Hunter Biden & The Carlyle Group: Ukrainian Gasbags

Business Insider reported:

Hunter Biden, the youngest son of Vice President Joe Biden, has been appointed to the board of directors of Ukraine's largest private-gas producer. The company, Burisma Holdings, announced Biden's appointment on its website Tuesday.

Ex-lobbyist Hunter Biden has had many jobs, including a PEU position with Rosemont Capital's Real Estate arm.

Western energy companies want to turn Ukraine's energy business their way and Hunter Biden is in a unique position to facilitate such.

The Carlyle Group had the chops to get ethanol mandates dropped.  This came from another Pennsylvania Biden connection, Philadelphia Energy Systems.

Carlyle's European energy chief is extremely bullish and I can see why.  The EU could be one gigantic money funnel for Carlyle

Ukraine’s prime minister and European Union officials on Tuesday closed deals for a total of 1.3 billion euros ($1.78 billion) in EU assistance that Kiev could use to pay its energy bills, combat corruption and reform its institutions.

Carlyle just added a new member to its International Energy Partners team, one with UK oil and gas experience.  That's months after creating "a major new midstream energy business in North-West Europe."

CIEP is a key component of Carlyle’s global energy platform ($28 billion in AUM), which includes a strategic partnership with NGP Energy Capital Management (E&P investing in North America); Energy Mezzanine financing; energy infrastructure & power generation (Cogentrix); commodities (Vermillion); and the firm’s buyout capabilities in transactions such as Philadelphia Energy Solutions and Kinder Morgan.

CIEP would love to sell energy products to Ukraine and eventually own energy properties in a stable Ukraine.  Watch how Uncle Sam and the EU facilitate such a move.

Hunter Biden's appointment comes as the U.S. and much of the West has sought to help Ukraine wean off its dependence on Russia for oil and gas supplies. Last month during a trip to Kiev, the vice president pledged U.S. assistance in Ukraine's pursuit of energy independence from Russia. Ukraine and the West believe energy independence would serve as a major leverage point for Ukraine in its standoff with Russia.

The White House insults citizens who know opening up markets for American branded global corporations is the aim, not a strategic byproduct. It should be no surprise that PEU Biden and Carlyle stand to profit handsomely.  Their brazenness is shameless.

Update 5-14-14:  The U.S. taxpayer backstopped another $1 billion in loans to Ukraine.  Gazprom, Biden, Carlyle....

Update 6-22-14:  Carlyle's Claren Road hedge fund invested in Liquefied Natural Gas Limited, which has a huge LNG plant planned for Lousiana..

Update 10-17-14:  Hunter Biden tested positive for cocaine.  While crack cocaine users fill America's jail cells Hunter's punishment was discharge from his part time job with the Navy Reserves.

Update 11-30-14:  VP Joe Biden shared a Thanksgiving meal with Carlyle's Rubenstein. I'll venture Ukrainian gas was the subject of after dinner conversation.

Update 8-28-15:  Hunter Biden blames Russian agents for setting up a fake Ashley Madison account in his name.  How the Russians did this from Biden's office at Georgetown University is unclear.  Biden's people have no comment.

Update 6-29-19:  LNG is the latest weapon for U.S. imperialism and nobody does imperialism better than Carlyle. 

Update 9-28-19:  ZeroHedge reported Hunter Biden and his partner Devon Archer received $3 million from Burisma.  The story mentions opportunistic USAID funding.  

Update 12-18-20:  President Elect Joe Biden calls investigations into son Hunter "foul play." 

Update 7-13-21:  President Joe Biden's White House waded into Hunter's plan to sell his artwork for absurd prices by not revealing buyer's names and prices.  The White House ethics echo chamber is a volcanic crater.  It will set the Biden Presidency aflame.  Patience has never been Hunter's strong suit.

Update 9-23-21:  The Biden defense on Hunter's magic board member skills went into overdrive as father Biden ran for the Presidency.  NYPost raised concerns (previously shared by PEU Report) in 2020:

The New York Post, the nation's oldest newspaper, published two news reports on Joe Biden's activities in Ukraine and China that raised serious questions about his integrity and ethics: specifically whether he and his family were trading on his name and influence to generate profit for themselves.

Update 10-4-21:  Blue PEU Hunter Biden still owns 10% of a Chinese private equity firm through Skaneateles LLC.  Hunter is the sole owner of Skaneateles.  

Update 2-27-22:  Hunter's business dealings may go under the microscope.   

Update 3-1-22:  Biden partner Devon Archer was convicted of fraud for defrauding a Native American tribe.  Oddly, doing deals with Native Alaskans is how David Rubenstein got his Carlyle Group seed money.  

Update 1-24-23:  Rubenstein met with Hunter Biden, his dad and another PEU in February 2016.

During the first meeting — which took place on Feb. 12, 2016 — Jeff Zients, Hunter Biden, then-Vice President Biden met with David Rubenstein, a billionaire and founder of hundred-billion-dollar asset management firm The Carlye Group.

The other PEU is President Biden's next Chief of Staff. 

Update 2-17-23:  Hunter's art dealer suggested House Republicans ask the artist for information on the sale of his painting.  

Update 6-30-23:  A Senate subcommittee issued a September 2020 report on Hunter Biden's gorging at the insider money trough.  That boy can flat out eat.  It's PEU level greed.

Update 8-1-23:  ZeroHedge reported Hunter's partner Devon Archer shed light on Vice President Joe Biden's influence on the Burisma board appointment.  Archer said the family's "brand" had value at a time when the firm was facing corruption allegations. 

Update 12-8-23:  PEU cleanup on aisle 9.  Hunter Biden indicted on tax charges.

His gross income nevertheless totaled some $7 million between 2016 and 2020, prosecutors said, pointing to his roles on the board of the Ukrainian energy company Burisma and a Chinese private equity fund as well as his position at a law firm.

Hunter did eventually file his taxes in 2020, while facing a child support case in Arkansas, and the back taxes were paid by a “third party,” prosecutors have said in court documents.

