Bloomberg Quotes

I quit smoking in December. I’m really depressed about it. I love smoking, I love fire, I miss lighting cigarettes. I like the whole thing about it, to me it turns into the artist’s life, and now people like Bloomberg have made animals out of smokers, and they think that if they stop smoking everyone will live forever.

If you have to compete based on capital, the giant always wins. If you can compete based on smarts, flexibility, and willingness to give more for less, then small companies like Bloomberg clearly have an advantage.

No place epitomizes the American experience and the American spirit more than New York City.

Bloomberg does not support the measure to silence the useless and maddening car alarm: he would rather impose himself on people than on mechanical devices.

I watch Bloomberg because I can trust that the people I see on Bloomberg will present me with actionable and insightful information that will help me be a better leader in business.

Those enterprises that see new needs and react more quickly, win!

If a business isn’t efficiently utilizing resources, then it’s a bad investment. A wasteful business is an unprofitable business. That may or may not show on their P&L for the current year, but you better believe it shows somewhere.

As Walsh saw it, Steve Bannon was running the Steve Bannon White House, Jared Kushner was running the Michael Bloomberg White House, and Reince Priebus was running the Paul Ryan White House. It was a 1970s video game, the white ball pinging back and forth in the black triangle.

When we're talking about businesses adapting to change, it's not just about the processes and systems but also about people and their ability to practice new relationships, methods and behaviors.

have my own army in the NYPD—the seventh largest army in the world. —NEW YORK CITY MAYOR MICHAEL BLOOMBERG

As a new entrepreneur, you're probably gonna have to hustle hard to get things going at first. And you gotta be committed to that hustle until it's not necessary anymore.

Pope Benedict XVI was the first to predict the crisis in the global financial system…Italian Finance Minister Giulio Tremonti said. “The prediction that an undisciplined economy would collapse by its own rules can be found” in an article written by Cardinal Joseph Ratzinger [in 1985], Tremonti said yesterday at Milan’s Cattolica University. —Bloomberg News, November 20, 2008

And, as I would learn later on in my life - at Salomon Brothers and in my own company - it's the "doers", the lean and hungry ones, those with ambition in their eyes and fire in their bellies and no notions of social caste, who go the furthest and achieve the most.

In nature, waste does not exist. There is only production and consumption; there is only creation and utilization. Everything that's produced is efficiently consumed. Everything that's created is efficiently utilized. And this cyclicality results in growth and in profit. The same should be true of each business, and the same should be true of an economy.

where a Michael Bloomberg could be the CEO of a large company one day and get elected as New York’s mayor the next.

Elon Musk (of Tesla, SpaceX, and SolarCity), Jeff Bezos (of Amazon), and Reed Hastings (of Netflix) are other great shapers from the business world. In philanthropy, Muhammad Yunus (of Grameen), Geoffrey Canada (of Harlem Children’s Zone), and Wendy Kopp (of Teach for America) come to mind; and in government, Winston Churchill, Dr. Martin Luther King, Jr., Lee Kuan Yew, and Deng Xiaoping. Bill Gates has been a shaper in both business and philanthropy, as was Andrew Carnegie. Mike Bloomberg has been a shaper in business, philanthropy, and government. Einstein, Freud, Darwin, and Newton were giant shapers in the sciences. Christ, Muhammad, and the Buddha were religious shapers. They all had original visions and successfully built them out.

Every Spring, nature teaches a class on business entrepreneurship. ....We see how capital is re-allocated, currencies are re-directed, growth is re-emphasized, and numerous life forms promote their value with re-vitalized marketing programs that implement flowers or seeds or aromas or habitability or pollination in an effort demonstrate a unique value proposition in a busy economy.

Somehow, we as a society must find a way to better engage our children in the joy of learning. Generation after generation of functional illiterates we don't need.

The changing climate should be seen as a series of discrete, manageable problems that can be attacked from all angles simultaneously. Each problem has a solution. And better still, each solution can make our society healthier and our economy stronger.

Bloomberg weighed three hundred pounds. This itself was historical. I revered his weight. It was an affirmation of humanity's reckless potential; it went beyond legend and returned through mist to the lovely folly of history. To weigh three hundred pounds. What devout vulgarity.

Greenwashing is a problem. That's why the practice of just sticking a label like ESG on a company or a project isn't good enough. We need to have a systemic approach. We have to approach it from the ground up with systems design, not from the top down with labels.

A better way to evaluate a company is to talk to the experts. No, I don’t mean journalists or analysts. I mean those who really know what’s going on and what the potential

For the first time in the history of the world more people will die from overeating than undereating this year.

Bloomberg predicts that wind energy will be the lowest-cost energy globally by 2030.

New York city wasn't yet the post-Giuliani, Bloomberg forever, Disneyland tourist attraction of today, trade-marked and policed to protect the visitors and tourism industry. It was still a place of diversity, where people lived their lives in vibrant communities and intact cultures. Young people could still move to New York City after or instead of high school or college and invent an identity, an art, a life. Times Square was still a bustling center of excitement, with sex work, "adult" movies, a variety of sins on sale, ways to make money for those down on their luck".

It is not just bookstores and libraries that are disappearing but museums, theaters, performing arts centers, art and music schools— all those places where I felt at home have joined the list of endangered species. The San Francisco Chronicle, the Los Angeles Times, the Boston Globe and my own hometown paper, The Washington Post, have all closed their weekend book review sections, leaving books orphaned and stranded, poor cousins to television and the movies. In a sign of the times, the Bloomberg News website recently transferred its book coverage to the Luxury section, alongside yachts, sports clubs and wine, as if to signal that books are an idle indulgence of the super-rich. But if there is one thing that should not be denied to anyone rich or poor it is the opportunity to dream.

Washington's all abstraction. It's about access to power and nothing else. I mean, I'm sure it's fun if you're living next door to Seinfeld, or To Wolfe, or Mike Bloomberg, but living next door to them isn't what New York is about, In Washington people literally talk about how many feet away from John Kerry's house their own house is. The neighborhoods are all so blah, the only thing that turns people on is proximity to power. It's a total fetish culture. People get this kind of orgasmic shiver when they tell you they sat next to Paul Wolfowitz at a conference or got invited to Grover Norquist's breakfast.

Dr. Noah Smith, economics columnist for Bloomberg View, tells us, “The real danger of the ‘rise of the robots’ is not that they’ll take all our jobs, but that they’ll cause continually increasing inequality.

Business judgment is best developed through professional experience. The next best alternative is to be reading business articles. We recommend Bloomberg Businessweek and Economic Times/Business Standard, if time permits.

