Tuesday, March 3, 2020

On The Media's Deafening Silence On Mike Bloomberg's Ties To Epstein And Other Criminals

After his late jump into the Democratic primary and, as critics argue, purchasing his way into the primary debates, former Mayor of New York City Michael Bloomberg has received mixed coverage from corporate media, with many negative critiques of the current presidential contender’s history, conduct and connections.
Yet, despite efforts by other campaigns and more progressive-leaning media outlets to dampen Bloomberg’s chances at the nomination, one clear weakness of Bloomberg’s has thus far evaded meaningful media coverage: his ties to key players in the Epstein scandal, including Leslie Wexner, Ghislaine Maxwell and even Jeffrey Epstein himself.
Silence among outlets that largely oppose Bloomberg’s candidacy regarding his connections to Epstein and those in his close social orbit is odd, especially when reporting on an individual’s connections to the intelligence-linked pedophile are a sure-fire way to generate considerable negative attention and fodder for rival campaigns. This is particularly striking given that the numerous accusations that Bloomberg has long stoked a toxic culture of sexual harassment at his company, resulting in no small number of non-disclosure agreements over the years, have received some media attention. Yet, the fact that many of Bloomberg’s close friends have been accused of far, far worse has received hardly any coverage by comparison.
For instance, when it was announced last week that the controlling stake in the Leslie Wexner-owned lingerie company Victoria’s Secret would be sold to a private equity firm called Sycamore Partners, only one media outlet — The Intercept — revealed that Bloomberg has at least $136 million of his money in that firm. The Intercept noted in passing that Wexner — the source of most of Jeffrey Epstein’s supposed fortune, his close collaborator for decades and alleged rapist of many of his victims — had been pressured to step down following the scandal, which also hit Wexner-owned companies hard and had forced the Ohio-based billionaire to seek a buyer for his lingerie brand and its tarnished reputation. Yet, the outlet did not make the direct connection that Sycamore Partners-backer Bloomberg is a friend of Wexner’s and has attended Wexner’s personal social parties for years prior to the most recent scandal.
Here's alleged-rapist Mike Bloomberg attending a fancy horse party at Les Wexner's place (Wexner furthest right) in 2010, about a year before Wexner formally transferred ownership of his Manhattan townhouse to Jeffrey Epstein. Cheers to good friends 😊
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Yet, even well before this recent opportunity to point out Bloomberg’s ties to Leslie Wexner, there have been plenty of opportunities for the media to question Bloomberg about his now-infamous picture with Ghislaine Maxwell, daughter of Mossad-connected Robert Maxwell and Epstein’s alleged madam and co-conspirator.
From left to right, Tamara Mellon, Mike Bloomberg and Ghislaine Maxwell
That picture, taken in 2013 at the Four Seasons restaurant in New York, has not been mentioned by mainstream media following the launch of Bloomberg’s candidacy late last November. Similarly, mainstream media have failed to question Bloomberg regarding why his name and five different telephone numbers for him appear in Jeffrey Epstein’s infamous list of contacts often referred to as his “little black book.”