EU to Enrich Hunter Biden?

In early February U.S. Vice President Joe Biden opined:

Vice President Biden offered strong words Saturday against Russia's moves in Ukraine, suggesting Russian President Vladimir Putin would buck any peace proposal and accusing the leader of "using psychiatric institutions to quell dissent."

Yesterday Biden made a different call:

Vice President Biden spoke on the phone with Ukrainian President Petro Poroshenko on Friday after a rebel offensive this week threatened increased violence between Russia and Ukraine.

Biden strongly condemned the Russian-backed offensive earlier this week in which rebels seized the eastern Ukrainian town of Debaltseve, according to a readout of his call provided by the White House. The U.S. has said the offensive violated multiple cease-fire agreements signed by Russia.

White House press secretary Josh Earnest on Friday said "it's possible that there could be additional costs over and above" current sanctions if Russia not abide by its agreements. 

At stake are Ukrainian gas fields.  Reuters reported:

The European Union will consider "reframing" energy relations based on market conditions with Russia when the time is right and for now is focusing on building a strategic gas partnership with Ukraine.

VP Biden's son Hunter is involved in Ukrainian gas.  The announcement came last May:

Hunter Biden, the youngest son of Vice President Joe Biden, has been appointed to the board of directors of Ukraine's largest private-gas producer. The company, Burisma Holdings, announced Biden's appointment on its website  

Two months later the U.S. government directed USAID to help:

Senate Bill 2277 "directs the U.S. Agency for International Development to guarantee loans for every phase of the development of oil and gas" in Ukraine, Moldova and Georgia.

In December Ukrainian President Poroshenko appointed Natalie Jaresko as finance minister.  PEU Jaresko has U.S. government links:

Ukraine's new finance minister is a private equity underwriter (PEU), having co-founded Horizon Capital.  Jaresko served as President of Western NIS Enterprise Fund, capitalized with $150 million in U.S Government funds.

The Vice President is creepy enough when he puts his hands on others.  

What might he be capable of in setting up family members for profits?  The U.S. fomented a coup in Iran for Anglo-American oil and another in Guatemala for United Fruit.  What might our government do for Burisma Holdings?

Update 9-28-19:  ZeroHedge reported Hunter Biden and his partner Devon Archer received $3 million from Burisma.  The story mentions opportunistic USAID funding.  

Update 1-16-20:   President Trump will speak at the World Economic Forum in Davos, Switzerland next week.  The billionaire boys will attend.  Horizon Capital is sponsoring Davos' Ukraine House.  The Ukraine Venture Capital and Private Equity Association will meet at the Ukraine House   Ukrainian President Volodymyr Zelensky.will host the invitation-only meeting of the National Investment Council of Ukraine at the Ukraine House  

 Update 12-18-20:  President Elect Joe Biden calls investigations into son Hunter "foul play." 

Update 10-4-21:  Blue PEU Hunter Biden still owns 10% of a Chinese private equity firm through Skaneateles LLC.  Hunter is the sole owner of Skaneateles.  

Update 2-27-22:  Hunter's business dealings may go under the microscope. 

Update 3-1-22:  Biden partner Devon Archer was convicted of fraud for defrauding a Native American tribe.  Oddly, doing deals with Native Alaskans is how David Rubenstein got his Carlyle Group seed money.  

Update 6-30-23:  A Senate subcommittee issued a September 2020 report on Hunter Biden's gorging at the insider money trough.  That boy can flat out eat.  It's PEU level greed. 

Update 8-1-23:  ZeroHedge reported Hunter's partner Devon Archer shed light on Vice President Joe Biden's influence on the Burisma board appointment.  Archer said the family's "brand" had value at a time when the firm was facing corruption allegations. 

Update 12-8-23:  PEU cleanup on aisle 9.  Hunter Biden indicted on tax charges.

His gross income nevertheless totaled some $7 million between 2016 and 2020, prosecutors said, pointing to his roles on the board of the Ukrainian energy company Burisma and a Chinese private equity fund as well as his position at a law firm.

Hunter did eventually file his taxes in 2020, while facing a child support case in Arkansas, and the back taxes were paid by a “third party,” prosecutors have said in court documents.

 

Political Backstage is PEU

Front stage:

Politico reported "Joe Biden is at the top of the internal short list Hillary Clinton’s transition team is preparing for her pick to be secretary of state."  Biden would bring buckets of star power.

Back stage:

Joe Biden's son is on the board of Burisma, a Ukranian oil/gas company, and advisor to Rosemont Realty.  Burisma stands to benefit from USAID loan guarantees for every phase of the development of oil and gas in Ukraine.  Also, Ukraine's Finance Minister founded Horizon Capital, a Ukraine focused private equity underwriter (PEU).

Front Stage:

"He'd be great, and they are spending a lot of time figuring out the best way to try to persuade him (Biden) to do it if she (Hillary) wins.

Back stage:

Neera Tanden:    To tell me that Biden (or his people - unclear to me who) are calling asking for support. Not doing a hard sell. Apparently, he's having some meeting in Washington that he's asking people to attend.  You've probably heard stuff like this, but on the off chance you haven't, letting you know.  Aug 14, 2015 4:49 PM

John Podesta:   Yup. Hunter, Mike Donilon, Ricchetti. Biden can't seem to lean on people. Still can't figure out whether he'll rally himself to do it. Hadn't heard about DC meeting. Losing more sleep over getting straight answers from Cheryl than this.  Aug 14, 2015 at 9:58 PM

Neera Tanden:  I was just at the Tower of London and the Rack seemed to be a very successful strategy for getting straight answers from at least some people.  (Source: Wikileaks e-mail 4115)

It's funny how today's Blue team sounds so much like the Reds.

We don't know if the Biden team read the above interchange but the Vice President already declined the opportunity:

Joe Biden said he has no interest in serving in a potential Hillary Clinton administration Friday, a day after Politico reported the vice president was at the top of a short list of candidates for secretary of State being prepared by Hillary Clinton’s transition team.

