#recapitalization

[ritscapital]

Top 5 Strategies to Maximize Returns in Private Equity: A Comprehensive Guide

Private equity is one of the most lucrative investment vehicles, offering investors the potential for high returns. However, achieving those returns requires more than just capital—it demands strategic thinking and execution.     At Rits Capital, we understand that private equity can be both complex and rewarding. In this blog, we’ll discuss the top 5 strategies to maximize returns in private equity while focusing on high-volume, low-competition keywords to boost your investments. 

1. Thorough Due Diligence: The Foundation of Success  

The first step in maximizing returns in private equity is conducting meticulous due diligence. This process involves a deep dive into the financial health, management team, competitive landscape, and industry outlook of potential investments. By identifying any hidden risks early on, you reduce the chances of expensive mistakes. 

A solid due diligence process can uncover valuable insights that give you a competitive advantage, especially in niche markets with low competition. Additionally, focusing on emerging markets and underperforming assets often yields high returns with relatively low risks. 

2. Leverage Operational Improvements 

Private equity firms are known for their ability to improve the operational efficiency of the companies they invest in. By making strategic changes to streamline processes, cut costs, and enhance productivity, private equity investors can significantly increase a company’s value. Operational improvements might include implementing advanced technologies, restructuring management, or refocusing on profitable core businesses. 

The key is to identify underperforming assets that have the potential for operational turnaround. Investing in companies with low profitability but high growth potential offers a pathway to maximizing returns with minimal competition. 

3. Adopt a Value-Add Approach: Active Involvement 

Maximizing returns in private equity isn’t just about making great investments—it’s also about knowing when to exit. A well-timed exit strategy can lead to substantial profits, especially in a high-growth market. 

Typically, private equity firms look for one of the following exit routes: 

Initial Public Offering (IPO) 

Strategic Sale 

Secondary Buyout 

Recapitalization 

An early exit strategy ensures that you’re prepared to capitalize on the optimal time to sell, maximizing your returns. Always consider factors such as market conditions, company growth trajectory, and industry shifts to identify the best time to exit. 

5. Diversify Investment Portfolios: Reduce Risk, Maximize Returns 

Another powerful strategy to maximize returns in private equity is diversification. By investing across different sectors, industries, and regions, you reduce your exposure to any single risk factor. Diversifying allows you to manage risks better and leverage high-growth opportunities in emerging markets or niche sectors. 

Look for opportunities in high-demand, low-saturation markets where competition is minimal, and the potential for return is high. Geographic diversification can also be advantageous, especially in global markets that are experiencing strong economic growth. 

Conclusion: Combining Strategy with Insight for Optimal Returns 

Maximizing returns in private equity requires a careful blend of strategic planning, deep analysis, and active involvement. By incorporating these five strategies—due diligence, operational improvements, value-add approaches, exit strategies, and diversification—you are better positioned to achieve exceptional returns while minimizing risks.     Private equity is not a passive investment; it requires a proactive approach to identify opportunities and execute strategies that drive value. 

At Rits Capital, we help you navigate these complex strategies with a focus on high-growth opportunities and low-competition markets. Our expertise ensures that your investments are optimized for both short-term success and long-term profitability. 

Frequently Asked Questions (FAQs) 

1. What is the most important strategy to maximize returns in private equity? 

The most important strategy for maximizing returns in private equity is conducting thorough due diligence. This enables you to identify risks and opportunities early, giving you an edge in the market. Combining due diligence with operational improvements and a value-add approach ensures your investments deliver strong returns.

2. How do operational improvements contribute to private equity returns? 

Operational improvements can significantly boost a portfolio company’s value. By streamlining processes, cutting unnecessary costs, and introducing innovation, private equity investors can transform underperforming companies into high-growth assets, leading to better financial returns.

3. What is a value-add strategy in private equity? 

A value-add strategy involves actively participating in the growth of portfolio companies by providing expertise, strategic direction, and operational enhancements. This approach helps unlock untapped potential in companies, resulting in higher returns on investment. 

4. How do I know when to exit an investment in private equity? 

An exit strategy should be planned from the beginning. The best time to exit is typically when market conditions are favorable, your portfolio company has reached its potential, and an attractive offer or market opportunity arises. Common exit routes include IPOs, strategic sales, and secondary buyouts.

