backed Zeppelin Energy Storage is not far from the Industrial Park.  Zeppelin will provide less than one new full time job in return for a $2.65 million tax break over a three year period.  The $2.65 million figure was not shared with City Council nor the public in the September 2024 meeting.

Opaqueness has long been a core competency of private equity underwriters (PEU).  Local governments should not enable that, especially in situations where PEU projects are receiving substantial public benefit, either in direct economic payments/subsidies or via tax breaks.  The Texas Attorney General's Office should not condone or facilitate such enabling.

Imagine getting a significant public benefit with no transparency.  That almost sounds illegal, however it has been the PEU way for decades.  They've ridden into our town, intent on taking.  Local officials seem ready to give while protecting the purloiner's identity.  

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

Update 1-7-25:  A UAE billionaire will put at least $20 billion into U.S. data centers, with some in Texas, according to President elect Donald Trump.

Update 1-21-25:  The Texas Attorney General's Office indicated a decision on the release of public information regarding the PEU spec building would be made around February 17th.

According to Semafor, a newly installed Trump announced:

a massive private investment in artificial intelligence infrastructure worth some $500 billion Tuesday. The announcement, first reported by CBS News, was made alongside the CEOs of ChatGPT maker OpenAI, Japanese tech investment firm Softbank, and data-center giant Oracle.

Oracle's Larry Ellison said the building is already under construction in Texas.  That likely means the Lancium project in Abilene.  

Just today, San Angelo City Council annexed over 1,200 acres north of town.  The area is not far from the Railport, the Industrial Park and the Zeppelin Battery Storage project.  Two of the three have PEU backing.  

Update 1-23-25:  The Texas AG's office indicated a decision would be made on the release of requested information on February 17, 2025. 

Update 1-25-25:  Transparency is an issue in Kentucky over illicit handling of state retirement investments by PEUs KKR and Blackstone.  Private equity underwriters consider almost everything they do as a trade secret, even their fleecing of taxpayers and retirees.

It's Here!

Welcome to 2025!  As foretold:

It's the Year of the TechGod in the midst of the Century of the Private Equity Underwriter (PEU).  Magically, they have made conflicts of interest completely disappear.  It is to their benefit.

The little people wait patiently as they have for the last twenty four years for the tiniest bit of trickledown.  They have witnessed tremendous trickleup during that time.

Update 1-14-24:  WallStreetonParade posted a warning regarding future fraud as a result of Trump II's planned loosening of financial regulations.  BetterMarkets CEO wrote:

"....The financial industry uses its economic power to buy political power which it then uses to increase its economic power. That just happened again in the November 2024 elections, and the financial industry is about to reap the rewards. The Trump administration is going to unleash a very dangerous juggernaut of deregulation of the financial industry.”