THIS IS WHY OUR US CITIES ARE THE FOCAL POINT FOR PROTESTS AND LABOR AND JUSTICE ACTIONS----GET RID OF GLOBAL WALL STREET POLS AND PLAYERS IN US CITIES---THEN WE STOP MOVING FORWARD.
'Pete J. Clare and Kewsong Lee
Deputy Chief Investment Officers
Corporate Private Equity'
'PIMCO: Here's What It Owns
Tyler Durden's picture
by Tyler Durden
Sep 26, 2014 9:46 AM'
PIMCO is big. Scratch that, it's massive: after all it holds over $2 trillion in global securities, mostly bond-related. It is so big, in fact, it takes two pages just to list the number of funds that comprise it, let alone the securities that these funds actually own'.
The US never had entities given the ability to do anything they want all last century until breaking GLASS STEAGALL. This is when MITT ROMNEY became that VENTURE CAPITALIST PRIVATE EQUITY Wall Street raider breaking down US corporations that were heading to overseas Foreign Economic Zones to kill all labor and creditor benefits and debt. As the article states below PRIVATE EQUITY is more interested in long-term investments like real estate and globally expanding corporations. Who drives all that subprime mortgage frauds killing real estate markets and the ability to legally TITLE property=====PRIVATE EQUITY LIKE CARLYLE GROUP. So, in Baltimore they drove that subprime mortgage fraud----global Johns Hopkins and global Sheppard Pratt supplied the UNQUALIFIED HOME BUYERS KNOWN TO DEFAULT AND FORECLOSE. Who has subprime mortgage loan debt? NOT THE 99% OF WE THE PEOPLE---it is CARLYLE GROUP and Johns Hopkins tied to the frauds and profiteering from them.
CARLYLE GROUP is that global 1% multi-national monetary structure CLINTON/BUSH/OBAMA NOW TRUMP are fighting hard to make the only voice in global economics and all monetary movement in US.
"As one of the largest and most diversified corporate private equity platforms, we are well positioned to create opportunities that deliver strong performance."
PIMCO is that global hedge fund. It launders all that Wall Street fraud from our local US cities and private equity corporations are those global 1% getting the profits from these laundered frauds.
When 99% of WE THE PEOPLE look at who actual owns all the debt from these few decades of massive and systemic fraud -----
THESE GLOBAL CORPORATIONS ARE THOSE DEBTOR----THEY OWE WE THE PEOPLE ALL THEY ARE WORTH.
Just about any financial deal tied to a PIMCO or CARLYLE GROUP is void -----the money tied to it comes back to government coffers and 99% of individual citizens-----because these deals were illegal and fraud. Each US city is tied to that global corporate debt ----LET'S JUST CALL THAT DEBT.
It is our local US CITY COUNCILS AND MAYORS whose duty it is to do just that----they are players for global 1% and soaking 99% of citizens with debt not legally tied to them. Baltimore City Council and Mayor PUGH---THAT'S WHO!
7 Differences Between Private Equity and Hedge Funds
December 1st, 2014
Like Ol' Blue Eyes and New York, New York, hedge funds and private equity are often mentioned in the same breath. Sure, both fund types are sold through private offerings that rely on exemptions from registration. And both tie up investors' capital for longer than stocks or ETFs in exchange for the chance to generate better-than-market returns. But there are actually more differences than similarities between these two types of funds. Investors should be aware of the implications for their portfolios.
1. What am I buying here?
Most hedge funds invest in securities like stocks, bonds, derivatives and commodities that are tradeable on the open market and can be bought or sold on short notice. Positions in the portfolios of these funds change often, sometimes even on an intraday basis.
Private equity funds, in contrast, invest in companies or properties with the intent to operationally manage, grow and eventually sell these assets. These investments generally take 3-5 years, and sometimes much longer, to become fully realized.
2. Is it an investment or a commitment?
When you invest in a hedge fund, your money leaves your bank account as immediately as when you invest in a mutual fund. Which is as you would expect, since the majority of hedge fund managers are constantly deploying capital in (mostly) marketable securities that trade in real time.
Sign up for a private equity fund, on the other hand, and you often will not need to make an immediate debit from savings. Instead, you will commit an amount of capital to be paid into the fund as needed for deals that the portfolio managers strike in the private markets. As much as investors may want transparency into the timing of these capital calls, funds often simply don't know the timing when you sign up. Investment opportunities can arise unpredictably, and even deals that have been in a fund's pipeline for months or years can get delayed or accelerated as the buying and selling parties complete their negotiations.
3. How long does the commitment last?
Private equity funds don't have an unlimited period of time to call on your committed capital. Rather, they have an investment period that is written into the fund's offering documents. It's generally 3-5 years, after which the fund must release you from your commitment, “use it or lose it” style.
The remainder of the fund's life is the harvest period, where the fund returns proceeds from investments. Some private equity funds have the ability to re-call a portion of the proceeds they return to you so that they can make investments in new portfolio companies. This ability is called recycling. A recycling provision can lengthen the duration of your investment significantly, which may not be desirable from a liquidity perspective but can yield interesting investment opportunities and increase the percent of your capital commitment that is actually put to work.
Since hedge funds don't call capital, they don't officially have recycling provisions. Because they are constantly trimming, increasing and replacing positions, however, you might say the essence of their work is constantly to recycle capital to its best possible risk-adjusted use.
4. How much will I be charged?
Private equity and hedge funds both earn an annual fee on assets managed, usually 1% - 2%, as well as incentive fees typically amounting to 20% of profits. The combination of these management fees and incentive fees is where the oft-quoted “2 and 20” comes from.
The timing and triggers of incentive fees impact net returns and differ among fund types. Incentive compensation at hedge funds is often driven by a concept known as an annual high-water mark, which is different for each investor and reflects the net asset value (NAV) of their share of the fund at the time of their investment. Picture the rise and fall of the investor's NAV as that of a literal column of water that leaves a mark in its wake. If you invest in a fund at an NAV of $100 and it subsequently falls to $85 and then rises to $95, the high water mark of $100 is visible above the current $95 NAV and the manager does not earn an incentive fee that year (or ever, until it gets your NAV back above $100). If the fund rises to $120, however, the manager is entitled to 20% of $20, the quantity of NAV above the high water mark.
Private equity incentive fees, on the other hand, are generally based on a hurdle rate, or minimum net return to the investor. If the hurdle is 8% annualized, for example, an investor that experiences a 10% annualized return will be charged 20% of that entire 10%. If the return is at all below 8%, however, the investor will not be charged an incentive fee on any portion of the return. Because a fund could achieve above-hurdle returns early in its life and then disappoint later on, private equity funds often have what are known as LP clawback provisions wherein part or all of a previously disbursed incentive fee is sent back to the investor's capital account.
5. When will I see my returns?
Generally, the liquidity terms of a fund should match those of its underlying investments. Consistent with hedge funds' typical focus on marketable securities, they tend to be open-end funds, meaning that as long as there is capacity for more assets in a particular strategy, investors can invest or redeem cash within the fund's liquidity parameters. Some funds permit capital withdrawal every day, while most restrict it to once a month, once a quarter, once a year, or less, usually depending on the liquidity of the underlying assets. Practically speaking, if a fund has performed well and you have held the fund through your lockup period, you can redeem with sufficient advance notice and pocket the proceeds (minus applicable taxes). If the fund has done poorly, on the other hand, you can redeem and reinvest the proceeds in something else.