Bloomberg and the Manhattan Swamp

The extent of the Maxwell-Bloomberg relationship is unknown, though Bloomberg’s deep ties to his former employer Salomon Brothers is a possible link, given that that firm served as one of the Maxwell family’s main investment bankers in the years prior to and following Robert Maxwell’s mysterious death in 1991. Similarly, Epstein had close ties to prominent figures on Wall Street, some dating back to his time at Bear Stearns, who are also close to Bloomberg.
Bloomberg and Epstein also shared close friendships with some of the same New York media executives like Mort Zuckerman. Media outlets have described Zuckerman, a former business partner of Epstein’s, as Bloomberg’s “long-time enabler.” In another example, Epstein’s former publicist Howard Rubenstein is a long-time supporter of Bloomberg and was reported to be the driving force behind Bloomberg’s controversial push to run around mayoral term limits and pursue a third term as Mayor of New York.
Another mutual Epstein-Bloomberg associate is disgraced media mogul Harvey Weinstein. Weinstein was part of an investment group with Epstein that sought to purchase New York magazine in 2003. Another member of that investment group was frequent MSNBC commentator Donny Deutsch, who has recently fervently backed Bloomberg’s candidacy.
Weinstein was recently convicted of rape and has dozens of accusers, whose decision to come forward about Weinstein’s sex crimes in recent years helped spark the “Me Too” movement. Weinstein also has ties to former Israeli Prime Minister Ehud Barak, who was a close friend and business associate of Epstein’s, and it was Barak who personally introduced Weinstein to former Mossad spies that Weinstein hired to intimidate his accusers. In addition to being Prime Minister, Barak is also the former head of Israeli military intelligence, the foreign intelligence agency that sponsored Epstein’s sexual blackmail operation involving underage girls in the United States.
Bloomberg’s candidacy has yet to be strongly challenged over his ties to Weinstein, which are considerable. For instance, Weinstein was a major backer of Bloomberg’s mayoral campaigns and even recorded robocalls on Bloomberg’s behalf to boost his election chances. Bloomberg, in turn, appointed Weinstein to a charity board and Weinstein later praised Bloomberg for aiding his film company. While Bloomberg’s ties to Wexner, Epstein and Maxwell have gotten the silent treatment, some outlets (mostly right-leaning) have covered the Bloomberg-Weinstein ties, but there has been little pressure on Bloomberg from mainstream media to address those ties directly.
Another close Bloomberg associate who recently has been accused by numerous women of sexual harassment is hedge fund manager Michael Steinhardt. Steinhardt is a long-time fixture in Bloomberg’s social circle and has long appeared at Bloomberg’s dinner parties. Steinhardt is also connected to Leslie Wexner through his membership in the so-called “Mega Group” — an exclusive group of organized-crime-linked “mega” donors to pro-Israel causes that Wexner co-founded in 1991. Steinhardt also boasts close ties to the now deceased founder of Glencore, the Mossad-linked Marc Rich, and Steinhardt — along with top Israeli politicians and spies — aggressively lobbied former President Bill Clinton to controversially pardon Rich before leaving office.

“Show me your friends and I’ll tell you who you are”

The oft-quoted saying “Show me your friends and I’ll tell you who you are,” seems to hold true for Bloomberg. For instance, his eponymous media conglomerate has received no small number of lawsuits over the years alleging rampant sexual harassment and even the rape of female workers, much of its allegedly egged on by Bloomberg’s long history of comments that have been derided as sexist. Many of those lawsuits ended in female accusers being asked to sign non-disclosure agreements (NDAs). More recently, The Nation reported that Bloomberg’s 2020 presidential campaign is making use of NDAs in such a way “that could prevent staffers from reporting workplace abuse.”
In addition, a 1999 profile of Bloomberg in Wired magazine quoted Bloomberg as saying “My daughter is tall and busty and blonde. We went to China together. And what’s a 16-year-old going to do on a business trip? So, I got her dates in every city in China.”
Bloomberg, not unlike Epstein and Wexner, also has a history of cozy ties to the CIA. For instance, during his tenure as Mayor of New York, Bloomberg actively promoted a controversial post-9/11 program that saw the CIA work directly with the NYPD to spy on the city’s Muslim communities. Even though the CIA is technically prohibited from spying on Americans not linked to criminal activity, one of the CIA officers working as part of the Bloomberg-backed program said he had “no limitations” on what he could do. Bloomberg has long defended this program and its merging of the CIA with local police.
In the case of Epstein and Wexner, as MintPress News reported in its viral series on the Epstein scandal last year, Epstein once claimed to have worked for the CIA during the 1980s and Epstein and Wexner were the key players behind the relocation of CIA front company Southern Air Transport to Ohio, where Wexner’s business interests have long been based.
Rudy Giuliani, left, New York Gov. George Pataki, center, and Mike Bloomberg during a “Salute to Israel Parade, May 5, 2002, in New York. Shawn Baldwin | AP
In addition, Bloomberg was also a key player in a controversial initiative regarding Israel’s intelligence-linked technology sector. For instance, Bloomberg created a $2 billion project that involved opening a Manhattan campus called “Cornell Tech” that brought together Cornell University and Israel’s Technion, which has close ties to Israel’s national security state and military-industrial complex. Bloomberg personally gave over $100 million to facilitate completion of that project. That campus is now a partner in the recent creation of two Israeli-run “cybersecurity” centers in New York City that are tied to Israeli intelligence and were recently reported on by MintPress.
Jeffrey Epstein was also involved with Israeli military intelligence-linked technology companies and, as previously mentioned, Israeli military intelligence was also the sponsor of Epstein’s sexual blackmail operation that targeted mostly U.S. politicians and public figures for the benefit of the state of Israel, whose military currently receives $3.8 billion per year from U.S. taxpayers.

While these aspects of Bloomberg’s past have received considerable media attention as of late, these same outlets have failed to note that Bloomberg’s inner circle boasts many individuals accused of harassment, rape or worse. With his clear ties to the “Epstein network,” the fact that mainstream media has declined to even question Bloomberg about his social appearances with Ghislaine Maxwell or Leslie Wexner and having five different telephone numbers of his in Epstein’s list of high-profile contacts is a damning indictment of the current landscape of both American media and American politics.

