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Welcome to Zero Sum Empire, the podcast that's taking a critical census of the billionaire class. Each week, we introduce you to two of the 540 mostly anonymous American billionaires who own the majority of the country’s wealth.

A Census of the Billionaire Class


    • Nov 1, 2021 LATEST EPISODE
    • infrequent NEW EPISODES
    • 1h 8m AVG DURATION
    • 33 EPISODES


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    Latest episodes from Zero Sum Empire

    Hustle Culture and Radio Propagandists: Jay-Z and John Catsimitidis

    Play Episode Listen Later Nov 1, 2021 93:14


    Housekeeping: We take a minute at the start to talk about a new segment we are introducing, tentatively called “The Mindset Segment.” We are taking suggestions for a better name. In the News: Only one topic this time: The Pandora Papers. A massive leak of private financial records revealed that the world's wealthiest and most powerful people siphon wealth into black holes of secret offshore accounts, and most of it is perfectly legal. We already knew this, but I guess we know it even more now? We also talk a little bit about how both tax evasion and financial records leaks have changed as a result of The Computer Age. Billionaire #1: Jay-Z 1/10 on the David Koch Memorial Asset Liquidation Index As Joe points out, it would be extremely unusual if you, the person reading this, did not already know who Jay-Z is so I'll skip the bio. Joe soft launches the mindset segment with an exploration of the key concept of Jay-Z's career and outlook: Hustling. We talk a bit about the history of the concept of hustling, from the con artist to Black hustling to “hustle and grind” people. In the end, though he was at one time a crack dealer, it doesn't seem like Jay-Z has done a tremendous amount of harm compared to most of the people we talk about, so he only got a measly 1. Billionaire #2: John Catsimitidis: 6/10 on the DKMALI John “Cats” Catsimitidis made his fortune with a chain of Manhattan supermarkets called Gristedes. He is a mean, paranoid man who uses his great wealth to spread hatred and fear of the powerless and vulnerable. Lucky for us, he's incredibly ineffective. He's very involved in New York Republican politics, as are his children. If you want to get a sense of who he is, just imagine a guy who believes all the same things as Rudy Giuliani but is less articulate in expressing those ideas. Links: https://www.icij.org/investigations/pandora-papers/global-investigation-tax-havens-offshore/?utm_source=pocket_mylist Jay-Z: Subway lady: https://www.youtube.com/watch?v=lydYYyD9c_A Dyson bio: https://www.amazon.com/JAY-Z-America-Michael-Eric-Dyson/dp/1250230969 Catsimitidis: Unanue Humanitarian Award: https://www.amny.com/news/goya-foods-president-robert-unanue-receives-humanitarian-awards/?utm_source=pocket_mylist Cats family takes over NYC GOP: https://www.nytimes.com/2020/10/17/nyregion/giuliani-republican-party-nyc.html?utm_source=pocket_mylist Story on Cats' Daughter: https://guestofaguest.com/new-york/nyc-society/the-tackiest-heiress-in-new-york-is-also-the-face-of-the-manhattan-republican-party?utm_source=pocket_mylist Editorial by Cats and Bernie Marcus: https://www.wsj.com/articles/making-money-is-a-patriotic-act-11565737046?utm_source=pocket_mylist

    Insider Trading and Risk Society: Steven A. Cohen and David Hindawi

    Play Episode Listen Later Aug 19, 2021 92:50


    We're adopting a new episode naming strategy. We're doing descriptive titles. Complaints will be stored in the cylindrical file! In the News: We discuss the recent outer space adventures of three people so impossibly wealthy that they each had vanity fleets of rocket ships built for them, seemingly to reaffirm their unshakeable sense that they were each earth's main protagonist. Billionaire #1: Steven A. Cohen 8/10 on the David Koch Memorial Asset Liquidation Index Welcome to Flavortown! Steven A. Cohen is probably best known for owning the Mets, but a few years ago his firm SAC Capital Advisors was caught up in the biggest insider trading investigation in history. Hedge funds are machines designed to widen the wealth gap between the richest micron of elites and everybody else. They are also often criminal enterprises—organized ways to cheat the markets without getting caught. Steven A. Cohen was the all-time biggest cheat, but he never really suffered any consequences and now he just buys the world's most expensive artworks and sports teams. He also reportedly paid Guy Fieri $100,000 to recreate an episode of Diners, Drive-ins, and Dives with him. Billionaire #2: David Hindawi 2/10 on the DKMALI David Hindawi is a ghost man who started a cybersecurity firm. His son seems like a very uncool boss. Joe takes us on a journey through cybersecurity, John McAfee, information infrastructure, risk society, Batman, and anxiety. I think the takeaway was that there are specific anxieties and fantasies associated with the information infrastructure we've erected around ourselves. We are all over the place here, but I think it was a fun conversation. Links: https://www.goodreads.com/book/show/25814289-dark-territory https://www.bloomberg.com/news/articles/2017-04-13/tanium-s-family-empire-is-in-crisis https://www.tripadvisor.com/Hotel_Review-g580328-d573907-Reviews-Daurada_Park-Cambrils_Baix_Camp_Costa_Dorada_Province_of_Tarragona_Catalonia.html https://www.thefiscaltimes.com/Columns/2012/03/05/Insider-Trading-How-Hedge-Funds-Look-for-an-Edge https://www.newyorker.com/magazine/2014/10/13/empire-edge https://www.newyorker.com/magazine/2017/01/16/when-the-feds-went-after-the-hedge-fund-legend-steven-a-cohen https://www.nickiswift.com/15287/shady-side-guy-fieri/ https://en.wikipedia.org/wiki/The_Physical_Impossibility_of_Death_in_the_Mind_of_Someone_Living

    Vultures and Vampires: Bruce Karsh and Bernie Marcus

    Play Episode Listen Later Jun 9, 2021 92:41


    Billionaire #1: Bruce Karsh: 3/10 on the DKMALI Joe introduces us to Bruce Karsh, a vulture investor. Vulture investors buy distressed securities from failing companies or people, and then use legal and financial advantages to increase the value of that debt. We have a long discussion about an academic article that argues vulture investing is ethical. Seems weird that someone would have to do that. In our opinion, it's generally not a good sign when you have to develop byzantine philosophical arguments to convince people that the thing you're doing to make money isn't as extremely unethical as it seems. While Karsh made his money in a pretty awful way, he otherwise hasn't done much that we could find, so he only gets a 3 on our rating scale. Billionaire #2: Bernie Marcus: 8/10 on the DKMALI Bernie Marcus was one of the founders of Home Depot. Chad doesn't say too much about Home Depot itself. Instead, he focuses on other dimensions of Marcus' life, including his self-mythologization, his political and philosophical views, and his propaganda outfit the Job Creators Network. Although Marcus has made a big name for himself in the philanthropy game, he has done even more work to lobby against social programs that might actually help with the causes to which he donates money. Marcus is a true ideologue, a free-market fundamentalist to the core. Links: Vulture Investors article: https://link.springer.com/article/10.1023/A:1005718715162 Job Creators Network sampler: https://www.youtube.com/watch?v=03bmtmDvoA0 https://youtu.be/13CJO7BVEYk David and Rick Berman https://www.brooklynvegan.com/silver-jews-end/ https://www.nytimes.com/2014/10/31/us/politics/pr-executives-western-energy-alliance-speech-taped.html?_r=1 https://www.motherjones.com/politics/2015/03/rick-berman-job-creators-network/

    Large Adult Sons Incorporated: The Bass Brothers and the McNair Family

    Play Episode Listen Later Apr 5, 2021 87:40


    Zero Sum Empire's hosts have had a busy year that included two new babies and entirely relearning our day jobs because of the pandemic, and that's made us a little slow putting episodes out. Sorry everybody! Thank you for sticking around. We are mentally, physically, and emotionally recommitting to our once-per-month release schedule. This week in the news we mostly discuss the Amazon unionization drive in Bessemer, AL. We also talk about a rash of billionaires dying in helicopter crashes. If you're a billionaire, your chances of dying in a helicopter crash are around 1/500. Billionaire #1: The Bass Brothers, 6/10 on the David Koch Memorial Asset Liquidation Index All of the billionaires in today's episode happen to be Texans. Lots of big, beefy boys in the bunch. The Bass brothers inherited their fortune from their uncle Sid Richardson, one of the big mid-20th century Texas oilmen. We spend most of our time talking about Richardson and his partner Clint Murchison. Although most people have probably never heard of these guys, they had every president from FDR to Nixon doing personal favors for them. They were two of the five richest people in the US for a time. They funded LBJ's political career and had bunga bunga parties with J. Edgar Hoover and Joseph McCarthy. Also, they made their fortunes by running criminal enterprises that used political influence to avoid having to obey laws. Billionaire #2: Janice McNair (and son), 7/10 on the DKMALI Janice McNair owns the Houston Texans NFL team. She also has a large adult son, Cal, who has been compared to Billy Madison. For some reason, he runs the team. He also hired an evangelical life coach named Jack Easterby as Executive Vice President of Football Operations. Easterby is a wild character who seems to have fallen fully formed from Danny McBride's brain. Janice and Cal McNair are trying to "be better" after husband/dad Bob McNair got in trouble for making racist comments. Links: Bass Bros: https://www.sandiegoreader.com/news/2011/jan/05/cover-oil-politics-la-jolla/ https://en.wikipedia.org/wiki/The_Big_Rich https://www.washingtonpost.com/archive/opinions/1995/06/24/the-bass-dispute-at-yale/03c68321-5857-4fdf-a4f5-223973a645fb/ https://www.dailymail.co.uk/news/article-2161030/Hyatt-Bass-adds-security-Manhattan-home-mother-Anne-held-hostage-Connecticut.html McNairs: https://www.si.com/nfl/2020/12/10/ex-chaplain-jack-easterby-houston-texans-chaos-after-power-struggle-daily-cover https://www.si.com/nfl/2018/04/05/texans-bob-mcnair-inmates-comment

