Obama used executive powers to benefit close friends' private investment firms

[jmyrlefuller]

https://www.washingtonexaminer.com/politics/obama-used-executive-powers-to-benefit-close-friends-private-investment-firms-book

by Katelyn Caralle
March 20, 2018

The book highlighted Marty Nesbitt and Harreld Kirkpatrick III, both former basketball players and close friends of the Obamas, who launched their private equity investment firm Vistria in sync with Obama’s re-election in 2012.

Unlike other investment funds that avoid highly regulated industries, Vistria was specifically focused on the fields that Obama was busy regulating.

“A curious pattern began to emerge,” Schweizer said in his book. “Obama and his administration would attack industries with government power, which led to substantially lower valuations for these companies. Nesbitt and Vistria, or others close to Obama, could then acquire those assets for pennies on the dollar.”

(excerpt)

[LauraTXNM]

Is this the same book that talks about McConnell and Chao?  I have to get a copy.

That said, Obama focusing on "coal mining, offshore drilling, cash advance companies, and for-profit colleges" seems like a natural, given Democrats' positions on the environment and the scandals in some of these industries.  I remember how many vets were getting screwed by the for-profits and poor people getting ripped off by running up debt with cash-advance businesses.

[Right_in_Virginia]

Is this the same book that talks about McConnell and Chao?  I have to get a copy.

That said, Obama focusing on "coal mining, offshore drilling, cash advance companies, and for-profit colleges" seems like a natural, given Democrats' positions on the environment and the scandals in some of these industries.  I remember how many vets were getting screwed by the for-profits and poor people getting ripped off by running up debt with cash-advance businesses.

What, exactly, are you saying about Obama here?

@LauraTXNM

[LauraTXNM]

What, exactly, are you saying about Obama here?

@LauraTXNM

Sorry if it wasn't clear.  I think it is natural that Obama's administration would focus on environmental problems, so they'd deal with coal and offshore drilling.  My recollection is that the for-profit college scandal rose because a lot of veterans were being cheated by them.  Cash lending firms were doing some dubious things that drove poor people further into debt.

I'm not surprised that SOMEONE bought some of these companies, and the pool of wealthy people in this country is small enough that they more-or-less all know each other in some way.  But correlation is not causation.  So I don't assume there's a link. 

I'm going to get this book so I get more detail about the argument. 

I do think having wealth pooled in such a small population makes connections and conflicts of interest very difficult to avoid.  My husband's work community is very small, as well, and they all know and/or have worked together. 

[WingNot]

Obama used executive powers to benefit close friends' private investment firms

The hell you say.   Not Saint Obama.  He would never use the office to line his pockets or the pockets of others beholden to him....would he?

[Right_in_Virginia]

Sorry if it wasn't clear.  I think it is natural that Obama's administration would focus on environmental problems, so they'd deal with coal and offshore drilling.  My recollection is that the for-profit college scandal rose because a lot of veterans were being cheated by them.  Cash lending firms were doing some dubious things that drove poor people further into debt.

I'm not surprised that SOMEONE bought some of these companies, and the pool of wealthy people in this country is small enough that they more-or-less all know each other in some way.  But correlation is not causation.  So I don't assume there's a link. 

I'm going to get this book so I get more detail about the argument.  I do think having wealth pooled in such a small population makes connections and conflicts of interest very difficult to avoid.  My husband's work community is very small, as well, and they all know and/or have worked together.

 Are you saying Obama was right to use his executive powers to benefit close friends' private investment firms @LauraTXNM ?

[LauraTXNM]

Are you saying Obama was right to use his executive powers to benefit close friends' private investment firms @LauraTXNM ?

@Right_in_Virginia  Oh, no, not at all!  I'm saying administrations pick policy priorities based on their platforms.  There are nearly always winners and losers.  Most often, some wealthy people will benefit.  We have a very small group of wealthy people in the US, which makes it almost inevitable that they all know each other.  So some wealthy people who benefit from policies will probably know people the government.  Just because they know each other, doesn't mean the policy was CREATED TO HELP THEM.

I don't believe President Trump's huge infrastructure push, with its emphasis on private investment, WAS CREATED to help his friends.  But some of his friends will benefit.

I know cronyism and nepotism exist, and I'm going to read this book to learn more about them.  But I'm not making a foregone conclusion.

[Right_in_Virginia]

@Right_in_Virginia  Oh, no, not at all!  I'm saying administrations pick policy priorities based on their platforms.  There are nearly always winners and losers.  Most often, some wealthy people will benefit.  We have a very small group of wealthy people in the US, which makes it almost inevitable that they all know each other.  So some wealthy people who benefit from policies will probably know people the government.  Just because they know each other, doesn't mean the policy was CREATED TO HELP THEM.

So, "yes", you are providing a defense for President Obama.

I don't believe President Trump's huge infrastructure push, with its emphasis on private investment, WAS CREATED to help his friends.  But some of his friends will benefit.  I know cronyism and nepotism exist, and I'm going to read this book to learn more about them.  But I'm not making a foregone conclusion. 

Please don't drag President Trump into this .... especially to defend Sparky.

Thanks for the reply @LauraTXNM

[LauraTXNM]

So, "yes", you are providing a defense for President Obama.

Please don't drag President Trump into this .... especially to defend Sparky.

Thanks for the reply @LauraTXNM

@Right_in_Virginia  If it sounds like I’m defending anyone, then I’m not being clear enough.  The article presented didn’t include enough information; I’m going to read the book to learn more.  I’d appreciate you not putting words in my mouth. 

[thackney]

[We have a very small group of wealthy people in the US, which makes it almost inevitable that they all know each other.

I guess it depends on where you draw the line for wealthy.

~540 Billionaires in the US.

https://www.forbes.com/sites/katiesola/2016/03/05/here-are-the-states-with-the-most-billionaires/#7fdb1df9101e

73,110 ultra-high-net-worth (UHNW) individuals in America in 2016 (>$30 million)

http://time.com/money/4833875/ultra-wealthy-americans-millionaire-billionaire/

[Right_in_Virginia]

@Right_in_Virginia  If it sounds like I’m defending anyone, then I’m not being clear enough.  The article presented didn’t include enough information; I’m going to read the book to learn more.  I’d appreciate you not putting words in my mouth.

Just my interpretation of your sometimes circular posts.  No offense meant, and thanks for clearing up that you're not defending anyone.  I appreciate that.

@LauraTXNM aTXNM