"I'll do anything I can if Hillary's elected to help her, but I don't want to remain in the administration." 

It's Joe's time to cash in.  I imagine Exxon, Apple or Google could use a new Board member.  It's been awhile since The Carlyle Group landed a politician with star power at the top of their game.  There will be no shortage of offers. Might Joe and Carlyle co-founder reprise their Thanksgiving dinner on Nantucket and talk employment?

Update 9-28-19:  ZeroHedge reported Hunter Biden and his partner Devon Archer received $3 million from Burisma.  The story mentions opportunistic USAID funding. 

Update 1-16-20:   President Trump will speak at the World Economic Forum in Davos, Switzerland next week.  The billionaire boys will attend.  Horizon Capital is sponsoring Davos' Ukraine House.  The Ukraine Venture Capital and Private Equity Association will meet at the Ukraine House   Ukrainian President Volodymyr Zelensky.will host the invitation-only meeting of the National Investment Council of Ukraine at the Ukraine House 

Update 12-18-20:  President Elect Joe Biden calls investigations into son Hunter "foul play." 

Update 10-4-21:  Blue PEU Hunter Biden still owns 10% of a Chinese private equity firm through Skaneateles LLC.  Hunter is the sole owner of Skaneateles.  

Update 3-1-22:  Biden partner Devon Archer was convicted of fraud for defrauding a Native American tribe.  Oddly, doing deals with Native Alaskans is how David Rubenstein got his Carlyle Group seed money. 

Update 8-1-23:  ZeroHedge reported Hunter's partner Devon Archer shed light on Vice President Joe Biden's influence on the Burisma board appointment.  Archer said the family's "brand" had value at a time when the firm was facing corruption allegations.

Update 12-8-23:  PEU cleanup on aisle 9.  Hunter Biden indicted on tax charges.

His gross income nevertheless totaled some $7 million between 2016 and 2020, prosecutors said, pointing to his roles on the board of the Ukrainian energy company Burisma and a Chinese private equity fund as well as his position at a law firm.

Hunter did eventually file his taxes in 2020, while facing a child support case in Arkansas, and the back taxes were paid by a “third party,” prosecutors have said in court documents.

 

Mitt Romney's Foreign Policy Adviser: PEU & Biden Partner

Three months ago Vice President Joe Biden discounted Mitt Romney's foreign policy as out of date and "back to the future."  Romney's Senior Foreign Policy Advisor Dan Senor offered a stirring defense.

"It is President Obama's track record that has sent a message to our friends and allies, be they in governments or be they in dissident movements, who want to stand with us, who want to lock arms with us, who are looking to American leadership, who are really left exposed and isolated," said Romney Foreign Police Advisor Dan Senor.

Last week Mitt Romney took Senor's position that the Israeli culture positioned its people for economic success.  The U.S. pushed an "economic freedom" meme in the Middle East, which failed to catch fire in the brutally oppressed and politically divided Palestinian Territories. 

Behind this front stage battle, one finds private equity underwriter (PEU) ties.  PEU Dan Senor worked for The Carlyle Group from 2001-2003.  Senor went on to found Rosemont Capital, an investment/hedge fund.

Rosemont's TALF SPV took Treasury money, over $130 million worth.  Here's the picture:

Government largess is a critical success factor with private equity underwriters, through preferred tax status, direct capital injections or access to federal contracts.

Looking at Senor's Rosemont Capital, one finds affiliate Rosemont Realty, which has R. Hunter Biden on its Board of Advisors.

Hunter is the son of Vice President Joe Biden, the man Senor seeks to defeat. Hunter Biden and Dan Senor can set aside personal and political differences in the pursuit of money.  It's the PEU way, supported by politicians of both Red and Blue stripes.

Others have written about Senor's background, but none found the Junior Biden PEU connection.

Update 10-3-19:  Hunter Biden's PEU did a $1.5 billion joint venture with the Bank of China.

Update 11-22-19:  ZeroHedge reported on Rosemont taking TALF money.  

Update 12-18-20:  President Elect Joe Biden calls investigations into son Hunter "foul play."  

Update 10-4-21:  Blue PEU Hunter Biden still owns 10% of a Chinese private equity firm through Skaneateles LLC.  Hunter is the sole owner of Skaneateles. 

Update 6-27-23:  Dan Senor is now Equity Partner, the Chief Public Affairs Officer, and a member of the Management Committee at Elliott Investment Management L.P. 

Hunter Biden received a sweetheart deal from the "Just Us" Department for skirting on his taxes while violating federal firearm laws.  

Lots of news about Hunter but none about his PEU partner.  Politicians Red and Blue love PEU and increasingly, more are one.

Update 6-30-23:  A Senate subcommittee issued a September 2020 report on Hunter Biden's gorging at the insider money trough.  That boy can flat out eat.  It's PEU level greed.

Update 12-8-23:  PEU cleanup on aisle 9.  Hunter Biden indicted on tax charges.

His gross income nevertheless totaled some $7 million between 2016 and 2020, prosecutors said, pointing to his roles on the board of the Ukrainian energy company Burisma and a Chinese private equity fund as well as his position at a law firm.

Hunter did eventually file his taxes in 2020, while facing a child support case in Arkansas, and the back taxes were paid by a “third party,” prosecutors have said in court documents.

USAID to Help Young Biden: The Burisma File

Economic Policy Journal reported:

Senate Bill 2277 "directs the U.S. Agency for International Development to guarantee loans for every phase of the development of oil and gas" in Ukraine, Moldova and Georgia.

A key player in this exploration is Vice President Biden's son, Hunter, recently appointed to the board of Burisma, a private Ukrainian oil and gas company.  How many Ukranians, which make up the board and management of Burisma, speak like this?

Burisma aims to become the leading independent natural gas producer in Ukraine, by both sales volume and asset base. The Company intends achieve this by monetizing its existing asset base and potentially through opportunistic acquisitions of companies with existing reserves, both domestically and internationally, while maintaining its focus on profitability.