    Jerk Patterns: The Ziff Bros and Scott Cook

    Play Episode Listen Later Jan 8, 2021 85:44


    Billionaires in the News: Zero Sum Empire goes international. There were two strange international billionaire stories we wanted to talk about: the death of the world’s richest banker, Joseph Safra, and the deadly poisoning of Chinese billionaire Lin Qi. Our last story is about the Corporate Transparency Act that was just passed as part of the defense spending bill. Surprise! It will do very little to mandate corporate transparency for the corporations and LLCs run by the rich and powerful. Billionaire #1: The Ziff Brothers, 3.5/10 on the David Koch Memorial Asset Liquidation Index (DKMALI) Joe introduces us to the Ziff brothers. The brothers inherited their wealth from their magazine publishing magnate father. Instead of continuing in the publishing business, they decided to create an investment firm. The brothers gave Joe the opportunity to investigate family offices a little more, as he promised last episode. The rise in popularity of family offices should be linked to the increasingly oligarchic control of the planet. It’s a consolidation strategy that provides greater cover from scrutiny for the super-rich. Do you remember that the Ziff family was embroiled in the infamous Manafort/Kushner Trump Tower meeting with Russian lobbyist Natalya Veselnitskaya? I didn’t! Joe also goes over some of Dirk Ziff’s (that’s his real name) other assets, which you’ll want to stick around to hear about. Billionaire #2: Scott Cook, 5/10 on the DKMALI Scott Cook is a boring man. He started the software firm Intuit, and if you’ve ever used TurboTax, then you’re familiar with at least one of the company’s products. Chad discusses a story some of you may have heard about from last year involving Turbotax, which involves a controversy that’s a little too complicated to explain in the show notes. However, please heed this Public Service Message: you can almost certainly use TurboTax for free and you should. Chad then discusses how the practice of double-entry bookkeeping (which is what Intuit’s bread-and-butter product Quickbooks does) is the notation system that makes modern capitalism as well know it possible. Double-entry bookkeeping is a necessary precondition for any capitalist system that extends beyond limited, local boundaries. P.S., in case you didn’t recognize it, the final clip is from The Grapes of Wrath. As always, thanks for listening! Tell you friends. Leave a review. Links: Ziff Bros: https://www.motherjones.com/politics/2017/10/memo-undermines-russian-lawyers-account-of-trump-tower-meeting https://www.newyorker.com/magazine/2018/08/20/how-bill-browder-became-russias-most-wanted-man https://www.google.com/amp/s/amp.economist.com/leaders/2018/12/15/how-the-0001-invest https://beachgrit.com/2020/06/breaking-dirk-ziff-owner-of-world-surf-league-also-co-owner-of-plantation-that-once-housed-500-slaves-but-is-now-americas-most-expensive-and-snootiest-private-clubs/ Scott Cook: https://www.propublica.org/article/turbotax-just-tricked-you-into-paying-to-file-your-taxes https://darkpatterns.org/ Accounting for Rationality: Double-Entry Bookkeeping and the Rhetoric of Economic Rationality: https://www.jstor.org/stable/2781637?seq=1 (if you don’t have JSOTR and want this, I’ll send you a copy)

    Girlbosses and Brewmasters: Safra Catz and The Santo Domingo Family

    Play Episode Listen Later Nov 29, 2020 81:28


    Billionaires in the News: American Billionaires as a group surpass $1 Trillion in increased wealth during the pandemic. Elon Musk gets COVID, launches manned spacecraft, and makes a fool of himself on Twitter again. Sheldon Solow, New York real estate billionaire and “art collector,” has died. Billionaire #1: Safra Catz, 9/10 on the DKMALI (19:55) Safra Catz is the current co-CEO or Oracle. Oracle makes enterprise software and database projects, and was instrumental in building the communication infrastructure necessary for the rise of the US government surveillance apparatuses (I think I said CIA when I meant to say NSA a couple times). She has been helping steer the Oracle project for decades. She loves Trump and thinks he’s smart. She’s good pals with Sheldon Adelson. Much like Adelson, it appears she is an Israeli nationalist. You go, #girlboss! Billionaire #2: Familia Santo Domingo, 4/10 on the DKMALI (47:20) The Santo Domingo family’s fortune is rooted in the beer business, although it has become a sprawling cosmopolitan network of investments. This is a different kind of billionaire family than we’re used to. This is the sort of family that seems like it would feel more at home in the 1920s than the 2020s, because everyone is described as a “socialite” and half of them are European royalty. Downright Hapsburgian. Joe tells us a lot about how the beer industry is controlled by a duopoly, and why that’s the reason you can’t get that great microbrew you tried on vacation. Links: Solow Foundation: http://www.solowfoundation.org/hours-of-operation/ CIA Project Oracle: https://paleofuture.gizmodo.com/larry-ellisons-oracle-started-as-a-cia-project-1636592238 Larry Ellison, NSA supplier: https://www.theatlantic.com/business/archive/2013/08/guy-who-provides-nsa-databases-loves-nsa-surveillance/312223/ Ellison NYT editorial: https://www.nytimes.com/2002/01/31/opinion/IHT-a-single-national-security-database.html Catz at Israeli ambassador’s house: https://www.youtube.com/watch?v=6yiMYts63kU Leigh Stein on #girlbossing: https://gen.medium.com/the-end-of-the-girlboss-is-nigh-4591dec34ed8 Oracle's Social Enabled Policing brochure: http://www.oracle.com/us/industries/public-sector/social-enabled-policing-wp-2541916.pdf Beer duopoly: https://slate.com/business/2020/07/break-up-big-beer.html

    Devils at the Crossroads: Robert Rowling and B. Wayne Hughes

    Play Episode Listen Later Oct 8, 2020 67:37


    Billionaires in the News: Trump has COVID. We have been imprisoned for 6 months by a reactionary minority political faction in the United States. I’m losing my grip on reality. The pharma billionaire Sackler family may get off and get to keep their money. More Americans died of opiate overdoses since 1999 than died in all of WWII. Billionaire #1: Robert Rowling, 7/10 on the DKMALI (10:00) Joe introduces us to Robert Rowling, owner of TRT Holding Co., who owns (among other things), Gold’s Gym. Heir to an oil and gas fortune. Rowling is a big-time donor to Karl Rove’s ghoulish super PAC American Crossroads (coincidentally, so is this week’s Billionaire #2). American Crossroads was very well funded, but ultimately not that good at promoting winning candidates. Billionaire #2: B. Wayne Hughes, 8/10 on the DKMALI (31:45) B. Wayne Hughes got rich in self-storage. He also owns American Homes 4 Rent. We talk a little about self-storage, late capitalism, and desire. We get an intimate glimpse of Joe’s childhood in the middle of a bit on Herbert Marcuse. I think we come up with a solid theory about how self storage fits into the moral universe of American hyperconsumerism. Hughes also has a decades-long friendship with O.J. Simpson and was closely involved in the trial and its aftermath. Links! Rowling: https://www.rollingstone.com/politics/politics-news/rove-rides-again-193291/ Hughes: Great bio of Hughes: https://www.latimes.com/california/story/2019-09-05/usc-secret-donor-billionaire-wayne-hughes American Homes 4 Rent exposé: https://www.cbs46.com/investigations/complaints-soar-against-american-homes-4-rent/article_23cf78a8-eefd-11e9-abea-5ff0decbb1c5.html Jon Ronson interview: https://www.gq.com/story/amber-waves-of-green-jon-ronson-gq-july-2012

    The Colonizer Next Door: Mark Zuckerberg and The Duncan Family

    Play Episode Listen Later Aug 6, 2020 91:44


    Billionaires in the News: We start with Elon Musk’s dumb online behavior and decide we’re never going to talk about his tweets again. A little about Trump and Gislaine Maxwell. The Lincoln Project and the end of history. Billionaire #1: (22:15) Mark Zuckerberg 10/10!!! on the David Koch Memorial Asset Liquidation Index (DKMALI) We only discuss what Zuck has been doing during Coronavirus, which is mainly pretending to surf, making the pandemic worse, and trying to colonize Hawaii. Billionaire #2: (59:25) Randa Duncan Williams 5/10 on the DKMALI Randa is one of four siblings who are pretty anonymous. They all inherited their money from their father, who was an extractive industries billionaire. The thing that they are collectively known for is that they were the first people in modern history to not pay any estate tax when their father died. Joe explains why. We then get into the estate tax, why it exists, and why so many people hate it. Some info on the estate tax if you want to know more: https://www.google.com/amp/s/amp.theatlantic.com/amp/article/545633/ https://www.taxpolicycenter.org/briefing-book/how-many-people-pay-estate-tax https://www.businessinsider.com/death-tax-or-estate-tax-2017-10 https://www.forbes.com/sites/taxanalysts/2016/03/31/face-it-americans-just-dont-like-the-estate-tax/#21e2ba8522bd Zuckerberg and Hawaiian colonization: https://www.theguardian.com/technology/2017/jan/23/mark-zuckerberg-hawaii-land-lawsuits-kauai-estate https://www.theguardian.com/technology/2017/jan/23/mark-zuckerberg-hawaii-land-lawsuits-kauai-estate https://himonarchy.weebly.com/the-great-mahele.html https://petitions.whitehouse.gov/petition/stop-mark-zuckerberg-colonizing-kauai https://www.theguardian.com/us-news/2019/jan/17/mark-zuckerberg-hawaii-estate-kauai-land-rights-dispute

