Every single GP will admit it's a total giveaway when they're drinking and amongst their kind. How do I know? I've been drinking with many in my time as an investment banker, junior VC employee, and "trusted" entrepreneur.

You know what's worse? The PE guys and the hedge fund managers get this treatment on carried interest too, but they know there's absolutely no way to justify it and so they're letting the NVCA stick up for all of them. There are massive amounts of money being funneled by members of the Private Equity Council into this debate that no one is seeing.