American investment banker
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5 episodes with Lloyd Blankfein
5 episodes with Lloyd Blankfein
2 episodes with Lloyd Blankfein
2 episodes with Lloyd Blankfein
2 episodes with Lloyd Blankfein
2 episodes with Lloyd Blankfein
Marty sits down with Trey Sellers to discuss how Unchained will be moving forward in light of the recent $100k breakthrough. Trey on Twitter: https://x.com/ts_hodl 0:00 - Intro 0:36 - Marty on Tucker and Andrew Hohns on CNBC 3:59 - Guiding hodlers and pioneering collab custody 14:04 - Unchained 14:54 - 100k changes the frame 17:46 - Where does Unchained go next? 21:27 - Zaprite & SOTE 23:00 - Large capital bringing in the supercycle 26:57 - FIRE framework 41:30 - Signature white glove service 47:01 - The bitcoin rabbit hole cascade 49:15 - Lloyd Blankfein on bitcoin in geopolitics 52:43 - Bitcoin credit products 55:00 - Unchained event Shoutout to our sponsors: Unchained https://unchained.com/tftc/ Zaprite https://zaprite.com/tftc Salt of the Earth https://drinksote.com/tftc Join the TFTC Movement: Main YT Channel https://www.youtube.com/c/TFTC21/videos Clips YT Channel https://www.youtube.com/channel/UCUQcW3jxfQfEUS8kqR5pJtQ Website https://tftc.io/ Twitter https://twitter.com/tftc21 Instagram https://www.instagram.com/tftc.io/ Nostr https://primal.net/tftc Follow Marty Bent: Twitter https://twitter.com/martybent Nostr https://primal.net/martybent Newsletter https://tftc.io/martys-bent/ Podcast https://www.tftc.io/tag/podcasts/
Evan Handler is beloved by millions for portraying Harry Goldenblatt, divorce-lawyer-turned-husband to Kristin Davis's Charlotte York, on HBO's groundbreaking series, and films, “Sex and the City,” it's current MAX follow-up, “And Just Like That,” as well as Charlie Runkle on Showtime's seven season “Californication.” In addition to authoring two highly acclaimed books, Time on Fire: My Comedy of Terrors, and It's Only Temporary: The Good News and the Bad News of Being Alive, Evan has played leading roles in ABC's “It's Like, You Know…,” and NBC's “Studio 60 on the Sunset Strip,” STARZ' “Power,” and made numerous memorable guest appearances on “Lost,” “The West Wing,” “Six Feet Under,” “Necessary Roughness,” and “Friends.” In 2000, Evan played Larry Fine in ABC's TV movie “The Three Stooges,” followed by additional “real life” portrayals of Lloyd Blankfein in HBO's “Too Big to Fail,” Alan Dershowitz in FX's “People vs. OJ Simpson,” and Hal Prince in FX's “Fosse/Verdon,” each of which garnered numerous wide-ranging awards. On the big screen, Evan played a leading role in Ron Howard's “Ransom,” starring Mel Gibson, and featured and leading roles Oliver Stone's “Natural Born Killers,” “Taps,” “The Chosen,” and “Sweet Lorraine.” He's currently visible in David Duchovny's directorial effort, “Reverse the Curse.” Prior to his work in film and television, Evan earned acclaim in seven Broadway productions, all performed between his twenty-first and thirtieth birthdays, and all in spite of losing nearly five years of that span to his fight against a supposedly “incurable” leukemia. During this time Evan starred in Broadway productions of “Six Degrees of Separation,” “I Hate Hamlet,” “Brighton Beach Memoirs,” “Broadway Bound” and “Master Harold...and the boys.” Evan also worked extensively in off-Broadway and regional theater at NY's Public Theater, Manhattan Theater Club, Playwrights Horizons, Seattle Rep, and Steppenwolf, performing early plays by Donald Margulies, Robert Schenkkan, Jez Butterworth, and numerous others. Evan's first book, Time On Fire, details his unlikely recovery from the leukemia diagnosed in the mid-1980s. His second book, It's Only Temporary: The Good News and the Bad News of Being Alive, describes the twenty-year period post-illness, and Handler's surprisingly circuitous journey toward gratitude, using tales of serial dating, absurd relationships, unexpected depressions, and, ultimately, lasting love and a miracle conception. Learn more about your ad choices. Visit podcastchoices.com/adchoices
As the former CEO of Goldman Sachs from 2006 to 2018, Lloyd Blankfein was a main character in the most eventful economic period of recent history. Alongside our hosts, he opens up about what it took to steer his ship through choppy waters and how to build a durable culture amidst existential fear. In true Minus One fashion, he also shares his frameworks for how he's thinking about what's next for him after Goldman Sachs.
This is a free preview of a paid episode. To hear more, visit www.houseofstrauss.comRyan, our nation's preeminent sports media critic, is here to discuss reports that NBC wishes to offer the NBA a tremendous amount of money. What does this mean, other than that Adam Silver is our lord and savior? Topics…* Can Warner Bros. Discovery (TNT) possibly come up with a competing offer?* What's with WBD CEO David Zaslav sitting at Knicks-Sixers with Goldman Sachs tycoon Lloyd Blankfein?* Do Barkley and the other TNT guys join NBC in this scenario? * Irony of WBD needing the NBA most, but being most likely to be forced out* Oddness of young Thunder players doing that “What a pro wants” ad* Which TNT halftime guy is least essential?* NBA playoff ratings are all over the map. New Nielsen system or something else?* That traditional space at end of pod where we talk Israel/Gaza campus protests * Are these protests being received by the public in a totally different way had Elon not bought Twitter?
Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest news. In this week's episode, the squad dives into the riveting dynamics of meme coins and their undeniable sway over market sentiments, alongside a detailed exploration of BlackRock's groundbreaking leap into blockchain with its on-chain fund initiative. Is Solana redefining its role as the new haven for meme coin ventures, signaling a shift in blockchain platform dominance? And with Ethereum's recent 4844 and Dencun upgrades, can it hold its ground as the DeFi ecosystem's backbone amidst escalating competition? We delve into MakerDAO's ambitious 'Endgame' strategy, contemplating its potential to reshape governance within the DeFi sector. The conversation doesn't stop there; we untangle the complex web of crypto conspiracies and debate the evolving definition of 'fair launch' in the decentralized space. This episode is packed with analysis and insights as we navigate the speculative excitement of meme coins, the strategic moves of blockchain giants, and the transformative policies shaping the future of decentralized finance. Join us for a thought-provoking journey as we dissect these developments, with Robert Leshner shedding light on the alpha in Reg D filings, to unravel the narratives that could redefine the crypto ecosystem's future. Tune in for a compelling session that promises to peel back the layers of innovation, speculation, and strategic maneuvering in the ever-evolving crypto landscape. Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Pandora, Castbox, Google Podcasts, TuneIn, Amazon Music, or on your favorite podcast platform. Show Highlights
Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest news. In this week's episode, the squad dives into the riveting dynamics of meme coins and their undeniable sway over market sentiments, alongside a detailed exploration of BlackRock's groundbreaking leap into blockchain with its on-chain fund initiative. Is Solana redefining its role as the new haven for meme coin ventures, signaling a shift in blockchain platform dominance? And with Ethereum's recent 4844 and Dencun upgrades, can it hold its ground as the DeFi ecosystem's backbone amidst escalating competition? We delve into MakerDAO's ambitious 'Endgame' strategy, contemplating its potential to reshape governance within the DeFi sector. The conversation doesn't stop there; we untangle the complex web of crypto conspiracies and debate the evolving definition of 'fair launch' in the decentralized space. This episode is packed with analysis and insights as we navigate the speculative excitement of meme coins, the strategic moves of blockchain giants, and the transformative policies shaping the future of decentralized finance. Join us for a thought-provoking journey as we dissect these developments, with Robert Leshner shedding light on the alpha in Reg D filings, to unravel the narratives that could redefine the crypto ecosystem's future. Tune in for a compelling session that promises to peel back the layers of innovation, speculation, and strategic maneuvering in the ever-evolving crypto landscape. Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Pandora, Castbox, Google Podcasts, TuneIn, Amazon Music, or on your favorite podcast platform. Show Highlights
The brash co-founder of the now defunct crypto hedge fund argues that most, if not all, companies eventually go bankrupt and that 3AC had a “pretty spectacular” run.Listen to the episode on Apple Podcasts, Spotify, Fountain, Overcast, Podcast Addict, Pocket Casts, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.Few crypto figures have been as vilified as Kyle Davies, the co-founder, along with Su Zhu, of crypto hedge fund Three Arrows Capital, which imploded in mid-2022, losing $3 billion and bringing many pillars of the crypto industry down with it. Davies and Zhu have been accused of, among other things, lying about 3AC's assets as the firm was imploding, trying to borrow money when the firm was insolvent, and seeking funding from the Mafia, all of which Davies denies. But he remains unapologetic about 3AC's demise, saying most, if not all, companies eventually go bankrupt, and that 3AC had a “pretty spectacular” ten-year run. He joined Unchained to explain why he and Su Zhu were ordered to prison in Singapore for non-compliance with the liquidation proceedings, Zhu's “six weeks meditating” (in prison), where he's living now, why he and Zhu went to Bali after the bankruptcy, his $25,000-a-month fee for consulting for crypto bankruptcy exchange OPNX, his and Zhu's current work advising crypto derivatives platform OX.FUN, and what he wishes he would have done differently in terms of 3AC's wind down. Show highlights:Whether Kyle is cooperating with 3AC liquidator Teneo and his opinions of that firmHis and his 3AC co-founder Su Zhu's prison sentences in SingaporeWhy Kyle says he didn't know about the scheduled court dateWhy Dubai levied fines against him, according to KyleWhere he is living nowWhether or not he made misrepresentations about 3AC's assets to lenders before its implosion, traded when the firm was insolvent, and borrowed money from the mafiaWhy Kyle went to Bali after the bankruptcy The defense of his $25,000 a-month fee for consulting for OPNXWhy Kyle thinks his reputation post-3AC was still “huge” because all companies eventually go bankruptGamified derivatives platform OX.FUN, where he is an advisorHis dreams of opening a cloud kitchen chicken restaurantWhy he filed a lawsuit against Sixth Man Ventures' Mike DudasWhat he could have done differently at the time of 3AC's collapseWhy Kyle is not sorry 3AC went bankrupt Thank you to our sponsors! PolkadotGuest | Kyle Davies, OX.FUN advisor and co-founder of Three Arrows Capital Links | Su Zhu's ArrestUnchained: Three Arrows Capital Cofounder Su Zhu Arrested in Singapore3AC Founders' Assets FrozenCoinDesk: Court Freezes $1 Billion of Assets of Three Arrows Capital Founders3AC VenturesCoinDesk: Bankrupt Hedge Fund 3AC's Return as a VC Stirring Up Crypto CommunityDavies and Su's Post Bankruptcy LivesNew York Times: Their Crypto Company Collapsed. They Went to BaliNew York Magazine: ‘They Are Very Comfortable Lying': How fallen crypto kingpins Su Zhu and Kyle Davies are dodging prison — and rebranding OPNXWall Street Journal: Founders of Bankrupt Three Arrows Capital Plan Trading Platform for Distressed Crypto Debt Cointelegraph: CoinFLEX creditors dissatisfied with restructuring to OPNX: ReportUnchained: 3AC Founders' New Crypto Exchange OPNX to Shut DownCointelegraph: OPNX to shut down with mysterious new exchange as replacementDecrypt: CoinFLEX Creditors React to OPNX Closure: 'They Have Left a Trail of Destruction'OX.FUNMarch 11 Twitter spaces on OX.FUN with Davies and Zhu -Unchained Podcast is Produced by Laura Shin Media, LLC. Distributed by CoinDesk. Senior Producer is Michele Musso and Executive Producer is Jared Schwartz. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Listen to the episode on Apple Podcasts, Spotify, Fountain, Overcast, Podcast Addict, Pocket Casts, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform. Few crypto figures have been as vilified as Kyle Davies, the co-founder, along with Su Zhu, of crypto hedge fund Three Arrows Capital, which imploded in mid-2022, losing $3 billion and bringing many pillars of the crypto industry down with it. Davies and Zhu have been accused of, among other things, lying about 3AC's assets as the firm was imploding, trying to borrow money when the firm was insolvent, and seeking funding from the Mafia, all of which Davies denies. But he remains unapologetic about 3AC's demise, saying most, if not all, companies eventually go bankrupt, and that 3AC had a “pretty spectacular” ten-year run. He joined Unchained to explain why he and Su Zhu were ordered to prison in Singapore for non-compliance with the liquidation proceedings, Zhu's “six weeks meditating” (in prison), where he's living now, why he and Zhu went to Bali after the bankruptcy, his $25,000-a-month fee for consulting for crypto bankruptcy exchange OPNX, his and Zhu's current work advising crypto derivatives platform OX.FUN, and what he wishes he would have done differently in terms of 3AC's wind down. Show highlights: Whether Kyle is cooperating with 3AC liquidator Teneo and his opinions of that firm His and 3AC co-founder Su Zhu's prison sentences in Singapore Why Kyle says he didn't know about the scheduled court date Why Dubai levied fines against him, according to Kyle Where he is living now Whether or not he made misrepresentations about 3AC's assets to lenders before its implosion, traded when the firm was insolvent, and borrowed money from the mafia Why Kyle went to Bali after the bankruptcy His defense of his $25,000 a month fee for consulting for OPNX Why Kyle thinks his reputation post-3AC was still “huge” because all companies eventually go bankrupt Gamified derivatives platform OX.FUN, where he is an advisor His dreams of opening a cloud kitchen chicken restaurant Why he filed a lawsuit against Sixth Man Ventures' Mike Dudas What he could have done differently at the time of 3AC's collapse Why Kyle is not sorry 3AC went bankrupt Thank you to our sponsors! Polkadot Guest Kyle Davies, OX.FUN advisor and co-founder of Three Arrows Capital Links Su Zhu's Arrest Unchained: Three Arrows Capital Cofounder Su Zhu Arrested in Singapore 3AC Founders' Assets Frozen CoinDesk: Court Freezes $1 Billion of Assets of Three Arrows Capital Founders 3AC Ventures CoinDesk: Bankrupt Hedge Fund 3AC's Return as a VC Stirring Up Crypto Community Davies and Su's Post Bankruptcy Lives New York Times: Their Crypto Company Collapsed. They Went to Bali New York Magazine: ‘They Are Very Comfortable Lying': How fallen crypto kingpins Su Zhu and Kyle Davies are dodging prison — and rebranding OPNX Wall Street Journal: Founders of Bankrupt Three Arrows Capital Plan Trading Platform for Distressed Crypto Debt Cointelegraph: CoinFLEX creditors dissatisfied with restructuring to OPNX: Report Unchained: 3AC Founders' New Crypto Exchange OPNX to Shut Down Cointelegraph: OPNX to shut down with mysterious new exchange as replacement Decrypt: CoinFLEX Creditors React to OPNX Closure: 'They Have Left a Trail of Destruction' OX.FUN March 11 Twitter spaces on OX.FUN with Davies and Zhu Learn more about your ad choices. Visit megaphone.fm/adchoices
Listen to the episode on Apple Podcasts, Spotify, Fountain, Overcast, Podcast Addict, Pocket Casts, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform. Few crypto figures have been as vilified as Kyle Davies, the co-founder, along with Su Zhu, of crypto hedge fund Three Arrows Capital, which imploded in mid-2022, losing $3 billion and bringing many pillars of the crypto industry down with it. Davies and Zhu have been accused of, among other things, lying about 3AC's assets as the firm was imploding, trying to borrow money when the firm was insolvent, and seeking funding from the Mafia, all of which Davies denies. But he remains unapologetic about 3AC's demise, saying most, if not all, companies eventually go bankrupt, and that 3AC had a “pretty spectacular” ten-year run. He joined Unchained to explain why he and Su Zhu were ordered to prison in Singapore for non-compliance with the liquidation proceedings, Zhu's “six weeks meditating” (in prison), where he's living now, why he and Zhu went to Bali after the bankruptcy, his $25,000-a-month fee for consulting for crypto bankruptcy exchange OPNX, his and Zhu's current work advising crypto derivatives platform OX.FUN, and what he wishes he would have done differently in terms of 3AC's wind down. Show highlights: Whether Kyle is cooperating with 3AC liquidator Teneo and his opinions of that firm His and 3AC co-founder Su Zhu's prison sentences in Singapore Why Kyle says he didn't know about the scheduled court date Why Dubai levied fines against him, according to Kyle Where he is living now Whether or not he made misrepresentations about 3AC's assets to lenders before its implosion, traded when the firm was insolvent, and borrowed money from the mafia Why Kyle went to Bali after the bankruptcy His defense of his $25,000 a month fee for consulting for OPNX Why Kyle thinks his reputation post-3AC was still “huge” because all companies eventually go bankrupt Gamified derivatives platform OX.FUN, where he is an advisor His dreams of opening a cloud kitchen chicken restaurant Why he filed a lawsuit against Sixth Man Ventures' Mike Dudas What he could have done differently at the time of 3AC's collapse Why Kyle is not sorry 3AC went bankrupt Thank you to our sponsors! Polkadot Guest Kyle Davies, OX.FUN advisor and co-founder of Three Arrows Capital Links Su Zhu's Arrest Unchained: Three Arrows Capital Cofounder Su Zhu Arrested in Singapore 3AC Founders' Assets Frozen CoinDesk: Court Freezes $1 Billion of Assets of Three Arrows Capital Founders 3AC Ventures CoinDesk: Bankrupt Hedge Fund 3AC's Return as a VC Stirring Up Crypto Community Davies and Su's Post Bankruptcy Lives New York Times: Their Crypto Company Collapsed. They Went to Bali New York Magazine: ‘They Are Very Comfortable Lying': How fallen crypto kingpins Su Zhu and Kyle Davies are dodging prison — and rebranding OPNX Wall Street Journal: Founders of Bankrupt Three Arrows Capital Plan Trading Platform for Distressed Crypto Debt Cointelegraph: CoinFLEX creditors dissatisfied with restructuring to OPNX: Report Unchained: 3AC Founders' New Crypto Exchange OPNX to Shut Down Cointelegraph: OPNX to shut down with mysterious new exchange as replacement Decrypt: CoinFLEX Creditors React to OPNX Closure: 'They Have Left a Trail of Destruction' OX.FUN March 11 Twitter spaces on OX.FUN with Davies and Zhu Learn more about your ad choices. Visit megaphone.fm/adchoices
In another riveting episode of The Cardone Zone, host Grant Cardone brings back an engaging interview with Hollywood legend John Travolta and a thought-provoking discussion with former Goldman Sachs CEO Lloyd Blankfein. Together, we revisit their conversations, offering listeners a new opportunity to learn from their insights and perspectives. This special episode delves into the worlds of entertainment and finance, providing a unique blend of personal anecdotes and professional wisdom. From the silver screen to Wall Street, join us as we explore the diverse journeys of success and resilience. Don't miss out on this exclusive interview on The Cardone Zone. Stay connected with us on all social media platforms and visit grantcardone.com or GCTV.com for a wide variety of topics and instructional materials.
Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com. Episode 2529: Nick Maggiulli's insightful article delves into the relativity of wealth and our perception of it, using the story of Pahom from Tolstoy's "How Much Land Does a Man Need?" and Lloyd Blankfein's views on wealth. It challenges our understanding of what it means to be rich and how our comparisons with others shape this perception. Read along with the original article(s) here: https://ofdollarsanddata.com/who-feels-rich-really/ Quotes to ponder: "Have you ever had the impression that other people have many more friends than you? If you have, you are not alone. Our friends have more friends on average than a typical person in the population. This is the friendship paradox…" Episode references: "How Much Land Does a Man Need? by Leo Tolstoy" - available at Online Literature. "Interview: GS's Lloyd Blankfein - The Big Picture" - available at Ritholtz.com. Credit Suisse Global Wealth Report" - available at Credit Suisse. Learn more about your ad choices. Visit megaphone.fm/adchoices
In an extended interview, former Goldman Sachs CEO Lloyd Blankfein discusses the fine line for Federal Reserve Chairman Jay Powell, who prepares to speak to markets and investors today. Blankfein discusses the Fed's inflation fight vs. market stability balancing act, and he shares the lessons on regulation and transparency that he learned from his own experience with a banking crisis in 2008. Plus, a break from the banks: Petco's business is booming, CEO Ron Coughlin says, thanks to the work-from-home surge; the Mets are going members-only (for $25,000), and Nike's pace is lagging–for income, at least. In this episode:Lloyd Blankfein, @lloydblankfeinJoe Kernen, @JoeSquawkBecky Quick, @BeckyQuickAndrew Ross Sorkin, @andrewrsorkinKatie Kramer, @Kramer_Katie
Fareed speaks with Lloyd Blankfein, former CEO and Chairman of Goldman Sachs, about the collapse of Silicon Valley Bank this week and what it means for our financial system. Gillian Tett, U.S. Editor-at-Large for the Financial Times, joins the show to discuss how the culture of Silicon Valley and social media contributed to this crisis. Plus, the Economist's Paris Bureau Chief Sophie Pedder talks with Fareed about the retirement reforms in France that have ignited nationwide strikes and protests. GUESTS: Lloyd Blankfein (@lloydblankfein), Gillian Tett (@gilliantett), Sophie Pedder (@PedderSophie) To learn more about how CNN protects listener privacy, visit cnn.com/privacy
David Solomon is the CEO and Chairman of Goldman Sachs, the second-largest investment bank in the world – but this position was far from handed to him. As a teen and young adult, David raked leaves, babysat, flipped burgers at McDonald's, and worked at a summer camp, learning the importance of work ethic and perseverance early on.David's career trajectory had its highs and lows just like any other, but his hard work, resilience, and self-awareness led him to become a leader for over 43,000 employees at a firm that manages $1.5 trillion in assets.In this episode, Randall and David discuss the importance of adaptability and persistent effort amidst challenges, the characteristics of leaders, how success and work-life balance are defined, and much more.Topics Include:- How consistent difficulties create resilience- David's advice for dealing with limiting and frustrating bosses- Whether or not luck and timing impact success- Defining success- The 3 most important aspects of leadership- The connection between time management, preparation, and accomplishments- The characteristics of a Goldman Sachs employee- How to establish your work-life balance- The biggest lesson David has learned- And more…David Solomon is the CEO and chairman of The Goldman Sachs Group, Inc. Last year alone, Goldman Sachs managed $1.5 trillion in assets, had $60 billion in revenue, and employed 43,900 employees.David began his career with the firm in 1999 as a partner, soon becoming the Global Head of the Financing Group. In 2006, he was named the joint head of the investment banking division, where he doubled profit margins over the next decade. He later served as president and COO of the firm before succeeding Lloyd Blankfein as CEO in 2018.In addition to his work at Goldman Sachs, David is the chairman of the Board of Trustees of Hamilton College, serves on the Board of Trustees of New York-Presbyterian Hospital, and serves on the Robin Hood Foundation, New York City's largest poverty-fighting organization.Resources Mentioned:Memos from the Chairman, by Alan C. Greenberg: https://www.amazon.com/Memos-Chairman-Alan-C-Greenberg/dp/1523501324Sponsors:Sandee – https://sandee.com/Bliss: Beaches – https://www.amazon.com/Bliss-Beaches-Randall-Kaplan/dp/1951836170/Want to Connect? Reach out to us online!Website – https://insearchofexcellencepodcast.comInstagram – https://www.instagram.com/randallkaplan/LinkedIn – https://www.linkedin.com/in/randall-kaplan-05858340/
David Solomon is the CEO and Chairman of Goldman Sachs, the second-largest investment bank in the world – but this position was far from handed to him. As a teen and young adult, David raked leaves, babysat, flipped burgers at McDonald's, and worked at a summer camp, learning the importance of work ethic and perseverance early on.David's career trajectory had its highs and lows just like any other, but his hard work, resilience, and self-awareness led him to become a leader for over 43,000 employees at a firm that manages $1.5 trillion in assets.In this episode, Randall and David discuss the importance of adaptability and persistent effort amidst challenges, the characteristics of leaders, how success and work-life balance are defined, and much more.Topics Include:- How consistent difficulties create resilience- David's advice for dealing with limiting and frustrating bosses- Whether or not luck and timing impact success- Defining success- The 3 most important aspects of leadership- The connection between time management, preparation, and accomplishments- The characteristics of a Goldman Sachs employee- How to establish your work-life balance- The biggest lesson David has learned- And more…David Solomon is the CEO and chairman of The Goldman Sachs Group, Inc. Last year alone, Goldman Sachs managed $1.5 trillion in assets, had $60 billion in revenue, and employed 43,900 employees.David began his career with the firm in 1999 as a partner, soon becoming the Global Head of the Financing Group. In 2006, he was named the joint head of the investment banking division, where he doubled profit margins over the next decade. He later served as president and COO of the firm before succeeding Lloyd Blankfein as CEO in 2018.In addition to his work at Goldman Sachs, David is the chairman of the Board of Trustees of Hamilton College, serves on the Board of Trustees of New York-Presbyterian Hospital, and serves on the Robin Hood Foundation, New York City's largest poverty-fighting organization.Resources Mentioned:Memos from the Chairman, by Alan C. Greenberg: https://www.amazon.com/Memos-Chairman-Alan-C-Greenberg/dp/1523501324Sponsors:Sandee – https://sandee.com/Bliss: Beaches – https://www.amazon.com/Bliss-Beaches-Randall-Kaplan/dp/1951836170/Want to Connect? Reach out to us online!Website – https://insearchofexcellencepodcast.comInstagram – https://www.instagram.com/randallkaplan/LinkedIn – https://www.linkedin.com/in/randall-kaplan-05858340/
Today, we are joined by Rich Fettke to talk about how to make an investment make sense. He has a passion for helping people improve their businesses, grow their wealth, and live more fulfilling lives. He's also the author of The Wise Investor Extreme Success in the Audio Program. [00:01 - 04:16] How It Started Rich sharing how a misdiagnose made him and his wife start a group called: Real Wealth Helping people invest in real estate across different markets and his main focus today is ground up residential development [04:17 - 09:59] Lessons Learned: Investing in a Cash-Flow Property When buying a property, make sure it's a cash flow property that you can cover if things turn bad Why Real Wealth advises investors to stay invested and not bet on appreciation Why it's important to focus on yourself and building a team of motivated individuals who are focused on the same goals How Real Wealth has core values that are constantly reinforced and talked about [10:00 - 15:24] A Parable About Creating Financial Freedom How a lot of uncertainty in the market right now is causing many investors to sit on the sidelines Rich discusses about the affordable housing crisis How investors can make a difference by serving more effectively [15:25 - 19:25] Closing Segment Reach out to Rich! Links Below Final Words Tweetable Quotes “When you put that work in on yourself, that's when all the other stuff works so much better.” - Rich Fettke “When you're keeping score, everyone gets all stoked and they