    NFHell: Denise Debartolo York and Jeffrey Lurie

    Play Episode Listen Later Jul 4, 2020 80:19


    I checked Twitter while I was writing these show notes and noticed that today—the very day we are releasing an episode about two billionaire NFL owners—the Washington Reds***s have announced that they are “conducting a study” that will likely end up with them changing the team name. Almost simultaneously, the NFL announced that it would play Life Every Voice and Sing (also known as the Black national anthem) prior to week #1 games, resulting in a bunch of reactionary psychos getting #BoycottNFL trending on Twitter. Unfortunately, we recorded this episode a couple days ago, so none of that made it into the episode. In the News (5:40) We only discuss one news item this time, which is a summary of how billionaires have fared during the pandemic. Turns out, they’ve done quite well. In fact, in 2020, the average billionaire added 20% to their wealth so far. Meanwhile, the other 99% of us have collectively lost $5.6 trillion in wealth. Consequently, we should understand the pandemic crisis for what it is: a massive wealth transfer to those who need it the least. Billionaire #1 (16:00): Denise Debartolo York (5/10 on the DKMALI) Chad researched Denise Debartolo York, heiress to the Debartolo real estate fortune that was built by Edward Debartolo, Sr. She is most well known for being owner of the San Francisco 49ers, although she took it over only after the former owner, her brother Eddie, was found guilty of bribing a Louisiana governor $400,000 to get a riverboat casino license. The Debartolo family has long-standing involvement with the Youngstown mafia. If you are unfamiliar with Youngstown, OH (aka Crimetown, USA) and its history, we think you’ll find this entertaining. We also recommend checking out the readings below, because we barely scratch the surface of the extremely bizarre mafia history of Youngstown. Billionaire #2 (46:50): Jeffrey Lurie (4/10 on the DKMALI) Joe’s billionaire is owner of the Philadelphia Eagles, and he is, as Joe describes him, “a mostly uninteresting person.” Given his uninterestingness, which is a problem we often run into on Zero Sum Empire, Joe decided to look into the history of football as a sport. He introduces us to Walter Camp, the “Father of American Football,” who not only invented football in the 19th c., but also wrote a bunch of books like “Keeping Fit All the Way” that extol the virtues of things like “purity,” and “cleanliness,” and other normal stuff that doesn’t raise any red flags whatsoever. I think we arrive at the conclusion that the NFL is an organized crime syndicate whose product is violence and whose cost of doing business is the regular production of dead bodies. Links: I had a whole segment about Jim Traficant planned that didn’t make it into the show. This story from The New Republic does a nice job of summarizing his career and the general vibe of Youngstown. https://newrepublic.com/article/68973/crimetown-usa How Eddie DeBartolo got caught in a scandal that cost him the 49ers: https://www.mercurynews.com/2020/02/18/how-eddie-debartolo-got-caught-in-a-scandal-that-cost-him-the-49ers/ Short film on Youngstown mafia: https://youtu.be/lnjx9oCa5KI https://gangsterreport.com/the-san-francisco-49ers-the-mob-super-bowl-teams-ownership-group-has-alleged-dark-history/ https://www.nytimes.com/2019/12/19/sports/football/nfl-100-violence-american-culture.html https://www.washingtonpost.com/news/the-fix/wp/2014/05/29/teddy-roosevelt-helped-save-football-with-a-white-house-meeting-in-1905/ https://books.google.com/books?id=KFDCUPCIU7kC&pg=PA98-IA10&lpg=PA98-IA10&dq=cincinnati+commercial+tribune+grim+reaper+football&source=bl&ots=mT6p5fGXfk&sig=_TaCFvOpOVB9ZQw4eTyAaDxBLfw&hl=en&sa=X&ei=RpuGU-zbLZSksQTi2IHAAg#v=onepage&q=cincinnati%20commercial%20tribune%20grim%20reaper%20football&f=false

    The Business Algorithm: Excellence + Greatness = Success

    Play Episode Listen Later May 12, 2020 91:47


    We are back with a new episode after an extended break. We talk about why we were gone in the episode. I think we forgot to mention that we are also returning to our regular schedule of releasing episodes. I missed doing this! It was a lot of fun to record again. In the News (6:00): We wanted to keep things light and talk about a non-virus story. So, we introduce you to a series of videos in which Diddy interviews billionaire CEO of Bridgewater Investments Ray Dalio. Ray is one of our more frequently-mentioned billionaires. He’s trying to turn himself into the premier entrepreneurial guru, like the Maharishi of extracting surplus value. Diddy “hired” Dalio as his personal business mentor and then agreed to shoot an infomercial for Dalio’s book Principles. Here’s the video: Part 1: https://youtu.be/SCCfk2a2O5o Part 2: https://youtu.be/s8jwBezj6zg Billionaire #1 (15:50): Mort Zuckerman, 4/10 on the David Koch Memorial Asset Liquidation Index Zuckerman is a real estate billionaire who got into publishing (which is the exact same life path as billionaire #2 today). He’s most well-known for owning U.S. News and World Report. You may have seen it in a dentist’s office, but I’m not sure the magazine exists anywhere else out in the wild these days. We spend most of the time talking about ranking systems and the ways they tend to reinforce preexisting power dynamics. Billionaire #2 (46:50): Leonard Stern, 5/10 on the DKMALI Stern is also a real estate billionaire who went into publishing, although he got his start-up capital from Hartz Pet Supplies, the company his father started. Leonard Stern has been part of the Les Wexner party set since the 80s, but please do not construe the facts we state about his life as an accusation of wrongdoing. Make sure to stick around for the story about his son Eddie at the end for another moment in the history of system-wide American financial crimes.

    The Jaunt: Steve Wynn and Travis Kalanick

    Play Episode Listen Later Mar 9, 2020 74:21


    Welcome back everyone. This episode ended up orbiting around the idea of being suspended in a universe beyond time and causality. It’ll make sense in context. The podcast is on a monthly schedule now, in case you’ve been wondering where this episode is. Life events have conspired to prevent us from doing more than that, at least for now. In the news this week: Michael Bloomberg, Michael Milken, and the return of the return of the son of the Business Roundtable. (20:45) Our first billionaire is Steve Wynn, a Vegas mogul, alleged sex pest, and former finance chair of the RNC. Somehow we end up talking about the ideological function of gambling, seduction, and the end of the world. 8/10 on the David Koch Memorial Asset Liquidation Index (45:45) Second billionaire: Travis Kalanick. The Uber guy. Chad tries to feel his way into the Kalanick mindset by reading through his Principles of Work. We come to the conclusion that all of the magazine profiles that called Kalanick a douchebag were pretty on the money in their assessment of his character. 7/10 on the David Koch Memorial Asset Liquidation Index What a weird episode—two already-famous billionaires is a first. Thanks again for listening. Please like and subscribe. Leave a review. Follow us on twitter.com at @empire_sum. Hell, shoot us a DM. P.S., The global economic meltdown happened after we recorded this episode, so we'll get to it next time. Links: David Harvey clip: https://podcasts.apple.com/us/podcast/david-harveys-anti-capitalist-chronicles/id1442025854?i=1000466819896 Mean Streets fight scene: https://www.youtube.com/watch?v=psMz_i9XfU4 Casino capitalism article: https://www.salon.com/2012/03/09/casino_capitalism_as_gambling_spreads_metaphor_becomes_reality/ The Age of Chance excerpt: https://books.google.com/books?id=T7aEAgAAQBAJ&pg=PA137&lpg=PA137&dq=%22The+vertigo+of+seduction%22&source=bl&ots=75EG0zviSI&sig=ACfU3U0BDFpIo42UHR-Faz7nrJjqZWtedw&hl=en&sa=X&ved=2ahUKEwi_4Y7F6IToAhUUVs0KHVVyC4oQ6AEwAXoECAkQAQ#v=onepage&q=%22The%20vertigo%20of%20seduction%22&f=false

    A Century of Corporate Paternalism (F.K.A. Uncut Jeff): Fisk Johnson and Joe Liemandt

    Play Episode Listen Later Feb 5, 2020 72:22


    WE’RE BACK!!! Welcome (back) to Zero Sum Empire, the podcast that’s taking a critical census of the mostly-anonymous American billionaire class. Sorry we’ve been gone for so long. Joe was on paternity leave. Please like, subscribe and share. In the News: Vinod Khosla is back with some new lawsuits to keep those pesky surfers off of the public beach he thinks he owns. That leads us into a discussion of his meeting with Saudi Crown Prince MBS and Peter Thiel. Then that leads us into the absolutely crazy story about Jeff Bezos’ dick pics, the National Enquirer, Saudi state propaganda in Wal-Mart, Thiel’s Palantir data analytics company. Billionaire #1: Fisk Johnson 1/10 on the David Koch Memorial Asset Liquidation Index Fisk Johnson is CEO of S.C. Johnson, the cleaning products company that makes Glade, Windex, Drano, Ziploc, Saran, Pledge, Method, and a bunch of other products you’ve probably used. Fisk Johnson is our first “1” on the D.K.M.A.L.I. That does not mean his assets should not be liquidated. It just means it’s somewhat less urgent to take his money than most others we’ve covered. For a cleaning products company that deals with a lot of chemicals, S.C. Johnson’s environmental record is sparkling. They also seem to have relatively sane labor practices. In truth, because it’s a privately held company, there’s a lot about them that we simply don’t know. Chad talks about the company’s “welfare capitalist” model and why any apparent positive outcomes of this model are not sustainable or replicable for most companies. Billionaire #2: Joseph Liemandt 5/10 on the David Koch Memorial Asset Liquidation Index Joseph Liemandt started Trilogy Software and ESW Capital, an investment company that buys software companies. While that might be incredibly boring, Liemandt makes up for it by being a party boy when he’s off the clock. Details are scant, but he was a subject of Emily Chang’s Brotopia, and according to her he “wrote the bro code” that created a hostile environment for women in Silicon Valley tech (link to article below). After creating a software company that mostly produced toxic masculinity, he went on to start a “Global Software Sweatshop” that employs a truly dystopian employee surveillance technology called WorkSmart, “a FitBit for how you work.” Liemandt: “How A Mysterious Tech Billionaire Created Two Fortunes—And A Global Software Sweatshop: https://www.forbes.com/sites/nathanvardi/2018/11/19/how-a-mysterious-tech-billionaire-created-two-fortunesand-a-global-software-sweatshop/#655dbd846cff National Enquirer and Saudi Royal Family: https://apnews.com/d293d282a9ec4d0c83fe0a25ff5f285c References on S.C. Johnson and welfare capitalism: Sanford Jacoby’s Modern Manors: Welfare Capitalism Since the New Deal Stuart Brandes’ American Welfare Capitalism, 1880-1940

