Posted on 02/25/2021 6:36:26 AM PST by usafa92
Former House speaker Paul Ryan, who last year joined the rush of high-profile individuals launching special-purpose acquisition companies, is going to work at the private-equity firm he teamed up with in that effort.
Mr. Ryan will join Solamere Capital, a private-equity firm founded by Utah Sen. Mitt Romney’s son Taggart, as well as Eric Scheuermann and Spencer Zwick, as a partner. Solamere, a Boston firm with more than $1 billion in assets, seeks to invest in high-growth companies and help them expand and create jobs, he said.
He was inclined to join the firm because it takes a conservative approach to adding debt to companies in its portfolio and eschews layoffs—two things private-equity firms are typically associated with.
“For 20 years in Congress, I’ve been preaching the virtues of the free-enterprise system,” Mr. Ryan said in an interview. “The reason I’m joining Solamere is that I want to practice what I preach.”
A SPAC is an empty vehicle that raises funds and then looks for a business to buy or merge with, usually within two years. Solamere Capital was the main sponsor of Mr. Ryan’s SPAC, Executive Network Partnering Corp.
The vehicle, which raised about $360 million, is a twist on the traditional SPAC, with longer-term incentives for its backers and potentially slimmer fees for underwriters.
Its founders won’t be able to sell any of their shares for three years after any merger closes. Typically, SPAC founders can either sell a year after a merger closes or as soon as the shares trade above a certain level.
Solamere has gotten “tremendous inquiries” from potential targets, Mr. Ryan said, adding that he has been surprised at how many more SPACs have been created since his was formed.
Many business magnates, celebrities and former athletes including Shaquille O’Neal, Alex Rodriguez and Colin Kaepernick have joined the SPAC frenzy. So far this year, on average, between four and five have been created during each business day.
While the SPAC surge has accelerated since Mr. Ryan announced his plans to form one in August, he said he is going to wait and see whether Solamere will launch additional blank-check vehicles, as these deals are also known.
Mr. Ryan, a Wisconsin Republican, chose not to run for re-election to Congress and was succeeded by Nancy Pelosi (D., Calif.) as House speaker in 2019. The 51-year-old was Mr. Romney’s vice-presidential running mate in 2012 and before taking over as House speaker. He also served for years as chairman of the House Budget Committee.
The roster of Washington politicians who have moved to Wall Street also includes former House Majority Leader Eric Cantor, who joined boutique investment bank Moelis & Co. in 2014.
Have to wonder if Solamere is actually a laundrmat that processes “profits” from activities in the Ukraine, China and other places.
Birds of a Feather
The full extent of Paul Ryan’s private sector experience consists of driving the Oscar Meyer Weinermobile for one summer.
He’s window dressing and can open a few doors. And that’s what he’ll be paid for.
Traitor Paul Ryan joins with traitor Romney in money scheme.
surprise surprise surprise
I’ve never heard of a former politician (or current politician’s family member) getting on in on an investment firm, hedge fund, or corporate board before!!! This just never happens. :eyeroll:
Where he will be known as Paulierre Ryanalecto.
I just took a look at the Solamere website and it looks like it’s fashioned after Bain Capital. It’ll probably do alright.
Another Bain Capital.
Ryan, Romney, et al, they are a brood of incestuous swine wallowing in their own filth. These sows then proceed to dump their overflow onto the American people.
I'd love the chance to meet Tagg & Ryan in the street after a total and complete economic collapse.
He just keeps getting slimier all the time.
And satan licks his chops.
This is what WallStreetBets at reddit was made for, to target and try to bankrupt corrupt to the core Wall Street Criminals.
I've done it. It's a young man's game...and the hours can be very long.
It’s what RINO Republicans do, cash in. It’s why the establishment hated Trump, he looked down on these worthless scum cashing in on their establishment contacts.
“Mr. Ryan will join Solamere Capital, a private-equity firm founded by Utah Sen. Mitt Romney’s son Taggart..”
That’s all you need to know. Millions of suckers are going to take it up the rear and Ryan/Romney are going to get even richer.
Ah yes!! The Romney Ryan grifters align again!
Recall, most recently, when in 2016 GOP Presidential Candidate selection occurred- and Trump won EVERYTHING— it was RYAN and PENCE who teamed up in a bid to KEEP TRUMP OUT!
The website was, PenceRyan.com or some such (and SCREENSHOTS and website URL info have been preserved off the web)—
Pence was the Romney “placement”... there is much to be found out about Pence even now.
Bottom line: Ryan is now a ROMNEYBOT Fox News Board member and Investor/bot lining his pockets with Romney grifter crapola. He is...and has ALWAYS been on Romney’s payroll.
Now we need to focus on the 145 who voted for LIZ CHENEY— secret ballot. Easy— the ONES WHO DIDN’T vote need to come out and say so and gain Trump GOP supporters support, and get the 145 to change (yes violates a secret ballot- why was it secret and we KNOW McCarthy voted for Liz-). From the ground up (precinct Committeman level all over the US) GOP needs reshaping and MAGA conversion. No more of this go along uni-party Beltway Mil-Industrial and Medical Complex running things as step n fetchits for the demonrats and all calling themselves Establishment.
Coffee rant over. But you have OUTED Ryan and added one more line to the list of LOSER ROMNEYBOT obamaumaocare Socialists, who claim “conservative” just like Liz Cheney making sure her daddy’s inheritance from Halliburton (perpetual war) continues with needless world pot stirring.
Ryan is swamp gas.
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