An Editorial Comment on Private Equity

By Catherine Austin Fitts

I underscore the Ivy League because the Ivy League university tax-exempt endowments play a powerful part in the allocation of capital in the United States. In addition, their universities and research centers and their graduates play an important role in driving government policy and business operations in the U.S. The leading Ivy League endowments are at the very heart of what is referred to as “the deep state” and have been for centuries. They represent powerful, private, intergenerational investment syndicates that enjoy the benefits of tax exemption thanks to the universities that support the syndicate and supply an endless stream of talent.

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