5. Why is diversification important in private equity? 

Diversification reduces risk by spreading investments across different sectors, industries, and geographical regions. This strategy ensures that the overall portfolio is less vulnerable to market downturns in any single area, improving the likelihood of sustained returns. 

[homeorthodontics]

[workersolidarity]

I want to remind people of some of the self-destructive behavior we see conducted by giant corporations.

Today's giant US and Multinational Corporations do not exist to produce goods and services people need or want.

Instead, these giant corporations act as passthroughs to funnel money directly into the pockets of shareholders. Corporations will often engage in self-destructive or self-harming policies that bankrupt their companies, but manage to funnel ENORMOUS funds into shareholder pockets in the meantime. Then, we quickly see the govt swoop in and use tax-payer dollars to back the losses of those shareholders, making it so they've privatized the gains and socialized the losses.

These companies's behavior can often seem completely inexplicable when looked at outside the context of dividend payments and dividend recapitalization.

Dividend recapitalization itself is one the greatest examples of ruinous behavior by a corporation that benefits shareholders at the expense of employees and customers both.

A Dividend Recapitalization occurs when a company decides to go into debt with the express purpose of using that debt to pay dividends to shareholders and nothing else. None of the borrowed money is reinvested in the company or its employees.

This can easily result in a company's bankruptcy if it falls onto hard times immediately following a Dividend Recapitalization.

For example, in April 2002, KB Toys went deeply into debt to perform a Dividend Recapitalization, paying tens of millions of dollars in dividends to its shareholders and investors. By January 2004, KB Toys had filed Chapter 11 Bankruptcy, citing its Dividend Recapitalization process as the reason for its bankruptcy.

And you can find endless examples of this throughout recent history. It is unquestionable that Dividend Recapitalization is harmful, not just to the companies in question, but to the millions of tax payers who take a hit every time something like this happens.

The logical answer would be to ban Dividend Recapitalization completely, but our corrupt Neoliberal Govt is only interested in serving the desires of the Ruling Class. They could care less that Dividend Recapitalization often comes at a price for Taxpayers.

It is undoubtable that we need to have democratic control over the economy. At the moment, we barely have any democratic control over any other part of our society, let alone the economy.

It is well past time the Working Class of the US rise up in rebellion against the Capitalist Class and all their various tools of control that allow them to manipulate elections and retain control over the political machinery of the United States.

Dystopia is here and it's not going anywhere until the people take back what's ours.

[myartisdangerous]

I've got a bone to pick with the preponderance of headless, limbless woman’s body art. I feel like I'm seeing everywhere recently. I hate it. I mean, could you craft a better metaphor for actual objectification than that? 

I've even seen people -- and mostly, it's women -- with literal tattoos of the headless, limbless (but sexy) woman body on their skin. Women will literally be like, “I'm a feminist. I'm against women's objectification” and have that image permanently etched on their flesh. It's crazy.  

Like, go back into the tattoo parlor and maybe give her a head. Give her some arms and legs. Give her life! Does she have a shirt on? No? Maybe get a shirt, put some clothes on her. Come on, it wouldn't even be that expensive. The tattoo is already mostly done. Resurrect the corpse. Get in alignment.  

[captainjstarr]

Tagged with “recapitation”?; CRAZY thing to see in the wild. I have an oc story I’ve been building in my head for 8+ years and a lot of it centers around “recapitation” which was a phrase that made 12 year old me feel like Tolkien after coming up with it. Anyway no point to this it’s just fun seeing your favorite made up word out in the free air

so. given decapitation is head removal. is adding an extra head to someone capitation, or is just restoring their head capitation.

[outerrealms]

ok but for real what do i even write now lol

[acid-lovecore]

Have an unedited, unrevised…thing. I enjoyed writing it.

“You should be sleeping.”

Like clockwork, or perhaps, like the ticking gears in its own body. Rhythmically, endlessly, ticking.

You didn’t look up from your white, burning screen of death, littered with the ramblings that made up the poor excuse for a final paper.

“As should you, you were only charging for fifteen minutes.” You deadpanned.

A sharper click, a tilt of the head. Narrowed, annoyed eyes glaring red. The fervent tap-tap-tapping of your hands on the keyboard hesitated, not even a millisecond of silence passing before you resumed your panic-writing.

The clicking, ever so gentle, ever so piercing, grew louder. Closer. Your hand shaking now. A typo, a backspace, recapitalize. Rewrite.