Frankly, it's PEU worthy.  Burisma applauded the Senate move to support Ukrainian oil drilling:

As engagement progresses, we are hopeful that Burisma can serve as a resource for US and other Western leaders to provide needed context and perspective on the Ukrainian market.”

The Blue Team has shown Bush-like ability to overthrow a sovereign government for access to America's global energy resources. 

Ukrainian troopers help installing shale gas production equipment near the east Ukrainian town of Slavyansk, which they bombed and shelled for the three preceding months, the Novorossiya news agency reports on its website citing local residents. 

“Civilians protected by Ukrainian army are getting ready to install drilling rigs. More equipment is being brought in,” they said, adding that the military are encircling the future extraction area." 

Bush, Biden, Baker, and Clintons circle the globe on a mission for private enrichment.  Armies, national budgets and central banks are but tools for them to manipulate.

Update 9-28-19:  ZeroHedge reported Hunter Biden and his partner Devon Archer received $3 million from Burisma.  The story mentions opportunistic USAID funding.

Update 10-2-19:  Modern Diplomacy reported on the Biden history in Ukraine and kindly mentioned this piece from 2014. 

Update 6-26-20:  ZeroHedge ran a piece on Burisma getting USAID funding after Hunter Biden joined the board.

Update 12-18-20:  President Elect Joe Biden calls investigations into son Hunter "foul play."  

Update 10-4-21:  Blue PEU Hunter Biden still owns 10% of a Chinese private equity firm through Skaneateles LLC.  Hunter is the sole owner of Skaneateles. 

Update 2-27-22:  Hunter's business dealings may go under the microscope.

Update 3-1-22:  Biden partner Devon Archer was convicted of fraud for defrauding a Native American tribe.  Oddly, doing deals with Native Alaskans is how David Rubenstein got his Carlyle Group seed money.  

Update 6-30-23:  A Senate subcommittee issued a September 2020 report on Hunter Biden's gorging at the insider money trough.  That boy can flat out eat.  It's PEU level greed.

Update 8-1-23:  ZeroHedge reported Hunter's partner Devon Archer shed light on Vice President Joe Biden's influence on the Burisma board appointment.  Archer said the family's "brand" had value at a time when the firm was facing corruption allegations. 

Update 12-8-23:  PEU cleanup on aisle 9.  Hunter Biden indicted on tax charges.

His gross income nevertheless totaled some $7 million between 2016 and 2020, prosecutors said, pointing to his roles on the board of the Ukrainian energy company Burisma and a Chinese private equity fund as well as his position at a law firm.

Hunter did eventually file his taxes in 2020, while facing a child support case in Arkansas, and the back taxes were paid by a “third party,” prosecutors have said in court documents.

Joe Biden Loves PEUs: Zients, Rubenstein and son Hunter

President Joe Biden loves private equity underwriters (PEUs) and one is his son Hunter.  

Carlyle Group co-founder David Rubenstein met with Hunter Biden (Rosemont Realty), his dad and Jeff Zients (Cranemere Group, Portfolio Logic LLC) in February 2016.

During the first meeting — which took place on Feb. 12, 2016 — Jeff Zients, Hunter Biden, then-Vice President Biden met with David Rubenstein, a billionaire and founder of hundred-billion-dollar asset management firm The Carlye Group.

PEU Jeff Zients is expected to be President Biden's next Chief of Staff .  Hunter Biden served on the Advisory Board of Rosemont Capital's Realty arm and the Board of Ukrainian gas company Burisma. 

Then Vice President Joe Biden's PEU love is evident in this 2016 meeting.  He showed it once he became President with his many PEU cabinet appointments.  Now Biden stands to show it again by replacing PEU Chief of Staff Ron Klain with PEU Chief of Staff Jeff Zients.

Hunter's next two meetings with Zients included David G. Bradley who has a history of flipping companies.  Bradley sold GovExec to a private equity firm in March 2020.

Zients possible appointment as White House Chief of Staff has been all over the news, except Gov Exec.

The final PEU to meet with Hunter and Zients is Eric Lander (F Prime Capital).  The Hunter Biden laptop is a useful tool in playing follow the PEU.  It's the way the U.S. does business.

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

Update 6-30-23:  A Senate subcommittee issued a September 2020 report on Hunter Biden's gorging at the insider money trough.  That boy can flat out eat.  It's PEU level greed.

Blue PEU Klain Biden's Chief of Staff

 

President Elect Joe Biden chose Ron Klain as his White House Chief of Staff.  Klain is Executive Vice President and General Counsel for Revolution LLC.  Revolution LLC is considered a venture capital/private equity firm.  

PEUReport ran pieces on Klain, the first in 2014 when he was named the Ebola Czar with no public health background.  The second story ran in 2016 when Klain chose Hillary over Biden. 

It's been a little hard for me to play such a role in the Biden demise - and I am definitely dead to them -- but I'm glad to be on Team HRC.

Somehow Candidate Joe Biden forgave Ron and his political rebirth came in a Biden "Here's the Deal" March 2020 podcast. 

Politicians Red and Blue love PEU.  The appointment of Ron Klain as Chief of Staff shows the greed and leverage boys remain firmly entrenched in America's Government-Corporate Monstrosity.

Update 11-12-20:  Revolution LLC's Steve Case presented with The Carlyle Group's David Rubenstein at the Rise of the Rest CEO Summit in November 2019.   Rubenstein should continue his preferred access to the White House under Biden and Chief of Staff Klain.  Also, two potential Biden cabinet members were at the event, Eric Schmidt and Meg Whitman.

"We've become, now, an oligarchy instead of a democracy. I think that's been the worst damage to the basic moral and ethical standards to the American political system that I've ever seen in my life." -- Jimmy Carter

Update 11-19-20:   Erin Brokovich wrote a letter to President Elect Joe Biden chastising him for putting a former DuPont consultant on his EPA Transition Board.  It's a different kind of PEU.

Update 10-14-21:  Biden Chief of Staff Klain believes inflation and supply chain problems only impact wealthy.  That's patently laughable.  