The last person into their respective office the next day, as measured by their Bloomberg login status, has to pay for the liquid lunch that follows, where we spend three hours nursing our hangovers and reliving the events of the previous evening.

Friends who have fallen for Sheryl’s Lean In schtick earnestly recommend going to her with my concerns. I get where they’re coming from—this is an issue she’s chosen to take a high profile on. Around this time she is quoted in a Bloomberg article recommending a zero tolerance policy to harassment and saying, “I think it’s great when people lose their jobs when it happens, because I think that is what will get people to not do it in the future. And I think it’s a leadership challenge. As a leader of a company, there needs to be no tolerance for it. People respond to what is tolerated and what is encouraged.” But having witnessed how she treats her own staff—not to mention her intimate relationship history with Joel, a relationship where he often stays at her house when he visits the Valley—and how often her actions differ from her words, I know that’s not viable.

When it comes to television advertising, Michael Bloomberg out-spends the NRA and all other self-defense groups by 6.3 to one. The money produces political attack ads that accuse supporters of right-to-carry on college campuses of “allowing criminals to carry hidden, loaded guns in our schools.

Every morning when we get up, we relish the day’s upcoming battles. They keep us alive, and they keep Bloomberg’s corporate family thriving. We can’t wait for tomorrow. Who says we can’t do that? What do you mean they’ll beat us? Have them put on their boxing gloves, and send them into the ring. We’re ready!

If you’re going to succeed, you need a vision, one that’s affordable, practical, and fills a customer need. Then, go for it. Don’t worry too much about the details. Don’t second-guess your creativity. Avoid overanalyzing the new project’s potential. Most importantly, don’t strategize about the long term too much.

Did I want to risk an embarrassing and costly failure? Absolutely. Happiness for me has always been the thrill of the unknown, trying something that everyone says can't be done, feeling that gnawing pit in my stomach that says "Danger ahead". Would it be nice not to have uncertainty, to sit back and "veg out"? When the phone rings constantly, when people keep demanding attention, when I desperately need time to myself, it seems an attractive notion just to "chuck it all". But then nobody calls, nobody stops by, and soon I'm nibbling my nails and getting irritable, and I realize that's not what I want. It sounds good. In reality though, I want action, I want challenge.

Stop and frisk does not get my vote.

So there are laws that are defensible but unenforceable, and there are laws impossible to infringe. But in the New York of Mayor Bloomberg, there are laws that are not possible to obey, and that nobody can respect, and that are enforced by arbitrary power. The essence of tyranny is not iron law. It is capricious law. Tyranny can be petty. And “petty” is not just Bloomberg’s middle name. It is his name.

One consequence, presumably unintended, of America’s failure to ratify the Kyoto Protocol has been the emergence of a not-quite-grassroots movement. In February 2005, Greg Nickels, the mayor of Seattle, began to circulate a set of principles that he called the “U.S. Mayors Climate Protection Agreement.” Within four months, more than a hundred and seventy mayors, representing some thirty-six million people, had signed on, including Mayor Michael Bloomberg of New York; Mayor John Hickenlooper of Denver; and Mayor Manuel Diaz of Miami. Signatories agreed to “strive to meet or beat the Kyoto Protocol targets in their own communities.” At around the same time, officials from New York, New Jersey, Delaware, Connecticut, Massachusetts, Vermont, New Hampshire, Rhode Island, and Maine announced that they had reached a tentative agreement to freeze power plant emissions from their states at current levels and then begin to cut them. Even Governor Arnold Schwarzenegger, the Hummer collector, joined in; an executive order he signed in June 2005 called on California to reduce its greenhouse gas emissions to 2000 levels by 2010 and to 1990 levels by 2020. “I say the debate is over,” Schwarzenegger declared right before signing the order.

Matt Levine, a Bloomberg columnist who writes a detailed and witty daily email dissected by Wall Street bankers, had been on vacation when the prospectus went live. The following Monday morning, he wrote in his email that the “We” trademark news was “the news item that caused me to absolutely lose my mind—the item that, if I were a slightly more dedicated financial columnist, would have had me on the next helicopter back to the office.

Steve Sanetti of the NSSF told me on my radio program in July 2014 that Project Child Safe had reached out to Bloomberg for assistance as Bloomberg claimed to promote gun safety, but Bloomberg never responded. Instead, his money has gone to support a warped idea of “safety,” which is to incite furor and violence. To recap: It was gun control advocates who turned their backs on a national gun safety program that provided gun locks. Not the gun industry.

New York city wasn't yet the post-Giuliani, Bloomberg forever, Disneyland tourist attraction of today, trade-marked and policed to protect the visitors and tourism industry. It was still a place of diversity, where people lived their lives in vibrant communities and intact cultures. Young people could still move to New York City after or instead of high school or college and invent an identity, an art, a life. Times Square was still a bustling center of excitement, with sex work, "adult" movies, a variety of sins on sale, ways to make money for those down on their luck".

Speculators, meanwhile, have seized control of the global economy and the levers of political power. They have weakened and emasculated governments to serve their lust for profit. They have turned the press into courtiers, corrupted the courts, and hollowed out public institutions, including universities. They peddle spurious ideologies—neoliberal economics and globalization—to justify their rapacious looting and greed. They create grotesque financial mechanisms, from usurious interest rates on loans to legalized accounting fraud, to plunge citizens into crippling forms of debt peonage. And they have been stealing staggering sums of public funds, such as the $65 billion of mortgage-backed securities and bonds, many of them toxic, that have been unloaded each month on the Federal Reserve in return for cash.21 They feed like parasites off of the state and the resources of the planet. Speculators at megabanks and investment firms such as Goldman Sachs are not, in a strict sense, capitalists. They do not make money from the means of production. Rather, they ignore or rewrite the law—ostensibly put in place to protect the weak from the powerful—to steal from everyone, including their own shareholders. They produce nothing. They make nothing. They only manipulate money. They are no different from the detested speculators who were hanged in the seventeenth century, when speculation was a capital offense. The obscenity of their wealth is matched by their utter lack of concern for the growing numbers of the destitute. In early 2014, the world’s 200 richest people made $13.9 billion, in one day, according to Bloomberg’s billionaires index.22 This hoarding of money by the elites, according to the ruling economic model, is supposed to make us all better off, but in fact the opposite happens when wealth is concentrated in the hands of a few individuals and corporations, as economist Thomas Piketty documents in his book Capital in the Twenty-First Century.23 The rest of us have little or no influence over how we are governed, and our wages stagnate or decline. Underemployment and unemployment become chronic. Social services, from welfare to Social Security, are slashed in the name of austerity. Government, in the hands of speculators, is a protection racket for corporations and a small group of oligarchs. And the longer we play by their rules the more impoverished and oppressed we become. Yet, like

Even as the centrist vote coalesced around Biden, and the progressive and liberal vote was divided, our campaign still won California, Colorado, Utah, and Vermont on Super Tuesday. But Biden beat us in Texas by around sixty thousand votes. That narrow win, along with solid victories in Virginia, Massachusetts, and Minnesota, gave the former vice president a huge boost. Our campaign, which days earlier had been expected to win the most delegates on Super Tuesday, was suddenly trailing. Biden had the lead, and the momentum. Warren left the race a few days later, and with the exit of Bloomberg, what had been a twenty-three-candidate contest was down to a two-man race between Biden and me.