“Different.” Moon’s hissing whisper. “I can function. You do not.”

“I have two days to finish this.”

“One day. This one is over.”

“It’s not over till I sleep.” You scoffed, finally looking up at the robot, the eye-bags lining your eyes almost made him cringe. How sweet.

He only clicked. A grimace, yet delighted by banter. “Then sleep.”

“Make me.” You went back to your computer, continuing your typing.

Wrong choice of words.

You could barely hear the smile in his voice before long, sharp robotic fingers clamped around your waist. It didn’t matter how big you were, it was as easy for him as you picking up a vegetable.

“MOON-“

His delighted, eerie laughter was all that met your indignity. Throwing you under his arm like a sack of potatos. “Sleep sleep sleepy time~”

“Moon please I can just sleep in tomorrow…!”

“Sun will want to play~” He answered, still in that annoying sing-song voice. “Best rest now, while moon can stay~”

“I don’t-“ you struggle in his grasp. Iron-clad and immovable, metal hands and arms cold against your skin but the heat of his circuitry humming underneath. “NEED you to stay I NEED-“

You’re jostled, being held with hands underneath your armpits. He static giggle grinds on in your ears, a crunchy, chewy sound.

“Rude so rude…~” his head does a full rotation, peeking at you at a three-fourths angle, holding you closer. “Found little kitty in need of a nap, now it hisses back~”

Your frustration hit a fever pitch. The hot ball of anger in your throat rising, a heat behind your very eyes. The jostling, the grabbing, the lack of choice.

“Moon! Put me the fuck down right now!!”

The clicking finally stopped.

Finally.

The quiet, like water in the desert, despite still being suspended a foot off the ground. The animatronic’s eyes red and blank, locked in that three quarter’s tilt. One click.

Two clicks.

A tilt. A look.

Your feet touched ground. The hands removed.

You stood.

You stood you stood you stood. Staring, him staring, and you.

You were waiting, waiting for either one to say something. Were you free to go? Was he upset?

His voice box remained silent. Staring at you know with wide blank white eyes. That smile as wide as ever, though not nearly as happy. You took the silence as your cue, and began to walk around him. Back to your computer.

“Please do not swear.”

You stopped, glancing back at him. Moon still stood in the same spot, facing the same way, a slight hunch in his shoulders as if he were still looking down at you.

Please.

“I’m sorry.” Your hand fidgets with the sleeves of your sweatshirt. Slight guilt I. Your stomach. “But don’t grab me like that.”

He clicked, slouching more. “Sorry.”

And for the first time in hours, you smiled. A small, pathetic, and sad smile, but a smile no less.

“���Listen…” you ran your fingers across your neck, scratching. “I’ll go to bed—“

He finally turned, a quick crack of his head to look at you, his body still remaining in the same spot, but attention fully on you.

Eugh.

“If.” A pointed finger emphasized your statement, “you promise not to force me to bed tomorrow until I finish my paper.”

He spun his head, clicks and gears abound. Turning to you and approaching in an almost skipping fashion. Until he was seated before , hands on the ground and practically at your eye level.

“Deal~”

You laughed, more of an exhale of air, but it counted. Finally walking past him to your bedroom, the moon animatronic close behind. Happily humming, if not a bit eerily.

“Sun will help. Tomorrow.” He hummed.

You opened your bedroom door, neglecting the lights for courtesy. “How so?”

Moon hopped over to your bed ahead of you, removing the covers and perching on the other side, eagerly waiting for you to get in and lay your head to rest. “Helped the children with homework, programmed to.”

You nestled into bed, forgoing changing into proper pajamas. You were wearing house-lounging clothes anyway. “It’s a little more complicated than a book report, Moon.”

He grinned, the raspy giggle like a music note in his throat. “Programmed for university level.”

“Well damn.”

“Language.”

You laughed an apology, the blankets and pillows now reminding you of the time, and of your exhaustion.

“Goodnight, Moon.”

“Goodnight, friend.”

[scleroticstatue]

Not huge if true. This was a thing in 2020. All the grammarian websites put this out.

Supposedly from Delta Airlines. How is this not racist?

[exitrowiron]

In the weeks prior to my Mom’s death last fall, I agreed to a six month consulting engagement at a company I’d worked at 14 years ago. I agreed to be the EVP of Transformation and rented a house near the HQ.