wanna win and they wanna move up the ladder to the championships.” - Rich Fettke ----------------------------------------------------------------------------- Connect with Randy! Follow Rich Fettke, and Real Wealth on LinkedIn. Website: fettke.com Connect with me: I love helping others place money outside of traditional investments that both diversify a strategy and provide solid predictable returns. Facebook LinkedIn Like, subscribe, and leave us a review on Apple Podcasts, Spotify, Google Podcasts, or whatever platform you listen on. Thank you for tuning in! Email me → sam@brickeninvestmentgroup.com Want to read the full show notes of the episode? Check it out below: [00:00:00] Rich Fettke: Really, I think it's about educating yourself. Really, really looking to experts who are not the mainstream media. Who are these kids? Just outta college writing articles for the New York Times or Forbes or whatever, who you might be, or these internet things and uh, you know, or listening to people on social media who call themselves experts and they've been in the game for five years.You know, I think you have to really look to the economist. To the experts and really source that out and turn to the investors who've been there, done that. [00:00:41] Sam Wilson: Rich Fete has a passion for helping people improve their businesses, grow their wealth, and live more fulfilling lives. He's the author of The Wise Investor Extreme Success in the Audio Program. Momentum Rich, welcome to the show. [00:00:52] Rich Fettke: Thank you. Good to be here. [00:00:54] Sam Wilson: Pleasure. Look forward to it. Absolutely. Thanks for coming on today, Rich.There are three questions I ask every guest who comes on the show in 90 seconds or less, can you tell me where did you start? Where are you now and how did you get there? [00:01:04] Rich Fettke: Oh man. 90 seconds or less. Okay, I'll do this quickly. My wife and I have a real estate investment group that we started when I was given six months to live., Kathy had to rally. She was a stay at home mom and uh, it was a mis uh, diagnosis. They call it a false positive. They. The melanoma that I had on my skin had spread to my liver. Um, but it was a false diagnosis, but it was that type of, that was the impetus really for Kathy to say, how am I gonna earn an income if Rich dies? So we started this small group that we thought would be, uh, you know, maybe a hundred investors. And that group called Real Wealth we started in 2003, has grown to over 67,000 members today. So we've helped a lot of people get into investment real estate around the country. [00:01:49] Sam Wilson: Wow. 67,000 members. That's an astounding number. [00:01:56] Rich Fettke: Not, we're grateful . [00:01:57] Sam Wilson: Absolutely. I mean, there's so many questions I would have from that, but maybe just if you can quickly give the background on what real wealth, what type of, uh, real estate you guys are investing in. [00:02:09] Rich Fettke: Back then, back in 2003, we were helping people get into single family properties in different markets. Cathy actually had Robert Kiyosaki on her radio show way back when, and he said this was like 2003. He said he was selling all his high priced California properties and moving everything 10 31 exchanging into, uh, Texas. So we followed his advice. We did the same thing. We did a cash out refi on our property up in the San Francisco Bay area when we were living. And we invested in Texas and that's when we had listeners of Kathy's radio show, our friends, our family saying, how did you do this? Are you living here in the Bay Area and investing in Dallas? So we, that's when we started to help people just connect with property brokers, property teams with one to four units, uh, investment properties available. So that's how, that's what got us started. And so it was slow on those beginning years. We had a couple hundred members and I remember we had a thousand members and we were so stoked on that. Then we got to 10,000 members and all, and then we started to syndicate. So we syndicate as well, mostly for residential ground up development is our main focus there. [00:03:18] Sam Wilson: Gotcha. And is that what you guys, is that the main focus here today is ground up, residential? [00:03:24] Rich Fettke: Both. Um, yeah, so we syndicate ground up residential. That is a major focus. We also have a fund with single family properties in it. So, um, that's growing to be a 20 million fund for credit investors. And then we still today help a lot of people, especially first time investors, busy professionals who don't have the time to hunt and find properties. We connect them. Brokers and property teams in emerging markets that are really growing, where the population's moving there, where businesses are moving and we help a lot of them get into their first investment property, which as you know, can be a groundbreaking, you know, just groundbreaking and mindset shift. When you get that first Andre investment property, you kinda like, wait a minute, I'm an investor now. I get this, and then they go on and they'll buy, you know, 10 or they'll get 20 investor loans. Move on up into multi-family, whatever that might be. [00:04:16] Sam Wilson: Right. Oh, that's really cool. , do you ever just pinch yourself and go, how? I never actually imagined I'd be here [00:04:22] Rich Fettke: A hundred percent. Yeah. I never knew. Man. No, absolutely. I'm so grateful. You know, I do a lot of visioning. I was a coach for 15 years before we started real well. So I did a lot of visioning and future self and where I wanted to be. And so I'd write out what my future house looked like, who I was like, and this was work I was doing, you know, 25 years ago. So yeah, I'm really grateful I've become that future self. I'm living in Malibu, California in a beautiful home. I got an amazing wife, couple daughters, a grandson. Yeah, and the business that we've built, we're a conscious capitalism company, so we're always about giving back and making sure all of our stakeholders are supported and honored. So yeah, I do pinch myself consistently. See, remember to be grateful, rich. This is awesome. This is what you work for. [00:05:09] Sam Wilson: That's fantastic. What, what have been some of the, I . Guess, toughest. Lessons maybe that you've learned that you said, man, these are things that I would, I would tell anybody getting into real estate, involved in real estate avoid this or do it differently. [00:05:25] Rich Fettke: Yeah. On the real estate side of things, it is, uh, cuz Cathy and I went through 2008 and we got leveled, we got rocked, and we had foreclosures, we had short sales. It really hit us hard and so we recovered from that obviously, but it took some. So, I mean, real estate wise, it makes sure that any investment makes sense from day one. When you buy it, make sure it's a cash flowing property. Make sure you're not doing short term, um, bridge loans or any short term financing that you know you can't cover. If things turn cuz things can turn, you know, things can turn quick. We've seen it. So that's the main thing. Make sure everything makes sense from day one. Don't bet on appreciation. Don't bet. This is all gonna go well, you know, this is what they say. You're looking at a multi-family and you got this seller and they're saying, oh yeah, you can improve management. You can improve this. Assume that you can't, and make sure it still makes sense from there. Right. So that's on the real estate side. On the personal side, it is, honestly, it's work on yourself. What I've seen with the 67,000 members of real. Myself, the people that I network with, my colleagues in real estate. It's the people who work on themselves to be better humans, to be more focused, to be more effective. When you put that work in on yourself, that's when all the other stuff works so much better. [00:06:41] Sam Wilson: Wow, that's great. That's great. Tell me about building a team. I mean, you can't possibly have 67,000 members in the Real Wealth Group without having an amazing team behind you. What's that process been like? [00:06:57] Rich Fettke: That's so true though. It's so true. You know, one thing I'm always saying to my team is, the only thing more important than a great idea is the team that can see it through. And I just, I believe that on our core level, it is my unique ability. It's what I bring to real wealth. You know, my wife, Kathy, Is the co-founder of Real Wealth, and she is like the magic maker. She understands markets, she understands market cycles. That's why she's on, you know, bigger pockets on the market as a co-host on that. And just awesome. What I bring is being able to lead a team of amazing people, , to follow our purpose, our mission, and our goals. So for me, it's all about making sure people have autonomy, making sure that they have responsibility for their own part of the. It's really