On the other end of spectrum, private equity funds are closed-end, reflecting their long-term investment in much less liquid assets. Rather than accept periodic investments and redemptions, private equity firms (often called sponsors) have a discrete capital raise period for each fund during which they target a total fund size matching the scope of the investment opportunity set they plan to pursue. Once the fund has either raised (or exceeded) its target (or tried and failed to do so over a maximum acceptable time period ), the sponsor holds a final close. After this happens, no additional capital is generally granted access to the fund. All committed investors are locked into the fund until the end of its life in typically 8-12 years. PE's long-duration investments and corresponding closed-end structure are the driving forces behind the J-curve pattern to private equity returns.
6. What about taxes?
Every year, hedge funds and private equity funds generate a form K-1, which reports the investor's share of taxable gains, losses and income. With hedge funds, the proportion of short-term vs. long-term gains depends on how often the portfolio manager holds the fund's investment assets. Ordinary income tax may be generated by bonds and other income-producing instruments held by the fund. Most private equity fund holdings remain in the portfolio for longer than 12 months and are therefore considered long-term capital gains.
7. What sorts of protections am I afforded as an LP?
Private equity and hedge funds offer different measures of protection against behaviors - by fund managers and by other investors - that could adversely impact the value of their investment.
Managing a portfolio of private companies can be incredibly time-consuming. Often, members of a private equity team will assume semi-permanent senior positions at portfolio companies in order to drive change from the inside. To give investors comfort that senior talent will stay deployed long-term, PE firms will often commit not to raise a subsequent fund offering until a certain time period has elapsed.
Individual holdings of marketable securities do not often have as strong a claim on hedge fund managers' time, so hedge funds typically do not offer this provision in their documents. A hedge fund portfolio manager may run multiple strategies, but they are typically related such that time spent conducting research for one strategy benefits the others.
Both hedge funds and private equity funds sometimes offer key man provisions to protect against an important person ceasing to work on behalf of the fund. In the case of a hedge fund, the occurrence of a key man event will often entitle all investors to withdraw their capital from the fund, regardless of any lock-up or notice period requirements. The occurrence of a key man event in the private equity context typically results in the termination of the investment period of the fund — namely no more new investments can be made.
Both fund types also offer protections against the adverse actions of other LPs. A hedge fund's liquidity constraints (i.e. allowing only periodic withdrawals and only after a certain number of days' notice) ensure that the manager has adequate time to sell securities without creating a massive, NAV-busting downward move in prices. Some hedge funds also have “gates,” whereby only a designated percent of assets is allowed to exit the fund in any given month or quarter. Many funds exercised their gating provisions in 2008 in order to prevent a mass exodus of assets.
Private equity investors simply cannot withdraw capital before the end of a fund's life. Those who default on capital calls face severe penalties, an effective deterrent for behavior that in aggregate could significantly impair a fund.
Where definitions blur
The differences between private equity and hedge funds are significant and reflect distinct underlying investments and portfolio durations. This does not mean, however, that the two categories are mutually exclusive. Hybrid vehicles exist, as do funds that run both types of strategies. Markets are dynamic, and creativity wins, so it is not highly unusual for a manager running a highly liquid portfolio to spot private investment opportunities that might just be too good to resist. For the most part, though, when it comes to hedge funds and private equity, think more along the lines of peanut butter and pizza: not exactly an iconic pairing, but each satisfying in its own right.
HEDGE FUNDS did not exist before CLINTON/BUSH/OBAMA and the fleecing of tens of trillions of dollars from US 99% of WE THE PEOPLE----what were US banks and a US stock market regulated and having interests in keep the US economy strong and REALLY free market became global 1% crony and corrupt extreme wealth. These are the groups gaining those profits from the global banking frauds these few decades. PIMCO and investment firms like them simply work for these global hedge funds. Our US IVY LEAGUE universities are controlled by these global hedge funds---this is why we call Johns Hopkins----global hedge fund IVY LEAGUE Johns Hopkins. These US IVY LEAGUE universities were the local source for all those 5% pols and players ----all those FAKE 'labor and justice' organizations pushing the Wall Street frauds CLINTON/BUSH/OBAMA-
THESE GLOBAL HEDGE FUNDS WORK FOR THOSE OLD WORLD MERCHANTS OF VENICE GLOBAL 1%----WHO NOW HAVE TRILLIONS OF DOLLARS IN NET WORTH.
Our local US city 5% players are low on totem going under the bus this coming decade----those national 5% players fighting to become a global 2% will be under the bus in two decades.
DOES THIS MEAN US GOVERNMENT AND 99% CITIZENS HAVE NO MONEY? NO, ALL THESE GLOBAL WALL STREET DEALS ARE FAKE DEBT-----WE SIMPLY NEED TO REFUSE TO RECOGNIZE ILLEGAL FAKE DEBT.
Here we see all our ROBBER BARON PRESIDENTS CLINTON/BUSH/OBAMA NOW TRUMP are tied to CARLYLE----Bush made this fund the largest simply from the massive frauds by DEPARTMENT OF DEFENSE ----TRILLIONS OF DOLLARS IN FRAUDS support CARLYLE GROUP.
'Carlyle has been profiled in two notable documentaries: Michael Moore's Fahrenheit 9/11 and William Karel's The World According to Bush.
In Fahrenheit 9/11, Moore makes nine allegations concerning the Carlyle Group. Moore focused on Carlyle's connections with George H. W. Bush and his Secretary of State James Baker, both of whom had at times served as advisers to the firm. The movie quotes author Dan Briody, who claimed that the Carlyle Group "gained" from the September 11 attacks because it owned United Defense, a military contractor, although the firm’s $11 billion Crusader artillery rocket system developed for the United States Army is one of the few weapons systems cancelled by the Bush administration. A Carlyle spokesman noted in 2003 that its 7% interest in defense industries was far less than several other Private equity firms. Carlyle also has provided detail on its links with the Bin Laden family, specifically the relatively minor investments by an estranged half brother'.
HERE IS OUR CALIFORNIA/MARYLAND CONNECTION TO WHAT IS FILLED WITH US PRESIDENTS AND GLOBAL 1%. Where did much of the ROBBER BARON frauds these few decades originate? MARYLAND, TEXAS, AND CALIFORNIA
THE CARLYLE GROUP, INC.
Maryland Secretary Of State Business Registration · Updated 1/7/2016
UCC SEARCH FOR THE CARLYLE GROUP, INC.
The Carlyle Group, Inc. is a Maryland Foreign Corporation filed on March 15, 1988 . The company's filing status is listed as Revived and its File Number is F02524379.
The Registered Agent on file for this company is Walter R. Stone, Esquire and is located at Suite 600 7 St. Paul Street, Baltimore, MD 21202. The company's principal address is 9073 Nemo Street, West Hollywood, CA 90069...............................................................................................................................................
Company Name: THE CARLYLE GROUP, INC.