    Walled Gardens: John Menard, Jr. and Jeff Green

    Play Episode Listen Later Dec 16, 2019 64:04


    It was a lot of work to get to 20 episodes. Thanks to everyone who’s listening. We are excited to start the next season of shows in the new year and have a lot of great ideas for improvements. Reflecting back on this episode, I realize that we talked a lot about a particular kind of barrier. Joe introduced us to the technical choice that the hardware store chain Menard’s made to include one-way turnstiles at all of their entryways. The effect of the turnstiles is to trap people in the store: you have to traverse the entire length of the store if you want to exit. Google and Facebook (referred to in the ad industry as “walled gardens”) collect data about you, and then use that data to advertise to you on their own platforms. They maintain a practical duopoly on online advertising because they don’t share data with other advertising companies. They “wall off” your data because it’s the one thing of value that they produce. To capitalize on the data they’ve collected, they need to “keep you in the store” as long as possible, which means they need to keep you using services they own. Because there is minimal censorship of the internet in the US, it’s harder for Google and Facebook to erect digital turnstiles to contain users than it is for, say, the Chinese government. China has developed the “Great Firewall of China” to block and censor information that the government believes runs contrary to its interests. What China has discovered, however, is that it’s far easier to proactively erect a Menard’s-style “digital turnstile” than it is to play whack-a-mole by reactively censoring content. So, that’s what they’re doing. Baidu, the “Google of China,” now overwhelmingly serves up search results linking to sites that Baidu owns. Once you go through the Baidu turnstile by using their search engine, you have to scroll very far down the list of search results to find the exit. All of the top results just redirect to Baidu content. It should go without saying that Baidu is compliant with (and at least partially run by) the Chinese government censors. In the News: We return to billionaires of episodes past to talk about where they’ve been showing up in the news. John Menard, Jr.: 8/10 on the D.K.M.A.L.I. (15:00) Owner and Founder of Menard’s, a chain of home improvement stores. Jeff Green: 5/10 on the D.K.M.A.L.I. (37:00) Owner and Founder of The Trade Desk, an internet advertising company. Links: John Menard Jr. https://www.milwaukeemag.com/bigmoney-john-menard/ https://urbanmilwaukee.com/2013/06/20/murphys-law-the-strange-life-of-john-menard/ Jeff Green and The Trade Desk: https://youtu.be/SaVJkQVhntA (Part of an infuriating series of videos called “In Human Terms” that Green posted to Youtube. All of them are infuriating.) https://www.cnbc.com/2019/05/31/the-trade-desk-is-growing-in-china-and-wall-street-loves-it.html https://qz.com/1530831/an-obituary-for-baidu-argues-chinas-vast-internet-has-no-search-engine/

    Meaningful Pursuits: Jerry Moyes and Gary Rollins

    Play Episode Listen Later Nov 13, 2019 72:16


    This week’s News segment begins with hedge fund billionaire Lee Cooperman crying on TV and (what else?) Michael Bloomberg announcing he’ll run for president. Jerry Moyes: 7/10 on the David Koch Asset Liquidation Index Chad introduces us to Jerry Moyes, the retired founder of Swift Transportation. Moyes owned the possibly-fictional NHL hockey team the Arizona Coyotes before he ran it into bankruptcy. He owns the biggest boat on Lake Powell, which he named The Big Dog. He gives tons of money to Trump. He’s been involved in a number of shady financial dealings to serve his own greed. All basic billionaire shit. The main part of the Moyes segment involves the labor history of the trucking industry in the US. It’s a sad story, and you can probably guess how it goes. Gary Rollins: 7/10 Joe talks about Gary Rollins, CEO of Rollins, Inc., which owns Orkin Pest Control. The Rollins family has some drama. The kind of drama where you hire private investigators to steal your grandchildren’s medical records. Kids suing parents. Parents suing grandparents. Ratmen suing Ratbabies. This story is nuts. Orkin also regularly cheats people, poisons people, and sometimes cheats the people it poisons. Joe offers us some thoughts on insects (and our relations to them. Innenwelt and Umwelt. Lee Cooperman crying: https://www.cnbc.com/video/2018/07/24/lee-cooperman-parting-advice-luxury-you-cannot-afford-is-arrogance.html Lee Cooperman crying again: https://www.youtube.com/watch?v=FEte-K-H8NY&feature=emb_title Steve Viscelli’s sociology of trucking: https://penntoday.upenn.edu/research/penn-sociologist-deconstructs-america-s-trucking-industry Hubba Hubba: A Tribute to Jerry Moyes: https://youtu.be/exZCgJzcrfg The Big Dog: https://youtu.be/GuKbzj_hfaA Michael H. Belzer’s Sweatshops on Wheels https://global.oup.com/academic/product/sweatshops-on-wheels-9780195128864?cc=us&lang=en& Jakob von Uexkull’s tick essay: http://www.codebiology.org/pdf/von%20Uexk%C3%83%C2%BCll%20J%20(1934)%20A%20stroll%20through%20the%20worlds%20of%20animals%20and%20men.pdf Baltimore Sun story on the Rollins family fued: https://www.baltimoresun.com/news/bs-xpm-2000-05-28-0005270151-story.html Forbes story on the fued: https://www.forbes.com/sites/clareoconnor/2014/09/29/inside-the-3-billion-feud-tearing-georgias-rollins-family-apart/#1efc7a7e5cec

    Casters of the Universe: Brian L. Roberts and Haim Saban

    Play Episode Listen Later Oct 29, 2019 66:08


    It’s almost Halloween and you know what that means—only 7 months until Mother’s Day! In the news this week: It looks like Steve Mnuchin bent the U.S. treasury rules for designating opportunity zones to help out Michael Milken (long time enemy of the show) with a huge tax break. That’s bad, but “opportunity zones” are still a grift even when they’re not abused so egregiously. (11:30) Joe introduces us to Brian Roberts, CEO of Comcast. Roberts had the extremely typical billionaire life trajectory of growing up rich, going to Wharton, then running the company his father founded for the rest of his life. We talk about Comcast’s rise to market dominance as a vertically-integrated media company. Joe tells us a little bit about cable provider infrastructure in the US and why it means that Americans have some of the worst and most expensive internet service on the planet. It’s not just an inconvenience, it’s a form of social injustice that works against social mobility. Roberts gets a 5 on the David Koch Memorial Asset Liquidation Index. (30:35) Chad talks about Haim Saban, founder of Saban Entertainment. Saban Entertainment is most famous for Mighty Morphin’ Power Rangers, but Saban is responsible for a massive amount of children’s programming. We get into Saban’s business partner Shuki Levy’s amazing work in the field of television theme song composition. There’s a link below to Levy’s website, where he hosts all these songs. Saban’s shows are mainly the result of deregulation of children’s programming in the 80s that resulted in ruining the brains of a generation. It also helps us illustrate the continuous character of capitalism’s primary accumulation. Rated a 7 on the DKMALI. We had to cut a whole section at the end about how Saban is also an extreme right-wing Zionist and was the biggest contributor to Hillary Clinton’s 2016 campaign. There are some links below if you want to explore that dark dimension of his life. Comcast Links • The Future of American Broadband is a Comcast Monopoly https://www.vice.com/en_us/article/yw7e7g/the-future-of-american-broadband-is-a-comcast-monopoly • Comcast Political Donations https://www.opensecrets.org/orgs/recips.php?cycle=2020&id=d000000461 Haim Saban Links: • Hollywood Reporter article where Saban talks about hating Bernie Sanders: https://www.hollywoodreporter.com/features/haim-cheryl-saban-talk-power-philanthropy-israel-2020-presidential-race-1222856 • Hillary Clinton’s letter to Saban denouncing BDS (leaked to journalists by her campaign to entice pro-Israel donors): https://www.documentcloud.org/documents/2158218-hillary-clintons-letter-to-haim-saban-against-bds.html • Haim Saban is Bad for Democracy by Alex Pareene: https://splinternews.com/haim-saban-is-bad-for-democracy-1827319779 • Haim Saban New Yorker profile: https://www.newyorker.com/magazine/2010/05/10/the-influencer • Shuki Levy’s website with high quality streams of his cartoon theme songs. Hours of fun: http://shukilevy.com/themes-and-scores/

