You may not have heard of Mojo, a high-definition cable network that, in New York, can be found on channel 701. And you also may not have heard of BG Capital Group, a merchant bank with offices in Barbados and Florida and led by one Bobby Genovese, a Canadian transplant who is the star of an upcoming Mojo series called Bobby G: Adventure Capitalist.
Mojo already has had modest success with a reality series called Wall Street Warriors, which profiled several scrappy asset managers and day traders. In Bobby G, Mojo follows the adventures of Genovese and his firm,
which, according to the BG Capital website, has invested in or partnered with a number of interesting portfolio companies. Among these are a polo team, a bottled water company called Clearly Canadian, and the Neptune Memorial Reef, described as an underwater “memorial garden for the cremated remains of our dearly departed” and designed to look like the legendary Lost City.
According to a New York Times reporter, who saw a preview, Bobby G is shown pondering an investment in a strip club called Solid Gold Revue. Parental discretion is advised.
“The proposal would undo decades of established partnership tax law and create a new standard that reserves capital gains rates only for those with the wherewithal to invest equity into an enterprise. Meanwhile, those partners who invest their time and effort to add value to an asset they own – the very people who often are mainly responsible for any capital gains generated – would be taxed at ordinary rates. We do not believe that is an equitable outcome.” Douglas Lowenstein, president of the Private Equity Council, in a letter to Charles Rangel, House Ways and Means Committee chairman, following the latter's proposal to significantly increase US taxes for alternative investment fund managers. The proposal has been dubbed the “mother of all tax bills”.
“Private equity is a key part of the life-blood of the UK's innovation ecosystem. It has been unfairly maligned, often by those with vested interests. While there are issues the industry needs to address, private equity is an aggressively creative force in our economy.” UK science and innovation minister Ian Pearson delivers a stout defence of the industry at a keynote speech to the British Private Equity and Venture Capital Association (BVCA) Technology Spinout conference in London.
“Voyeurism for the financial paparazzi”. How Permira partner Charles Sherwood described calls for disclosure to extend to the personal compensation packages of private equity general partners in a debate in London about the Walker Report. He also said “there's a fine line somewhere between what's of public interest and what's in the public interest”.