File Number: F02524379
Filing State: Maryland (MD)
Domestic State: California (CA)
Filing Status: Revived
Filing Date: March 15, 1988
Company Age: 29 Years, 9 Months
Walter R. Stone, Esquire
7 St. Paul Street
Baltimore, MD 21202
9073 Nemo Street
West Hollywood, CA 90069
World's Top 10 Hedge Fund Firms
By Shobhit Seth
Add To Watchlist
JPMorgan Chase & Co
Hedge funds are an advanced level portfolio of investments, containing a mix of leveraged derivatives, as well as long and short positions of domestic and international markets, based on advanced methodologies. These funds are intended for sophisticated high-risk, high-return investors.
SO WHY DOES 99% OF WE THE PEOPLE HAVE COMPLETE EXPOSURE TO HEDGE FUNDS AS INVESTMENT STRATEGIES?
This article looks at the top hedge fund firms, based on total assets under management (AUM), and ranks them in decreasing order. The challenge with hedge fund data is that most funds are privately owned and only clients are provided with access to detailed reports. Figures stated here are from official sources (company websites/reports) as available at the time of writing this article, with a few taken from other sources, including Institutional Investor's Alpha.
- Bridgewater Associates LP: According to its website, this Westport, Connecticut-based firm with approximately 1400 employees manages $150 billion in global investments spread across institutional clients, central banks and governments, corporate funds, and pension funds. It has $87.1 billion in hedge fund management, making it the largest hedge fund management firm.
- J.P. Morgan Asset Management is a division of the larger JPMorgan Chase & Co. (JPM
JPMorgan Chase & Co
). Hedge fund management is a part of JPM Asset Management, along with management of other asset classes. JPMorgan Chase has $2.4 trillion in overall assets under management as of December 2013, of which, the hedge fund Asset Management has AUM of $59 billion.
- Och-Ziff Capital Management Group LLC: Founded in 1994 and based in New York, Och-Ziff (OZM
Och-Ziff Capital Management Group LLC
) has $ 47.1 billion AUM as of December 2014. As a hedge fund specialist, Och-Ziff has investments focused across “multi-strategy funds, credit funds, collateralized loan obligations (CLOs), real estate funds, equity funds and other alternative investment vehicles,” according to its website.
- Brevan Howard Asset Management LLP: Founded in 2002, Brevan Howard is a privately held firm based in London with global offices and around $40 billion hedge fund assets under management. It is the largest hedge fund in Europe for AUM. Its hedge fund business centers on multiple assets, including currencies and commodities, along with the usual equities, derivatives, and fixed-income securities. Its defined strategies are focused on short-term profit opportunities within an up to six-month timeframe, based on emerging economic trends.
- BlueCrest Capital Management: BlueCrest was founded in 2000 and has offices across the globe. It operates under two streams: alternate investment management and hedge fund management. Their hedge fund AUM are reported to be around $34.2 billion as of December 2013, making it among the top European and global hedge fund management firms.
- BlackRock: This New York-based firm with more than 11,000 employees is one of the largest asset management companies, having a diversified portfolio of financial services from savings to insurance to private equity and more. It has $4.32 trillion of AUM overall, with $31.323 billion in hedge fund management.
- AQR Capital Management LLC: Founded in 1998 in Greenwich, CT, AQR has total AUM of around $114.7 billion as of September 2014, of which $ 29.9 billion are in hedge fund management. Its investment style focuses on global investments in public equity, public futures and options, public bonds, private bonds, and over-the-counter derivatives.
- Lone Pine Capital LLC: Founded in 1997 in Greenwich, CT, Lone Pine Capital’s investment style combines fundamental analysis with a bottom-up approach, using both long and short approaches to invest in global public equity. Hedge fund AUM are reported to be $29 billion.
- Man Group plc: Listed on London Stock Exchange, the London-based Man Group, founded in 1783, has $28.3 billion AUM in hedge funds (out of total AUM of $57.7 billion) as of June 2014. Through its multiple money manager divisions, namely AHL (managed futures), GLG Partners (traditional, alternate, and hybrid investment management), FRM (hedge funds) and Man Numeric (quantitative asset management), it is one of the leading hedge fund management houses.
- Viking Global Investors: Greenwich, CT-based Viking Global was founded in 1999 and has hedge fund AUM of $27.1 billion.
The Bottom Line:
Hedge funds are usually privately held and data related to the funds are made accessible only to clients. Though many top hedge funds have managed to outperform other investment vehicles, they are best suited for high-risk, high-return investors. The list of top hedge fund firms keeps changing each year, indicating a high volatility in performance and in hedge fund AUM. Investors should practice caution while deciding on hedge fund investments, regardless of AUM size or other parameters.
When we look at who is one the board of CARLYLE GROUP we see just a small representative of the global 1% ROBBER BARON pols and players globally. We understand the ALT RIGHT ALT LEFT GLOBAL BANKING FAKE 'TERRORIST' groups if we know the Saudi family and Bin Laden family have been tied to CARLYLE GROUP.
None of these global leaders are working for their own sovereign 99% of citizens----as we always say---they are working for those OLD WORLD MERCHANTS OF VENICE GLOBAL 1% DARK AGES Asia, Persia/Arabia/Europe.
'Maybe you've heard of them: former Secretary of State Jim Baker, former Secretary of Defense Frank Carlucci, and former White House budget director Dick Darman. Wait, we're just getting warmed up. William Kennard, who recently headed the FCC, and Arthur Levitt, who just left the SEC, also work for Carlyle. As do former British Prime Minister John Major and former Philippines President Fidel Ramos. Let's see, are we forgetting anyone? Oh, right, former President George Herbert Walker Bush is on the payroll too.
The firm also has about a dozen investors from Saudi Arabia, including, until recently, the bin Laden family. Yes, those bin Ladens'
So, do 350 million US citizens simply lay down and believe the hype over how much DEBT is tied to our US government coffers---how much debt is tied to US 99% OF CITIZENS----do we allow these BOOM AND BUST frauds designed to drain our public trusts, retirements, pensions these few decades
OR DO WE STAND UP AND DEMAND OUR RIGHTS AS US CITIZENS TO PUBLIC JUSTICE INCLUDING THE REPLENISHMENT OF PENSIONS, 401K, SOCIAL SECURITY, LIFE INSURANCE, ANNUITIES =====LET'S JUST DO IT.
This is from where citizens tying 9-11 to Bush as conspiracy to bring in HOMELAND SECURITY and DEEP REALLY DEEP STATE into the US stems---this association on global hedge fund and global private equity boards.
OH, I SEE THE BALTIMORE CONNECTION WITH THOSE OLD WORLD JEWISH AND CATHOLIC MERCHANTS OF VENICE GLOBAL 1% he has that 5% to the 1% FREEMASON/GREEK connection!
'David Mark Rubenstein (born August 11, 1949) is an American financier and philanthropist best known as Co-Founder and Co-Chief Executive Officer of The Carlyle Group, a global private equity investment company based in Washington, D.C. He also currently serves as chairman of the Kennedy Center for the Performing Arts, chairman of the Smithsonian Institution, chairman of the Brookings Institution, and President of the Economic Club of Washington, D.C. According to the Forbes ranking of the wealthiest people in America, Rubenstein has a net worth of $2.9 billion'.......................Rubenstein grew up an only child in a Jewish family in a Jewish neighborhood in Baltimore. His beginnings were modest. His father was employed by the United States Postal Service and his mother was a homemaker.