inspiring and to be about something bigger than just making money, you know, it's important. Money's really important. What we do is we donate 10% of our profits from real estate transactions to organizations that change the world, like Habitat for Humanity and Operations, smile Mentors International, and then that just rallies a team.So we're not just about let's hit this income goal, or let's sell this many properties, or whatever it might. Often it's, let's do this because we can continue to give back and we have a profit sharing plan. So everyone, the better the company does, the better everyone in the company does. Everyone's on our profit sharing plan. I think those are some of the keys to really inspire a team to everyone collectively work together and be in sync and have an awesome culture. All that good. [00:08:27] Sam Wilson: And that's so true. And that's one of the things we were actually discussing, uh, at a meeting this morning, which was how, how do we break down, you know, I won't go into the details on it, but incentivize correctly and motivate. And I think you hit on it there with the, you know, having a profit sharing plan, having a, a part, a part of your company that gives back. Are there other things that you feel like, or some strategic shifts maybe you made that help define your culture in your company. [00:08:52] Rich Fettke: setting core values, you know, you hear it all the time, but it's really important. Our core values spell atomic , which is, you know, a very small thing that has a big powerful impact. So we have accountability, we have, uh, transparency, which is a big one, making sure that. Share their feelings with each other that they speak up, that they don't hold things back. We have optimism is one of our core values. So always coming back to these core values. Mastery is another one. Integrity is another one. Connection is another one. So we're constantly reinforcing and talking about these core values. At a minimum quarterly, I do a state of the company address every quarter looking at how do we do profitability wise? How many people do. How many people filled out our real wealth assessment that have, we've helped them create real wealth in their lives, which is, like I said, it's more than just money. It's about living life on your own terms. So all these things constantly coming back to those core values and looking at how we're on purpose and just like a sports team, you know what I mean? When you're keeping score, everyone gets all stoked and they wanna win and they wanna move up the ladder to the championships. So it's kinda the way it is at real. [00:09:59] Sam Wilson: No, that's great. I love, I absolutely love that. Um, tell me this, if we can shift maybe just slightly and talk a little bit about maybe the market cycle and what you guys are seeing. I mean, you went through 2008, you said that was a super painful time. You guys, you know, you said, you mentioned the word foreclosure and short sales and all the dirty words that none of us enjoy . Um, You know, and so where, where are we now? What are you advising investors? What are, what, what's, what's the correct move if, if there is such a one for a podcast, you know, for everybody here today? [00:10:33] Rich Fettke: Mm. Yeah. I mean, we aren't, we're in crazy times. There's no doubt about it. When, you know, it's a completely different scenario than 2008, as you know, and I'm sure your listeners know and. . You know, it's, it's crazy times we're seeing it. There's, you know, a lot of investors are in freeze mode. Yeah. And that's the biggest thing that's impacting us as an organization where there's so many investors, especially new investors who are just like, oh my God, the mainstream media is telling me there's gonna be a crash and a recession, and interest rates are terrible and affordability's, you know, terrible and all this stuff. So there's a lot of investors sitting on the side. The experience. Investors are the ones who are diving in and negotiating and getting better deals and getting their property management to do free property management for a while. Or sellers will, they'll pay for that. Even, uh, sellers paying down interest rates and that's, I'm seeing that today, which you didn't see back then, but you know, we still have what, I think it's four. Homes shy right now that we need, we didn't have that in 2008, so there's still 4 million homes that we need because the rate of building has decreased so much. And then with the supply chain issues that we went through over the last couple years, it's had a huge impact on builders as well, so, It's just different. You know, back then there was too much inventory and people were on these, no income, no asset loans. And so it's a whole different world today. But I would say the best thing you could do as an investor in today's market and where we're heading, I don't think it's gonna be a crash. There is gonna be some softening, especially in the overpriced markets, the markets, and we need it. Honestly. You know, some of these markets need a correction. They need to lower it to be more affordable so people can have a home. But with that as an I. Really, I think it's about educating yourself. Really, really looking to experts who are not the mainstream media. Who are these kids? Just outta college writing articles for the New York Times or Forbes or whatever you might be, or these internet things. And you know, or listening to people on social media who call themselves experts and they've been in the game for five years. You know, I think you have to really look to the economy. To the experts and really source that out in turn to the investors who've been there, done that. You know, that's, that's what Cathy and I do. We really talk to the people who are in the game, who've been through 2008, who have a clear game plan and we learn from them. [00:12:52] Sam Wilson: Love it. That's absolutely sage advice. Talk to me about the affordable housing crisis. People are calling it. What's, what's happened on that front? Is there an opportunity for investors? And I said this yesterday on a podcast. it was some of the effect of what we create serves the customer. Like it creates an awesome product for the customer and I am then in turn rewarded with profit. Like I'm not opposed to that, but is there [00:13:18] Rich Fettke: That's just capitalism, right? [00:13:20] Sam Wilson: Right, right. I provide an awesome service and they reward me with profit. It's great. Is there a way in affordable housing or is there an opportunity in affordable housing for investors to make a difference and also turn a profit. [00:13:30] Rich Fettke: Absolutely, absolutely. You know, I've got some good friends. Um, you know, one of 'em is Ken McElroy, who owns 10,000 doors. You know, he does a lot with multifamily and property management. One thing he does is whenever he makes, uh, a rent increase, he always does something to improve his facilities, whatever it might be. So if someone at tenant's gonna get an rent, First he says, Hey, rent is going up and we're also gonna do, we're gonna put all new appliances for you, or you need new floors, we're gonna put in new hardwood floors, or replace your carpets, whatever it might be. So that's one way to create a win-win where you wanna just, you don't wanna put off the rent increase because then all of a sudden you, you start your, you're slipping behind. But to do something like that, there's, that's a one, a win-win that really benefits people. But you know, just provide. Affordable housing and not being a slum lord, and having people, you know, helping people get into quality properties, whether that be multifamily or single family, helping them do that as an investor, that's, that's really giving back. You know, Cathy was awarded, um, one of the top 100 intrigue, most intriguing entrepreneurs by Goldman Sachs for two years in a row. Wow. And she went up and she was talking to Lloyd Blankfein and she said, I don't get it. Why? I'm, I'm here. The founders of Uber and Method Soap and Elon Musk and, and all this stuff. What am I here for? And he said, be, and this is, this is probably about 20 12, 20 13, and he said, because you're changing the world. You are helping people. You're going into these neighborhoods with foreclosures. You're helping investors acquire these properties, fix 'em. And then helping, you know, creating affordable housing for people. That's a game changer. So you are an intriguing entrepreneur. So I think that's it. We do a service and we have to really remember that. That we are serving people, just like you said. So how can we serve people more effectively? [00:15:24] Sam Wilson: Right. I love that. That's absolutely great. Before we sign off here, rich, I want to hear about your latest book. Can you tell me, uh, the name of it and then, you know, there's a lot of financial books out there. Can