USAT to Launch Under Bo Hines

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

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

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

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

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

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

Mandelson Sacked, Who's Next?

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

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

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

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

Peter Mandelson is co-founder of Global Counsel. He has played an instrumental role in establishing GC as one of the world's leading strategic advisory firms

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

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

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

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

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

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

Carlyle Worried About Fed

Bloomberg reported on The Carlyle Group's weighing in on Federal Reserve Bank independence.  Current Fed Chair Jay Powell is a former Carlyle Managing Director.  Trump II, the digital Caligula, has ravaged Powell for not doing his bidding.  That's not a surprise for our Petulant President.

Trump II the Impatient Impulsive, incorporates anything within his purview, enveloping it into his very being.  That includes people and organizations.  

Carlyle invested big money into cultivating relationships with elected and government officials.  That goes to naught when Trump has one of his tantrums.

Carlyle tended to operate in the shadows, silently busting business ethics standards.  Trump defecates on longstanding ethics requirements in full view of the camera while saying "I'm not shitting you."  Of course he is, over and over and over.

The U.S. Senate will likely approve Stephen Miran for a four month Fed Governor post with the stipulation that Miran is on leave of absence from his job in the Trump White House.  Another name for possible Fed Governor is James Fishback, a poor performing hedge fund analyst just two years ago.  In any other administration the Senate would slap away such "candidates."

Carlyle's worming its way into Washington, D.C. over the last several decades is being threatened by Trump's Buffoon Regiment, which doesn't even bother to operate in the background.

It took Carlyle decades to grow AUM (assets under management) to several hundred billion dollars.  Trump plans to leave office with a $200 billion net worth in January 2029.  For that to happen, he needs buffoons nearly everywhere.  

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

New Trump motto:  Buffoons for Billions:  Join my Party

Fed Irritant: James Fishback of DOGE Dividend

James Fishback's Azoria launched its first ETF on July 8th , the Azoria 500 Meritocracy ETF (“SPXM”).  

Since then he has joined the Trump fight against the Fed.  Barron's reported Fishback as involved in the dismissal of Fed Governor Lisa Cook and being a general Fed irritant (via a specious lawsuit).

In early August VIN News ran a story about Fishback being a Fed Governor candidate.  Give me a break.  The guy is two years out from being a hedge fund analyst.  

Below is information from Greenlight Capital's lawsuit against their former employee.

Nature of the Action 

1. Fishback is a former Greenlight Research Analyst who left Greenlight on August 15, 2023. Correctly deducing that he was about to be terminated for his poor performance and lack of accountability, Fishback resigned on July 31, 2023. Ever since, he has been on a campaign to harass, intimidate and defame Greenlight and its co-founder, David Einhorn, by disparaging them, by falsely inflating his title, responsibilities and contributions to Greenlight, by claiming a track record that does not belong to him, by commencing complaints and litigation under false pretenses, and by seeking to interfere with Greenlight’s relationships including with its customers in violation of Fishback’s legal duties to Greenlight. 

2. In addition to seeking to harm Greenlight, Fishback purports to have formed a competing fund, Azoria Partners (“Azoria”). Indeed, Fishback lied to Greenlight even before he resigned, concealing the fact that he formed Azoria as early as July 4, 2023, almost a full month before he noticed his resignation. Instead of following industry practice and the law, Fishback began a campaign to attract investors to Azoria by attempting to expropriate portions of Greenlight’s track record that don’t belong to him, by making false statements about his responsibilities at Greenlight, and by misappropriating and misusing Greenlight’s Confidential Information (defined below). 

3. Fishback falsely represented himself to industry contacts and at industry events as Greenlight’s “Head of Macro” and the person “running macro investing” at Greenlight and responsible for the “insane” performance of Greenlight’s macro investment portfolio. None of these things were true. Fishback was hired as a Research Analyst, and was never promoted by Greenlight to “Head of Macro.” In fact, the title “Head of Macro” has never existed at Greenlight, and Mr. Einhorn alone, not Fishback, had the sole authority and discretion to manage and run Greenlight’s macro investment portfolio, and Mr. Einhorn was responsible for its performance. Fishback made these false statements to misleadingly inflate his perceived abilities and responsibilities and to take credit for Greenlight’s track record, goodwill, and reputation. Fishback apparently thought that this would provide him and Azoria with more credibility and help attract investors at Greenlight’s expense.

Nominating Fishback for a Fed Governor position would bring to light many untoward things about the man.  Those are yet to matter to our complicit Congress.