He graduated from the college preparatory high school Baltimore City College, at the time an all-male school, and then from Duke University Phi Beta Kappa and magna cum laude in 1970. He earned his law degree from the University of Chicago Law School in 1973, where he was an editor of The Law Review'.
The Big Guys Work For
The Carlyle Group
By Melanie Warner Fortune.com
Are you the sort of person who believes in conspiracies--the Trilateral Commission secretly runs the world, that sort of thing? Well, then, here's a company for you. The Carlyle Group, a Washington, D.C., buyout firm, is one of the nation's largest defense contractors. It has billions of dollars at its disposal and employs a few important people. Maybe you've heard of them: former Secretary of State Jim Baker, former Secretary of Defense Frank Carlucci, and former White House budget director Dick Darman. Wait, we're just getting warmed up. William Kennard, who recently headed the FCC, and Arthur Levitt, who just left the SEC, also work for Carlyle. As do former British Prime Minister John Major and former Philippines President Fidel Ramos. Let's see, are we forgetting anyone? Oh, right, former President George Herbert Walker Bush is on the payroll too.
The firm also has about a dozen investors from Saudi Arabia, including, until recently, the bin Laden family. Yes, those bin Ladens. Is it any wonder that Internet sites with names like paranoiamagazine.com are rife with stories about Carlyle's shadowy, corrupt global network? And it's not just wackos. "Be careful," a tech entrepreneur in Silicon Valley wrote in an e-mail when he learned I was doing a story on Carlyle. "The rabbit hole runs really deep on this one.''
Leaving aside the conspiracies for a moment, what exactly does the Carlyle Group do? Start with the basics: It's one of the world's largest and most powerful private-equity investment firms, meaning it buys and sells privately held companies and divisions of large public companies for big profits. Founded in 1987 (and named after the favorite New York hotel of the firm's first investors, the Mellon family), Carlyle has raised a total of $14 billion from investors in just the past five years--more than any other private-equity firm has attracted in the same period, except the Blackstone Group and CSFB Private Equity. Profits, too, have been pretty terrific. Not counting the standard 20% cut that goes to Carlyle's partners and managing directors, the firm's average annual rate of return has been 36%.
It's quite a success story, and to understand how Carlyle pulled it off, FORTUNE spent a month and a half peeking down that rabbit hole. One conclusion seems clear: While most of the conspiracy theories are amusingly overblown, this is a firm that's been built on the backs of Bush and other big shots who have lent Carlyle their names, their golden networks of friends in high places, and their insights into how government works. It wasn't until Carlucci joined, for instance, that Carlyle really took off. Founded by David Rubenstein, a lawyer who worked as an aide in the Carter White House, Bill Conway, a former CFO at MCI, and Dan D'Aniello, a former finance executive for Marriott, Carlyle early on invested in a motley assortment of deals--buying an airline-catering business, a health-food chain, and a biotech firm, for example. In 1990, Carlucci got the trio interested in the $150-billion-a-year U.S. defense industry, making introductions to companies that would turn into some of Carlyle's most lucrative investments. Rubenstein quickly realized the wisdom of recruiting a former Secretary of Defense and followed it up with a former Secretary of State, then a former White House budget director, and on and on.
The revolving door has long been a fact of life in Washington, but Carlyle has given it a new spin. Instead of toiling away for a trade organization or consulting firm for a measly $250,000 a year, former government officials can rake in serious cash by getting equity cuts on corporate deals. Several of the onetime government officials who have hooked up with Carlyle--Carlucci, Baker, and Darman, in particular--have made millions. Carlyle isn't the only organization doing it: Metropolitan West Financial in Los Angeles recently hired Al Gore to help with tech deals and make introductions overseas, for example. But Carlyle, which pioneered the idea, seems more adept at it than any other firm.
Unlike other private-equity groups, Carlyle concentrates on companies funded by the government, such as defense contractors, or those affected by government regulation, such as telecommunications firms, and then hires people with relevant government experience. As the company once put it in a brochure, "We invest in niche opportunities created in industries heavily affected by changes in governmental policies." Doing so, of course, raises the ultimate rabbit-hole question: Is Carlyle's approach just a smart twist on good old business networking or a step over the line into an ethical twilight zone in which the public trust is broken?
Half a mile from the White House, inside nondescript offices sparsely adorned with generic depictions of ships and ducks, co-founder Rubenstein sits with his hands folded on a table so shiny you can see your reflection. Next to him sits Chris Ullman, Carlyle's first-ever full-time PR person. Habitually wary of media attention, Rubenstein and his partners agreed to rare interviews with FORTUNE. That's because since Sept. 11 the firm has been under unusual fire. First there was the bin Laden thing. Shafig bin Laden, one of Osama's many brothers and a Carlyle investor, was in attendance at a Carlyle conference at a Washington hotel on that infamous day. As the media were quick to point out, this meant that George H.W. Bush was working for a firm that was helping to make the bin Ladens money. Even though the wealthy Saudi family has reportedly cut all ties to Osama, the press lambasted Carlyle.
The firm has since given the bin Ladens back their money, some $2 million, but controversy lingers. Sept. 11 and its aftermath also created the appearance of further conflicts of interest--namely, that while his son is in the Oval Office directing the war effort and proposing the largest increase in defense spending since Ronald Reagan, Bush is working for a firm that, through various investments, has become the nation's 14th-largest defense contractor. "It destroys the office of the presidency no less, in my view, than having sex with an intern," says Larry Klayman, director of the watchdog group Judicial Watch. On top of all that, there's the unfolding Enron saga and the likely passage of the campaign-finance-reform bill, which suddenly make it look bad for businesses to have too many friends in Washington.
It's no surprise, then, that Rubenstein is anxious to downplay the roles of Carlyle's famous people and to dispel the aura of mystery surrounding the firm. "The word I hate most is 'secretive,' " says Rubenstein, whose wry countenance and shock of white hair suggest a less rubbery version of Steve Martin. Rubenstein insists that all Bush does for Carlyle is give speeches to investors and that it is silly to think of him whispering in his son's ear about how to help Carlyle's companies.
On the whole, Rubenstein says, the big names at Carlyle do a lot less than most people think. "We don't lobby the government," he says, echoing a claim made by other partners interviewed by FORTUNE. He insists that if Carlyle is at all remarkable, it's because of the firm's innovative approach to private equity, its great returns, and its global ambitions--not because it happens to employ a few famous people. "Out of the 500 people at the firm, we have maybe eight or nine who served in government. The rest are your typical Harvard, Stanford, or Wharton MBAs, who do all the same things they do at other firms,'' says Rubenstein. (In fact, the number of former government big shots is 12, but who's counting?)
The conspiracy theorists like to imagine that Bush, Baker, and Major are jetting around the world cutting deals and making money for companies owned by Carlyle, but after nearly two dozen interviews with CEOs of current and former Carlyle companies and people familiar with Carlyle's business, it seems clear that this really isn't happening. What Bush & Co. actually do is far less pernicious but clearly valuable to Carlyle--they help raise money. Every year Rubenstein sets up scores of lunches and dinners around the world intended to woo new investors and gratify existing ones. As you might imagine, people like Bush, Baker, and Major are a huge draw. "If you call and say you're doing a dinner with Jim Baker or with George Bush, and could they please attend, chances are people are going to show up," explains a former employee, who, like all ex-Carlyle staffers I talked to, didn't want his name used. In the mid-'90s, for instance, Baker introduced Rubenstein to members of the royal family in Saudi Arabia and Kuwait; since he left Parliament last year, Major has been opening doors to big money in Europe and Canada. The allure of a former President is particularly irresistible. At Carlyle's annual investor meetings, CEOs and money managers line up to have their pictures taken with Bush.