Ackman Salts Biden's Wound in Vegas

NYPO has an odd story about a dust up between Vice President Joe Biden and hedge fund manager Bill Ackman at the SALT Conference in Las Vegas last month.  The story refers to "wise ass" Bill Ackman, who'd given a half hour talk at the conference that afternoon,  Biden closed the day with his interview.

Conference Chair Anthony Scaramucci, founder of SkyBridge Capital, hosted the dinner for the day's A list speakers.  The media focus on Biden-Ackman interpersonal scuffle could simply highlight a sincere reaction by a grieving father to an insensitive lout.

The title of Biden's talk seems odd,  "Keeping the Momentum: A Conversation on Politics, Prosperity + the American Dream."  Both political parties sold their souls to big donors, who've done remarkably well as the common person lost ground the last two decades.

Biden sat in a position of power for the last eight years, a time when prosperity went to those who already had it.  It's hard to see where Joe Biden's Blue political team has any momentum at all.

Politics now involves a series of campaign positions intended to get voters to press a candidate's button.  Once votes are counted the winner is free to jettison their promises and turn the federal budget toward their political friends and supporters.

Valerie Jarrett spoke on "Democratic Divergence" and Jeb Bush on "Republican Reformation" in a discussion for the future of American politics.  Jarrett's SALT bio omitted her recent position asmember for Ariel Investments' board.

The greed and leverage boys turn out for the SALT Conference:, which fosters one-on-one meeting throughout the event.  It's a place deals can get done.  Founder Scarmucci has his deal in hand, courtesy of China's HNA Group..

SkyBridge Capital’s flagship fund saw net outflows of $1.6 billion for its fiscal year ending March 31, leaving the fund with $5.4 billion in assets, according to a filing with the Securities and Exchange Commission earlier this month.

Scaramucci, an ardent Trump supporter and fundraiser, sold Skybridge to a team of foreign buyers earlier this year in anticipation of landing a gig with the Trump administration.

The deal is expected to close this summer although Scaramucci’s White House ambitions have been delayed.

It remains to be seen if Scaramucci makes the expected $100 million in profits from selling a declining asset to the Chinese.

Scaramucci may join the Trump White House, currently stocked with billionaire private equity underwriters wanting to help their brethren.  Carlyle co-founder David Rubenstein offered insight as to how to profit in the Trump Age.

Big money boys and politicians share out-sized egos and a twisted symbiotic relationship.  Ackman's long been in the Blue camp.  That's what makes reporting the Biden-Ackman dinner skirmish so odd. 

While the media portrays Joe Biden as the unfairly treated party a few elements don't seem quite right.  It doesn't make sense to me that a grieving father would consider running for office, especially the U.S. Presidency.  There is a time when grief is the work.  It makes less sense that a grieving father would brag that they were the better candidate for the election they skipped.  How can one be better if they were brokenhearted?

I'll leave this as another conundrum in our strange world, where the rich and powerful serve the rich and powerful. Might the disintegration our money obsessed leaders foisted on those below be spreading among the ruling class?

Biden Chief of Staff: PEU to PEU

President Biden will change his Chief of Staff in the near future.  Current Chief of Staff Ron Klain (Revolution LLC) will be replaced by Jeff Zients (The Cranemere Group and Portfolio Logic LLC).  Biden will go from one private equity underwriter (PEU) to another.  

Zients left PEU Cranemere to join the Biden White House.   

The Cranemere Group Ltd.

Prior to (joining) Cranemere (as CEO), Jeff served as the Director of President Obama’s National Economic Council. Jeff previously served as the acting director of the Office of Management and Budget and also was responsible for the technology turnaround of healthcare.gov. Before serving in Government, Jeff served as the Chairman, CEO, and COO of the Advisory Board Company and Chairman of the Corporate Executive Board. During his tenure, these companies created more than $2 billion in equity value for shareholders. Jeff also founded Portfolio Logic, an investment firm focused on healthcare and business services, serving on several portfolio company boards. With his wife Mary, he was part of the founding group of the Urban Alliance Foundation which provides economically disadvantaged youth with job training.

An SEC filing on the Pediatric Services of America (PSA) buyout showed Zients role with Portfolio Logic.  Four of the five signatures on the deal were Zients.

About Portfolio Logic LLC 

Portfolio Logic, a Washington, D.C.-based investment firm, primarily focuses on healthcare and business services companies. Jeffrey D. Zients, Managing Partner, previously served as Chairman of both The Corporate Executive Board and The Advisory Board, two successful business-to-business content companies serving these industries.

Portfolio Logic bought out PSA in 2007.

A 2015 Justice Department settlement with PSA stated:

The U.S. Attorney's Office announced that Pediatric Services of America Healthcare, Pediatric Services of America, Inc., Pediatric Healthcare, Inc., Pediatric Home Nursing Services (collectively, "PSA"), and Portfolio Logic, LLC agreed to pay $6.88 million ($6,882,387) to resolve allegations that PSA, a provider of home nursing services to medically fragile children, knowingly (1) failed to disclose and return overpayments that it received from federal health care programs such as Medicare and Medicaid, (2) submitted claims under the Georgia Pediatric Program for home nursing care without documenting the requisite monthly supervisory visits by a registered nurse, and (3) submitted claims to federal health care programs that overstated the length of time their staff had provided services, which resulted in PSA being overpaid.

And the reason private equity firms keep buying healthcare companies?  PPACA (Obamacare) designer Nancy-Ann Deparle was a PEU.  She received payments for residual private equity holdings that were not declared on her financial filings.  Senator Rick Scott (Red Team) did his best to hide his PEU healthcare holdings.

Flashback to 2006 when Zients was trying to buy the Washington Nationals:

Jeffrey D. Zients may work full time on his bid to buy the Washington Nationals, but in the past year he has taken some swings at the private equity business.

The Nationals are currently being pursued by fellow PEU and Carlyle Group co-founder David Rubenstein.