Dr. Fauci’s business closures pulverized America’s middle class and engineered the largest upward transfer of wealth in human history. In 2020, workers lost $3.7 trillion while billionaires gained $3.9 trillion.46 Some 493 individuals became new billionaires,47 and an additional 8 million Americans dropped below the poverty line.48 The biggest winners were the robber barons—the very companies that were cheerleading Dr. Fauci’s lockdown and censoring his critics: Big Technology, Big Data, Big Telecom, Big Finance, Big Media behemoths (Michael Bloomberg, Rupert Murdoch, Viacom, and Disney), and Silicon Valley Internet titans like Jeff Bezos, Bill Gates, Mark Zuckerberg, Eric Schmidt, Sergey Brin, Larry Page, Larry Ellison, and Jack Dorsey.

too little—and complex, because the manufacturing and marketing of food products has changed dramatically. Dr. David Kessler, former head of the U.S. Food and Drug Administration, has extensively documented how food manufacturers and restaurant and fast food chains carefully combine fats, sugar, and salt in precise ratios that reach the “bliss point”—which means they trigger brain systems that increase the desire to eat more, even after our stomachs are full. On a global basis, the World Health Organization has found a pattern of increased consumption of “energy-dense foods that are high in fat, salt and sugars but low in vitamins, minerals and other micronutrients.” Hyper-urbanization has separated more people from reliable sources of fresh fruit and vegetables. Quality calories in fruits and vegetables now cost ten times as much as calories per gram in sweets and foods abundant in starch. In a report for the Johns Hopkins Bloomberg School of Public Health, Arielle Traub documented the increase from 1985 to 2000 in the price of fresh fruits and vegetables by 40 percent, while prices of fats declined by 15 percent and sugared soft drinks by 25 percent.

Yes, that’s the one. Aaron, I want you to acquire the company tomorrow. Start low, but I want you to end up offering at least fifteen million for it. Actually, how many partners are there?” “I see two registered partners. Michael Teo and Adrian Balakrishnan.” “Okay, bid thirty million.” “Charlie, you can’t be serious? The book value on that company is only—” “No, I’m dead serious,” Charlie cut in. “Start a fake bidding war between some of our subsidiaries if you have to. Now listen carefully. After the deal is done, I want you to vest Michael Teo, the founding partner, with class-A stock options, then I want you to bundle it with that Cupertino start-up we acquired last month and the software developer in Zhongguancun. Then, I want us to do an IPO on the Shanghai Stock Exchange next month.” “Next month?” “Yes, it has to happen very quickly. Put the word out on the street, let your contacts at Bloomberg TV know about it, hell, drop a hint to Henry Blodget if you think it will help drive up the share price. But at the end of the day I want those class-A stock options to be worth at least $250 million. Keep it off the books, and set up a shell corporation in Liechtenstein if you have to. Just make sure there are no links back to me. Never, ever.

Dr. Fauci’s business closures pulverized America’s middle class and engineered the largest upward transfer of wealth in human history. In 2020, workers lost $3.7 trillion while billionaires gained $3.9 trillion.46 Some 493 individuals became new billionaires,47 and an additional 8 million Americans dropped below the poverty line.48 The biggest winners were the robber barons—the very companies that were cheerleading Dr. Fauci’s lockdown and censoring his critics: Big Technology, Big Data, Big Telecom, Big Finance, Big Media behemoths (Michael Bloomberg, Rupert Murdoch, Viacom, and Disney), and Silicon Valley Internet titans like Jeff Bezos, Bill Gates, Mark Zuckerberg, Eric Schmidt, Sergey Brin, Larry Page, Larry Ellison, and Jack Dorsey. The very Internet companies that snookered us all with the promise of democratizing communications made it impermissible for Americans to criticize their government or question the safety of pharmaceutical products; these companies propped up all official pronouncements while scrubbing all dissent. The same Tech/Data and Telecom robber barons, gorging themselves on the corpses of our obliterated middle class, rapidly transformed America’s once-proud democracy into a censorship and surveillance police state from which they profit at every turn.

And don’t tell me again that you were ten years old. Your age has nothing to do with what I’m talking about. There are no big changes between ten and twenty—or ten and eighty, for that matter. You still can’t love a Jesus as much as you’d like to who did and said a couple of things he was at least reported to have said or done—and you know it. You’re constitutionally unable to love or understand any son of God who throws tables around. And you’re constitutionally unable to love or understand any son of God who says a human being, any human being—even a Professor Tupper—is more valuable to God than any soft, helpless Easter chick.” Franny was now facing directly into the sound of Zooey’s voice, sitting bolt upright, a wad of Kleenex clenched in one hand. Bloomberg was no longer in her lap. “I suppose you can,” she said, shrilling. “It’s beside the point whether I can or not. But, yes, as a matter of fact, I can. I don’t feel like going into it, but at least I’ve never tried, consciously or otherwise, to turn Jesus into St. Francis of Assisi to make him more ‘lovable’—which is exactly what ninety-eight per cent of the Christian world has always insisted on doing. Not that it’s to my credit. I don’t happen to be attracted to the St. Francis of Assisi type. But you are. And, in my opinion, that’s one of the reasons why you’re having this little nervous breakdown.