For his camera mugging and speech giving, Bush is paid "in line with market rates,'' says Rubenstein. That would mean about $100,000 per speech, so if Bush makes five or six speeches a year, as Rubenstein claims, then the former President is earning at least $500,000 annually from Carlyle, not including the money he makes investing in deals. Rubenstein declines to specify which companies Bush has put money into, except to say that as a rule, they have nothing to do with the U.S. government.
There's no doubt that without these stars Carlyle would not have been able to raise as much money as it has. The firm's impressive returns and Rubenstein's seemingly inexhaustible energy and willingness to spend 300 days a year traveling have certainly played a role, but it's the bigwigs who draw crowds and really leave an impression. Their names on Carlyle brochures and their faces at Carlyle events give the firm a patina of power and credibility. "David's a brilliant fundraiser," says a source formerly associated with Carlyle. "What he's done so masterfully is traffic on the impression that the connections they have from these guys can bring them many valuable deals."
In the case of Carlucci, that impression happens to be true. The deals he's brought in total close to $2 billion in profits. There were Magnavox and GDE, makers of top-secret electronics gear, and Vought, an aircraft-parts manufacturer, all of which Carlyle bought and sold within two years, netting $300 million, $109 million, and $140 million, respectively.
Carlyle today is mostly associated with the defense industry, and one of the things Rubenstein and his partners would like to get across is that they invest in other things too. In fact, the firm owns stakes in everything from European automotive-parts manufacturers to Silicon Valley startups and Japanese DSL companies; roughly 25% of its profits last year came from real estate. But if you follow the money, it leads straight back to defense, which is where the greatest chunk of Carlyle's profits have come from. Today defense accounts for about 10% of the firm's total investments, but in the early days it was 60%.
The firm's biggest score to date also involved a military contractor--United Defense, which went public in November, turning Carlyle's $130 million investment into $900 million. But the story of United Defense's latest coup also shows why Carlyle will probably never be seen as just another shrewd investment firm.
Last spring, when United Defense was feverishly pitching the Crusader, one of its new products, to the Department of Defense, Jacques Gansler, then in charge of acquisitions at the Pentagon, got a call from across the Potomac. It was Frank Carlucci, and according to Gansler, he wanted to know how Gansler felt about the Crusader, a controversial self-propelled artillery system that many inside the Pentagon felt was out of sync with plans for a lighter, more mobile Army. "I think he [Carlucci] wanted to make sure I was personally involved and that it wasn't going to be one of these things that got pushed down the bowels of the system,'' says Gansler, who has known Carlucci since the Reagan Administration and occasionally sees him at D.C. social events. As it turned out, Gansler was no fan of the Crusader and told Carlucci as much, ending that conversation. But Gansler thinks that had he been a fan, Carlucci "definitely would have wanted to make sure I was involved.'' It wasn't the first time Carlucci had had a conversation with a member of the Pentagon brass on behalf of a Carlyle company. In the early '90s, when Carlyle owned GDE, Carlucci drove over to Bethesda, Md., and met with, among others, Major General Raymund O'Mara, who was head of the Defense Department's Defense Mapping Agency, then a big GDE customer.
Carlucci acknowledges both conversations but asserts that neither constitutes lobbying. In O'Mara's case, he points out that GDE already had business from the mapping agency; in the case of Gansler, Carlucci says his call did nothing to advance the Crusader's cause. Nor, he says, did any of his interactions with Secretary of Defense Donald Rumsfeld during that time. The two men have known each other since their days on Princeton's wrestling team. The Rumsfelds have been to the Carluccis' for dinner and on several occasions have offered their ski house in Taos, N.M., to Carlucci and his wife, Marsha. It certainly would be easy for Carlucci to strike up a conversation over cocktails about the Crusader or some other Carlyle-related matter, but Carlucci says he never does that. "In light of our friendship, I'm particularly cautious about not discussing Carlyle business with him. In fact, I have never mentioned the word 'Crusader' in his presence," he says. All this may well be true. Yet it certainly can't hurt if it's known throughout the Pentagon that you are good friends with the Secretary of Defense. The Crusader, incidentally, is on the 2003 defense budget, making it likely that the Pentagon will ultimately buy 480 of the artillery systems for $5 billion.
There's no question that Carlyle does occasionally make calls to the government on behalf of its companies. They may not be hard-sell lobbying calls, but making introductions to influential people is often just as effective. One company Carlyle funded recently through its venture fund hopes to tap into the firm's government connections. Indigo Systems, a maker of infrared-camera technology in Santa Barbara, has an interest in seeing the laws restricting exports of U.S.-made infrared technology lifted or amended. Indigo's technology goes into tiny cameras that manufacturers are starting to place in cars. These cameras "see'' objects out of the range of the headlights and display them on a digital monitor. "The automotive industry is not centered on the U.S. today, and if our product is going to become a standard item on cars, I've got to have access to a global marketplace,'' says CEO Tim Fitzgibbons. During the five months it took Indigo and Carlyle to put together a deal, the two sides talked about ways Carlyle could help open doors within the government. "If somebody at Carlyle says to whoever is chairing a committee, 'We wish you would listen to these guys, we're invested in them, and they've got a good point,' then that says a lot. As opposed to me landing in D.C. and trying to get appointments, which is damn near impossible,'' says Fitzgibbons. Indigo's camera technology also has lots of security applications, and the company would like to get a slice of next year's $38 billion federal budget allocated for homeland security. "Carlyle certainly can't influence the outcome, but they can at least get us an audience,'' says Fitzgibbons.
Besides opening doors, fundraising, and marketing, there is another advantage to getting ex-government honchos to join your firm, and that's investment insight. Carlucci didn't help companies like Magnavox, GDE, and Vought win any defense business, but he brought these firms to Carlyle because of connections he'd made with defense contractors while at the Pentagon. And as a former Defense Secretary just a few years out of the job, he knew how to evaluate the companies. It was the end of the Cold War and Pentagon budgets were way down, but Carlucci knew big money was still going to be spent on certain programs. He figured that highly classified electronic equipment--such as the boxes for analyzing radar imagery and the battlefield radios made by Magnavox, as well as the digital mapping technology for cruise missiles made by GDE--was going to be very valuable as the Pentagon tried to make the Armed Forces smarter. Later, when Carlyle invested in Elgar Electronics in 1996, Carlucci looked favorably on something that scared off other investors. Says Elgar CEO Ken Kilpatrick: "Other people questioned what would happen if our business of selling automatic testing equipment to the Navy would go away. But Carlyle understood that the Navy was committed to this program and that it was just in the middle of it." Carlyle sold Elgar in 1998 for a profit of $100 million.