you tell me why is yours different? [00:15:39] Rich Fettke: Yeah, there are a lot of great financial books in, I just got this two days. It's called a Wise Investor. This is my hard cover. I just finally got, it's the real deal.That's awesome. I've been waiting for a while. Supply chain issues. Right. I had to wait seven months for this book to get printed because the paper mills are so shy on paper. [00:15:58] Sam Wilson: for a hardback book. It was seven months? [00:16:01] Rich Fettke: Seven months from which I wrote. I finished writing this book a year ago. Wow. So what makes it different? And that's why I'm so stoked to be able to hold it. What makes it different is it's a parable. So if you kind of think. Blending Rich Dad, poor Dad, and The Alchemist and the Richest Man in Babylon. If you blended those all into one book, that's kind of what The Wise Investor is. It's a parable about creating financial freedom and also about living your best life. So it's all about taking the lessons that I've learned over the last 20 years as a real estate investor and the lessons 15 years before that I, I gained as a coach working with hundreds of clients. Everything about how to be your best self, how to live a better life, how to live a more balanced life, but also how to create financial freedom. And of course it's with a focus on real estate investing. [00:16:47] Sam Wilson: Absolutely. I love it. If our listeners wanna get a copy of that, when and how do they do that? [00:16:53] Rich Fettke: Uh, they can do it right now. It's on Amazon. It's on all major book sellers. Uh, hard cover's gonna be shipping out in early December, so coming up really soon, the Audible, I mean the, um, Kindle version came out back in April. It's doing really well. And then the Audible, which I did the narration four, which was kind of fun cuz there's 10 different characters. Women, kids, . I had to do a little voice acting classes on that one. But, uh, that came out, um, August 30. And now the hard cover's coming out and it's, you can order it, you can pre-order it now on Amazon or wherever books are sold. [00:17:24] Sam Wilson: That is awesome. One last question for you. If it is like a Rich Dad, poor dad, or the richest man in Babylon, are the characters in the book based on real people? [00:17:36] Rich Fettke: a great question. Yes, it's a fictional story, but definitely based on real world people and real world situations. Everything from, you know, Cathy and me and the lessons that we learned going through 2008. Uh, other friends of ours who, um, I'm sure a lot of what your listeners would know, you know, based on their story and what we've learned from them. And also honestly, a lot of the members in real. Kathy and I interviewed them on her podcast and we call it Real Well Story. So we find out where they were, what did they do, and where are they now. And so a lot of those lessons just inspired me, like, oh, I gotta, I have to weed this into this story. So it tells a story. The wise investor tells a story of this guy who's. Like a hard working family man. He's got a couple kids, a wife, um, but he works so many hours and he can't get ahead and he, so he doesn't have time for his wife or his kids. And then he meets this wise mentor who is an investor, and he teaches him a new way to financial security for himself or his family. And this guy, the main character's name's Ryan Brooks. He becomes wealthy in way more ways than he thought. [00:18:38] Sam Wilson: That's fantastic. Rich, thank you so much for coming on the show today. If listeners wanna get in touch with you or learn more about the Real Wealth Network, what is the best way to do? [00:18:52] Rich Fettke: Super simple, just real wealth.com. real easy. [00:18:53] Sam Wilson: fantastic real wealth.com. We'll make sure you put that there in the show notes. Rich, thank you again for coming on today. I certainly appreciate it. Bye guys. [00:18:59] Rich Fettke: Thank you.
https://sharran.com/podcast/ (Click Here to Get All Podcast Show Notes!) Do you consider yourself a good salesperson? What strategies do you use to make a sale? Selling is a skill that has to be taken seriously. You don't become an excellent salesperson just by memorizing and using specific sales pitches. As someone who has sold a lot of stuff for a long time and gained insights from a lot of sales training, Sharran has developed an understanding of what makes people buy. Today, Sharran will talk about 4 words that don't sell. They may get you a sale, but your clients may feel resentment when they realize they were manipulated. Sharran learned these 4 words from his early days at Goldman Sachs. Discover what these words mean when used in a sales setting and why investment banker Lloyd Blankfein forbids their use inside Goldman Sachs. Join the https://www.highlandprime.com/optin-10k-wisdom (10K Wisdom Private Partner Podcast), now available to you for free “Selling is a skill, and it has to be taken seriously.” - Sharran Srivatsaa Timestamps: 00:00 If you sell anything, this episode is for you 02:26 How the idea for this episode came about 05:52 What Sharran learned from a 10-minute conversation with Lloyd Blankfein, former CEO of Goldman Sachs 07:03 2 words that make grandma mad (they are the harshest words you can use) 09:56 The question Lloyd Blankfein asked Sharran 10:57 Respect your client's intelligence (don't use a manipulative authority frame) 12:39 The next 2 words you must not use during a sale and why 15:46 Here's a better way to frame your pitch 17:07 Using the 4 words will only work if you have these qualities 18:53 When can you use the words, and why is it important? 19:05 Sharran's experience in using the words “makes sense” (while in a conversation with his advisors, Russ Morgan, and Joey Mure) 21:45 A story of how the words “fair enough” were used in the right frame 23:59 Your job is not to crush the objection 25:10 Here's what you want to happen when closing an expensive or complex sale 28:24 Quick recap of today's episode Resources: - https://www.highlandprime.com/ (Sharran's Partnership Program ) - https://www.highlandprime.com/optin-10k-wisdom (Join the 10K Wisdom Private Partner Podcast, now available to you for free) - https://sharran.com/4weekmba/ (Grab Sharran's 4-Week MBA for Free) Connect with Sharran: - https://www.facebook.com/likesharran (Facebook) - https://www.instagram.com/sharransrivatsaa (Instagram) - https://twitter.com/sharran (Twitter) - http://www.linkedin.com/in/sharran (LinkedIn) - https://www.youtube.com/channel/UCzpl_gT1bVB1iNZl9yQbWuA/videos (YouTube)
My apologies if you have received this twice. Cock up at HQ.Over a Zoom call earlier in the week, I heard some people discussing the “Russian Davos” which they had attended back in June. I didn't even know such a thing existed, such is my Western, Ptolemaic view of the world. (Ptolemaic, by the way, to save you having to look it up, means you think you are at the centre of the universe, and everything revolves around you).So the Russian Davos, or as it's properly known, the St Petersburg International Economic Forum, held in June, is an annual event that began in 1995 to signal the (then) new Russia. It would attract global political leaders, business titans, finance bigwigs and all the usual shizzle. The event went ahead this year, though, for obvious reasons, the VIP headcount was significantly down. Gone were the likes of (once) German chancellor Angela Merkel, ECB chief Christine Lagarde, Goldman Sachs' Lloyd Blankfein, Citi's Vikram Pandit and ExxonMobil's Rex Tillerson. Top billing went to presidents of Egypt (via video link), Kazakhstan, Armenia and other allied states.There were representatives from the likes of China, India, Iran, Serbia, Turkey, Venezuela, Egypt, Belarus, Central African Republic, Nicaragua and the United Arab Emirates. Quite a collection. Non-Western nations that have not imposed sanctions had greater prominence. The Western economy has been shaped by cheap commodity prices The official title of the forum was "New Opportunities in a New World", and the recurring theme was how to improve trade between non-Western powers in a US dollar controlled world of sanctions. "A new form of international cooperation: how will payments be made?" was the title of one such talk. Time and time again the conversation came back to a new, non-Western international currency.Which brings me to the second strand of thought that makes up today's piece: the latest contribution from Credit Suisse analyst, Zoltan Pozsar. Pozsar has long since argued that Bretton Woods III, a new world monetary order, is happening before our eyes and that new money systems east of Europe will be based around commodity-based currencies.In his latest, War and Industrial Policy, Pozsar, who I am fast becoming a fan of, argues that there were three forces that shaped the western economy before Covid - cheap immigrant labour, cheap Chinese goods and cheap gas. Such a trinity is no longer possible in a world in which international trust is fast evaporating. “The “cartoon” version goes like this: China got very rich making cheap stuff, and then wanted to build 5G networks globally and make cutting-edge chips with cutting-edge lithography machines, but the US said “no way”. As a result, Chimerica is going through a messy divorce. The two sides don't talk anymore.” Meanwhile, “Russia got very rich selling cheap gas to Europe, and Germany got very rich selling expensive stuff produced with cheap gas.” Those two sides aren't talking any more either. “Chimerica does not work anymore and Eurussia does not work either,” he says and now, in the divorce, it seems Russia and China are “getting it on”. Meanwhile, out west, QE and zero interest rate policies are no longer possible in a world without cheap Chinese and Russian exports. There is now a rush to regain control of key technologies, especially microchips, and key commodities, especially oil and gas (and soon in my opinion metals and grains). Pozsar adds straits to the key list - the Taiwan Strait, the Strait of Hormuz, and the Bosporus Strait.