Politicians Red and Blue love PEU and increasingly, more are one.  They need continued access to Uncle Sam's wallet and "Just Us politically connected PEUs" Department.  The Biden cabinet is chock full of former PEUs.

The question is how many undisclosed residual PEU investments does Zients have?  How many residual PEU investments remain undisclosed on the wider Biden cabinet?  

Health reformer DeParle returned to her PEU roots.  Will Ron Klain do the same?

Update:  Zients started another PEU, Capital Logic Partners with friend John K. Delaney:

Capital Logic Partners was a private equity firm that was based in Washington, District of Columbia. The firm focused on small and middle market equity investments in manufacturing and service industries.

Update 1-24-23:   Zeints met with then Vice President Joe Biden, Hunter Biden and David Rubenstein in February 2016.  It was VP Joe and the PEU boys, one of them his.

"If shame were still operative in the modern politics of America" then Zeints would not replace Klain and the Biden Cabinet would have public servants without PEU ties.  

Update 2-15-23:  PEU Zeints took over last week for fellow PEU Ron Klain as White House Chief of Staff.  Klain went on Stephen Colbert and hit a Ted Cruz joke into outer space.  There is no word yet on which PEU may land Klain's services.

Update 4-25-23:  Ron Klain will be advising PEU executives from his former law firm O'Melveny.

Update 9-13-23:  Zeints' family is ringing the register as the result of Uncle Sam's support of TechMet.

PEU Biden Family Office

President Joe Biden has long loved private equity underwriters (PEU).  His son Hunter is one and Biden's Cabinet is chock full of them. 

Flashback to 2012 to 2015 when Hunter Biden was coursing the PEU world:  Fox News reported:

"Our objective was to build a diversified private equity platform, which would be anchored by a globally known Wall Street brand together with a globally known political name," Galanis testified. "Our goal — that is, Hunter Biden, Devon Archer and me — was to make billions, not millions."

"Burnham was the focal point for integrating a ‘Biden family office’ into a large-scale financial company with international influence," he explained, adding that they acquired some of Hunter Biden’s companies like RSP Investments and Rosemont Seneca Advisors.

The greed and leverage boys dominate the executive and legislative branches.  The Carlyle Group cut its teeth hiring former political heavyweights and then levering their influence for PEU gains.  Carlyle co-founder David Rubenstein is famous for his role in the Great Eskimo Tax Scam.

In 1986, Stephen Norris, a lawyer for Marriott, learned of a change to the federal tax code recently initiated by Sen. Ted Stevens, Republican of Alaska. It allowed Alaska Native corporations, created under the Alaska Native Claims Settlement Act, to sell their paper losses at a discount to companies that could use them to reduce their own taxes. Norris started a business that matched companies with Native Alaskans and persuaded Rubenstein to leave Shaw, Pittman and join him. In a single year, they brokered the transfer of a billion dollars in losses, earning at least ten million dollars in fees. In 1987, they were on the verge of another big transfer when the government closed that loophole. The episode became known in Washington business lore as the Great Eskimo Tax Scam.

Jason Galanis did a Native American deal that landed him in jail:

Galanis is serving a 14-year prison sentence after pleading guilty to securities fraud based on bonds issued by a company affiliated with a Native American tribe in South Dakota. The funds were reportedly supposed to be used for certain projects but were instead used for his personal finances.

Selling influence, taking advantage of Native Americans, these are foundational events in PEU history.

The Biden PEU story shows how long the game has been underway.  For decades politicians Red and Blue have loved PEU, so much so, at times they are nearly interchangeable.  

House Committee Targets PEU Hunter

NYPo reported on Hunter Biden's role with Rosemont, a private equity underwriter (PEU):

Rosemont described themselves as “a $2.4 billion private equity firm co-owned by Hunter Biden and Chris Heinz,” with Devon Archer as “Managing Partner.”

The partners attached several branches to the Rosemont Capital trunk, including Rosemont Seneca Partners, LLC, Rosemont Seneca Technology Partners, and Rosemont Realty.

Rosemont Seneca and the Bank of China created a $1 billion investment fund called Bohai Harvest RST (BHR).

The piece was written in 2018.  PEUReport did stories on Hunter's PEU roles in 2012, 2014 and 2016.   I am all for Congress exposing political insiders' work on behalf of the PEU boys.

Fox News reported:

Julianna Smoot in 2014 became an advisory board member of Rosemont Seneca Technology Partners (RSTP), an affiliate of Rosemont Seneca Partners, the fund co-founded by Hunter Biden.

Smoot held key positions in the Obama administration. In addition to her Rosemont advisory board compensation:

Smoot went on to become co-founder of the Blue Lake Strategies public affairs consulting firm, which received more than $500,000 from Unite the Country in less than three years.

Unite the Country is a Blue Team/pro Biden PAC.  This is an example of the ways political insiders funnel huge sums to one another. 

Rosemont Seneca Technology Partners invested in reproductive testing company Counsyl in 2014.  Myriad Genetics purchased Counsyl for $375 million in 2018.  

Burnham Financial Group bought Rosemont Seneca Partners.  It's not clear how much founders Hunter Biden and Chris Heinz made from the sale.

Rosemont Realty made ABC News last year:

Rosemont Realty received a $40 million investment from the widow of a former Moscow mayor.

Rosemont located in Washington, D.C. following The Carlyle Group's lead.  Carlyle employed legions of political leaders to employ "non-lobbying" influence over tax laws, financial regulations and Uncle Sam's fat wallet.

I'd rather Congress employ a true PEU hunter to act on behalf of citizens.  Expose the lot.  The rot exists on both sides of the aisle.

It will take copious amounts of sunlight as a PEU resides under nearly every rock.

Jared Kushner — who worked on Middle East policy under former President Donald Trump — was able to secure over $2 billion in funds for his PEU Affinity Partners.

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

Update 6-30-23:  A Senate subcommittee issued a September 2020 report on Hunter Biden's gorging at the insider money trough.  That boy can flat out eat.  It's PEU level greed and it grows in the dark.