Carlucci downplays the extent of his insight by saying that top analysts like Loren Thompson at the Lexington Institute know just as much as he does about defense spending, and maybe more. Certainly people like Thompson are quite knowledgeable and have networks of contacts at the Pentagon, but they don't belong to the same high-level coterie that a former Secretary of Defense does. They don't, for instance, go to lunches like the one Rumsfeld gave a little over a year ago where former Pentagon heavyweights like Carlucci, William Cohen, Caspar Weinberger, William Perry, and Dick Cheney all chatted and mingled. "Cabinet-level people are a small fraternity who all stay in touch,'' says a former Carlyle staffer. "Once they've reached that global 50,000-foot view, they tend to stay there.''
Though defense has been Carlyle's most fruitful area to date, Carlucci and the firm's current head of defense investing, Alan Holt, don't have plans to do many deals this year. Wars are such an obvious bonanza for defense contractors that prices get bid up, and Carlyle thinks they're too high now. Fortunately, there are lots of other opportunities on the horizon. Carlyle recently launched its first energy fund in partnership with Riverstone Holdings; it is also in the process of putting together an asset-management group, headed by the former treasurer of the World Bank, that will invest in other private-equity funds. With the help of former SEC chief Levitt, Rubenstein is setting up a financial services fund. There's also telecom, which has the biggest team of people devoted to it of any area at Carlyle. "There are dramatic restructurings in the telecom and media business going on right now, and the one thing they have in common is that they're all driven at some point by government action,'' says former FCC boss Kennard--who, like Levitt, is a Democrat, which shows that Carlyle can be bipartisan.
Rubenstein started recruiting Kennard to be a managing director in Carlyle's telecom group as soon as he left the commission last year, and ultimately won out over lots of other bidders. He was quite a catch. Kennard knows everyone who's anyone in telecom and has extensive contacts at regulatory agencies around the world. Could telecom be Carlyle's new defense? Rubenstein doesn't like to put in it those terms, but he's hoping for big returns. Looking at what Carlyle and its star-studded team have been able to do in the past, would you bet against him?
We will end by looking locally at the US city players teamed with these global 1% private equity/hedge funds---DOING ANYTHING THEY ARE TOLD. As we stated, state and city treasurers are those players allowing all these frauds against our government coffers these few decades------
US cities sometimes do not use the term treasurer----it is a FINANCE DEPARTMENT----filled by MAYOR PUGH at the direction of global hedge fund Johns Hopkins-----and of course those DASTARDLY Baltimore City Council 5% players ALL----especially CITY COUNCIL PRESIDENT ------JACK YOUNG-----he gets re-elected each time with more votes than Baltimore has voters in these elections!
Again, no matter what global 1% pols and players state about having installed laws that allow all these COMPLEX FINANCIAL INSTRUMENTS----it was never LEGAL OR US CONSTITUTIONAL---FEDERAL COURT PRECEDENT never allowed these kinds of laws or policy stances to be TAKEN.
JUST STAND UP AS 99% VS 1% AND WE HAVE NO 99% DEBT ---NO CITY, STATE, OR NATIONAL DEBT----IT IS ALL FRAUD AND PUBLIC MALFEASANCE.
City Treasurer Duties
by Denise Brown
The city treasurer receives money from residents for services the government provides.
City treasurer duties vary from city to city, but the primary function of the job is to serve as a city’s financial officer. In small municipalities, the job of treasurer may be combined with the clerk’s job, while in larger cities, the treasurer may oversee several employees. In most cases, the treasurer is appointed to fill the position based on his ability to perform the job.
Municipalities often require their city treasurer to hold at least a bachelor’s degree in accounting, business, investments or finance, although some cities hire candidates with an associate’s degree. Several years of experience is often a prerequisite of the job. The treasurer must have a clean record and be bondable. That means he must qualify to be covered by a bonding company, a kind of insurance to cover against any losses or errors. He must have working knowledge of automated accounting systems, as well as office machines typically found in any office.
The city treasurer manages the investments of the city using standard government accounting procedures. He is responsible for working with the budget committee to prepare the city’s annual budget. Throughout the year, the treasurer supervises expenditures and receipts and keeps the city on budget. The city treasurer records accounts payable and receivable in a timely manner, and prepares the payroll for the city. He works with auditors to certify tax assessments and levies. The city treasurer also collects building permit fees and other special fees assessed by the city for services, such as water and sewer.
The city treasurer is responsible for preparing correspondence pertaining to his job. He publishes notices of meetings and proposed ordinance changes as required by state and local law. The city treasurer may provide documentation needed to apply for government grants, and he may serve as the primary grant writer. The city treasurer files reports in a timely manner with the appropriate local, state and national offices. In larger cities, the city treasurer delegates responsibility among several employees. He is responsible for hiring, supervision and evaluation of the support staff.
The city treasurer may generate and collects local utility bills from city residents either by mail, electronically or when they pay in person at city hall. The city treasurer also deals with the public as he collects permit fees and other monies for the city. He must be available to answer questions that people have regarding billing. The city treasurer should provide information, such as proposed tax increases, to citizens of his town in a clear format that they can understand.
Baltimore City Department of Finance
The Department of Finance is responsible for safeguarding the fiscal integrity of the City of Baltimore through the development and implementation of sound financial policies and practices.
Operating through five Bureaus (Revenue Collection, Budget and Management Research, Accounting and Payroll Services, Purchases, Treasury Management), the Office of Risk Management and an Administrative Section, the Department is responsible for the following major functions:
billing and collecting all funds owed to the City;
investing and managing the City's surplus cash and funds held in trust;
allocating available funds and monitoring City expenditures via the budget process;
disbursing funds for services and goods rendered to the City;
accounting for and reporting all funds;
managing the City’s debt portfolio, including policy development, issuance, and servicing;
advising City agencies on risk management issues and in certain cases, obtaining and monitoring insurance policies;
conducting City-wide safety and accident prevention programs;
procuring supplies, services and equipment for most City agencies; and
providing custom printing and graphics activity.
Isn't it interesting we have shouted that these few decades of CLINTON/BUSH/OBAMA our US city public schools especially in Baltimore have been fleeced and funding misappropriated to build for-profit global education corporations------
If we see those global investment firm CEOs and US FED/Wall Street players being that global 2%-------no doubt having been a 5% before all the ROBBER BARON frauds these few decades------we look locally at our US cities to see from where most of the MUNI-BOND MARKET FRAUDS killing our 99% of WE THE PEOPLE wealth and public assets is generated.
Here is Henry Raymond tied to SCHAEFFER/GLENDENNING-------both REAGAN-era mayors and governors. Now he is team BALTIMORE MAYOR PUGH heading FINANCE DEPARTMENT which is the city treasury.
Harry Black is quite the revolving door of city management-----he was team Rawlings-Blake during which much of our STATE AND CITY MUNICIPAL BOND DEBT SOARED with O'Malley as Gov of Maryland. This is how a PIMCO global MUNI-BOND CORPORATION gets all those 99% consumers' investments....public pensions, public assets and city coffer funds which we are told every decade of BOOM AND BUST were victim of global Wall Street frauds losing millions and billions.
SO, THIS IS WHY THOSE 5% POLS AND PLAYERS TIED TO FREEMASON AND GREEKS ARE WALL STREET PLAYERS---THEY GET INSIDE INFORMATION TO PUT A FEW DOLLARS IN THEIR POCKETS----LIVING FOR TODAY NOT CARING THAT MOVING FORWARD KILLS 99% OF WE THE PEOPLE.
