On Tuesday’s broadcast of the Fox Business Network’s “Lou Dobbs Tonight,” Breitbart Senior Editor-at-Large and author of “Secret Empires: How the American Political Class Hides Corruption and Enriches Family and Friends” Peter Schweizer discussed how regulations during the Obama administration helped the president’s friends.
Schweizer said, “Barack Obama’s best friend, a guy named Marty Nesbitt…sets up a private equity fund while his friend is the regulator-in-chief, and what he does is he invests in what he calls ‘highly-regulated industries.’ … And so, to give you one brief example, the University of Phoenix, the for-profit school, Barack Obama’s administration says, ‘We think this school is bad. We’re going to suspend the Pentagon from using GI Bill money for soldiers to go to school there.’ Well, of course, the stock price goes from $100 a share to about $3 a share. Guess who steps in to buy it? Barack Obama’s best friend Marty Nesbitt and his company Vistria investors. They come in. They buy it for pennies on the dollar. And then lo and behold, the Obama administration says ‘You know what, we think we’re going to let GI money flow again back to the University of Phoenix.’ And that pattern is repeated over and over again in other sectors of the economy. It was rampant.”