Many aspects of the modern financial system are designed to give an impression of overwhelming urgency: the endless ‘news’ feeds, the constantly changing screens of traders, the office lights blazing late into the night, the young analysts who find themselves required to work thirty hours at a stretch. But very little that happens in the finance sector has genuine need for this constant appearance of excitement and activity. Only its most boring part—the payments system—is an essential utility on whose continuous functioning the modern economy depends. No terrible consequence would follow if the stock market closed for a week (as it did in the wake of 9/11)—or longer, or if a merger were delayed or large investment project postponed for a few weeks, or if an initial public offering happened next month rather than this. The millisecond improvement in data transmission between New York and Chicago has no significance whatever outside the absurd world of computers trading with each other. The tight coupling is simply unnecessary: the perpetual flow of ‘information’ part of a game that traders play which has no wider relevance, the excessive hours worked by many employees a tournament in which individuals compete to display their alpha qualities in return for large prizes. The traditional bank manager’s culture of long lunches and afternoons on the golf course may have yielded more useful information about business than the Bloomberg terminal. Lehman

Rather, the issue is whether it is right to have a mosque and Islamic center in virtually the exact spot where so many Americans were killed in the name of Islamic holy war. I don’t think it is right, any more than I would support the idea of a neo-Nazi recruiting center at Auschwitz. My sympathies in this case are not with religiously deprived Muslims, but rather with Debra Burlingame, a spokesperson for a 9/11 victims group. “Barack Obama has abandoned America at the place where America’s heart was broken nine years ago,” she said.5 Some supporters of the mosque, such as New York mayor Michael Bloomberg, clearly missed the distinction being made here between the right to worship and how and where that right is exercised. Fareed Zakaria, writer and CNN host, recognizes the distinction; even so, he argues in favor of the mosque on the grounds that the folks building it are traditional Muslims who have condemned terrorism.6 Still, it’s not clear why these moderate Muslims disregarded the sentiments of the 9/11 victims’ families and decided on a site so close to Ground Zero. Undoubtedly radical Muslims around the world will view the mosque as a kind of triumphal monument. There is historical precedent for this. Muslims have a long tradition of building monuments to commemorate triumphs over adversaries, as when they built the Dome of the Rock on the site of Solomon’s Temple, or when Mehmet the Conqueror rode his horse into the Byzantine church Hagia Sophia and declared that it would be turned into a mosque. Many Americans may not know this history, but the radical Muslims do, and Obama does as well. The radical Muslims would like the Ground Zero mosque built so it can stand as an enduring symbol of resistance to American power, and President Obama evidently agrees with them.

In April, Dr. Vladimir (Zev) Zelenko, M.D., an upstate New York physician and early HCQ adopter, reproduced Dr. Didier Raoult’s “startling successes” by dramatically reducing expected mortalities among 800 patients Zelenko treated with the HCQ cocktail.29 By late April of 2020, US doctors were widely prescribing HCQ to patients and family members, reporting outstanding results, and taking it themselves prophylactically. In May 2020, Dr. Harvey Risch, M.D., Ph.D. published the most comprehensive study, to date, on HCQ’s efficacy against COVID. Risch is Yale University’s super-eminent Professor of Epidemiology, an illustrious world authority on the analysis of aggregate clinical data. Dr. Risch concluded that evidence is unequivocal for early and safe use of the HCQ cocktail. Dr. Risch published his work—a meta-analysis reviewing five outpatient studies—in affiliation with the Johns Hopkins Bloomberg School of Public Health in the American Journal of Epidemiology, under the urgent title, “Early Outpatient Treatment of Symptomatic, High-Risk COVID-19 Patients that Should be Ramped-Up Immediately as Key to Pandemic Crisis.”30 He further demonstrated, with specificity, how HCQ’s critics—largely funded by Bill Gates and Dr. Tony Fauci31—had misinterpreted, misstated, and misreported negative results by employing faulty protocols, most of which showed HCQ efficacy administered without zinc and Zithromax which were known to be helpful. But their main trick for ensuring the protocols failed was to wait until late in the disease process before administering HCQ—when it is known to be ineffective. Dr. Risch noted that evidence against HCQ used late in the course of the disease is irrelevant. While acknowledging that Dr. Didier Raoult’s powerful French studies favoring HCQ efficacy were not randomized, Risch argued that the results were, nevertheless, so stunning as to far outweigh that deficit: “The first study of HCQ + AZ [ . . . ] showed a 50-fold benefit of HCQ + AZ vs. standard of care . . . This is such an enormous difference that it cannot be ignored despite lack of randomization.”32 Risch has pointed out that the supposed need for randomized placebo-controlled trials is a shibboleth. In 2014 the Cochrane Collaboration proved in a landmark meta-analysis of 10,000 studies, that observational studies of the kind produced by Didier Raoult are equal

350.org, the Sierra Club, NRDC, and EDF were all accepting money from fossil fuel billionaires Steyer and Bloomberg.99

The first time I learned about Bitcoin was in 2013. I was living in Buenos Aires, reporting on the Argentine market for Bloomberg News. But I was more than reporting about it; I was also living it. As I wrote about double-digit inflation, the pesos I earned for those stories quickly depreciated. I started exchanging my salary to dollars as soon as I got it, until one day the president woke up and said, Nope! You can’t do that anymore.

the richest 1 percent has owned more wealth than the rest of the planet owns.11 • Eight men own the same amount of wealth as do the poorest half of the world. • The incomes of the poorest 10 percent of people increased by less than three dollars a year between 1988 and 2011, while the incomes of the richest 1 percent increased 182 times as much. • In Bloomberg’s daily ranking of the world’s five hundred richest people, the world’s wealthiest three (Bill Gates, Warren Buffet, and Jeff Bezos), all white American men, have total net worths of $85 billion, $79 billion, and $73 billion, respectively.12 By comparison, the 2015 gross domestic product of Sri Lanka was $82 billion; Luxembourg $58 billion; and Iceland, $16 billion.13 • Of the world’s ten richest people, nine are white men.14 • In 2015–2016, the world’s ten biggest corporations together had revenue greater than that of the government revenues of 180 countries combined. • In the US, over the last thirty years, the growth in the incomes of the bottom 50 percent has been zero, whereas incomes of the top 1 percent have grown by 300 percent.

Consider this data on the distribution of wealth: • Since 2015, the richest 1 percent has owned more wealth than the rest of the planet owns.11 • Eight men own the same amount of wealth as do the poorest half of the world. • The incomes of the poorest 10 percent of people increased by less than three dollars a year between 1988 and 2011, while the incomes of the richest 1 percent increased 182 times as much. • In Bloomberg’s daily ranking of the world’s five hundred richest people, the world’s wealthiest three (Bill Gates, Warren Buffet, and Jeff Bezos), all white American men, have total net worths of $85 billion, $79 billion, and $73 billion, respectively.12 By comparison, the 2015 gross domestic product of Sri Lanka was $82 billion; Luxembourg $58 billion; and Iceland, $16 billion.13 • Of the world’s ten richest people, nine are white men.14 • In 2015–2016, the world’s ten biggest corporations together had revenue greater than that of the government revenues of 180 countries combined. • In the US, over the last thirty years, the growth in the incomes of the bottom 50 percent has been zero, whereas incomes of the top 1 percent have grown by 300 percent. The call to Make America Great Again worked powerfully in service of the racial manipulation of white people, diverting blame away from the white elite and toward various peoples of color—for example, undocumented workers, immigrants, and the Chinese—for the current conditions of the white working class.