    Tears of a Clown: John Doerr and Thomas Tull

    Play Episode Listen Later Oct 15, 2019 71:10


    First: sorry for the delay in getting this episode out. Joe was traveling for a wedding and we also decided to switch our release days to Tuesdays. We are back to releasing an episode every two weeks for the foreseeable future. Second: Chad accidentally recorded some of the episode with the internal mic on his computer, so there's a dip in our normally pristine sound quality. We begin the episode with an excursion into the world of immersive POV Youtube lawn mowing subculture. Real sick stuff. In the news this week: For the first time in US History, the wealthiest 400 families paid less in taxes than working class Americans. Ken Fisher of Fisher Investments has a normal one. Ray Dalio’s recipe for success. Wealth-X Billionaire Census empirically proves that rich people like golf. John Doerr: 6/10 points on the David Koch Memorial Asset Liquidation Index Doerr is a Silicon Valley venture capitalist who got rich in the early-2000s tech boom. His firm went in big on the 2007-2011 “Cleantech Boom,” lost a ton of money when none of the investments panned out, and then more or less gave up on innovation in renewable and sustainable energy. People talk about him being a genius investor, but he also invested in Segway and Juicero. Doerr gives us an opportunity to talk about the moral deadlock between capitalist ideology and the climate crisis. Thomas Tull: 2/10 points on the David Koch Memorial Asset Liquidation Index Tull started in laundromats and specializes in marginally improving efficiencies in existing businesses. Tull also formerly produced movies with Legendary Entertainment, which was responsible for the Christopher Nolan Batman movies. So, you have Tull to thank, at least in part, for the Joker that made us all so damaged and twisted. Lawn Fetish: https://youtu.be/e72txdwCMCY Regressive Taxation: http://shorturl.at/cBFKM Ken Fisher: http://shorturl.at/csyzT Doerr: http://shorturl.at/dnqvU Venture Capital and Clean Tech: https://energy.mit.edu/wp-content/uploads/2016/07/MITEI-WP-2016-06.pdf Wired article about Green Tech Bust: https://www.wired.com/2012/01/ff_solyndra/ Capitalism to the Rescue: https://www.nytimes.com/2008/10/05/magazine/05Green-t.html Tull interview: https://youtu.be/Orp274LdGf0

    Big Ag Drag and The Pump Chump: Austen S. Cargill II and Paul Fireman

    Play Episode Listen Later Sep 22, 2019 71:55


    Intro/Billionaires in the News: Back to the Future II is neoliberal propaganda (shout out to Micah Bateman). T. Boone Pickens dead; Robert Smith tells young people to respect capitalism; Sackler Family doing more horrible stuff; Peter Thiel thinks libertarianism will eliminate politics. Billionaire #1: Austen S. Cargill II: 10/10* (16:30) The opening clip is a recording of the Church Universal and Triumphant praying for rock musicians to be cast into the fiery pit of hell in case you’re curious (link below). Austen Cargill is retired and lives on a ranch in Montana. Before that, he was on the board of directors of Cargill, the largest private company in the US. We talk about Cargill and anonymity and briefly touch on some of their many, many crimes. Luckily, there are 14 members of the Cargill family on our list, so just look at this segment as a table of contents for things to come in future episodes. Billionaire #2: Paul Fireman: 5/10* (44:15) This segment was a lot of fun, so we hope you stick around for it. Fireman made his fortune by building the Reebok company and then selling it to Adidas. Fireman embodies every boring billionaire stereotype, so we get to talk a little about what those are. Also, make sure you watch the real estate company ad for his mansion that we mention because it is hilarious. *Rating Score on the David Koch Memorial Asset Liquidation Index Links: Fireman mansion ad: https://youtu.be/d4AwDHoYpQs Austen Cargill buys CUT Ranch: https://www.bozemandailychronicle.com/article_dddc76fe-b5ac-531d-95e0-d22565dd8cea.html Back to the Future Product Placement: https://backtothefuture.fandom.com/wiki/Product_placement Mighty Earth Report: http://www.mightyearth.org/wp-content/uploads/Mighty-Earth-Report-Cargill-The-Worst-Company-in-the-World-July-2019.pdf Brewster Kneen’s Invisible Giant: https://www.plutobooks.com/9780745319582/invisible-giant/ Church Universal and Triumphant from the Sounds of American Doomsday Cults: https://youtu.be/i3ZsUYKDJF4 Boston Citgo Sign: https://en.wikipedia.org/wiki/Boston_Citgo_sign

    Champagne Wishes and Caviar Dreams: Bharat Desai/Neerja Sethi and Conrad Prebys

    Play Episode Listen Later Sep 8, 2019 71:39


    Remember fidget spinners? Joe doesn’t. (2:18) This week in the news: We talk about the Amazon fires and their relationship to soybean farming and tariffs. Then, in celebration of David Koch’s death, we introduce the David Koch Memorial Asset Liquidation Index, a rating scale we made up for the billionaires we cover. We decide, on a scale of 1 – 10, how urgent it is that the billionaire’s assets are immediately liquidated and the proceeds distributed among their victims. It goes without saying that all billionaire fortunes should be liquidated and redistributed, but we want to liquidate some more quickly than others. David Koch is the namesake of the rating scale because he was unquestionably a perfect 10. (12:40) Bharat Desai and Neerja Sethi: 2.5/10 Desai and Sethi are a married couple who started a technology services company that basically outsources various business needs to overseas workers. They sold the company a few years ago and have retired to Fisher Island, FL. Fisher Island is a tiny island right next to Miami Beach, and it is currently the wealthiest zip code in the US. It is only .3 sq. mi., and has a population under 500. A lot of rich people buy condos there and establish the place as their primary residence because Florida doesn’t have state income tax. This trend has seen a huge boost since the 2017 Republican tax bill capped property tax deductions at $10,000. We end up talking about Pizzagate and “hypothetical” food-based criminal code languages. We highly suggest checking out Opulence Magazine’s (a magazine about South Florida luxury condos) Fisher Island party videos: https://vimeo.com/162627583 https://vimeo.com/16225305 (35:55) Conrad Prebys: 4/10 Conrad Prebys was, apparently, a messy bitch who loved drama. He was estranged from his son, then reunited with him, and then wrote him out of his will. He made his money in the construction business in San Diego, and later in life made a bunch of big philanthropic donations to build buildings with his name on them. Many were for performing arts centers, and others were for buildings on university campuses. Joe pops off about how stupid it is that debt-laden universities keep building new, expensive buildings that accrue more debt because they think nicer buildings will recruit more students. Unsurprisingly, there’s not much data to support that claim. We come back around to the Koch brothers, their donations to universities and the inherent problems with those kinds of donations, and we finish up with a dramatic reading of an article defending David Koch’s legacy that drives Chad over the edge. America Loves To Hate Billionaires https://www.washingtonexaminer.com/opinion/op-eds/america-loves-to-hate-billionaires A full list of the Koch Foundation’s 2016 donations to higher ed: https://datawrapper.dwcdn.net/WwbbU/1/

    Exploding Head Syndrome: The Cox Enterprises Heirs and Richard Peery/John Arrillaga

    Play Episode Listen Later Aug 25, 2019 65:49


    Billionaires in the News: Trump wants to buy Greenland. As I write this show description, I realize I missed a huge pun opportunity when I failed to say “Trumpelstiltskin.” It’ll make sense when you hear the segment. Really kicking myself over this one. The main news item for this week is the Business Roundtable announcement that “fiduciary responsibility to shareholders” is no longer the First and Only Rule of Business. This segment is part of our ongoing project to track instances of rich people calling for reforms to capitalism. A new wrinkle has emerged in the rhetoric: they’re pushing a “return” to a pre-80s form of “ethical” capitalism that considers the interests of all stakeholders (i.e., everyone else in society). Andrew Ross Sorkin wrote a NYT editorial and went on The Daily podcast to parrot the false history being peddled by the rich: that there was a time prior to the deregulatory Reagan era during which capitalism operated in a more ethical mode for the benefit of society at large. This is false. Capitalists will never choose to operate for the benefit of society at large. They will only respond to pressure from other forces that seek to rein in capitalist excess. The first billionaire segment this week (17:00) covers Blair Parry-Okeden, an heiress to the Cox Enterprises fortune. Parry-Okeden lives in Australia and doesn’t have much of a public profile. She might be the most anonymous billionaire we’ve covered so far, yet she is Australia’s richest person. Given the dearth of information on Parry-Okeden, Joe decides to cover the Cox fortune more generally, including heirs James Kennedy, Anne Cox-Chambers (lmao), and the current CEO Alex Taylor. Cox owns a lot of different things, including Auto Trader magazine. We end up talking a little about coupons. The second billionaire segment covers Richard Peery and his business partner John Arrillaga (38:15). Peery and Arrillaga got rich by building office space in Silicon Valley. We begin with a bit of a tangent about inventor of the transistor William Shockley (a vile man who would absolutely write for Quillette if he were alive today). Most of the buildings Peery-Arrillaga constructed were “tilt-ups,” a type of concrete slab building that’s especially vulnerable to earthquakes (which was known at the time they were building them). Last, we discuss Arrillaga’s daughter, Laura Arrillaga-Andreessen (married to Marc Andreessen of Netscape fame). She runs a consulting firm that advises rich people on how to give their money to worthy causes. Like all consulting, it gives off huge scam vibes. Show links: Shareholder Value is No Longer Everything, Top CEOs Say: https://www.nytimes.com/2019/08/19/business/business-roundtable-ceos-corporations.html Alex Taylor Interview 1: https://www.youtube.com/watch?v=4SCMUFZyjtc Alex Taylor Interview 2: https://www.youtube.com/watch?v=V2FrtjYNKuI Coupon: The Movie: https://www.youtube.com/watch?v=UQUXoH6g97c&t=323s A portrait of Blair Parry-Okeden: http://thisisnofantasy.com/home/vn-blair-parry-okeden-1000pw-2/ “The Secretive Billionaire Who Built Silicon Valley”: https://fortune.com/2014/07/07/arrillaga-silicon-valley/ Tilting at Danger: Loose soils and cheap construction clash in Silicon Valley's "Golden Triangle": http://www.metroactive.com/papers/metro/10.14.99/tiltup-9941.html New Yorker Summary of Zuckerberg’s Newark Schools Gift: https://www.newyorker.com/magazine/2014/05/19/schooled Techcrunch article on Arrillaga-Andreessen: https://techcrunch.com/2014/09/09/laura-arrillaga-andreessen-argues-for-bringing-a-data-driven-mindset-to-philanthropy/ Cory Booker’s Charter Schools Retreat: https://www.huffpost.com/entry/cory-booker-charter-school-support_n_5d45c744e4b0acb57fcd4ebb Thanks again for listening, everyone. Please make sure to help spread the word. Repost, retweet, share, like, etc.

