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.

Update 12-11-25:  Dominari stock opened today at $4.41 per share.  It announced a $10 million dividend which is roughly 44 cents per share.  That's a 10% dividend.  

With Dominari's 44 cents per share dividend, each older Trump son will get a check for $438,300.  

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.