Update 8-1-23:  ZeroHedge reported Hunter's partner Devon Archer shed light on Vice President Joe Biden's influence on the Burisma board appointment.  Archer said the family's "brand" had value at a time when the firm was facing corruption allegations.

Jen Psaki Blue PEU Defender

President Elect Joe Biden's Press Secretary Jen Psaki once defended candidate Barack Obama's July 2007 meeting with private equity underwriters (PEU) on Nantucket.  The Hill reported:

At a dark-shingled mansion, one of many tucked along Washing Pond Road on this island’s north shore, Sen. Barack Obama (D-Ill.) met a couple hundred of the nation’s wealthiest Democrats at a $1,000-a-plate fundraiser on Friday to explain why he should be president even though he’ll raise their taxes.

Many residents with summer homes here have made fortunes from private equity deals and hedge funds.

The host of Obama’s fundraiser, Louis Susman, sits on the executive advisory board of Edgewater Funds, a private equity firm based in Chicago, according to the firm’s website.

Flash forward to November 2019.  Cape Cod Times reported:

Joe Biden is back on Nantucket for Thanksgiving, this time as a candidate for president of the United States.

Biden and his wife, Jill, spent some time shopping downtown Monday and Tuesday afternoons.

The location of the family’s stay this year is being kept under wraps. During his time in the White House, it was the Washing Pond home of Louis Susman, former ambassador to the United Kingdom and Democratic Party fundraiser, and later, the Abrams Point compound of Carlyle Group co-founder and prominent Washington, D.C., philanthropist David Rubenstein.

PEUs Susman and Rubenstein hosted Joe Biden in the past.  December 2019 found Barack Obama purchasing an $11.75 million home on nearby Martha's Vineyard.

President Elect Joe Biden appointed a smattering of PEUs to his cabinet, Chief of Staff, Secretary of State, Defense Secretary and Climate Czar).  Biden's Press Secretary has a history of defending the PEU class.  

The greed and leverage boys did very well under President Obama and expect to do likewise under President Elect Biden.  The rest of us, ot so much.

Update 3-14-21:  The PEU boys got a mention in Senator Sherrod Brown's Wall Street vs. Workers speech.

Biden Returns to Nantucket for Thanksgiving

Cape Cod Times reported:

President Joe Biden will once again be spending Thanksgiving on Nantucket, continuing his four-decade-long tradition that has seen him evolve through elected positions in public life.

There is no official word from the White House.

The Nantucket Current added:

Nantucket Police Lt. Angus MacVicar told the Current he anticipates there won’t be any changes from President Biden’s visit to the island last year. If that’s correct, it would entail a stay at billionaire David Rubenstein’s compound on Nantucket Harbor, Thanksgiving dinner from Faregrounds restaurant, a visit to the downtown area for dining, shopping and the tree lighting ceremony on Friday, and time with his family.

Carlyle co-founder David Rubenstein has big bets on crypto's resurgence, healthcare artificial intelligence, fintech and defense/security through his family office, Declaration Partners.  He's also the face of private equity's preferred "carried interest" taxation, showing up on Capital Hill every time there is a serious challenge.

While many are outraged by Supreme Court Justice Clarence Thomas' non-declaration of expensive trips gifted by rich friends, consider the rules in place regarding Presidential trips:

When Biden receives free lodging, he’s supposed to disclose it on annual financial disclosure forms that are released publicly each May. The form requires the president and vice president to disclose free lodging worth more than $390. Ethics experts say the “personal hospitality” reporting exception on that form doesn’t cover instances where the homeowner isn’t present.

Historically, Rubenstein only spends twelve days a year at his Nantucket estate.  That means the odds are good that citizens won't see the value of this trip on an annual disclosure form.  Nearby properties rent for $25,000 to $75,000 per week.

David Rubenstein recently interviewed Citadel Chief Ken Griffin at Mount Vernon, the estate of President George Washington.  They did talk about money in politics but viewed the ignorant masses as a larger problem for democracy.  They also discussed the ballooning federal deficit but did not offer to give up their preferred taxation or pay higher income tax rates.

Griffin mentioned Nikki Haley as his preferred Red Team Presidential candidate.  Rubenstein did not cite his horse for the 2024 Presidential race, but rest assured David is poised to benefit regardless of the outcome.  

So few have so much to be thankful for.

Update 11-24-23:  President Biden called for Americans to "put unity above politics" from Nantucket.  The Hill piece did not mention Biden's stay at the Rubenstein compound.  From the Biden cabinet to his Thanksgiving vacation host it's clear the President feels strongly about peunity.

...if capitalism and its moneyed interests are in charge, those excesses inevitably grow to the point where they are able to extinguish democracy and ride roughshod over the common good.

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

Update 4-26-24:  Hard times for some Nantucket homeowners as storms and rising tides have taken out homes.

6th Session of Saudi "Davos in the Desert"

Saudi money will lure thousands to the Saudi "Future Investment Initiative" Conference, also known as Davos in the Desert.  Speaker Stephen Schwarzman, a Blackstone Goup co-founder and prominent Trump advisor, represents the greed and leverage boys.

Two former Trump officials, Jared Kushner and Steven Mnuchin,  have private equity firms with major Saudi investments.  Mnuchin spoke at last year's Davos in the Desert event while Kushner met with the Saudi Crown Prince earlier this year.  Kushner's Affinity Partners has $3 billion in assets under management, much of it Saudi money.

Vox reported:  

Four years after Khashoggi’s killing, the rehabilitation of MBS is complete. 

President Joe Biden, after pledging on the 2020 campaign trail to make Saudi Arabia a “pariah,” capitulated and traveled to the country in July, in a visit that gave MBS the legitimacy he craves. The US has been sending huge amounts of weapons to the kingdom. And the grave human rights concerns do appear in summaries of the leaders of the US and Saudi Arabia but hardly rise to the level of a top priority for Biden’s foreign policy team.

