“Blackstone was a huge winner coming out of the global financial crisis, and I think something similar is going to happen,” said the private equity firm’s billionaire CEO Stephen Schwarzman as millions brace for eviction.
Diane Yentel of the National Low Income Housing Coalition said that the consequences of congressional inaction on housing relief “will be deadly and costly—for children and families, for communities, and for our country’s ability to contain the pandemic.” Stephen Schwarzman photo: World Economic Forum/flickr/CC
As the December 31 expiration date on the CDC’s federal eviction moratorium nears in the midst of the surging Covid-19 pandemic and freezing weather, an estimated 30 to 40 million working-class households in the United States are bracing for the possibility of eviction—but at least one Wall Street investor looking to capitalize on the crisis is bragging about what he sees as a golden opportunity to expand his real estate empire.
“You always have winners and losers—Blackstone was a huge winner coming out of the global financial crisis, and I think something similar is going to happen,” said the billionaire CEO Stephen Schwarzman. Continue reading →
With threats of homelessness and bankruptcy in the air as the eviction moratoriums subside, both renters and small landlords are getting pinched by predatory tech capitalism as the gig-economy hits the real estate market.
In 2014, former Blackstone and Goldman Sachs investment banker Ryan Williams got together with his “college buddy,” Joshua Kushner – Jared’s brother – to form a real estate investment platform they called Cadre. Cadre sought to disrupt the real estate industry in the wake of the 2008 subprime mortgage crisis by tinderizing property deals through a tech platform that brought investors and sellers together. According to Williams, whose other investors include George Soros and Peter Theil, Cadre’s mission is “to level the playing field in an industry that is often tilted toward the biggest players” by taking an “offline” industry online and making it “transparent.”
A pre-Covid initiative to capitalize on its platform came in the form of the so-called “opportunity zones,” that Jared Kushner directly lobbied for inclusion in Trump’s 2017 Tax Cut and Jobs Act, billed as a funding mechanism to help poor and distressed communities, which turned into a multi-billion-dollar land heist by the wealthiest Americans, like the Kushner family. The pandemic lockdown protocols forced Cadre to downsize, laying off 25 percent of its workforce in March. Continue reading →
Stephen Schwarzman, co-founder and CEO of Blackstone, at the Annual Meeting 2018 of the World Economic Forum in Davos. Photo; World Economic Forum/flickr/CC
With the American public’s attention consumed by the Covid-19 pandemic and mass protests against police brutality, the U.S. Labor Department earlier this month quietly gave corporate sponsors of retirement plans something they’ve been agitating over for years: a government green light to invest workers’ savings into funds managed by notoriously predatory private equity firms.
The move, announced on June 3 by Labor Secretary Eugene Scalia, allows large managers of 401(k) plans and individual retirement accounts (IRAs) to put workers’ retirement savings into private equity investments that offer the possibility of huge returns—and devastating losses. Continue reading →
By Darius Shahtahmasebi. Published 7-27-2016 by The Anti-Media
Stephen Schwarzman. Photo: YouTube
Aspiring mass murderers will be happy to learn they no longer have to waste time on the child’s play that is firing into an open crowd at the risk of receiving a bullet to the head. One can now apply for a scholarship to China to learn from the experts themselves.