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21 Oct, 4 tweets, 3 min read
New: How Trump, shunned in the business world, managed to access nearly $300M by taking advantage of Wall Street's latest financing fad. with @MattGoldstein26 @ShaneGoldmacher @LaurenSHirsch @jwpetersNYT @andrewrsorkin @PreetaTweets nytimes.com/2021/10/21/bus…
Trump paired up with a largely unknown Florida investor named Patrick Orlando.

Orlando, who had a preexisting relationship with Trump, got help from an obscure investment bank that recently changed its name to mimic a famous Wall Street firm, EF Hutton.
EF Hutton – famous for its old TV ads, among other things – helped Orlando bring big hedge funds on board, including DE Shaw and Highbridge (which is owned by @jpmorgan). Those hedge funds didn't realize they'd be bankrolling a Trump venture.
Some of the hedge funds were surprised to realize last night that they were now backing Trump. At least one of them, Saba Capital, liquidated much of its investment when its owner, Boaz Weinstein, learned of the Trump deal.

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More from @davidenrich

David Enrich Profile picture
8 Oct
Trump Hotel in DC consistently lost millions of dollars, despite Trump suggesting that he was making money off it.

Interesting new info from congressional oversight panel. oversight.house.gov/sites/democrat…
And, wow, looks like @DeutscheBank secretly amended the terms of the loan to allow Trump to defer any principal repayments for six years.

That was a valuable, undisclosed gift from a foreign bank to the president.
And more: In his 2011 bid to lease the Old Post Office Building, Trump understated his debts to the US General Services Administration. The effect was to make Trump's finances seem stronger than they actually were.
Read 5 tweets
David Enrich Profile picture
19 Sep
New @nytimes investigation: Giant accounting firms send their officials into the government, where they water down tax rules in ways that help their firms' clients. Then they return to those firms, which double their pay. @JesseDrucker @dannyhakim nytimes.com/2021/09/19/bus…
We've all heard of the revolving door. This is what happens when it goes on steroids.
This is such a long-running, open secret in the industry that some lawyers talk about it openly. It is a big part of the reason that the tax code has become even more slanted in favor of the ultrawealthy.
Read 4 tweets
David Enrich Profile picture
9 Jul
I was sitting on my deck, on a work phone call, and this little guy came scampering right up to me. Image
The raccoon is now up a tree. Animal control says it was probably just scared and that’s why it hissed at me. Apparently raccoons are no longer entirely nocturnal. There’s so much food available to them that they can eat all day long. 🦝🦝🦝
🦝➕🌳⤵️⤵️ Image
Read 4 tweets
David Enrich Profile picture
14 Jun
My parents recently moved out of my childhood home and shipped me many boxes of…stuff. Here are some of the treasures I’ve found.

1. A 21-year-old box of Kraft macaroni.
2. A big pile of 30+year-old Red Sox ticket stubs. And a 1991 baseball calendar. And Mo Vaughan’s batting helmet.
A picture of me and the great Rico Petrocelli circa 1989
Read 4 tweets
David Enrich Profile picture
12 Jun
Big @nytimes investigation: How the private equity industry conquered the US tax system:
• Industry whistle-blowers have repeatedly flagged potentially illegal tax avoidance to IRS.
• Yet IRS has stopped auditing the industry. @JesseDrucker @dannyhakim nytimes.com/2021/06/12/bus…
If you earn less than $25K, you are much more likely to face IRS audit than a billionaire private equity exec.

Meanwhile, the industry has steamrolled the Treasury in GOP and Dem administrations.

Billions of dollars in income go untaxed.

More to come in this vein. Stay tuned.
Industry lawyer says move on, there’s nothing new to see here ⬇️⬇️
Read 4 tweets
David Enrich Profile picture
26 May
NEW: Bill Gates’s longtime money manager, Michael Larson, engaged in sexual and racial harassment and intimidation of employees at Gates's Cascade Investment, a @nytimes investigation finds. @PreetaTweets @FlitterOnFraud @nkulish nytimes.com/2021/05/26/bus…
At least 6 people, including 4 Cascade employees, complained to Bill Gates about Larson’s inappropriate behavior. Cascade made payments to at least 7 who knew about his behavior.

Yet Larson remains in charge of Gates’s personal fortune and his foundation’s endowment.
Sources told us that Larson did things like asking men which female employees they’d like to "fuck." He asked one woman if she’d strip for him. He compared nude photos to Cascade’s head of HR.

"Everybody knows that Black people don’t vote," he told a Black employee.
Read 7 tweets

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