    Random Acts of White Claw: Philip Anschutz and David Sun

    Play Episode Listen Later Aug 11, 2019 67:25


    In place of our normal intro this week, Joe made me offer a disclaimer about my behavior during the podcast. I tried to loosen up to promote a more relaxed vibe, so I drank a bunch of White Claws while we were recording. It worked pretty well at first, but by the end of the episode I was more or less incoherent. (No laws when you’re drinkin’ claws, baby! Woo!). In case you were wondering, now it’s clear: Joe is the daddy of the podcast, and I’m baby. Some really important links down below today, so make sure to check them out. This really did turn out to be my favorite episode so far. First, we talked about which Democratic presidential candidates are getting the most billionaire donations (3:15). Mayor Pete was the big winner (i.e., loser): 23 billionaires! Bernie was the big loser (i.e., winner) with zero billionaire donations. Chad introduces us to Philip Anschutz (11:30), a conservative evangelical media mogul and real estate bigwig. He’s one of the richest we’ve covered so far and his empire is so large that we had to skip over some interesting aspects of what he does. We chose to focus on his media ownership, which includes Walden Media (see links below for some truly horrifying trailers). Walden, along with Anschutz’s Foundation for a Better Life, are ideology mills for what Chad is calling “market morality,” the notion that the being a moral person begins and ends with individuals exchanging good deeds with other individuals. It’s morality for people who think “there’s no such thing as society.” Joe talks about David Sun (38:00) co-founder of Kingston Technologies. He ends up not saying a whole lot about David Sun other than that Sun is involved with flash memory. That factoid serves as a prompt for a wide-ranging discussion about memory, media, history, Victorian fantasies, epiphylogenetic memory, and even some sci-fi style speculative theorizing about the future of data storage. All of these wild ideas prompted a fairly drunk Chad to embarrassingly say the conversation was “like a mushroom trip.” Sorry everyone. CORRECTION: It is not actually clear at this point if White Claw has bad politics—we’ll keep you updated. CORRECTION: There are still laws when you are “drinking claws.” All the normal laws still apply. Everyday Heroes, an Orrin Hatch joint: https://youtu.be/ArXw-ls5pXA Walden Media movies: https://www.walden.com/movies/ A Dog’s Purpose: https://youtu.be/1jLOOCADTGs Won’t Back Down (The charter school propaganda movie): https://youtu.be/1e5CAG4MU2w Foundation for a Better Life (radio spots): https://www.passiton.com/radio Bernard Stiegler from the film The Ister (memory stuff begins around 8min): https://youtu.be/Znvdk5cq9f4 John Durham Peters "Space, Time, and Media": https://www.cjc-online.ca/index.php/journal/article/view/1389/1467 Seagate "Data Age 2025": https://www.seagate.com/files/www-content/our-story/trends/files/idc-seagate-dataage-whitepaper.pdf

    Relentless Positive Action: The Stryker Siblings and Victor Fung

    Play Episode Listen Later Jul 28, 2019 55:59


    The Mueller testimony gets us talking about the decline in Americans’ ability to experience a common reality with other people, which we take as a harbinger civilizational collapse. Billionaires in the News is about risk assessment and the climate crisis. Recent moves by Chubb and Moody’s indicate that global warming-related risk is figuring into financial industry decision making more than it used to. We also take this to be a harbinger of civilizational collapse. Chad introduces us to the Stryker siblings. They made their money from their grandfather’s medical device company. Their father, Lee Stryker, crashed his plane and died in 1976, and just four years later the film Airplane came out which features a main character named Striker trying to save a plane from crashing. Coincidence? Almost certainly. The Stryker siblings aren’t too bad as far as billionaires go. They give lots of their money to pretty good causes that address educational opportunity, conservation, human rights. They’re also big donors to the Democratic party, and their donations reflect a fairly centrist politics. On the political spectrum of the billionaire class, they’re basically Maoists. The issue we take up in relation to their activities is public-philanthropic partnerships (PPPs). PPPs are a post-2007 crash phenomenon where cities beg the super-rich for money to keep the streetlights on. Not good! Joe introduces us to Victor Fung. Fung is a “global logistics” guy, which apparently means that he connects large consumer good corporations to sweatshop labor. If you’re a big corporation like Apple or Nike, it’s great to keep someone between you and your sweatshops. That way, when a factory burns down and kills a bunch of people you can say “Hey, we just hired this global logistics firm. They assured us everything was cool. We had no idea what the conditions in the factory were.” Joe talks about Taylorism and his techniques of Scientific Management a little bit. We get mad at the naked cruelty of capitalism.

    Dawn of the Lead: Herb Simon and Ira Rennert

    Play Episode Listen Later Jul 14, 2019 66:04


    I’ll be honest, we didn’t do our best pun work with the title for this episode. Dawn of the Dead was filmed in a mall, and we talk about malls…and we also talk about lead poisoning, so…it kind of makes sense? We promise to do better in the future. We begin by reading a review of the new arcade/taco restaurant in Duluth. I’m hard on Duluth sometimes, but it’s actually a great place and you better learn to love it because global warming is going to force all of you to move here in the near future. Billionaires in the news is a sampler this week. We talk about Tom Steyer’s presidential run, Ross Perot’s death, Noam Gottesman’s fake garage, and Jeffery Epstein. I’m excited to talk about Gottesman whenever he gets random-selected by the Big Wheel. He collects Francis Bacon and Lucian Freud paintings. Emanates a real “guy who unironically posts Joker memes” energy. Joe introduces us to Herb Simon in the first billionaire segment (13:10). Simon owns the Indiana Pacers and Simon Property Group. His main business is shopping malls. He’s had some minor scandals involving gift card fees and corporate mismanagement, but we mainly discuss malls themselves. Joe tells us a bit about the history of malls and Victor Gruen’s architectural innovations. We talk about how dead mall infrastructure will be repurposed, and how the “Gruen effect” of trapping people in infinite consumer labyrinths is being distributed across social space as the traditional shopping mall disappears. Chad covers Ira Rennert (37:00), who for many years was the largest private polluter in the US and the owner of the largest private residence. He also gave us the Hummer. Folks, this one is super depressing. Rennert has spent his life knowingly poisoning children for profit and funding “extremist” (read: violent terrorist) Israeli settlements. He pals around with John Bolton and Frank Gaffney. I won’t go into all of the gory details here, I’ll just say prepare yourself to feel extremely angry. Thanks again for listening, and please subscribe, leave a review, share episodes that you like, and spread the word however you can. Duluth: https://www.nytimes.com/video/climate/100000006428078/duluth-climate-change.html Potatriots: https://potatriotsunite.com/ross-perot-left-100-million-to-the-trump-2020-campaign/ Gottesman’s Garage: https://www.nydailynews.com/new-york/ny-wealthy-curb-cutting-resident-20190709-bxtufzgiofeyhg6s2k72he6nge-story.html American Mall video game: https://www.bloomberg.com/features/american-mall-game/

    DAF Punks and Lumber Lords: Ned & Abigail Johnson and Maggie Hardy (Magerko) Knox

    Play Episode Listen Later Jun 30, 2019 80:36


    We begin with a disturbing revelation about Chad’s private life. Yes, it’s true, he owns an essential oil diffuser. Please don’t judge. Billionaires in the News this week is a response to the NYT asking most of the Democratic presidential candidates whether they thought “anyone deserves to have a billion dollars.” It’s not a great question to begin with. It points the candidates toward making a moral judgment about what individuals “deserve” and away from a critique of the ways that wealth concentration promotes social forces that are incompatible with democracy. Our first billionaire is Edward “Ned” Johnson III. His daughter Abigail is also on our list, so we covered her too. Ned’s father started Fidelity Investments, the largest provider of retirement investment accounts in the US. There’s a lot one could say about Fidelity, but Chad focuses in on Donor-Advised Funds (DAFs). DAFs are vehicles for charitable giving. Fidelity started the whole DAF game, and it turns out (surprise!) that they are ripe for abuse and misuse. Fidelity Charitable recently became the largest recipient of charitable contributions in the US, surpassing the United Way. However, there is no evidence that DAFs actually increase the overall amount of charitable donations. They introduce a disincentive to give out money, they are able to be used by the super-wealthy to avoid taxes, and they allow people to anonymize their giving to hide donations to hate groups and “think tanks.” Very bad stuff. Joe introduces us to Maggie Knox (formerly Maggie Magerko), the heiress to the 84 Lumber fortune. This segment is a journey through three short films. First, we discuss 84 Lumber’s baffling 2017 Super Bowl ad that…tries to say something about immigration and walls? I’m not sure we ever get to the bottom of it. Then, we watch a terrifying ad for the family fun resort / tactical assault training camp at Nemacolin Woodlands. Last, we discuss Maggie Knox’s son PJ’s short film Beyond the Back Yard. I…can’t really describe it…you’ll have to see for yourself (links to all of these below). 84 Lumber Super Bowl ad: https://youtu.be/nPo2B-vjZ28 Nemacolin Woodlands: https://youtu.be/N9DujLpyRSU Beyond the Back Yard: http://beyondthebackyardfilm.com/ Candidates on billionaires in NYT interviews: https://www.nytimes.com/interactive/2019/us/politics/billionaires-democratic-candidates.html NYT exposé on DAFs: https://www.nytimes.com/2018/08/03/business/donor-advised-funds-tech-tax.html