Or consider the hundreds of thousands of economists—in service of banks, think tanks, hedge funds, and governments—and all the white papers they have published from 2005 to 2007: The vast library of research reports and mathematical models. The formidable reams of comments. The polished PowerPoint presentations. The terabytes of information on Bloomberg and Reuters news services. The bacchanal dance to worship the god of information. It was all hot air. The financial crisis touched down and upended global markets, rendering the countless forecasts and comments worthless.

GKPI is our religion. And it reflects in all kinds of big and small ways in the way we work. Our office doesn’t have a TV screen playing CNBC or any other news; our lone TV screen is used only for video conferencing. The only Bloomberg terminal we have is in the corner of our office pantry; it remains unused and unwatched probably 99 percent of the time. We never discuss recent company news or share prices in our team meetings. I mainly read physical newspapers, in which the information is always one day late. We have never bought or sold a single business based on news flow and never will.

A family needs to understand its

Conservative pundit Ann Coulter asserted it clearly, in capital letters, in the headline of one of her nationally syndicated columns: They Gave Your Mortgage to a Less Qualified Minority. Another conservative columnist, Jeff Jacoby, wrote, “What does it mean when Boston banks start making many more loans to minorities? Most likely, that they are knowingly approving risky loans in order to get the feds and the activists off their backs.” By 2008, Jacoby was declaring the financial crisis “a no-win situation entirely of the government’s making.” When asked during the market panic on September 17 about the root causes of the crisis, billionaire and then New York City mayor Michael Bloomberg told a Georgetown University audience that the end of redlining was to blame. “It probably all started back when there was a lot of pressure on banks to make loans to everyone….Redlining, if you remember, was the term where banks took whole neighborhoods and said, ‘People in these neighborhoods are poor; they’re not going to be able to pay off their mortgages. Tell your salesmen don’t go into those areas,’ ” Bloomberg said.

the CCP can influence senior politicians. This ‘corruption by proxy’, in which top leaders keep their hands clean while their family members exploit their association to make fortunes, has been perfected by the ‘red aristocracy’ in Beijing. In the crucial years 2014 and 2015, Beijing was aggressively expanding into the South China Sea while Obama, Kerry and Biden were sitting on their hands. The billionaire businessman and former New York mayor Michael Bloomberg was a late entrant in the contest to become the 2020 Democratic Party candidate for US president. He is the most Beijing-friendly of all aspirants. With extensive investments in China, he opposes the tariff war and often speaks up for the CCP regime.

In January 2017, Bloomberg reported that although Facebook had started giving recruiters an incentive to bring in more women, black, and Latino engineering candidates back in 2015, the program was netting few new hires. According to former Facebook recruiters, this was because the people responsible for final hiring approvals—twenty to thirty senior leaders who were almost entirely white and Asian men—still assessed candidates by using the same metrics as always: whether they had gone to the right school, already worked at a top tech company, or had friends at Facebook who gave them a positive referral.15 What this means is that, even after making it through round after round of interviews designed to prove their skills and merits, many diverse hires would be blocked at the final stage—all because they didn’t match the profile of the people already working at Facebook.

Bloomberg allowed Commissioner Kelly a lot of autonomy to make law enforcement decisions. There’s good reason for this: operational choices and even strategic plans are better when they’re based on objective conditions and free of politics.

most of my first two years in office, Trump was apparently complimentary of my presidency, telling Bloomberg that “overall I believe he’s done a very good job”; but maybe because I didn’t watch much television, I found it hard to take him too seriously. The New York developers and business leaders I knew uniformly described him as all hype, someone who’d left a trail of bankruptcy filings, breached contracts, stiffed employees, and sketchy financing arrangements in his wake, and whose business now in large part consisted of licensing his name to properties he neither owned nor managed. In fact, my closest contact with Trump had come midway through 2010, during the Deepwater Horizon crisis, when he’d called Axe out of the blue to suggest that I put him in charge of plugging the well. When informed that the well was almost sealed, Trump had shifted gears, noting that we’d recently held a state dinner under a tent on the South Lawn and telling Axe that he’d be willing to build “a beautiful ballroom” on White House grounds—an offer that was politely declined.

YouTube also contains a treasure trove of lectures by nearly all of finance’s leading lights, strewn throughout its vast wasteland of misinformation. Tread carefully. A few wrong clicks and you’ll wind up with a QAnon conspiracist or a crypto bro. Of the names I’ve mentioned in this book, I’d search for John Bogle, Eugene Fama, Kenneth French, Jonathan Clements, Zvi Bodie, William Sharpe, Burton Malkiel, Charles Ellis, and Jason Zweig. Worthwhile finance podcasts abound. Start with the Economist’s weekly “Money Talks” and NPR’s Planet Money, although most of the latter’s superb coverage revolves around economics and relatively little around investing. Rick Ferri’s Boglehead podcast interviews cover mainly passive investing. Another financial podcast I highly recommend is Barry Ritholtz’s Masters in Business from Bloomberg. Podcasts are a rapidly evolving area. Lest you wear your ears out, you’ll need discretion to curate the burgeoning amount of high-quality audio. Research mutual funds. All the fund companies discussed in this book have sophisticated websites from which basic fund facts, such as fees and expenses, can be obtained, as well as annual and semiannual reports that list and tabulate holdings. If you’re researching a large number of funds, this gets cumbersome. The best way is to visit Morningstar.com. Use the site’s search function to locate the main page for the fund you’re interested in and click the “Expense” and “Portfolio” tabs to find the fund expense ratio and detailed data on the fund holdings. Click the “Performance” tab to see the fund’s return over periods ranging from a single day up to 15 years, and the “Chart” tab to compare the returns of multiple funds over a given interval. ***

How do we reward this kind of work? Chad Boult, the geriatrician who was the lead investigator of the University of Minnesota study, can tell you. A few months after he published the results, demonstrating how much better people’s lives were with specialized geriatric care, the university closed the division of geriatrics. “The university said that it simply could not sustain the financial losses,” Boult said from Baltimore, where he had moved to join the Johns Hopkins Bloomberg School of Public Health. On average, in Boult’s study, the geriatric services cost the hospital $1,350 more per person than the savings they produced, and Medicare, the insurer for the elderly, does not cover that cost. It’s a strange double standard. No one insists that a $25,000 pacemaker or a coronary-artery stent save money for insurers. It just has to maybe do people some good.