This company suffered during the pandemic, was forced into bankruptcy, had to recapitalize and was still having a hard time. I felt some loyalty to the company and a few of my old colleagues who were still there. I hoped I could help save the company.

The good news is that my efforts were very fruitful. The bad news is that the private equity owners were too impatient and decided to sell to a competitor. That wasn’t the outcome I was hoping for, but I feel satisfied that I delivered more than had been expected. As soon as I was disclosed on the pending transaction I decided to end my engagement after only 5 months.

The best news is that I get to retire again and resume goofing off with Beth full time! A side benefit is that my earnings (and a few other donations including from a few Tumblrs) have funded the construction of new latrines at the school Beth and I support in Kovie, Togo.

Construction should start soon and should be completed in time for the next school year.

[follow-up-news]

The Container Store — once the premier hub for all things storage and organization — filed for bankruptcy amid mounting debt. The 46-year-old retail chain filed for Chapter 11 bankruptcy protection late Sunday in a Texas district court. It comes just days after Big Lots and Party City announced they will be closing down for good in response to their own financial struggles. In a company statement, the Container Store said the bankruptcy process will have no impact on customers. Its 102 locations nationwide and website will continue to operate as normal. "The Container Store is here to stay," CEO Satish Malhotra said in a statement. "We intend to maintain our strong workforce and remain committed to delivering an exceptional experience for our customers while we execute this recapitalization and for many years to come."

[cannibal-walleye]

hi walleye tumblr tags are annoying and if u tag smth properly capitalized and then later tag smth else with the same tag but capitalized differently they wont register as the same tag. i know from personal experience

basically what im saying is ur gonna want to recapitalize the tag on ur most recent "my heart went boom" post

Ahh thank you!!! I've been on tumblr for a year now and still feel like I know absolutely nothing about tagging rip, I'll get that changed right away <3

[wumblr]

On October 1, 2024, the U.S. Department of Energy's National Nuclear Security Administration (NNSA) verified completion of the First Production Unit (FPU) of a plutonium pit for the W87-1 Modification Program. A plutonium pit is a necessary component in America's nuclear warheads.  NNSA is currently rebuilding the capability to manufacture plutonium pits, at the rate of no fewer than 80 pits per year. During the Cold War, the United States could manufacture hundreds of pits per year. Pit production ceased in 1989, and NNSA continues to recapitalize production capabilities that atrophied in the post-Cold War era across the Nuclear Security Enterprise.  Achieving FPU of the W87-1 pit is an important milestone for the United States’ nuclear weapon stockpile modernization. The W87-1 warhead supports the Department of Defense’s Sentinel Intercontinental Ballistic Missile (ICBM), which will be part of the land-based leg of the nation’s nuclear deterrent and replaces the Minuteman III ICBMs. 

NNSA completes and diamond-stamps first plutonium pit for W87-1 warhead

[zee-man-chatter]

During the US Civil war, the Russian navy sailed into the port of New York City to save the northern states from the globalist bankers whom had backed the southern states. The Romanovs, the Russian royal family were an old blood line that moved north to Russia when the eastern part of the Roman empire fell. Romanov is really Nova Roma or new Rome. Knowing that makes it easier to see how the Orthodox Christian church made it from Constantinople to Russia with the Romanov's.

In 1913 the US fell prey to the globalist bankers with the Federal Reserve, and later, the Tsar of Russia was murdered with his family, in part financed by Jacob Shiff.

The current Ukraine war's purpose is to recapitalize globalist banks, and eventually gain control of Russia. Russia paid off the IMF 4 years ago, which is another reason the globalists want to depose their government. Everything at that point would be privatized, and the population made into debt slaves like many in the financialized west are now.

If the west(globalist banking) doesn't win, then some sort of Central Bank Digital Currency would be used instead of real assets. So we're in a very dangerous time as far as conflict and economic depression goes. If people understand the history and the consequences of where we are, then this new reality well might not pass.

[fatalquiete]

Evitiamo le cretinate, come fare post su post sul presunto saluto romano di Elon Musk. Non era un saluto romano, era un gesto, di teatralità e goffaggine immensa, che voleva dire "il mio cuore va a voi": si porta la mano sul petto e la lancia verso la folla.

