Emily Stewart's private equity explainer for Vox is a great explainer on how the PE con works: buy up businesses, load them with debt, sell off their assets, slash their costs, then walk away as the house burns, leaving society to put out the fire -- all while enjoying special tax status on your gains. Read the rest

In his latest BIG newsletter, Matt Stoller (previously) relates the key moments in the history of private equity, from its roots in the notorious "leveraged buyouts" of the 1980s, and explains exactly how the PE con works: successful, productive business are acquired through debt financing, drained of their cash and assets, and then killed, leaving workers unemployed and with their pension funds looted, and with the business's creditors out in the cold. Read the rest

Here's what's happened: first, ICANN (the legendarily opaque US corporation that runs the internet's Domain Name System) approved a change in pricing for .ORG domains, run by the nonprofit Internet Society (ISOC) through its Public Interest Registry (PIR), allowing the registry to raise prices. The change was done entirely by staff, without board approval. Read the rest

Formations House is a London "financial services" firm that has been implicated in some of the world's most notorious money-laundering and fraud schemes, a company that has formed more than 400,000 companies, trusts and partnerships for its customers, many of them prefabricated, anonymous "shelf companies" that have been used to disguise the parties behind breathtaking frauds, some perpetrated by corrupt heads of state. Read the rest

Yesterday, I published a brief analysis of Elizabeth Warren's plan to close the loopholes that allows private equity to defraud investors, creditors and workers to make billions while destroying the real economy. Read the rest

Elizabeth Warren's bid for the Democratic 2020 presidential nomination has been dominated by a series of bold, detailed policy proposals that are designed to enact deep, structural changes in American law and policy to reverse 40 years of post-Reagan corruption and wealth accumulation by the richest 1%. Read the rest

Billionaires Ihor Kolomoisky and Gennady Bogolyubov used to own Privatbank -- the largest bank in Ukraine -- and now they are being sued for using it for a decade to launder more than $470b (through its Cyprus subsidiary) ($470b is more than double the GDP of Cyprus over the same period). Read the rest

The British empire was a globe-spanning criminal enterprise that produced vast riches for England (and, to a lesser extent, Scotland and Wales) by stealing the lands of others while slaughtering and enslaving them; today the empire is in decline and the UK is no longer reliant on direct looting. Read the rest

Gilead makes a drug called Truvada -- AKA Prep -- that was developed at US taxpayer expense, whose patents are held by the US government; Truvada is on track to eliminating the spread of HIV forever (people who are HIV positive but take Truvada are seemingly not infectious), but taking Truvada in the USA (where the patents haven't expired) is incredibly expensive, running $1,780/month, whereas in Australia, it's available as a generic for $8/month. Read the rest

John Picerne is a hereditary one-percenter whose contribution to his family legacy of "real estate development" was to spend millions on lobbying, which landed him millions more in government loans earmarked for taking over the maintenance of 26,000 units of on-base military housing in 13 locations, with the repayment of the loans coming straight out of enlisted personnel's paychecks. Read the rest

In 2015, a scandal involving the state-owned 1Malaysia Development Berhad fund brought down the country's authoritarian government, amid allegations that the disgraced ex-Prime Minister Najib Razak and his retinue embezzled $4.5 billion from the fund. Read the rest

For a generation, big box stores have swept across America, using predatory pricing and other dirty tricks to kill the independent retail sector; they used their corporate lobbying muscle to tempt cities and towns into handing out massive corporate welfare checks to lure them to town, and now, with the help of hustling contingency lawyers, they are promulgating a property-tax scam called "the dark store theory" that is cutting their taxes in half or more, with further reductions every year, and no end in sight. Read the rest

In 2015, the Malaysian government collapsed after a scandal involving embezzlement from the state-owned 1Malaysia Development Berhad fund; the scandal shows no sign of slowing down, with fresh accusations against the country's business and political leadership surfacing regularly and one prime suspect, the financier and "tabloid party boy" Jho Low going on the run, a fugitive believed to be in China. Read the rest

Umair Haque (previously) is in the unfortunate position of being both inarguably correct and horribly depressing when he says "catastrophic climate change is probably inevitable." Read the rest

Since the Thatcher years, the UK has built itself into a powerhouse money-launderer, selling financial secrecy to the world's most corrupt and vicious looters; but with a Labour victory looking more likely with each passing day, the super-rich of Britain are starting to panic. Read the rest

Since the US conquered Puerto Rico in the Spanish-American war, it has treated the island as a playground for the rich, with all kinds of sweetheart tax-deals and regulatory exemptions that lured some industry and some rich people to the island, but which kept it from ever developing its economy and infrastructure to American mainland standards. Read the rest

Kate "McMansion Hell" Wagner is carrying $42,000 in student debt; heiress Betsy "Marie Antoinette" DeVos is the anti-public-school advocate whom Donald Trump put in charge of the nation's public schools, and one of her first official acts was to end the rules limiting sleazy student debt-collection tactics, even as Trump was ending debt relief for students defrauded by diploma mills (like, say, Trump University). Read the rest