The technology for electrification of larger commercial fleets is moving fastest for buses. Global electric bus sales increased by 32 percent in 2018, according to Bloomberg New Energy Finance. China is the largest producer of electric buses, with close to 20 percent of its buses currently electrified. The European Union has a target of 75 percent of new bus sales in European cities to be electric by 2030. New York City has pledged to achieve a 100 percent electric bus fleet by 2040. Shanghai will achieve 100 percent electrified buses by 2020.

Sono una persona che negli anni, ossessionata dal lavoro, si è chiusa sempre di piú. Spesso io stavo fermo e il mondo si muoveva, spesso io stavo a casa e il mondo era per strada; comunque, sia la frustrazione sia la soddisfazione erano in relazione con la società che in qualche modo chiamava, chiedeva, seduceva; amici, persone vicine, chiunque. Ho lavorato a questo libro soprattutto durante il lungo periodo della pandemia; ma questa clausura è stata diversa, perché è stata di tutti; e infatti, in qualche modo, si è trattato di un tempo fermo per tutti, per gli amanti delle feste e per chi alle feste non ci andava, per i sociopatici, o anche per quelli che non potevano partecipare a qualcosa. In pratica è stata la fine del sentirsi diversi perché non c’erano piú frustrazioni sociali: chi stava a casa non pensava che fuori il mondo si muoveva ma era rassicurato dal fatto che anche il mondo se ne stava fermo a casa. Questa cosa, credo, ha reso gli introversi delle persone piú forti. Ho letto un articolo su Bloomberg che diceva che chi aveva maggiori difficoltà sociali stava resistendo meglio alla quarantena perché in qualche modo traeva delle forze da sé stesso che gli altri non avevano. Gli altri si sono trovati in una prigione; chi in prigione già c’era, sapeva come resistere. Uno scrittore, secondo me, assomiglia molto agli introversi, e un po’ perfino ai sociopatici. In pratica il suo sistema di vita è organizzato intorno a un luogo chiuso, davanti a un computer, e si basa sul tentativo di avere a disposizione una giornata vuota. E quindi uno scrittore, se riesce a trovare l’umore giusto per scacciare i fantasmi della paura, dell’angoscia, se riesce a non sentirsi bloccato, usa e ha potuto usare come me il tempo per la quarantena come un tempo perfetto per andare avanti; e andare avanti voleva dire anche andare avanti in un mondo che in fondo non andava avanti, ed era anche esaltante per certi aspetti. È un po’ come quando si lavora di domenica, o quando si lavora ad agosto: tutti sono fermi e tu recuperi terreno sulla vita e sul mondo. Questa sensazione qui per qualche mese è stata forte. Ma questo libro in particolare, al contrario di tutti quelli che ho scritto finora, mi ha aiutato a tenermi lontano, fuori dal presente. Ero nel 1954, nel 1962, nel 1963, in un mondo distante da quello che stavo vivendo, chiuso in casa e in isolamento. Questo libro mi ha permesso di vivere gran parte della giornata con la testa lontana da quello che succedeva intorno.

THE POWER OF MSCI, FTSE RUSSELL, and S&P Dow Jones Indices is largely over only stock markets. Of even greater and direct importance to countries are their presence and weighting in various influential bond market indices. These may not have the cachet of the brand-name stock market benchmarks bandied about on TV bulletins, but indices like the Bloomberg Barclays Global Aggregate or JPMorgan’s EMBI and GBI-EM are also powerful in their own way.

Matt Levine’s excellent forty-thousand-word article in Bloomberg Businessweek, “The Crypto Story.

Mike Bloomberg once said, “I have always had a policy: If it’s a friend and they get a promotion, I don’t bother to call them; I’ll see them sometime and make a joke about it. If they get fired, I want to go out to dinner with them that night. And I want to do it in a public place where everybody can see me. Because I remember when I got fired from Salomon Brothers—I can tell you every single person that called me. That meant something. When I was made a partner? I have no recollection of that whatsoever.” My friend Todd Benson puts it this way: “Show up when it matters, when it means something. Never miss a funeral. Attend every wedding.

Apple introduces CarPlay for iPhone use in vehicles The CarPlay technology will be available in vehicles as early as this year. Photo: Bloomberg By Tom Lavell | 209 words Frankfurt: Apple Inc. on Monday said their new CarPlay technology will enable drivers use iPhone with voice commands or steering-wheel buttons, and will be available in vehicles as early as this year. Fiat SpA's Ferrari supercar division, Daimler AG's Mercedes-Benz luxury unit and Volvo Car Corp. will show customers the CarPlay system this week, with other auto producers introducing it later, Cupertino, California-based Apple said in a statement. CarPlay will be available as an update to the iOS 7 mobile software on iPhones, and works with the Siri voice-recognition feature. In-vehicle technology is the top selling point for 39% of car buyers, more than twice the 14% who cited traditional performance measures such as power and speed as their first consideration, consulting company Accenture Plc said in a study published in December. The US senate commerce committee chairman Jay Rockefeller, a West Virginia Democrat, vowed in February to pursue rules for in-vehicle use of mobile phones and Internet-linked entertainment systems unless carmakers and suppliers do more to limit disruptions to drivers' focus. "CarPlay lets drivers use their iPhone in the car with minimized distraction," Greg Joswiak, Apple's marketing vice president for the mobile device, said in Monday's statement, released in advance of the technology's debut at the Geneva International Motor Show this week. Bloomberg

Former New York City mayor Michael Bloomberg understood this. “In medicine, or in science, [if] you go down a path and it turns out to be a dead end, you really made a contribution, because we know we don’t have to go down that path again,” he said. “In the press, they call it failure. And so people are unwilling to innovate, unwilling to take risks in government.

Tests by Bloomberg showed that Kraft Parmesan contained almost 4 percent cellulose, a plant-derived polymer mainly used to make paper and paperboard. Other brands had cellulose content as high as 7.8 percent.