Monday, March 2, 2020

Capital Market Freeze Goes Global - IPOs Delayed Over Market Turmoil

From Zero Hedge:

Update (March 02):  With economic activity crashing in China and capital markets dislocated across the world, credit markets ground to a halt last week. Fears are emerging that the Covid-19 outbreak could derail the global economic expansion cycle.  
We documented some of the first warning signs of stress developing as high yield and investment-grade spreads surged last week. On top of that, capital markets in Europe froze, with more than $650 million in IPOs pulled.  
As we step into March, the containment narrative is unlikely as the virus spreads into Africa, Europe, the Middle East, and the Americas. New reports reveal how capital markets in the US are starting to lock up. 
Marco Schwartz, head of KPMG's equity capital markets advisory team, warned last week, the worst thing that can happen for the global IPO market is that equity selling continues into "next week" [March 2-6].
"If the selloff continues into next week, no one will want to price with that level of weakness in the market," said Schwartz. "Our advice to companies about to launch offerings would be to hold off and wait."
With dislocations in asset markets persisting into March, the sharp tightening in financial conditions continues to weigh on the IPO market in the US. Reuters notes Monday that Warner Music Group Corp and Cole Haan ditched their IPOs this week, citing market turbulence triggered by virus fears. 
Madewell, Vontier, Imara, and AZEK are companies that have all signaled IPO launches early this month, might want to rethink their debuts on secondary markets. 
A source told Reuters that IPO delays for Warner and Cole Haan aren't public knowledge yet and declined to comment further on the IPO market. 
GFL Environmental, North America's fourth-largest diversified waste management firm, is expected to raise $1.5 billion this week in an IPO. The source didn't specify if GFL would postpone the listing. 
Warner Music is expected to be one of the largest IPOs of the year, raising upwards of $1 billion in the listing, could be shifted to next quarter, or even in the second half as volatility in financial markets remains elevated. 
With economic paralysis still, a dominant factor in China's economy heading into the first week of March, central banks are offering up a slew of rate cuts and capital injections in order to prevent a further market crash. As for now, credit markets remain frozen, and the IPO market across the world is quickly shutting. 
* * * 
On the heels of global credit markets grinding to a halt this week as the Covid-19 outbreak, it appears the freeze has spread to equity markets as Bloomberg reports more than $650 million in IPOs to be pulled from European capital markets.
As we detailed previously, high yield and investment-grade spreads have surged this week, illustrating the stress permeating underneath markets.
In fact, high yield spreads have widened +117bps in a matter of days, the biggest move since the financial crisis.
And now that chaotic chill is rolling over to the equity market, as Bloomberg notes DRI Healthcare was the second company in days to pull a new listing in Europe, citing deteriorating market conditions driven by virus fear. 
"The company [ DRI Healthcare Plc] is seeking to raise as much as $350 million in London. Raising equity capital in Europe was already tricky because of a growing disconnect between buyers' and sellers' valuation expectations. Now the market's slump is making investors even more averse to risk, thinning out an already depleted pipeline," said Bloomberg. 
DRI, a fund that invests in rights to royalty-paying pharmaceuticals, didn’t set a new date for its initial public offering, which had been planned for March 11.
Somewhat stunningly, only 10 companies have priced IPOs in Europe this year, including three in London, as raising equity capital in Europe was already tricky because of a growing disconnect between buyers’ and sellers’ valuation expectations, and now the surge in risk is keeping investors even further away.
"If the selloff continues into next week, no one will want to price with that level of weakness in the market," said Marco Schwartz, head of KPMG's equity capital markets advisory team.
"Our advice to companies about to launch offerings would be to hold off and wait."
While none of this hardly a surprise considering $5 trillion in global equity value has been wiped out in the last five sessions.
Sustainable Farmland Income Trust Plc was another company this week that pulled its $300 million planned listing on the London exchange, citing market turbulence. 
The IPO of Wintershall DEA, an oil and gas firm, was also postponed and could wait until the second half of the year to list. 
Nacon SA, a French maker of computer parts, managed to price a $128.2 million IPO this week, despite increasing volatility in global equity markets. 
The bust of the European IPO market started in 2019 when $2.85 billion worth of IPOs were postponed.
With central bankers seemingly impotent in the face of a health crisis (unable print vaccines and powerless to do anything that will help restart global supply chains or consumption), the sudden velocity of Covid-19's effect on global markets has been nothing short of astonishing and while secondary trading markets are important, contagion spreading to the primary markets, freezing IPO and credit issuance this week is a significant problem.