    The SnackCast: Tom & Judy Love and George Bishop

    Play Episode Listen Later Jun 16, 2019 62:19


    This week we open up with a frank discussion of Chad’s recent bout of shingles (which is the reason we missed last week’s episode). Our billionaire in the news this week is Jan Koum, creator of WhatsApp. He’s in the news because he just bought an $80 million house. Aside from buying mansions, Koum collects Porsches. That’s pretty much all he does these days. He proudly claims not to have any other ambitions. He’s not working on or investing in any new technologies. He doesn’t even have a job as far as we can tell. After studying so many self-aggrandizing and deluded billionaires, his lack of motivation is actually sort of refreshing. Joe introduces us to Tom and Judy Love, founders of Love Travel Stops & Country Stores. They were innovators in the convenience store game. Judy once taunted LeBron James (check the vid below), but otherwise has stayed out of the public eye. Tom Love has been featured as a guest on Chickasaw.tv, and just this year was inducted into the Chickasaw Hall of Fame. Joe weaves a theory for us about American dietary habits. He argues that we love snacks, but we don’t care much about their quality, and he has the stats to back it up. It seems that we just want to shove sugar and salt into our big, dumb mouths. Chad discusses George Bishop, a mysterious Texas energy billionaire. There are zero pictures and scant information about Bishop. However, he does offer us a chance to talk about the various ways LLCs are used to obscure identities and evade taxes, sport-fishing extortion schemes, the absolutely dire future we can expect regarding fossil fuel extraction, and the rapidly-growing world of Sharia-compliant finance. The conversation goes off in a bunch of different directions, possibly as a consequence of too many shingles meds, but we hope it remains interesting for our dear listeners nonetheless. The Jan Koum Collection: https://youtu.be/RgjxLDVAYqE Judy Love: https://youtu.be/xuYWJVgnKZ0 9 Habits of Gas-Buying Customers: https://www.convenience.org/Topics/Fuels/9-Habits-of-Gas-Buying-Customers Chub Cay Airbnb (please go photograph George Bishop and send the picture to us): https://www.airbnb.com/rooms/25312947?source_impression_id=p3_1560730583_xuOJBJVh5QRy0eVL

    Footin’ on the Pritz: Tom Benson and The Pritzker Family

    Play Episode Listen Later Jun 2, 2019 65:51


    Footin’ on the Pritz: Tom Benson and The Pritzker Family Billionaires in the News: This week, Mackenzie Bezos became the world’s third richest woman and signed The Giving Pledge. The Giving Pledge is a public promise that billionaires make to donate at least half of their amassed wealth when they die. Bill Gates and Warren Buffet came up with the idea about ten years ago, and there are over 200 signatories so far. There are some issues with the pledge that we should all be aware of. Foremost among them, we think, is that heavy emphasis on philanthropy situates the responsibility for decision making about how wealth is distributed with billionaires, insulating the money from any democratic process. Next, Chad talks about Tom Benson, the recently-deceased owner of the New Orleans Saints. We discuss the economic consequences of large public venues like stadiums, the ways that Benson extorted tax subsidies from Louisiana after Hurricane Katrina, and the consolidation and globalization of the facilities management industry in the age of private equity. I know that last item sounds boring, but it’s actually really strange and interesting! Last, Joe introduces us to the (ELEVEN!) billionaire members of the Pritzker family. He takes us on a tour of the five “Reasonably Likely Outcomes if You Happen to Be the Scion of Billionaires.” We realize that in just eight episodes we’ve already come across three billionaire families connected to governorships. We fondly remember Rod Blagojevich, Harrison Ford’s Air Force One, and the 90s band Sonia Dada’s success on the Australian pop charts. Further reading on the Giving Pledge: https://www.insidephilanthropy.com/the-gift-adviser/2015/6/9/with-the-giving-pledge-the-devil-is-in-the-details.html https://philanthropynewsdigest.org/news/with-giving-pledge-half-can-mean-different-things https://givingpledge.org/ Stadium economics: https://www.brookings.edu/book/sports-jobs-and-taxes/ https://www.theatlantic.com/business/archive/2012/09/if-you-build-it-they-might-not-come-the-risky-economics-of-sports-stadiums/260900/ Great article on Tom Benson and the Superdome: https://www.nola.com/saints/2016/08/saints_subsidies.html Sports fandom polling: https://news.gallup.com/poll/183689/industry-grows-percentage-sports-fans-steady.aspx Pritzker/Blagojevich FBI Wiretap recording: https://youtu.be/-DBy6wR9XkU Liesel’s big scene in Air Force One: https://youtu.be/9-rsgdzXt6A Sonia Dada’s “Lover (You Don’t Treat Me No Good No More)” (Warning: This is extremely 90s): https://youtu.be/eOzD69DmVO8 nanu nanu: https://youtu.be/Q_z98pAPHAo

    A Song of Fire and Chainsaws: Sumner Redstone and Michael F. Price

    Play Episode Listen Later May 26, 2019 51:27


    First, we realize that we don't know what words like dude, buddy, bro, chief, and man are called. (I looked it up after the show. They're called "colloquial vocatives"). Billionaires in the News this week: Robert F. Smith. Smith is a billionaire who makes his money by investing in enterprise software. He recently pledged to pay off all of the college debt of the Morehouse College's graduating class of 2019. That's great for them, but highly visible philanthropic gifts reinforce the idea that social problems can be meaningfully addressed informally by promoting a sense of noblesse oblige in the super wealthy. Joe makes the very good point that philanthropic giving is chaotic in the sense that it is guided by the whims and experiences of individual rich people. That's a bad way to try and fix social ills. Anyway, Smith is married to a Playboy bunny, opposes closing the carried-interest loophole, and describes his so-called philosophy as "an unusual amalgamation of laissez-faire survival of the fittest and a progressive desire to open up opportunities for the disadvantaged in the world." In many ways, then, he is a pretty typical billionaire. https://www8.gsb.columbia.edu/articles/columbia-business/private-equitys-philosopher Next, we talk about our most well-known billionaire thus far: Sumner Redstone, owner of National Amusements. National Amusements is the parent company of Viacom, CBS, and other media properties. Redstone thinks he's immortal and immune to all disease. Here's a link to the Larry King interview Joe was quoting from. It's a real treat. https://www.milkeninstitute.org/videos/view/a-conversation-with-sumner-redstone-if-you-could-live-forever-what-would-life-be-like?BackURL=%2Fvideos%2F Last, we discuss Michael F. Price, a mutual fund manager who was famous in the 80s for taking over companies and bringing in CEOs to fire everyone, raise the stock price, and create value for shareholders. His most famous exploit was when he hired "Chainsaw Al" Dunlap to run Sunbeam, a small electronics company.

    Better Not Call Saul: Bernard Saul II and Riley Bechtel

    Play Episode Listen Later May 12, 2019 56:04


    First, we set a long-term goal for the show: By 2021, get more listeners than the flat earth podcast. We can only do it with your help, so please either subscribe to our podcast or find a way to sabotage the flat earth people, whatever’s easier for you. Then we talk about Jeff Bezos (do you say Beezos or Bayzos?), who unveiled “his vision” for space colonization. He imagines a future where a trillion human beings live in space and we make rocket fuel from moon ice. Those are really things he said. We reference a NYT article that states he unveiled a “moon lander,” however he did nothing of the sort. He unveiled an IDEA for a moon lander, and he had a life-size model of it on the stage behind him. There is no actual moon lander. I cannot stress this enough: he did not unveil anything aside from his own childish fantasy about the long-term extraterrestrial future of human civilization. Please take a moment to appreciate how strange it is that the world’s richest person did that, and that people listened and applauded like it was a normal occurrence. The fact that Bezos’ presentation took place against the backdrop of a world that is literally in the middle of a mass extinction event is an irony that should, in any sane person, produce alternating waves of horror and terror. Last, we speculate on the fantasy life of billionaires a little bit. https://www.nytimes.com/2019/05/09/science/jeff-bezos-moon.html Our two census entries for this week are Bernard Saul II and Riley Bechtel. Bernard Saul II is the most anonymous billionaire we’ve covered so far. As far as we can tell, he hasn’t spoken to the press since 1983. His family has been in business since 1852, and B.F. Saul Co. has been around since 1892. Saul leads into a discussion about Real Estate Investment Trusts (REITs), money laundering, rising urban rents, and the financialization of housing. Chances are that if you have a 401(k), you’ve invested in REITs that make money by investing in income-producing properties. Congratulations, you’re a landlord. Here’s a quick explainer on the relation between REITs, rents, and laundering: https://boingboing.net/2019/01/27/cz-edwards.html John Hennessy Saul’s Descriptive Catalogue of Fruits https://archive.org/details/johnsaulsdescrip18john_1/page/n1 Riley Bechtel is the heir to the Bechtel Corporation fortune. Bechtel is the largest construction company in the world. They built the Hoover Dam, the Chunnel, and the Riyadh Metro. They are responsible for some of the largest and most famous infrastructure projects in the world, and they’ve been around for about a hundred years. You know, it’s funny: We hear a lot about American defense companies, oil companies, chemical companies, drug companies, and internet companies getting involved in unethical and immoral activities in other countries, but we don’t hear as much about construction companies. Joe explains Bechtel’s involvement in privatizing the water supply in Bolivia. We’ve talked a little on the show about large-scale private-public partnerships around infrastructure and how private equity companies are moving more and more into this area. Important stuff to keep an eye on. Stephen D. Bechtel, Jr.'s "Reflections on Success" https://www.jstor.org/stable/pdf/20013444.pdf?casa_token=6Q3JfKAQCUQAAAAA:0IeBC0OXlm0FCPDESHQBsH0L5l8LpAgbW6dJ65JyXtvyv_PrDQzJ8m2OuOyIxl3ZTBJ8bymogfZKoxngm3H4njqfkJjlzIQrMNsBlNY_vONRUOIgGlA

    The French Fried Potater and the Helicopter Circumnavigator: Scott Simplot and Ross Perot, Jr.