Fishback even had a run in with DOGE, he of the DOGE Dividend.  Fisback launched the Full Support for Donald PAC to counter Elon Musk's new political party.

I am reticent to say "there is not a bigger prick that could be nominated" as similar statements have come back to haunt me. 

Fishback is part of the backstabbing contingent slinking around the White House hoping Trump II, the digital Caligula, calls out their name.  In the olden days this guy would've been escorted off the property.  The Donarch has his own club and I guess they need staff willing to plant their lips on his backside 24/7.  Fawn without ceasing.

Carlyle Finally Resorts to Hot Cars

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

“Our industry is undergoing an extraordinary transformation, fueled by greater access to private markets and growing interest from a new generation of investors."--Carlyle CEO Harvey Schwartz

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

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

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

Knives Out at Executive Branch Inaugural Dinner

The Trump family's influence peddling operation held an inaugural dinner at the Executive Branch, an exclusive club for the Red Team's uber-rich.  

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

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

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

The Treasury secretary had heard from several people that the Federal Housing Finance Agency director had been badmouthing him to Trump, a person close to him said. He wasn’t about to engage in chit-chat as if nothing was amiss. 

“Why the fuck are you talking to the president about me? Fuck you,” Bessent told Pulte. “I’m gonna punch you in your fucking face.” 

The scene was described to me by one eyewitness and four other people familiar with what happened. The only fact they disagreed on was whether it was Bessent or Pulte who initiated the conversation. They and others who described the conflict were granted anonymity due to the sensitivity of the situation.

If I were the owner of Executive Branch I'd spread this story far and wide.  If I were the head of government ethics I would seek immediate and intensive therapy.

Jerk managers like Trump intentionally pit their underlings against one another.  For one to get ahead, another has to lose.  So the knives were out before any Cabinet member entered the club and saw their place setting.

Bessent had his shock orientation to Trump II, the digital Caligula with his ever changing savage whims.  He chose to stay and deliver his lines, most of which he knows are financial nonsense.  For that Scott got tossed under the Trump orange bus by Bill Pulte who must have multiple tickets to ride that perilous route.

Bessent missed the number one rule.  Never, ever work for a complete and total rectum of a human being.  They will eat you up from the inside out.  Trump is the physical manifestation of the Smile movie monster.  First, he makes you crazy and then he swallows you whole.

Get out Bessent, before you are completely subsumed.  It is not worth it.  Other cabinet members may wish to take the same route.  You all have lasted longer than a CDC director, so you've already won....

Update 9-10-25:  Jesse wrote:

I find it almost amazing how boldly Trump's cabinet members lie to the people. Yes, all politicians lie, but generally it is the exception and not the rule. And there is always an element of 'shame' to it. 

Not anymore. Lying is now a duty to the Commander, even when it doesn't matter, or is counter-productive. 

And the manner in which the mask has fallen away from the madness of governments is stunning, even more so for the lengths to which some will bend their minds and hearts to excuse obvious sadism, dishonesty, injustice, and murder.

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

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

U.S. President Donald Trump offered to allow hundreds of South Korean workers arrested during an immigration raid to stay in the United States, but only one has opted to remain, South Korean officials said on Thursday.

Trump II: Layers of Earthly Grift

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

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

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

"There's no money in it. But we want to make sure it's good."

Where is there good money for Trump?  His new WLFI token is pulling in billions for his trust.  There's also his fresh fundraising plea requesting $15 so he can "try to go to heaven."

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

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

Necessity?  More like greed.

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

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

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

Trump Economic Boom May Be An AI Implosion

Fortune reported:

America’s private employers added only 54,000 jobs in August, much lower than economists’ already modest expectations of 68,000, according to payroll processor ADP’s latest National Employment Report, released Wednesday. The number marks a steep slowdown from July’s upwardly revised 106,000, underscoring how fragile employment momentum has become halfway through 2025.

ADP's Chief Economist Dr. Nela Richardson noted:

"The year started with strong job growth, but that momentum has been whipsawed by uncertainty. A variety of things could explain the hiring slowdown, including labor shortages, skittish consumers, and AI disruptions."

Yes, those AI disruptions which are numerous and have many ramifications:

The University of Cambridge warned of the dangers of AI in 2018:

In the political sphere, detailed analytics, targeted propaganda, and cheap, highly-believable fake videos present powerful tools for manipulating public opinion on previously unimaginable scales. The ability to aggregate, analyze and act on citizen’s information at scale using AI could enable new levels of surveillance, invasions of privacy and threaten to radically shift the power between individuals, corporations and states.