Ma questo battere sul tasto saluto romano evidenzia per l'ennesima volta il ritardo cognitivo che alberga in tanta parte di noi: siamo convinti che se un sistema autoritario debba nascere, lo farà ripetendo pedissequamente, anche nei gesti esteriori, i regimi che conosciamo dalla storia, fascismo o nazismo, camicie nere e saluti romani. Niente di tutto ciò: questi sono progressisti, guardano al futuro, non al passato. Non hanno nessuna voglia di ripetere esperienze di un secolo fa, questi vogliono costruire una nuova società tecnocratica, che pianterà bandierine su Marte e potrà controllare e indirizzare i sentimenti dell'opinione pubblica con strumenti che solo in Fahrenheit 451 (l'onnipresente schermo) erano ingenuamente abbozzati.

Siamo noi, non loro, quelli che vivono nel passato, noi che temiamo i saluti romani e le camicie nere. Questi stanno progettando il futuro, a modo loro. E lasciamo perdere i busti dell'anziano La Russa, sono relitti di un Paese sempre più provinciale e vecchio come il nostro che, da una parte e dall'altra, non riesce a tagliare il cordone ombelicale col secolo scorso, e manco con gli ultimi anni del secolo.

Si sta aprendo una sfida esiziale tra democrazia e non so, un non so fatto di plebiscitarismo e tecnocrazia, di libertà di espressione ma di controllo algoritmico di tutto ciò che diciamo e compriamo, di voto libero ma preceduto da campagne elettorali improntate da bugie recapitate nei nostri profili, nei nostri telefoni, nei nostri televisori.

O lo capiamo, oppure, se continuiamo a pensare che il pericolo sia il nuovo Mussolini, in fez, orbace e saluti romani, non abbiamo capito un tubo e spariremo dalla storia (almeno per un po', mi auguro da ottimista incrollabile) insieme alla democrazia.

[usafphantom2]

USAF Secretary Eyes Early Start For Future Tanker Program

Rendering of a conceptual future refueling tanker

Lockheed Martin Skunk Works rendering of a conceptual future refueling tanker.

DAYTON, OHIO­—The U.S. Air Force hopes to speed up its next-generation tanker program with potential new-start authority in its fiscal 2026 budget, or even an earlier start under newly provided authorities from Congress, the service’s leader says.

The Air Force expects by October to have completed an analysis of alternatives (AOA) for the Next Generation Aerial Refueling System (NGAS), a new, clean-sheet design tanker designed to be more survivable than previous refuelers. Service Secretary Frank Kendall, in a July 30 speech at the Air Force Life Cycle Management Center’s Industry Days, said the AOA staff is looking at how a refueler can meet its mission in an environment where adversaries have longer range weapons.

The AOA will wrap in time for the service to make a decision for its fiscal 2026 budget, Kendall predicted. However, the Air Force could use its so-called “Quick Start” authority approved in the fiscal 2024 defense policy bill to begin work early on the program.

Under the authority, the Air Force can begin early design work through the preliminary design review, ahead of full authorization and appropriations if the defense secretary deems it important for national security.

The Air Force used its first round of Quick Start authority on efforts for space-based moving target indication. Each of the services has a share of $100 million it can allocate to the new acquisition programs.

Funding has been a question surrounding NGAS since the program was announced, with so many competing programs in the service’s budget. For example, Lt. Gen. Richard Moore, the deputy chief of staff for plans and programs, said in an April conference the service has not decided on a financing plan, which likely would require money from outside the service’s budget.

So far, the Air Force has only committed $8 million to NGAS for the AOA work. Kevin Stamey, the Air Force Life Cycle Management Center’s program executive officer for mobility and training aircraft, told reporters July 30 he has not been tasked with exploring Quick Start authorities for NGAS. Kendall has told the directorate NGAS is a priority to be accelerated, and the authority could be an option.

The Air Force needs to make “corporate decisions” on where to go with both NGAS and the nearer term replacement plan for its Boeing KC-135s. The service had outlined what it called the KC-135 Recapitalization Program for use in buying new tankers after the final procurement of KC-46 in 2029. However, the service has not committed to it yet. Kendall said earlier this month that there has not been a final decision.

Brian Everstine is the Pentagon Editor for Aviation Week, based in Washington, D.C. Before joining Aviation Week in August 2021, he covered the Pentagon for Air Force Magazine. Brian began covering defense aviation in 2011 as a reporter for Military Times.

