Fellow PEUs Support Banga for World Bank

The club for greed is rallying on behalf of President Biden's World Bank nominee Ajay Banga.  Former Carlyle Group managing director Afsaneh Beschloss expressed her support for fellow private equity underwriter (PEU) Banga.  At the time of her hiring at Carlyle Beschloss was treasurer and chief investment officer of the World Bank.  Beschloss left Carlyle to start Rock Creek Group in 2003.  

The firm is a leading global investment and advisory firm, active in emerging markets, alternatives, private equity and impact investing. 

Beschloss bio can be found under a number of global tampering organizations that cater to the PEU crowd.  

Banga is Vice Chairman of General Atlantic, a leading global PEU.  Prior to that he served as CEO for MasterCard.  At MasterCard Banga's helped Egypt go cashless as part of his public private partnership experience.

If confirmed Banga will replace David Malpass, who ran macroeconomic research firm Encima Global prior to his appointment by President Trump.  Malpass was Trump's Presidential Campaign manager for the 2016 election.

Carlyle could have used Beschloss' expertise with affiliate ARINC which earned a World Bank ban for "procurement violations" on an Egyptian airport project.

President Biden's cabinet is chock full of PEUs.  Having another greed and leverage boy at the World Bank is par for the course and portends misery for the common person the bank is supposed to help.

Update 3-12-23:  NYPo reported:

As its financial condition declined Silicon Valley Bank reached a deal with investment firm General Atlantic to sell $500 million of common stock, but that deal was dependent on the completion of its initial share sale.

World Bank: Biden's Latest PEU Nomination

President Biden nominated yet another private equity underwriter (PEU) to a major position.  Reuters reported:

U.S. President Joe Biden on Thursday nominated business executive Ajay Banga to become president of the World Bank, lauding his experience forging public-private partnerships to address financial inclusion and climate change.

Banga retired from MasterCard in December 2021 and joined General Atlantic, a private equity powerhouse, on January 1, 2022.  

Also with General Atlantic is Managing Director Lord John Browne.  As BP's CEO Lord John Browne cut maintenance budget at its Texas City refinery.  That resulted in an explosion that killed fifteen in injured hundreds.

Browne joined General Atlantic before Banga.  I'm sure Lord John Browne and the General Atlantic team would be happy to consult with Banga should any World Bank projects blow up or get held for ransom.

Update 3-7-23:  Bloomberg reported:

General Atlantic is partnering with Abu Dhabi wealth fund ADQ and International Holding Co., the biggest listed company in the emirate, on a new venture that will invest in alternative assets.

A sovereign wealth fund is under consideration for "saving" Social Security.  Greed. fees and leverage are apparently the solution to all the world's ills.

Update 3-12-23:  NYPo reported:

As its financial condition declined Silicon Valley Bank reached a deal with investment firm General Atlantic to sell $500 million of common stock, but that deal was dependent on the completion of its initial share sale.

Update 4-4-23:  A private panel at this year's World Economic Forum discussed mobilizing private capital for Ukraine.

Participants included US Special Presidential Envoy for Climate John Kerry, Netherlands Prime Minister Mark Rutte, former British prime ministers Boris Johnson and Tony Blair, and Ukrainian President Volodymyr Zelensky attended via teleconference. 

 Three financiers participated, Larry Fink, chairman and CEO of BlackRock, Bill Ford, chairman and CEO of General Atlantic, and David Rubenstein, co-chairman of the Carlyle Group.

Update 12-14-23:  General Atlantic filed for a confidential IPO.

India PM Modi to Meet with Carlyle's Rubenstein

Daily Mail India reported:

American CEOs expected to meet India PM Narendra Modi on Sunday include Apple's Tim Cook, Walmart's Doug McMillon, Caterpillar's Jim Umpleby, Google's Sundar Pichai and Microsoft's Satya Nadella. 

Among others are Mariott International chief Arne Sorenson, Johnson & Johnson's Alex Gorsky, Mastercard's Ajay Banga, Warburg Pincus's Charles Kaye and Carlyle Group's David Rubenstein. 

PM Modi's visit will take place June 25-26.  The Prime Minister will meet with firms helping India go cashless.  Global leaders serve the corporations, not the people.  Modi is but one.  He's coming to meet with the many.

Update 12-15-17:  Carlyle acquired a stake in SBI card, second-largest and fast-growing credit card franchise in India.

Amid Biden State Dinner Attendees

Yesterday I perused the attendee list from the recent White House state dinner for Japanese Prime Minister Kishida Fumio.  In my search for current and former private equity underwriters (PEU) some obvious names stood out:

Ajay Banga - General Atlantic

Jon Gray - Blackstone

Anthony Blinken - Pine Island Partnera

Bill Clinton - Yucaipi, Teneo, Ecobridge

Lisa Jackson - Galvanize Climate Solutions 

I noticed an invitee from the White House Office of Public Engagement Stephen Benjamin.  Here's what I found.  Benjamin served as Mayor of Charleston, South Carolina for over a decade and President of African American Mayors Association.

As a young lawyer Stephen Benjamin served on the board of Advance America Cash Advance Centers.

There he had the opportunity to learn about self dealing at the top.  Advance America had numerous entanglements with its Board Chairman.

This may be ancient history.  Private equity was in its relative infancy during this period.  Conflicted, self dealing became a signature mark of the greed and leverage boys.

More recently Mr. Benjamin served as Executive Chairman for Municipal Bonds for America.  They lobbied against taking away tax free muni's in 2016.

Some critics say the exclusion for municipal bond interest is an inefficient windfall for wealthy investors....

I'm sure the billionaire class was grateful.  

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