Trump II opened federal government databases for AI.  Surely, the digital Caligula's use of AI extends far beyond his penchant for posing his mug in a variety of what he believes are "image enhancing" pictures and videos.

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

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

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

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

PEUmp Up the Value

Private equity underwriters (PEU) found a way to move stale investment merchandise.  

AInvest reported yesterday:

Goldman Sachs’ asset-management arm has launched a $10 billion hybrid capital fund and a $15 billion secondaries fund to support private equity clients struggling with exits in a muted M&A and IPO environment. 

These funds aim to provide liquidity through continuation vehicles, which extend holding periods for portfolio companies, and structured equity transactions that unlock value without relying on traditional exits

Today Seeking Alpha reported: 

Carlyle Group said on Thursday that its unit, Carlyle AlpInvest, has raised $20B for its global private equity secondaries strategy.

How many Carlyle PEU holdings will make their way in Carlyle AlpInvest secondaries?  It is common for the PEU boys to be on both sides of a deal.  It's not close to arm's length, especially with spongey valuations and the opportunity to generate deal fees from two different sides.

Layers and layers of self dealing is new rage in American culture.  From a secrecy standpoint the PEU boys do it best.  TechGods and CryptoBros are a quick study, proving they can rapidly scale self dealing.  But they love to brag whilst garnering attention and adulation for their genius moves.  

All three are shameless in their gross excesses of taking.  Beware the takers for their bounty is never enough.  

Add Years for PEU/TechGod Class (Exclusively)

The world has seen how the rich and powerful banded together to protect Jeffrey Epstein, a serial child sex predator, one directly supported by legendary private equity underwriter (PEU) Leon Black of Apollo.  

Now imagine those people working hard to make the rich and powerful (Epstein's peers) live longer.  

...investors are jumping in and pouring billions of dollars into longevity research, by funding biotech and life sciences companies like Calico Labs (backed by Google) and Altos Labs (supported by Jeff Bezos)

Bloomberg caught the bug and has "Longevity with David Rubenstein" as its conflicted, softball interviewer and PEU (Carlyle Group co-founder, founder Declaration Partners).

Everybody's in on it.  World leaders.

Even their fecal matter is invaluable. 

Billionaires, especially TechGods and CryptoBros, are "all in" on living forever.  

Bezos is "building the capacity to be able to give away money."  That echoes world leader promises "to work to build the capability to feed the starving people in Gaza."

Live forever TechGods and PEU legends hate paying taxes in each and every present moment. 

Government agencies and their regulations are impediments for the longevity industry, which can be as predatory as social media.. 

 The article states:

these clinics—most of which cater only to the very wealthy—vary wildly in their offerings

And that's why RFK Jr. is in the job at HHS.  To provide freedom for the super rich to pursue their "live forever" dreams while taking away basic care and health insurance coverage for the masses.

One need only look and apply PEU pattern recognition.  

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

Trump Jr. Ventures Smoking Hot

FT reported:

Donald Trump’s administration has dropped a Joe Biden-era probe into a gun-sales financing company backed by Donald Trump Jr, saying the initial investigation was “conducted in a biased manner”. 

The US Consumer Financial Protection Bureau on Tuesday wrote to PublicSquare, a conservative online marketplace in which Trump Jr owns a $1.5mn stake, saying it was closing an investigation into its buy-now-pay-later subsidiary, Credova Financial.

That should help Jr.'s holdings, Credova's owner (Public Square) and major customer (GrabaGun):

PublicSquare shares shot up almost 20 per cent on Tuesday after the letter was reported by Breitbart.

Thanks Dad.
 

DJT Jr. also sits on the Advisory Board of Dominari Holdings, which filed to sell $2 billion in equity/new shares.

How much of this $2 billion will be used to pump up Trump affiliated corporations?  Dominari is already in American Bitcoin, yet another DJT Jr. venture.

The Trump family advances nonsense industries, crypto, AI and blockchain in their pursuit of unbridled fee-dom.

Update 9-4-25:  NJ.com reported:

....the Trump-family backed crypto project, World Liberty Financial, unveiled public trading of its tokens, boosting its wealth on paper by around $5 billion as of Tuesday, according to CBS News. A separate bitcoin treasury and mining company, American Bitcoin, which is backed by the president’s eldest son and Eric Trump, began trading on the Nasdaq stock market on Wednesday.

Conjuring money out of nothing sounds very Trumpish.