    Play Episode Listen Later May 5, 2019 58:52


    Lots of stuff in this week’s episode. Keeping things a bit looser. First, we discuss the Milken Institute’s Global Conference 2019, where “thought leaders” celebrate “the power of ideas” and promote “shared prosperity.” We encourage you to flip through the conference program and take note of who they invited to speak (link below). Gives off a real “Garden of Earthly Delights” energy. It’s a garbage organization run by an actual criminal, Michael Milken, the “father of junk bonds.” At the conference, Milken did a keynote panel with Ray Dalio (see last week’s episode) where they talked about reforming capitalism. There’s an article from the LA Times that covers the panel, but as of now the video hasn’t been released online. We’re flagging this as another entry in our journal of recent instances of billionaires making a big public to-do about their ideas to reform capitalism. They’re coordinating their rhetoric as election season heats up to hedge against the outside chance that a left-of-center wave election happens. Then we enter two Large Adult Sons into the census. Both of these guys inherited gigantic businesses from their fathers. First, we discuss Scott Simplot and the Simplot family. The Simplots are the Idaho potato farmers who supply McDonalds with most of its frozen French fries. We go deep on potatoes and discuss their history as part of a larger story about Native American genocide, colonialism, the Industrial Revolution, the Little Ice Age, and modern agriculture. Last, we talk about our other billionaire for this week, Ross Perot, Jr. Joe walks us through Perot’s exploits as the Magellan of helicopters, his feud with Mark Cuban, and the global logistics hub / residential community he built, Alliance, Texas. Oh, and also: one time Joe accosted Ross Perot, Sr. in a public restroom. Refresh your memory on Michael Milken: https://en.wikipedia.org/wiki/Michael_Milken Milken Institute Global Conference Program: https://www.milkeninstitute.org/assets/Events/2019-Global-Conference-Program.pdf LA Times coverage of conference panel: https://www.latimes.com/business/la-fi-milken-conference-ray-dalio-20190502-story.html Scott Simplot is a potato man: http://www.cals.uidaho.edu/edComm/magazine/summer04/outstanding.html Alliance residential areas: https://www.alliancetexas.com/community/residential

    Siphon Off the Rich Juice: James Coulter and Leslie Alexander

    Play Episode Listen Later Apr 28, 2019 52:19


    Billionaires in the News: Billionaire Ray Dalio, CEO of the world’s largest hedge fund Bridgewater Associates, is worried that capitalism might not be working for the majority of people. So, he wrote a long essay about it and posted it to LinkedIn like any normal person would. Then he did interviews about the letter with NPR and 60 Minutes. The letter is a kind of Rosetta Stone that starkly lays out the peculiarities of the billionaire mindset. We didn’t want to get bogged down in a close reading here, but we’re planning a much more developed analysis of it in the near future. Spoiler alert: The letter is a defense of the status quo that targets people who see themselves as part of the “rational center.” Isn’t it funny how “political centrism,” the machine that brought you both Ray Dalio and the crises of capitalism he describes, is still assumed to be where levelheadedness and practicality reside in American politics? https://www.linkedin.com/pulse/why-how-capitalism-needs-reformed-parts-1-2-ray-dalio?trk=portfolio_article-card_title This week’s census entries (@ 14:00): Our two billionaires for this week are James Coulter and Leslie Alexander. Coulter runs TPG Capital, which is one of the largest private equity firms. He loves to say stuff like "Data is the new oil." We spend a lot of time talking about what private equity is and how it works. The cool thing about private equity is that it has about $2 trillion in assets under management, making it one of the largest sectors of the economy and no one except the super rich are allowed to participate in it. If corporations are people, then PE firms are vampires. Leslie Alexander is the former owner of the Houston Rockets who is mixed up in “securitizing” private student loan debt taken out by students to pay for-profit colleges. Securitizing means “bundling,” which means packaging and reselling debt to investors, which, as far as I know, has caused no problems whatsoever in the past. His student loan company, First Marblehead went bankrupt because of too many people defaulting on loans. The company rebranded as Cognition Financial and the website says they do “private student loan solutions you can trust,” so presumably they’ve fixed all the problems and everything is good now. Episode notes: I didn’t explain the Saudi/Blackstone infrastructure investing deal very clearly, so here’s an article that spells things out. I suggest making sure you read the “skipping deals” and “royal privacy” sections of the article. https://www.bloomberg.com/news/articles/2018-10-22/how-blackstone-landed-20-billion-from-saudis-for-infrastructure Here’s a link to Josh Kosman’s book on PE: https://www.amazon.com/Buyout-America-Private-Destroying-American/dp/B005DI8VK0

    Can Rebate Fraud Be Racist? Absolutely: Stanley Druckenmiller and James "Jimmy" Haslam

    Play Episode Listen Later Apr 21, 2019 39:23


    This week on ZSE we start out by talking about the Notre Dame fire, the hypocrisies involved in philanthropic giving, and diagnose another billionaire brain disease we’re calling Ozymandias Syndrome. Why this mania among billionaires to carve one’s name into monuments? There’s a distinction to be made between, on the first hand, securing one’s legacy by performing good acts that serve the community of which one is ostensibly a member and, on the other hand, securing one’s legacy in durable media like architecture (think of the pyramids) that implicitly recognize the fleeting fragility of any particular culture. Just another piece of evidence that billionaires by and large do not recognize themselves as members of the communities from which they extract their wealth. After Billionaires in the News we move on to our two census entries for the week: Stanley Druckenmiller and James “Jimmy” Haslam. Druckenmiller presents us with a problem that is sure to come up a lot: what happens when our random selector spits out a boring billionaire? One thing we can do is to dive into the means by which they made their fortune. Druckenmiller was a hedge fund guy, so we discuss a little of the history of hedge funds and how they are fundamentally unjust. A hedge fund, in a nutshell, is a financial instrument that allows people who are already rich to avoid paying taxes on their investment income. Once you reach a certain level of wealth, you’re essentially able to “opt out” of paying taxes like the rest of us by putting your money into things like hedge funds and taking advantage of the attending “loopholes” (they’re not loopholes, folks, they’re policies that are the result of large, sustained lobbying efforts). Then, we move on to Jimmy Haslam. You may know him as the owner of the Cleveland Browns. What you may not know is that his company Pilot/Flying J Travel Centers was involved in an investigation of fraudulent billing practices over the last several years in which seventeen of his top management people were convicted (fourteen of whom have gone to prison). This wasn’t just your run-of-the-mill fraud case, listeners. I don’t want to spoil the story for you if you haven’t heard about this, so I won’t say any more here—but be prepared to feel some serious rage. One tidbit we didn’t mention in the episode is that Haslam and his company donated $500,000 to Trump’s inauguration campaign, and you can make of that what you will. Here are the links we mentioned in the episode: Summary of Haslam scandal: https://www.theringer.com/nfl/2018/4/2/17182368/pilot-flying-j-fraud-scandal-update-jimmy-haslam-cleveland-browns (This story includes a lot of the gory details that others leave out). Extremely NSFW Secretly recorded conversations between Pilot Flying J executives: https://youtu.be/drSXVaETaag News Report about Haslam’s knowledge of scheme: https://youtu.be/WYYisW_lYjI FBI Affidavit laying out the facts of the case: https://www.documentcloud.org/documents/1672598-pilot-flying-j-affidavit.html Episode Correction: The Browns' 0-16 season was in 2017, not 2018.

    The Beach is Closed: Patrick G. Ryan and Vinod Khosla

    Play Episode Listen Later Mar 24, 2019 47:12


    Your hosts are back with another hot track. This time, we talk about The Baker Center for Leadership and Governance's 2018 poll on American confidence in social institutions. You'll never guess who Americans trust the most (just kidding, you'll probably guess). This leads us into some discussion of how philanthropy works as a conservative strategy intent on reproducing the status quo. Then we talk about Patrick G. Ryan, founder of AON insurance and we muse on the fact that commercial insurance is a financial prerequisite for modern infrastructure as we know it. Our second billionaire is Vinod Khosla, co-founder of Sun Microsystems. Khosla's Twitter bio reads "entrepreneurship zealot, grounded technology possibilist, believer in the power of ideas." We don't know what that means, but it apparently underwrites his belief that he can seize public land for his private use, as he did with Martins Beach in California.

    Little Boxes, Little Balls: Clemmie Dixon Spangler and Kunio Busujima

    Play Episode Listen Later Mar 24, 2019 64:47


    In this episode's "Billionaires in the News," Joe and Chad discuss Elon Musk's decision to chief that loud with Joe Rogan to prove to the world that he's a Normal Man. Then they talk about Clemmie Dixon Spangler, the recently-deceased billionaire owner of National Gypsum Co., gypsum's role in the history of American agriculture, the Plaster War of 1820, and the relationship between gypsum mining and the standardization of walls in homes and other buildings. Then they talk about Kunio Busujima (also recently deceased), who made his fortune on the Japanese gambling pastime pachinko. Pachinko is sort of like a cross between pinball and slot machines and it's so popular that in Japan alone it generates more revenue than Las Vegas, Macau, and Singapore combined. NOTE: This was the first episode we recorded and we didn't have our process completely worked out yet. We didn't use our random selector to choose these billionaires. Instead, we chose two who had recently died. In the future, all choices will be selected at random. Also, all future billionaires will be American to make things easier on us in terms of research.

    Trailer: Welcome to Zero Sum Empire

    Play Episode Listen Later Mar 23, 2019 3:12


    Welcome to Zero Sum Empire, the podcast that introduces you to the mostly anonymous billionaires who own the majority of the world’s wealth. Each week, we randomly select two lesser-known billionaires from our top secret list. Then, we do a little research into who they are and try to link them to larger ideas about power and infrastructure. We’re interested in the ways that massively concentrated wealth shapes our experience of daily life—especially in ways that we are unlikely to notice.

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