#thesearetheplunderers — Public Fediverse posts

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.
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#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

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

"This demand of Garamendi’s would guarantee the greatest possible profits for [Leon] Black and his partners, at policyholders’ expense.

Excerpt From
These Are the Plunderers
Gretchen Morgenson & Joshua Rosner p. 77
#leonblack #bookstodon #privateEquity #theseAreThePlunderers #apollo #gretchenmorgenson #joshuaRosner #nonfiction #apolloGroup

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

'Then [Thomas] McCann opined on [Eli, Leon Black’s father] Black’s larger legacy. “One good way to kill off a company is to approach it as though it has no life, no age, no spirit, no constituencies that matter,” he wrote. “In other words, to approach it as Eli Black did, as though it were nothing more than numbers.”
Much like the plunderers of today.'

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