Skip to main content

Florida Governor Ron DeSantis is ready to one-up West Virginia’s treasurer in well-and-truly burying the Republican Party’s former commitment to free markets and capitalism when those conflict right-wing culture-war hobby horses. But instead of barring the asset managers working for the State Board of Administration, perhaps he should just abolish it and give all of its money to this guy, who clearly doesn't care about what the woke mob or anyone else thinks of him.

[Richard] Deitz’s VR Capital has a long history of making money in countries going through upheaval. His fund paid $123m in 2019 to buy distressed loans issued by state-owned Ukrainian Railways, hoping they could work out a repayment and get a double-digit return. But in May the Ukrainian government seized the investment as part of its sweep to nationalise Russian assets within its borders…. The move is just the latest in a series of steps by Ukraine to stymie the investment, according to VR’s legal counsel….

“One day the war will end and the focus will be on rebuilding Ukraine. Investors will have plenty of goodwill and desire to participate but this may not be sufficient once they consider the history of violations of rule of law by the state,” said Deitz. “Can the leopard change its spots?”

Why a London hedge fund wants its cash back from Ukraine [FN]
Florida’s DeSantis Takes Aim at ‘Woke Capital’ [WSJ]

For more of the latest in litigation, regulation, deals and financial services trends, sign up for Finance Docket, a partnership between Breaking Media publications Above the Law and Dealbreaker.

Related

putin

Maybe Serving As Payment Agent For Sovereign Debt Is Another Business Citi Should Get Out Of

At least when it comes to rogue states and uniquely recalcitrant debtors.

ackman-biden-beach

Bill Ackman Would Have Turned Russia Into A Sheet Of Nuclear Glass By Now

Wartime dispatches from Russia, Ukraine and the CNBC studios.

smokestack

SEC Probing Whether Goldman Managed To Violate Its Impossibly Easy ESG Standards

Your funds don’t actually have to help save the world, but they do have to live up to their marketing materials.

west virginia coal mine

Fourth Poorest State In U.S. Commits To Paying More For Financial Services

The bottom line only matters to Republicans when they’re not making cheap populist points.