Does The Coronavirus Make The Case For World Government?

Sometimes terrible things happen without any human malfeasance, and the novel Wuhan coronavirus may in fact be one of those things. It is entirely plausible the virus emerged from "wet markets" in the Hubei Province of China rather than as a fumbled (or worse, intentionally released) bioweapon cooked up by the Xi Jinping government. 
We may never know, of course. But easy or readily apparent answers to the question of how this could have been avoided should be viewed with the skepticism appropriate to any state propaganda. Crises of all kinds, whether economic, political, military, or health, send ideologues scrambling to explain how such events fit neatly into their worldview. In fact, political partisans often attempt to paint any crisis as having occurred in the first place precisely because their policies and preferences have not been adopted. 
The Wuhan coronavirus seems tailor-made for this. Alarmists who argue for (i) much more robust and comprehensive "public health" measures by national governments and (ii) greater supranational coordination inevitably point to infectious diseases as justification for increased state power over personal medical decisions. Scary and fast-spreading viruses are perfect fodder for their busybody argument that people cannot simply be left to their own devices.
Cross-border outbreaks of illnesses are particularly well suited to the preexisting bureaucratic desire for power over populations: they make the public much more willing to accept forced quarantines and arrests for noncompliance; forced immunizations; involuntary commitments to state facilities; curfews; restrictions on business operations and travel; and import controls. They also allow public health officials to commandeer and manage efforts to find "the cure," who then take credit when the virus eventually relents. 
These are the sorts of things that authoritarian politicians want all the time. Crises simply provide an opportunity to ratchet up their power and also to accustom the public to being ordered around and taking cues from centralized government sources.
Antistate libertarians are not immune to this phenomenon of attempting to place square events into round holes. We tend to explain crises as the result of state (or central bank) interference, either created or made worse by the lack of market discipline, incentives, and property rights lacking due to state action or state regulation. Libertarians think the Food and Drug Administration, for example, kills more people than it saves by approving bad drugs and delaying regulatory approvals for promising treatments. 
Moreover, an individualist libertarian perspective on bodily sovereignty poses an obvious challenge to public health. No individual should be forced to accept quarantine or immunization against his will, and in fact no individual should be forced to consider herd immunity or other collectivist notions when making medical decisions. Just as most libertarians don't think Doritos and Mountain Dew should be banned because their consumption imposes "public" healthcare costs in a statist/fascist system of mandatory insurance and tax-funded Medicaid, most don't think that individual health decisions should be overridden by politicians—even in an "emergency" outbreak situation. 
So how do we reconcile public health with individual rights? Should the latter be sacrificed to protect the former?
Three observations present themselves.
First, even the highly authoritarian Chinese national state has been unable to contain the virus, though it can cordon off whole cities by dictatorial fiat and impose wholesale house arrest over cities in a manner unthinkable in Western countries. Chinese state police literally drag people suspected of carrying the virus out of their cars, forcibly put them handcuffed in hazmat vehicles, and haul them off to what amount to prison hospitals. Chinese citizens who speak out publicly against the Xi government's handling of the crisis are arrested. So, if the Chinese government can't contain it, even with martial law and control over media, how in the world do Western countries expect to do so? Imagine trying to quarantine, say, Dallas and Fort Worth!
Second, poor countries (and China is quite poor per capita compared to the West, ranking around sixty-fifth internationally) almost invariably suffer from worse public health conditions. Sanitation, nutrition, and access to drugs, facilities, and competent doctors matter a great deal when it comes to incubating infectious diseases. Richer countries are healthier countries, and the West benefits when conditions improve and modernize in the Third World.
Third, we already have de facto supranational bodies such as World Health Organization tasked with preventing and lessening the spread of diseases like the coronavirus. The WHO has been around since 1948 and hasn't prevented a host of modern epidemics like SARS and Zika; excatly what new international agency or organization will do better?
If anything, pandemics call for decentralization of treatment. After all, the best approach is to isolate infected people rather than bringing them into large hospital populations in crowded city centers. What doctor or nurse wants to work in a hospital full of coronavirus cases?
We might wish for a utopian libertarian answer to public health crises like the coronovirus, along the lines of a Rothbardian externality argument for airborne pollution. But sometimes bad things simply happen. The best hope is market incentives, the rapid application of individual human ingenuity and self-interest to the situation. Liberty is better, not perfect. And governments, including the Chinese government, are clueless as always.