gretchen morgenson

Senior financial reporter, NBC News Investigations; Pulitzer Prize 2002; former NYT, WSJ; latest book on predatory finance

[gretchen morgenson @gmorgenson]

As the gulf between rich and poor widens across America, here's the why, the how and the who. Coming April 25, 2023.

[gretchen morgenson @gmorgenson]

Nation’s largest public pension fund plagued by secrecy and underperformance, probe finds https://t.co/IHv1sk9xgm via @nbcnews

[kristen shaughnessy @kshaughnessy2]

She Bought “Safe” Retirement Income.
The Company Collapsed Anyway.

NBC reports Annie Benjamin’s insurer, PHL, owned by private equity, collapsed in 2024 after risky investments and shady reinsurance deals.

Her account is now frozen, and 100,000 policyholders may only get back 34-57% of what they’re owed

State regulators missed, or approved,the red flags.

“The failure of PHL is the perfect example of what happens when an insurance company hides a black hole on its balance sheet,” said Thomas Gober, a former examiner for the Mississippi Insurance Department….

“Once you can finally see it, the hole has gotten so big that it’s too late.”…

“The regulators are not just a little bit wrong,” said Larry Rybka, founder of registered investment adviser Valmark Financial Group in Ohio. “They are so far off that it’s catastrophic.”….”

@tobecb

[gretchen morgenson @gmorgenson]

@RudyHavenstein 😍

[gretchen morgenson @gmorgenson]

Annuity buyers trust state insurance regulators to keep them safe. Unwise, some experts say. https://t.co/JYSAObPQUJ

[gretchen morgenson @gmorgenson]

@RudyHavenstein Thank you Rudy!

[Rudy Havenstein, Senior Markets Commentator. @RudyHavenstein]

@gmorgenson Great piece! I'll share it asap.

[Marc Cohodes @AlderLaneEggs]

She paid an insurance company $99,000 to generate retirement income for life. Then it collapsed. Excellent job by ⁦@gmorgenson⁩ What a world we live in https://t.co/hxjOluG6ov

[Keith Dalrymple @Jonathan_Keith2]

$BN An interesting article from @gmorgenson talking about the insurance angle.
https://t.co/TnYP4jHB8G

[gretchen morgenson @gmorgenson]

Thank you @maxcanthelpit

[maxrottersman @maxcanthelpit]

The best ones have been, and remain, women. From Ida Tarbell to @gmorgenson. The Republicans have purged almost all their women. The Democrats are half-hearted in their support of women. I never believed we'd go backwards here, but here we are.

They're out there, but diffuse. Want to understand why farmers vote for Trump? https://t.co/NrTaHaI7kF

[gretchen morgenson @gmorgenson]

Congratulations Khadeeja and Joe!

[Khadeeja Safdar @khadeeja_safdar]

Thank you for recognizing our work!

[gretchen morgenson @gmorgenson]

Why did Live Nation send its CFO, not CEO, to testify before Congress about ticket pricing in 2023? https://t.co/ZSdKH7D1fo via @nbcnews

[gretchen morgenson @gmorgenson]

A corporate culture "hostile to any ethical dissent" https://t.co/ZSdKH7D1fo

[Room Reports @RoomsReport]

Live Nation showed artists $157 million in losses. The same shows generated $158 million internally.

Same shows. Same tickets. Same venues.

The gap doesn’t disappear. It moves.

https://t.co/QAlekfeM5k

[gretchen morgenson @gmorgenson]

Talking private equity on WBUR's "Is Business Broken" series. https://t.co/UqF2RmCxDh

[Dave Collum @DavidBCollum]

Probably would be a good time to put @gmorgenson's and @JoshRosner's book about private equity from several years back on the top of your reading list...

https://t.co/duwEIX1c4y

[tommy @tommydprimetim1]

NBC exposed it.

Live Nation said they would squeeze artists into submission.

Now a jury has found them guilty.

I asked artists to comment. It’s been days. Nothing.

Will any rise now with the courage to speak up and answer?

[gretchen morgenson @gmorgenson]

Live Nation illegally monopolized ticketing market, jury in antitrust trial finds. Internal documents the jury didn't see fill out the story. https://t.co/DIKvDxZPNk

[tommy @tommydprimetim1]

If you want to know the truth why ticket prices are so high and why there’s no competition, read the NBC piece on @live nation
@gmorgenson @matthewstoller

[tommy @tommydprimetim1]

Internal documents show Live Nation getting paid in venues they do NOT own or operate, including publicly owned arenas.

Phoenix (Footprint Center) city owned
→ third-party promoter sells the tickets
→ then pays rent, fees, ticket rebates to Live Nation

Brooklyn (Barclays Center)
→ third-party promoter sells the tickets
→ about $3 per ticket still goes into the deal to Live Nation

Philadelphia (Wells Fargo Center)
→ third-party promoter sells the tickets
→ suites & concessions still tied into the deal to Live Nation

The promoter creates the show
sells the tickets
fills the building

then pays
rent
fees
rebates
per ticket

to Live Nation

independent promoters create the revenue and still pay Live Nation

people wonder why ticket prices are so high?

[NEWSMAX @NEWSMAX]

Internal documents reviewed by a media news outlet offer a closer look at how Live Nation operates behind the scenes, detailing its negotiations with artists and venues and suggesting that the accounting methods used to calculate partner payouts may not align with its own figures. https://t.co/77XffUL9zs