Are these local ROBBER BARON POLS AND PLAYERS any more criminal than our Rubensteins, Grosses, Clinton/Bush/Obama's -----of course not---they are all equally criminal and GUILTY AS HELL
Stephanie Rawlings-Blake promotes deputy to succeed outgoing finance director Harry Black
By James Briggs – Deputy Managing Editor, Baltimore Business Journal
Jul 30, 2014, 1:35pm
Baltimore Mayor Stephanie Rawlings-Blake didn't wait long to appoint a successor to departing finance director Harry Black.
Within hours of news breaking that Black had accepted a job to become Cincinnati's next city manager, Rawlings-Blake on Wednesday announced deputy finance director Henry Raymond will succeed Black. Raymond is scheduled to take over Aug. 20.
Raymond has been the city's deputy director of finance since 2010. He has served under Maryland governors William Donald Schaefer and Parris Glendening, and also is a former chief financial officer for Baltimore City Public Schools.
"Henry is exceptionally qualified to continue moving Baltimore City in the right direction," Rawlings-Blake said in a statement. "Over the years, as we have grappled to put the city on a sustainable financial path, I have often relied on his wise counsel, and I can't think of a more dedicated public servant for the citizens of Baltimore."
Raymond should have a smoother transition into the job than Black, who joined the city in January 2012 and faced a $52 million budget deficit. Rawlings-Blake credited Black with putting "Baltimore's finances, and overall government, back on a sustainable path." She called Black the "lead architect of the city's first 10-year financial plan."
Standard & Poor's earlier this month upgraded Baltimore's bond rating to AA.
Raymond in a statement said he will work to keep moving Baltimore in the right direction.
"Baltimore continues to make exceptional progress under this mayor's leadership," Raymond said.
“So this is the audit for 2015, am I correct?” she asked Raymond. “So 2016 will find the same issues, am I correct?”
'As part of Puerto Rico’s bankruptcy, made possible by an act of the U.S. Congress last year, a judge will now decide how investors will split repayments of $74 billion in bond debt, and Negroni and others will likely have to take less money than they were promised'.
Here is why we shouted during the PUERTO RICO hurricane disaster that those pols who are great big players should be paying to rebuild Puerto Rico----along with the global banking they work for---NOT TAXPAYERS.
THE IDEA THAT ONLY A FEW MILLION IN FRAUD WAS FOUND IN ANY BALTIMORE CITY AGENCY AUDIT SHOWS THERE IS NO AUDIT HAPPENING----these audits are outsourced to fellow 5% players as CONSULTANTS.......
Mayor expresses dismay at Finance Department accounting lapses
by Mark Reutter6:05 pmJun 21, 201729
An audit finds $125 million in “uncollectable” and “unavailable” grants on city’s books dating back to 2010
Above: At a recent Board of Estimates meeting, Comptroller Joan Pratt and Mayor Catherine Pugh flank Council President Jack Young. In the foreground is City Auditor Robert McCarty. (Mark Reutter)
Sloppy record-keeping has plagued Baltimore’s Department of Finance since 2010, resulting in more than $125 million in revenues and other assets posted on city’s books that, in fact, don’t exist.
Among the phantom revenues were $65 million in “uncollectable” fees and grants from other governments, $9.5 million of “unearned” revenue, and $55.5 million of “unavailable” revenue, according to an audit of fiscal year 2015 by City Auditor Robert L. McCarty Jr. and KPMG.
The funds were taken off the books when brought to the department’s attention.
Responding to the audit, portions of which were read at today’s meeting of the Board of Estimates, Henry Raymond, director of finance, blamed obsolete computer equipment and reliance on manual data entry for the array of “material weaknesses” described in the report, which covered fiscal year 2015.
“Hopefully, the [negative] findings will not be as significant in the future because we will be looking at what we can do to strengthen the present manual process while we are planning for the [computer] upgrade,” he told the board.
After Raymond informed the panel that the upgrades would not begin to be installed “until the third quarter of fiscal 2018,” or January 2019, Mayor Catherine Pugh spoke up.
“So this is the audit for 2015, am I correct?” she asked Raymond. “So 2016 will find the same issues, am I correct?”
“Yes,” he said.
“And we’ll still see it again in the 2017 audit, true?”
“That’s a problem,” Pugh continued, looking down from the dais. “It’s one we really need to pay very close attention to because, as I’ve said before, I’m not going to sit here and defend agencies that aren’t taking corrective actions.”
Turning to Comptroller Joan Pratt, the mayor said, “I think you’ve said this has been going on since fiscal 2010. And the folks we’re talking to have been here since two-thousand. . .”
“2008,” Raymond replied. (Appointed chief of revenue collections in 2008, Raymond became finance director in 2014 after the short reign of Harry Black.)
“Thank you,” Pugh said dryly.
The audit, known as the City of Baltimore Single Audit, is a broad overview of government accounts and did not delve into specific agency finances. As is the case with agency audits that were mandated by city voters, the Single Audit is two years behind the city’s real-time spending (fiscal year 2017 will end next week).
The audit found the following material weaknesses, or significant bookkeeping problems:
• Lack of control over financial statement preparation. “During fiscal year 2015, we noticed several matters that highlighted the need for internal control,” McCarty said, including transactions for grant funds, journal entries, grants payable and pensions. “We noticed several instances where supervisory reviews were not performed at a level that would detect and correct material misstatements.”
• Financial information sought by the auditors “was difficult to obtain and did not always agree to related financial statement balances without material adjustments,” he said.
• Misstatements in the water and sewer utility fund, resulting in the under-reporting of $2.5 million in expenses, and $99,000 in the stormwater utility fund.
• Lack of review and controls of capitalized assets, which underreported motor vehicle expenses by $2.9 million.
• The misallocation of about $100 million in pension liabilities for “blue-collar” workers at City Schools. Cafeteria workers, school custodians and office workers pay into the city’s pension system, but City Schools are responsible for covering any shortfalls in their retirement pay, according to McCarty and Raymond. City Schools disputes the city’s position. The issue remained unresolved at today’s Board of Estimates meeting.
“We recommend that the city continue its clean-up efforts to remove aged grants from its general ledger and improve the level of precision of the review of coding new grants in the general ledger during the set-up process.” McCarty concluded.
A Pledge to do Better
Raymond pledged that the Department of Finance would work more closely with agencies to monitor grant awards. Recent changes to the city’s administrative manual will improve accountability for federal and other grants.
He said he has established a grants management unit that has already closed out 1,500-1,600 inactive grant accounts.
Comptroller Pratt called on Raymond to report back to the board in January “on exactly where you are” regarding the lack of controls revealed in the audit and the implementation of new technology.
RUBENSTEIN------'He graduated from the college preparatory high school Baltimore City College, at the time an all-male school, and then from Duke University Phi Beta Kappa and magna cum laude in 1970. He earned his law degree from the University of Chicago Law School in 1973, where he was an editor of The Law Review'.
Know who else graduated at about that same time from a UNIVERSITY OF CHICAGO-------that's right Bernie Sanders who in the 1970s was that FAKE ALT RIGHT ALT LEFT protestor national media and FAKE LEFT political groups sold as POPULIST.
