"Blackstone" perka "Luminor"

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In 2013, Bloomberg News uncovered how the Blackstone Group was self-dealing after its affiliate GSO Capital Partners purchased debt and credit default swaps in Codere SA, a Spanish betting, online gambling and gaming company.^[151]

In the first half of 2013, Blackstone GSO and another firm later purchased a €100 million bank loan (via secondary markets) that Codere already had on the books, and then convinced Codere to delay repayment on the debt related to the aforementioned credit default swaps. That delay triggered the CDS, resulting in upwards of $18.7 million in profit for GSO.^[152]

The GSO director defended the move with "Codere (working with us...) had to trigger the credit default swaps, as it was the only way to compel certain bondholders to negotiate." and blamed credit default swap investors for their loss:

Unlike Blackstone, who invested directly into Codere, these financial investors [of hedge funds using credit default swaps] were not aligned with the interests of Codere, but instead through their use of credit default swaps, were betting on when the Company would default[...]having no interest in the outcome of the game.^[152]

Self-dealing...

Self-dealing is the conduct of a trustee, attorney, corporate officer, or other fiduciary that consists of taking advantage of his position in a transaction and acting in his own interests rather than in the interests of the beneficiaries of the trust, corporate shareholders, or his clients. According to the political scientist Andrew Stark, "[i]n self-dealing, an officeholder's official role allows her to affect one or more of her own personal interests." It is a form of conflict of interest.^[1]