Don't count on private equity underwriters (PEU) or their sponsored politicians to stand up to dark forces.  Authoritarian greed will bring new global disorder 

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

Update 10-25-22:  Reuters reported:

No Biden administration officials were visible at the forum on Tuesday. Jared Kushner, a former senior aide to then-President Donald Trump who enjoyed good ties with Prince Mohammed, was featured as a front-row speaker.

In what sounds like a LIV press conference the Saudi Energy minister said the kingdom decided to be "the maturer" party in the oil price spat with President Biden.  "The maturer" guy Crown Prince makes fun of Biden behind his back, showing him to be a true Clown Prince.

FT noted Kushner and Mnuchin would speak at the event.  

Comedian Hassan Minhaj was on CNBC talking Saudi Arabia and the PEU boys:

Update 11-12-22:  Former Blue Teamer Peter Orszag and Lazard are behind the Crown Prince's resurgence on the world stage as his financial advisor.

Saudi Arabia's Public Investment Fund (PIF) is working with Lazard on funding options and a potential initial public offering of Masar, a $27 billion mega project in the holy city of Mecca.

Greed is as greed does.

Lazard Geopolitical Advisory will combine some of the world’s most experienced geopolitical minds with Lazard’s unmatched business expertise.

It's an unholy alliance.

Update 12-6-22:   The U.S. court case against the Crown Prince was dismissed under the guise of sovereign immunity, something the Prince did not have at the time of the execution.  The judge said his hands were tied by the Biden administration's recommendation to the court.  Thugs win. 

Update 10-21-23:  Davos in the Desert starts this coming week.  It's theme is "The New Compass."  The Israel-Gaza war may impact who actually attends.  The theme is meant to capture "the essence of a new global world that is rediscovering its bearings in the realm of investment." Translation:  Do as the Crown Prince says and you will be paid handsomely.

Yet Another PEU Vacation for Biden

President Joe Biden will vacation yet again at an investment manager's beach house. 

“They stayed here before and they’re not paying,” a source close to the family told the New York Post. “They’ve never paid. They’re just friends.”

The beach home is on Kiawah Island and owned by the co-founder of Aetos Capital.

The 10,500-square-foot, nine-bedroom oceanfront retreat is owned by Maria Allwin, the Connecticut-based widow of real estate and hedge fund manager James Allwin, and she has hosted Biden in years past, including while he was vice president.

Aetos divided in two after the death of Jim Allwin.

"Jim's original vision was to have several different alternative businesses--hedge funds, real estate, private equity and venture capital." 

Biden often spends Thanksgiving at the Nantucket home of Carlyle Group co-founder David Rubenstein.  It's almost become an annual event.

The Biden cabinet is chock full of former private equity underwriters (PEU):

Chief of Staff Ron Klain - Revolution LLC

Secretary of State Anthony Blinken - Pine Island Capital

Defense Secretary Lloyd Austin - Pine Island Capital 

Commerce Secretary Gina Raimondo - Point Judith Capital

Energy Secretary Jennifer Granholm - Ridge-Lane Limited Partners 

Agriculture Secretary Tom Vilsack - Ridge-Lane Limited Partners

Director of National Intelligence Avril Haines - Tikehau Capital

Biden just nominated yet another one for a Department of Energy infrastructure position. 

Politicians Red and Blue love PEU and increasingly more are one.  The Blue Lucys and Insane Reds do their best to keep this romance behind the public curtain.

Update 1-4-23:  Raimondo has been mentioned as a future Treasury Secretary should Janet Yellen move on. 

Update 10-31-23:  Forbes asked one contributor covering Raimondo to back off before stopping his articles altogether.

Biden Thankful for House of Greed

U.S. President Joe Biden is spending Thanksgiving at the Nantucket home of Carlyle Group co-founder David Rubenstein.  This will be at least the third time he has done so.  The first occurred in 2014, then 2016 and now 2021.  There is a chance Biden stayed there in 2019.

Multi-billionaire Rubenstein is the man who repeatedly saved private equity's preferred carried interest taxation and may benefit from the Blue Team tax cut for the wealthy.  On how many homes can David Rubenstein claim the state and local tax deduction?  

Carlyle's Rubenstein is reportedly in Europe and not with Biden for his Thanksgiving trip.  

Rubenstein has reportedly boasted to friends that he only spends 12 days a year at the Nantucket estate. 

Ultrarich Rubenstein would much rather pay interest than taxes.  Here's his latest take on taxes.

‘If you tax the upper income, there aren’t enough of those people to really make a wealth distribution effect that’s going to be significant. There just aren’t enough highly wealthy people.

It's remarkably consistent with his stand over a decade ago.  This is from a major business reporter (Summer 2011):

I have seen so many people -- particularly those in their 50s - 70s -- taken apart by what has happened in their industry as greed has hollowed out the economy. These are people took pride in their jobs and held themselves to this invisible standard that we all just took for granted, but is being wiped out.

The Carlyle Group scares me more than anything I've ever seen on Wall Street. It seems to exist to corrupt politicians and it's hard to know who they even represent.

I watched a video interview of (David) Rubenstein and his arrogance is really beyond tolerance. He was going on about the debt ceiling problem and how there would need to be cuts in services and higher taxes. When the reporter asked him about tax on carried interest he turned really disdainful and said that this "only" amounted to $22 billion over some number of years and this was not serious money. Boy, nothing like everybody doing their small part to save the country from oblivion!

History is why Biden's staying at the Carlyle Compound is disconcerting.   

Update 11-26-21:  The Carlyle Group's most recent lobbying report indicates its desire to keep PEU preferred carried interest taxation, garner a chunk of all of the Blue Team's spending bills and further Carlyle's COVID-19 profit plans.  Billionaire PEU founders can pick up the phone and call the occupant of the White House.  Both Red and Blue Presidents answer the phone for non-lobbyist David Rubenstein.

Update 1-14-22:  After bailing as lead developer for the Port of Corpus Christi's Harbor Island Carlyle plans to start a new infrastructure offering.  Time to mine more of Uncle Sam's wallet?

Update 11-22-22:  Biden is back at the PEU Rubenstein compound on Nantucket for yet another Thanksgiving.