@Aviationweek.com

[nicklloydnow]

“In 1932, Adolf A. Berle Jr. and Gardner C. Means wrote a book entitled The Modern Corporation and Private Property. A critique of corporate management for being aloof and complacent, out of touch with the consumer and irresponsible to the stockholder, this volume became the bible of Marxists, left wing intellectuals and interventionist politicians. Under the banner of separation of ownership and control, the Berle-Means thesis led to an attack on the corporate structure from which today's top executives are still reeling.

With this background, one would have thought that the people urging a greater role for the public sector would have welcomed the advent of the corporate raider. For this new breed of capitalist has sent shivers down the spines of the denizens of the boardroom. Swooping down, launching "unfriendly" or "hostile" takeover bids, these corporate raiders have succeeded in replacing management from coast to coast in dozens of industries, and in frightening thousands of other out-of-touch chief executive officers into greater responsibility.

At least under the theory of "the enemy of my enemy is my friend," it might have been expected that critics of the marketplace, noticeably the followers of Berle and Means, would have rallied `round the cause of the corporate raider.

In the event, however, this expectation has remained unfulfilled. Not only has the activity of the corporate raider been deprecated by the champions of government interference in the marketplace, but it has been roundly condemned by practically all pundits and commentators on public policy. In 1987, the left-leaning film director Oliver Stone distilled the common image of the corporate raider into the supposedly loathsome Gordon Gekko, brilliantly portrayed in an Oscar-winning performance by Michael Douglas. And this is the image of Gekko under which the corporate raider must labor in the present day.

Yet, despite this all-but-universal criticism, the unfriendly takeover bid has benefited consumers and stockholders, and served notice on complacent management across the board. In one celebrated case that unfolded shortly before Stone's film Wall Street was released, corporate guerrilla Carl Icahn put in a bid for a block of shares of Phillips Petroleum. Stung by Icahn's bid, Phillips' executives offered to improve a recapitalization plan they had been forced to put forth in response to an earlier planned takeover, this one by T. Boone Pickens. As a result, Icahn walked away with a cool $50 million, Pickens registered a profit of $89 million on a resale of his holdings to the company, all Phillips' shareholders gained from the better offer, and the oil firm itself was left far leaner and meaner than before.

Needless to say, neither Icahn nor Pickens nor any of the other masterminds of "the 1980s takeover boom," were publicly thanked for the good they had done. On the contrary: both men were not only mocked by Oliver Stone, they were also robbed of the opportunity to do any more such good by a rash of anti-takeover statutes adopted late in the decade. Henry Manne reported that hostile takeovers had "declined to four percent from fourteen percent of all mergers."

The conventional wisdom holds that this outcome is a good one for investors, but the facts show otherwise. No story of the corporate raider can ignore the role of the heroic Michael Milken. Assume there was a hotel worth $20 million as a present discounted capital value. Given an interest rate of 5%, this concern should throw off roughly $1 million to its owners. But stipulate that due to inefficiency, or general avarice, or to the fact that the CEO salary was far higher than justified, or a combination of all such phenomena, the owners were earning far less than that in dividends. And, guess what? The stock was trading at a lower value than might have prevailed, had these tape worm factors not been in operation.

Enter the "evil" Michael Milken. He swoops in, purchases enough of the stock in this corporation to kick out the old board and replace it with his own nominees. This is considered a "hostile" takeover by a corporate "raider." From whence springs the hostility? All Milken did was buy up a mess of stocks. Did he threaten any of these stock owners that they would walk the plank if they did not sell to him? No, of course not; we are talking arm's-length stock market deals here. We can logically infer that the owners of these stocks preferred the price offered them by the "raider," otherwise they would not have sold out. No, the "hostility," instead, stems from the CEO and his cronies who were mismanaging this hotel into the ground.

The Milkins of the world are akin to the canary in the mine; they are the Distant Early Warning Line for the economy.

When they get active, it is in response to something rotten that is going on. And what was the public reaction to this corporate raider? Instead of hoisting him up on their shoulders and holding ticker tape parades in his honor, he was given the back of the public's hand to his face. To wit, he was prosecuted by the Securities and Exchange Commission for insider trading, violations of U.S. Securities Laws and other financial felonies. He pled guilty only after the authorities threatened to go after his ailing brother. For shame.” - Walter Block, ‘Defending the Undefendable II’ (2013) [p. 41 - 44]