The following video clip will make you extremely sick to your stomach. Not that we didn’t already know the U.S. economy is nothing more than a rigged oligarch shell of its former self, but to see SEC Director of the Office of Compliance Inspections and Examinations, Andrew Bowden, grovel for a job for his son in front of a private equity industry audience certainly represents a new low.
If you recall, Andrew Bowden was first brought to your attention last year in the post, SEC Official Claims Over 50% of Private Equity Audits Reveal Criminal Behavior, which discussed how Mr. Bowden admitted in a talk that “more than 50 percent of private equity firms it has audited have engaged in serious infractions of securities laws.” This sort of honesty is never rewarded within a crony, corrupt economic system that depends so heavily on regulatory capture for riches. As such, he quickly recognized the gravity of his error, and has since decided to get on his hands and knees and pucker up to the private equity industry whenever possible.
Nowhere was this more apparent than at a recent event at Stanford Law School, where Mr. Bowden ended his resounding endorsement of the private equity industry by begging the audience to one day give his son a job. At this point the audience burst into laughter and someone can be clearly heard yelling “I would love to hire your son by the way.” More laughter.
The joke’s on us.
Watch the video below:
Note: This post came about as a result of two fantastic articles from Naked Capitalism, which I strongly suggest reading (links below).
Additionally, the video clip you just watched was actually removed by Stanford as soon as it started to get some attention, but thanks to the folks at Naked Capitalism, it remains available.
SEC’s Andrew Bowden Regulatory Capture Scandal Hits the Major Leagues with Los Angeles Times Column
In Liberty,
Michael Krieger
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I really wanted to watch this and catch a big nasty banker, but I don’t see it. He’s hardly begging anyone for a job. He said his son should go into private equity.
http://www.naturalnews.com/049082_Urban_Death_Project_composting_human_bodies_food_crops.html
Carlyle’s Rubenstein Prophesized Bowden
KKR already hired General David Petraeus and Ken Mehlman. The Carlyle Group hired a young Frist and Axelrod. Give the teenage Bowden his $18 million, like GTCR founder and Illinois Governor Bruce Rauner did for a younger Rahm Emanuel. With his security pot in place the teen can focus on making the world safe for private equity, which is the real aim.
Mr. Rubenstein spoke to the top seven to ten private equity underwriters (PEU) in the Yale interview. He mentioned Carlyle, Blackstone, Apollo, TPG, KKR, Bain, Oaktree, Warburg Pincus and Ares.
They are all based in the United States How can it be that the United States, which was 46% of the world’s economy in 1960, now about 20%, 19% or so. How can we have 100% of the global private equity firms?”
Rubenstein sees that changing as people in other countries start private equity firms, some with government support. His prediction provides insights to why America spanks the world in the global private equity race 100% to zero. First, PEUs avoided oversight, while retaining preferred taxation. Second, many affiliates receive direct and indirect public subsidies, federal, state and local.
I don’t believe the “helping people” meme, especially as Mr. Rubenstein envisions a world where the wealthy do very well and children have less prosperity than their parents. He and his private equity brethren created that very world. He need not act like he was a bystander for this sad development.
Carlyle and company are a root cause. Bowden is part of the system making the world safe for global private equity.
http://peureport.blogspot.com/2015/03/carlyles-rubenstein-prophesized-bowden.html
Reminds me of Harry Reid’s son being appointed to the board of directors of a Ukrainian oil company…
I think you mean Joe Biden’s son Hunter Biden: http://www.washingtonpost.com/blogs/worldviews/wp/2014/05/14/hunter-bidens-new-job-at-a-ukrainian-gas-company-is-a-problem-for-u-s-soft-power/
disgusting, absolutely disgusting. This country is effed in so many ways. thanks for posting this article