So, this is the populist chant led by what we know are FAKE ALT RIGHT ALT LEFT ONE WORLD ONE GOVERNANCE FOR ONLY THE GLOBAL 1% like BLACK LIVES MATTER------it is true---the entire US system of government and national economy has been made corrupt and dysfunctional by CLINTON/BUSH/OBAMA ROBBER BARON few decades but KNOW WHAT? Reversing and getting back to being a first world, developed nation, under US Rule of Law, and US Constitution that says 99% of WE THE PEOPLE have rights, public justice, and are the LEGISLATORS in our US cities and states-----EASY PEASY=====
Please don't fall for the propaganda that too much is wrong----too much has been stolen in wealth assets----most of these frauds and money losses are on PAPER ONLY.
If our US middle and affluent class are not fighting as hard as our poor and working class to fight basic life issues like police injustice, criminal injustice, lack of public justice, housing justice-----and if our poor and working class feel that the middle-and affluent class have it coming to lose all their wealth=====99% OF WE THE PEOPLE black, white, and brown citizens are LOSING----
As we always say======99% of black citizens are not guilty----99% of white citizens are not guilty=====99% of brown citizens are not guilty----it is those 5% to the 1% across each population group THAT ARE GUILTY AS HELL----
LET'S JUST GET RID OF ALL GLOBAL WALL STREET 5% POLS AND PLAYERS.
SHAKE THE RACE AND CLASS BALTIMORE AND COME TOGETHER AS A 99% VS 1%-----US CONSTITUTIONAL RIGHTS TO EQUAL PROTECTION FOR ALL!
In Baltimore, the Whole Damn System Is Guilty as Hell
Baltimore has a history of suppressing and shaming black victims of police brutality.In Baltimore, it's easy to internalize the notion that no one outside of the city gives a fuck about you. You grow up feeling like where you're from is second-rate and nobody makes it unless they leave. Our culture, outside of drugs and vacant houses, is widely unknown but we make our own unique club music, we like slapping Old Bay on everything, we eat chicken boxes—you know, regular, non-The Wire shit. So to be the center of international attention feels strange, especially when that attention could have been so easily avoided if police did not allegedly facilitate the death of Freddie Gray, a 25-year-old black man from West Baltimore. But since that did happen and since the people of Baltimore City decided to respond to that by taking to the streets in anger at not just Gray's death but the whole rigged system, we are where we are: Images of looting replayed on cable news, solidarity protests all over the country, and blacks and whites in Baltimore doing their best to repair their communities.
How is one supposed to act when their lives are decided for them before they're born? How are we as black people supposed to react when we are murdered by police, then blamed for our own deaths? I grew up in East Baltimore and while I can't claim to have suffered the exact hardships that Freddie Gray did, you can only do so much to escape the ills of inner city life as a black person in this town. From an early stage, you quickly learn that police are enforcers rather than protectors in black neighborhoods.
My first encounter with police came around the age of ten or 11 when my friends and I were playing with firecrackers in the alley. There were old toy cars scattered around that someone threw out. We took the firecrackers, lit them, and threw them into the toy cars. Someone called the police. They zipped around the block with their sirens, jumped out, and told us all to line up and sit down on the curb with our hands behind our backs. The officer told us if we didn't say who was responsible for the noise we weren't getting up. No one ratted. Any sign of us getting restless and moving was met by the look—the Get up and see what happens look that most black people, let alone children, will rarely challenge. We got off with a warning that day: "If I hear something else, y'all getting in the back of this car."
When my older sister Amanda was 15, she was taking the bus home from school when some kids on the bus started throwing eggs at people outside. The police pulled the bus over and, just as the cops did to me and my friends, asked them to turn over who was responsible. They didn't. The officers (six white and two black) made the driver get off and proceeded to call students niggers, monkeys, and coons because they didn't want to snitch. They then told a girl in front of Amanda to get off and when she reached down to grab her belongings, one of the white male cops punched her in the face and dragged her off of the bus. My sister couldn't endure any more. She ran toward the cops in anger and was met by a punch in the chest. She swung back, knocked the officer on his ass, and all eight of them jumped on her, pressing her face against the hot hood of a police car and twisting her hands in attempts to break them. They arrested her and threw her in the back of the wagon. When they got to the station, the officers joked among themselves about what charges they would give the five students they arrested, decided on a few, and processed each one of them. When my mother picked Amanda up from the station, local reporters who were outside asked what happened. Amanda told them everything, but only the part about students chanting, "Hell no! We won't go!" on the bus made the news that evening.
That one day derailed the rest of Amanda's high school education. She was kicked out of all Baltimore City schools and had to finish at an alternative school.
Other friends of mine have been pulled over and asked, "Where are the guns and drugs?" before they were asked for their licenses. Cops have taken their money when they felt like they were carrying too much cash, or planted drugs on them. In September, my stepbrother was beaten with batons by five officers because he was having a disagreement with a club bouncer. Someone took video of the beating on their phone, and it made the local news; my stepbrother was held on assault charges while the five officers were given paid administrative duties.
This deep-rooted tension, distrust, and toxic relationship with police in Baltimore has been brewing for a long, long time. Freddie Gray's untimely death was just the straw that broke the camel's back. But the people who acted out of rage have been called thugs on national television by their black president and their black mayor who was backed by a black police commissioner and have been made out to look like the cause of everything wrong with Baltimore.
What's most deflating is that a good deal of the people shaming the "thugs" are members of the black community. At various protests, community meetings and casual conversations this week I've heard "Violence isn't the answer," "You're proving white people right," and "Don't destroy your own neighborhood" so many times from my own people that my fucking head hurts. Black people in Baltimore, and in America, don't have any neighborhoods. We've been placed in ghettos. No matter where you look, black people, by design, live in the most under-developed parts of cities, and it's not by choice.
In 1911, Baltimore became the first place in America to adopt racially restrictive zoning rules that prevented one race from living on a block that was already occupied by people of another race. Consequently, the area with the largest concentration of black people was Old West Baltimore, now referred to as Zone 17—the same area Freddie Gray was from. A neighborhood is somewhere you live by your choice. Not where you've been systematically forced to live. That's nothing more than a prison without bars.
So, what is actually being said when we publicly shun our people for acting on the frustrations bottled up from being oppressed? What is being said when a mother who beat her son on national television for defending himself is made into an overnight celebrity? If she had spanked her son on TV for anything other than him being a threat to the white supremacist structure, she would have been shamed if not hit with a charge. But because it paints what her son did as wrong, she's being championed for it, even out on the cover of pro-authority rags like the New York Post.Just like black people have been rewarded for turning on one another since they were brought to this country.
I don't advocate the harm of innocent people but I do know that destroying people's property—a.k.a. screwing with their money—is one way of forcing them to listen to you. None of the people who have tied themselves arguing for "nonviolent protest" this week gave a shit about Baltimore until someone set a cop car on fire.
This morning, Gray's death was ruled a homicide and the six officers involved in his death were handed charges ranging from second degree depraved heart murder to involuntary manslaughter to false imprisonment. I don't know what the final outcome of Gray's passing will be but I have a feeling that if justice is not brought down upon the officers involved in his death, no amount of scare tactics or projected embarrassment from within the black community will be able to limit what happened on April 27th to just one night of crying out.