Senators John McCain and Lindsey Graham were staunch advocates of arming the government of Ukraine in their fight with Russian separatists and Putin. During the Republican National Convention, the party platform committee proposed language to the effect that Ukraine needed U.S. weapons and NATO support to defend itself, in support of a long-held Republican position. Carter Page, now on the Trump campaign team, used to work in the Merrill Lynch’s Moscow office, has personal investments in Gazprom, a Russian state oil conglomerate. He told Bloomberg that his investments have been hurt by the sanctions policy against Russia over Ukraine.39 He has characterized the U.S. policy toward Russia as chattel slavery.

Stonewalling requests from Congress to find details about what junk mortgages and other “toxic waste” the Federal Reserve was accepting in exchange for its swaps, Chairman Bernanke claimed that politicians had no right to know how the public purse was being put at risk. Bloomberg filed a Freedom of Information Act request, and nearly three years later, in July 2011, the Government Accountability Office provided Senator Bernie Sanders with a report detailing $16 trillion of Fed loans and swaps. It revealed how the officers of Wall Street’s leading banks who sat on the New York Federal Reserve Board gave their own firms the fortune of a century to tide them over. As

In a 2016 book widely publicized in the US, Stern claimed that 58 per cent of all jobs would be automated eventually, driven by the ethos of shareholder value. He told the American media group Bloomberg, ‘It’s not like the fall of the auto and steel industries. That hit just a sector of the country. This will be widespread. People will realize that we don’t have a storm anymore; we have a tsunami.’16 Nevertheless, there are reasons to be sceptical about the prospect of a jobless or even workless future. It is the latest version of the ‘lump of labour fallacy’, the idea that there is only a certain amount of labour and work to be done, so that if more of it can be automated or done by intelligent robots, human workers will be rendered redundant. In any case, very few jobs can be automated in their entirety. The suggestion in a much-cited study17 that nearly half of all US jobs are vulnerable to automation has been challenged by, among others, the OECD, which puts the figure of jobs ‘at risk’ at 9 per cent for industrialized countries.18

When President Obama addressed the country on January 5, 2016, about his latest push for gun control, Bloomberg-funded research provided the “facts” that Obama cited: •​“Congress actually voted to make it harder for public health experts to conduct research into gun violence; made it harder to collect data and facts and develop strategies to reduce gun violence.” •​“After Connecticut passed a law requiring background checks and gun safety courses, gun deaths decreased by 40%. Forty percent.” •​“Since Missouri repealed a law requiring comprehensive background checks and purchase permits, gun deaths have increased to almost 50% higher than the national average.” •​“A violent felon can buy the exact same weapon over the internet with no background check, no questions asked. A recent study found that about 1-in-30 people looking to buy guns on one website had criminal records—one out of 30 had a criminal record. We’re talking about individuals convicted of serious crimes—aggravated assault, domestic violence, robbery, illegal gun possession. People with lengthy criminal histories buying deadly weapons all too easily.

Here is how they came up with it: Michael Bloomberg’s Everytown organization set up a website pretending to sell guns, but no guns were sold. Criminal background checks were done on the people’s names for those who visited the site and people who might have criminal backgrounds were identified: however, there were all kinds of false positives. Someone might not have a criminal record, but someone else with a similar name might. And so the crusaders for gun control march on, with botched research, muddy numbers, and assumptions presented as facts.

Columbia’s Dart Center treated Bloomberg and his various anti-gun groups as objective sources of information. “Nearly 12,000 murdered with guns each year,” parroted Columbia in an online post announcing the workshop. In fact, the FBI reports that there were 8,124 murder victims in 2014. Since 2010, the number of victims has stayed below 9,000.28 Columbia also repeated the absurd claim that the U.S. has a firearm murder rate “20 times higher than other developed countries.” Chile has a murder rate very similar to that of the U.S. Brazil and Russia are both developed countries that have much higher firearm murder rates than the U.S.

But Amazon is not alone in its avoidance of taxes. Bloomberg Businessweek reports, “The tactics of Google and Facebook depend on ‘transfer pricing,’ paper transactions among corporate subsidiaries that allow for allocating income to tax havens while attributing expenses to higher-tax countries. Such income shifting costs the U.S. government as much as $60 billion in annual revenue, according to Kimberly A. Clausing, an economics professor at Reed College in Portland, Oregon.” At a time when both local and federal governments are putting off needed infrastructure improvements because of tax revenue shortfalls, the tax avoidance schemes of our richest technology companies are partially to blame.

In 2014, the ad that the NFL turned down featured a former Marine talking about his responsibility for his family’s safety. Unlike Bloomberg’s ads, this ad never even mentions the word gun, just the concept of personal protection. The company even told the NFL that it would happily remove its logo, which features a gun, and replace it with a picture of an American flag. But apparently the stumbling block was the vague reference to someone being responsible for his family’s safety. The NFL and NBA are private organizations that are free to support Bloomberg if they so choose. But right now, these organizations seem to be guided by political correctness rather than consistent rules or guiding principles

federal government to protect it from foreign terrorist attacks. That lesson caused him to create a global intelligence division and a counterterrorism force. The audacity of the idea was breathtaking—a local police force with a worldwide perspective that could unearth terrorist plots wherever conceived and prevent them from reaching New York City. When Kelly proposed hiring a deputy commissioner for counterterrorism and another for a reconceived intelligence unit, Bloomberg approved it. “The world no longer stops at the oceans,” the mayor said at the time. “We have to make sure we get the best information as quickly as we possibly can,” he asserted. It was the same concept—accurate information delivered in real time to people making important, complex decisions—that had been the basis for Bloomberg’s global business. Kelly had little trouble convincing his boss of the need, or the viability of the bold idea, even though at the time he had not yet developed a detailed plan.15 Kelly rapidly changed the status of the NYPD on the Joint Task Force on Terrorism that the FBI had been running in New York City since 1980. He named retired Marine Corps Lieutenant General Frank Libutti the first NYPD deputy commissioner for counterterrorism, and he increased the number of NYPD detectives assigned to the group from twenty to more

brought by the U.S. Department of Justice against Cioffi and Tannin sought to prove that the two men had knowingly deceived their investors, overlooking the possibility that they simply had no idea what they were doing, and failed to grasp the real risk of a triple-A-rated subprime-backed CDO. The case was weak, and turned on a couple of e-mails obviously ripped from context. A member of the jury that voted to acquit the Bear Stearns subprime bond traders told Bloomberg News afterward not only that she thought they were innocent as charged but that she would happily

over the past decade Congress has not passed a single bill that takes direct aim at climate change. Yet at the same time, the United States has led the world in reducing emissions.

