Excerpt From
These Are the Plunderers p. 310
Gretchen Morgenson & Joshua Rosner

#privateEquity #books #nonfiction #kkr #predatoryCapitalism #leonBlack #apollo #blackstone #forbes

Excerpt From
These Are the Plunderers p. 287
Gretchen Morgenson & Joshua Rosner

#privateEquity #books #nonfiction #kkr #predatoryCapitalism #leonBlack #apollo #pensions #retirement
/5

These pension deals had a telling name, however. They were called “pension risk transfers,” and therein was their problem. The companies selling their pension obligations were transferring to another entity the risks associated with making these payments for years to come. A good thing for the companies, of course, but beneficial to the pensioners? Not so fast.
/4
#privateEquity #leonBlack #theseAreThePlunderers #apollo #pensions

“.. by 2021, white-collar crime prosecutions stood at an annualized rate of 4,727, or roughly half the level of twenty years earlier. Of those cases, only about 10 % were against financial institutions; more cases involved identity theft and fraud in federal programs and healthcare.”

These Are the Plunderers
Gretchen Morgenson & Joshua Rosner
#privateEquity #theseAreThePlunderers #leonBlack #nonfiction

Too Big To Fail. Gretchen Morgensen & Joshua Rosner characterize the 1990s/2000’s : “An exceptional criminogenic environment” was how Bill Black, the federal government’s director of litigation during the savings and loan crisis, characterized the mortgage mess. “There were no criminal referrals from the regulators. No fraud working groups. No national task force. No effective punishment of the elites here,” he said. “

These Are the Plunderers

#privateEquity #bookstodon #nonfiction #leonBlack

“Time and again, Garamendi’s “fire sale approach” would have the same result: enriching Apollo at the expense of Executive Life’s policyholders. ”

Excerpt From
These Are the Plunderers
Gretchen Morgenson & Joshua Rosner
#johnGaramendi #privateEquity #leonblack #predatoryCapitalism

Honestly. What the hell? How did/does John Garamendi have an office of public responsibility --after all of this?
What the hell?

Excerpt From
These Are the Plunderers
Gretchen Morgenson & Joshua Rosner p. 108

#leonblack #bookstodon #privateEquity #nonfiction #johnGaramendi @johngaramendi

Late 1991, John Garamendi as then-Insurance Commissioner for California handed ex-Drexel managers, Leon Black et al, a huge payday:
“The Apollo partners [Leon Black et al] were the elated ones. Under the terms of the sale [Executive Life] , Altus would ultimately receive almost $6 billion worth of bonds for around $3 billion.”

Excerpt From
These Are the Plunderers
Gretchen Morgenson & Joshua Rosner p. 103 #leonblack #bookstodon #privateEquity #nonfiction #johnGaramendi

Excerpt From
These Are the Plunderers
Gretchen Morgenson & Joshua Rosner p. 97
#leonblack #bookstodon #privateEquity #theseAreThePlunderers #apollo #gretchenmorgenson #joshuaRosner #nonfiction #apolloGroup #johnGaramendi

What’s more, whether the insurer needed to be taken over at all was questioned in a 1994 article published in the Journal of Financial Economics, which concluded that, thanks to the rebounding junk bond market, Executive Life would have been solvent again within a year of its takeover.
Garamendi had sold at the bottom of the market. That was pretty much exactly where the ex-Drexelites had hoped to buy, propelling Apollo to its start.

#leonblack #bookstodon #privateEquity #johnGaramendi

John Garamendi. -- man, you did policy holders 'dirty' as California Insurance Commissioner in 1991:
"In any case, the advantage given to [Leon] Black’s partners by [John] Garamendi led to a terrible outcome for Executive Life’s policyholders. He’d allow assets needed to fulfill Executive Life’s promises to be sold off for far less than they were really worth. ..

#leonblack #bookstodon #privateEquity #theseAreThePlunderers #apollo #gretchenmorgenson #joshuaRosner #nonfiction #johnGaramendi

By June 2021, though, the 1 percenters had raced ahead, their wealth surging to 27 % of the whole versus 26.6 % of the middle class.""

Excerpt From
These Are the Plunderers
Gretchen Morgenson & Joshua Rosner p. 62
#leonblack #bookstodon #privateEquity #theseAreThePlunderers #apollo #gretchenmorgenson #joshuaRosner #nonfiction #apolloGroup

"Even though the nation’s debt markets far exceed the stock market in dollar value, regulatory officials have focused much more closely on policing activities in stock trading than in bond transactions. You almost never hear of insider trading cases involving debt issues, for example."

Excerpt From
These Are the Plunderers
Gretchen Morgenson & Joshua Rosner p. 53
#leonblack #books #privateEquity #theseAreThePlunderers #apollo #gretchenmorgenson #joshuaRosner #nonfiction #apolloGroup

"Even though the nation’s debt markets far exceed the stock market in dollar value, regulatory officials have focused much more closely on policing activities in stock trading than in bond transactions. You almost never hear of insider trading cases involving debt issues, for example."

Excerpt From
These Are the Plunderers
Gretchen Morgenson & Joshua Rosner p. 53
#leonblack #bookstodon #privateEquity #theseAreThePlunderers #apollo #gretchenmorgenson #joshuaRosner #nonfiction #apolloGroup

“No matter. Profiting from problems you’ve created is a long-standing tradition on Wall Street. For example, investment bankers are famous for advising corporate clients whose acquisitions don’t work out to sell companies they had advised them to buy in the first place. Best of all, advisers earn fees on both deals.”

These Are the Plunderers
Gretchen Morgenson & Joshua Rosner
#leonblack #bookstodon #privateEquity #theseAreThePlunderers #apollo #gretchenmorgenson #joshuaRosner #nonfiction

“In addition to taking down the president of Honduras, the fraud helped produce a new law banning such payoffs—the Foreign Corrupt Practices Act of 1977.
The suicide occurred while Leon Black was finishing up at Harvard Business School.

These Are the Plunderers
Gretchen Morgenson & Joshua Rosner
#leonblack #bookstodon #privateEquity #theseAreThePlunderers #apollo

Terrified, young girl
Accuses billionaire of rape
A monstrous injustice

#leonblack #epstein #rape #justice #haiku #poetry

https://www.cnn.com/2023/07/27/business/leon-black-epstein-rape-allegation/index.html

#LeonBlack #JefferyEpstein Billionaire investor Leon Black is accused of raping teen in Jeffrey Epstein’s NY townhouse https://www.cnn.com/2023/07/27/business/leon-black-epstein-rape-allegation

Jezebel: Sex. Celebrity. Politics. With Teeth: Billionaire Leon Black Accused of Raping 16-Year-Old With Down Syndrome at Epstein's Estate https://jezebel.com/billionaire-leon-black-accused-of-raping-16-year-old-wi-1850678253 #Jezebel #princeandrewdukeofyork #draftbradleyjedwards #ghislainemaxwell #jeffreyepstein #hermaxwell #leonblack #elizabeth #lawcrime #epstein #janedoe

Unlocked Article: #LeonBlack #jefferyEpstein One would wonder why Leon Black paid such high fees to a convicted sex offender. Senate Panel Probes Leon Black’s Financial Ties to Epstein, Tax Maneuvers
Finance Committee seeks more detail from ex-Apollo CEO on Jeffrey Epstein’s tax advice https://www.wsj.com/articles/senate-panel-probes-leon-blacks-financial-ties-to-epstein-tax-maneuvers-d72c2b84?st=wriilsir6asvn5y&reflink=desktopwebshare_permalink