Both intuition and a growing body of research underscore the reality that sharing a workspace with a large number of coworkers is incredibly distracting—creating an environment that thwarts attempts to think seriously. In a 2013 article summarizing recent research on this topic, Bloomberg Businessweek went so far as to call for an end to the “tyranny of the open-plan office.” And yet, these open office designs are not embraced haphazardly.

The two of us have no interest in the tired old debate that is still playing out on Capitol Hill. Our interest is not in winning an argument or an election. It’s in saving lives, promoting prosperity, and stopping global warming.

Instead of arguing about making sacrifices, let’s talk about how we can make money. Instead of pitting the environment versus the economy, let’s consider market principles and economic growth. Instead of focusing on polar bears, let’s focus on asthmatic children. And instead of putting all hope in the federal government, let’s empower cities, regions, businesses, and citizens to accelerate the progress they are already making on their own.

I didn’t know it yet, but this new priority would mean enormous changes in the way I saw the world and environmentalism. Previously environmentalists worked to stop bad things—pollution, clear-cutting, overfishing—but we more or less accepted the big-picture American economy, with the established industries that made it up. Not anymore. Now we were about to find ourselves in a different business: helping to foster a different kind of economic development, one based on knowledge and technology rather than fossil fuels. After thirty-five years of working to clean up after twentieth-century industrialism, environmentalists were about to plunge into creating its twenty-first-century replacement. But before we could go full tilt toward the new, we had to stop the last spasms of the old—an energy future crafted during George W. Bush’s first term by Vice President Cheney.

the United States, the debate has too often centered on how likely various doom-and-gloom scenarios are, and when they’ll occur. But scaring people doesn’t work.

The reality is that the uncertainty involved means we do not know with precision whether we can achieve either of those goals; nor do we know for certain what the consequences will be if we do not. Regardless, most people put little faith in projections that far out, which is understandable. Scientists have been wrong plenty of times before. What people want to know is not exactly what will happen to the Earth eighty years from now but what will happen to their house, their job, and their community this year. Telling people that they might possibly save the Earth from distant and uncertain harm is not a great way to convince them to support a particular policy.

Defense, it is clear, is not enough. To find an answer, we decided to mount the most intensive consultation process in the club’s modern history, inviting over five thousand grassroots leaders to participate in a series of meetings, surveys, and discussions. It culminated in our first national convention, which we held in San Francisco in September 2005.

Even before the convention, the results from the state and local consultations suggested a surprising shift in the membership’s concerns—after more than a hundred years in which the protection of wild places was our highest priority, club leaders were now saying that climate change needed to be at the top of our agenda.

Steve Bannon was running the Steve Bannon White House, Jared Kushner was running the Michael Bloomberg White House, and Reince Priebus was running the Paul Ryan White House.

Michael Bloomberg never fell for it—giving information away. He mixed other people’s information with proprietary data, added a layer of intelligence and—here’s the trick—made it scarce. It was expensive and had its own vertical distribution (storefronts) in the form of Bloomberg terminals. If you want breaking business news that might impact the price of a stock in your portfolio, you sign up with Bloomberg, get a terminal installed in your office, and soon the screen is rolling with an endless flow of news and financial data.

Let’s take the case of US law schools as an example. If you were to say to someone educated, “There are too many law schools producing too many lawyers in the US,” she would probably agree, in part because there have been dozens of articles over the past several years about the precipitous drop in positions at law firms and the many unemployed law school graduates.9 The general response to this problem is, “Well, people will figure it out and eventually stop applying to law school,” the suggestion being that the market will clear and self-correct if given enough time. On the surface it looks like this market magic is now happening. In 2013, law school applications are projected to be down to about 54,000 from a high of 98,700 in 2004.10 That’s a dramatic decrease of 45 percent. However, a closer look shows that the number of students who started law school in 2011 and are set to graduate in 2014 was 48,697, about 43,000 of whom will graduate, based on historical graduation rates.11 We’ll still be producing 36,000–43,000 newly minted law school grads a year, not far from the peak of 44,495 set in 2012, from now until the current entering class graduates in 2016. Meanwhile, in 2011, only 65.4 percent of law school graduates got jobs for which they needed to pass the bar exam, and estimates of the number of new legal jobs available run as low as 2,180 per year.12 Bloomberg Businessweek has projected a surplus of 176,000 unemployed or underemployed law school graduates by 2020.13 So even as applications plummet, there will not be dramatically fewer law school graduates produced in the coming several years, though it will have been easier to get in as acceptance rates rise due to the diminished applicant pool.14 We’ll still be producing many more lawyers than the market requires, but now they’ll be less talented. If anything, the situation is going to get worse before it gets better. Human capital markets don’t self-correct very quickly, if at all. At a minimum there’s a massive time lag that spans years, for several reasons.

Probably the most expensive piece of equipment is the Bloomberg terminal, a desktop computer that brings financial types a wealth of up-to-date facts and figures. People swear by it and thanks to their cost (thousands of dollars a month!) they make great status symbols.

By the end of 1993, there were 623 websites in existence. Two years later, there were 23,500 live sites, covering a variety of human interests: from business-based journalism on Bloomberg.com to one of the first online communities called – and we’re not making this up – Bianca’s Smut Shack.

In October 2010 a Bloomberg reporter explained how Google Inc. cut its taxes by $3.1 billion in the previous three years through transfer pricing games known by names such as the “Double Irish” and the “Dutch Sandwich,” ending up with an overseas tax rate of 2.4 percent. The problem is getting worse. Microsoft’s tax bill has been falling sharply, for similar reasons. Cisco is at it. They are all at it. Transfer pricing alone costs the United States an estimated $60 billion a year—and that is just one form of the offshore tax game.

A good salesman knows you better than you know yourself. If you are Chinese, they will sell you yield. If you’re European, they will stroke your sense of superiority. If you’re an ambitious manager of an American pension fund, sitting on piles of money but bound by rules and regulations, they will find a kosher way for you to become the big swinging dick you always knew you were. And if you are an American hedge fund — a serious fund, not two guys and a Bloomberg — a smart salesman cuts the bullshit and both of you reach an understanding.

NEW YORK Climate change is likely to exact enormous costs on U.S. regional economies in the form of lost property, reduced industrial output and more deaths, according to a report backed by three men with vast business experience. The report, released Tuesday, is designed to persuade businesses to factor in the cost of climate change in their long-term decisions and to push for reductions in emissions blamed for heating the planet. It was commissioned by the Risky Business Project, which describes itself as nonpartisan and is chaired by former New York City Mayor Michael R. Bloomberg, former Treasury Secretary Henry M. Paulson Jr. and Thomas F. Steyer, a former Bay Area hedge fund manager.