“I think that four themes (re-arm, re-shore, re-stock, and re-wire the electric grid) will be the defining aims of industrial policy over the next five years … the global order is at stake.”Inflation or not, high rates or not, there is a commodity-intensive demand shock coming that “could easily drive another commodity super-cycle.”So to the third strand. “The issue of creating an international reserve currency based on a basket of currencies of our countries is being worked out,” Vladimir Putin said last month.In this regards we have former Kremlin adviser, now Minister in Charge of Integration and Macroeconomics of the Eurasia Economic Union (EAEU), and an influential economist, Sergey Glazyev. He is, according to some reports, supervising the adoption of a new money system for the EAEU and China. “The world's new monetary system, underpinned by a digital currency, will be backed by a basket of new foreign currencies and natural resources”. “A currency like this can be issued by a pool of currency reserves of BRICS countries, which all interested countries will be able to join. The weight of each currency in the basket could be proportional to the GDP of each country (based on purchasing power parity, for example), its share in international trade, as well as the population and territory size of participating countries. In addition, the basket could contain an index of prices of main exchange-traded commodities: gold and other precious metals, key industrial metals, hydrocarbons, grains, sugar, as well as water and other natural resources.”You can bet your bottom dollar that many of China and Eurasia's brightest minds are plotting such a system, but it's a lot easier said than done. Apart from anything else there is the issue of storing all these commodities. Not all of them keep. Others take up a lot of space. Which is why, in the past, gold alone has been used to back money. It keeps very well and you don't need a lot of space to store it. The bullish backdrop for commodity prices Russia and China both have lots of gold - we have long argued that China's gold reserves are ten times what they say they are. It would be a lot easier to use a gold-backed international currency. Or, well, gold. But governments everywhere, whether controlled by tyrants or technocrats, are always going to want to maintain the option to print, debase and manipulate, so gold alone is unlikely. But you never know. It works as an international money.Against this highly-bullish-for-commodities backdrop, we have a situation here in the west that looks like the dead cat bounce in stocks is now over, and the bear is again gnashing his teeth. That teeth gnashing has extended to commodities, be they metal, fuel or grain, and now, once again, there is a rush for the exit. The main priority is to preserve capital, not positions. The price action - certainly in metals, less so in oil and gas - has the hallmarks of a bear market, not a supercycle.I keep saying these markets are difficult. But they are. While there is a liquidity squeeze all bets are off. But at a certain point, to my eyes at least, it looks like commodity prices are going to rocket. If only I knew when.To hedge yourself and buy gold or silver, check out the Pure Gold Company.I will be performing my lecture with funny bits, How Heavy?, about the history of weights and measures at the Museum of Comedy in London on September 28 and 29. You can buy tickets here. Please come along. You will not be disappointed. It is a surprisingly interesting and entertaining subject.The Flying Frisby is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.This article first appeared at Moneyweek. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.theflyingfrisby.com/subscribe
My apologies if you have received this twice. Cock up at HQ.Over a Zoom call earlier in the week, I heard some people discussing the “Russian Davos” which they had attended back in June. I didn't even know such a thing existed, such is my Western, Ptolemaic view of the world. (Ptolemaic, by the way, to save you having to look it up, means you think you are at the centre of the universe, and everything revolves around you).So the Russian Davos, or as it's properly known, the St Petersburg International Economic Forum, held in June, is an annual event that began in 1995 to signal the (then) new Russia. It would attract global political leaders, business titans, finance bigwigs and all the usual shizzle. The event went ahead this year, though, for obvious reasons, the VIP headcount was significantly down. Gone were the likes of (once) German chancellor Angela Merkel, ECB chief Christine Lagarde, Goldman Sachs' Lloyd Blankfein, Citi's Vikram Pandit and ExxonMobil's Rex Tillerson. Top billing went to presidents of Egypt (via video link), Kazakhstan, Armenia and other allied states.There were representatives from the likes of China, India, Iran, Serbia, Turkey, Venezuela, Egypt, Belarus, Central African Republic, Nicaragua and the United Arab Emirates. Quite a collection. Non-Western nations that have not imposed sanctions had greater prominence. The Western economy has been shaped by cheap commodity prices The official title of the forum was "New Opportunities in a New World", and the recurring theme was how to improve trade between non-Western powers in a US dollar controlled world of sanctions. "A new form of international cooperation: how will payments be made?" was the title of one such talk. Time and time again the conversation came back to a new, non-Western international currency.Which brings me to the second strand of thought that makes up today's piece: the latest contribution from Credit Suisse analyst, Zoltan Pozsar. Pozsar has long since argued that Bretton Woods III, a new world monetary order, is happening before our eyes and that new money systems east of Europe will be based around commodity-based currencies.In his latest, War and Industrial Policy, Pozsar, who I am fast becoming a fan of, argues that there were three forces that shaped the western economy before Covid - cheap immigrant labour, cheap Chinese goods and cheap gas. Such a trinity is no longer possible in a world in which international trust is fast evaporating. “The “cartoon” version goes like this: China got very rich making cheap stuff, and then wanted to build 5G networks globally and make cutting-edge chips with cutting-edge lithography machines, but the US said “no way”. As a result, Chimerica is going through a messy divorce. The two sides don't talk anymore.” Meanwhile, “Russia got very rich selling cheap gas to Europe, and Germany got very rich selling expensive stuff produced with cheap gas.” Those two sides aren't talking any more either. “Chimerica does not work anymore and Eurussia does not work either,” he says and now, in the divorce, it seems Russia and China are “getting it on”. Meanwhile, out west, QE and zero interest rate policies are no longer possible in a world without cheap Chinese and Russian exports. There is now a rush to regain control of key technologies, especially microchips, and key commodities, especially oil and gas (and soon in my opinion metals and grains). Pozsar adds straits to the key list - the Taiwan Strait, the Strait of Hormuz, and the Bosporus Strait.“I think that four themes (re-arm, re-shore, re-stock, and re-wire the electric grid) will be the defining aims of industrial policy over the next five years … the global order is at stake.”Inflation or not, high rates or not, there is a commodity-intensive demand shock coming that “could easily drive another commodity super-cycle.”So to the third strand. “The issue of creating an international reserve currency based on a basket of currencies of our countries is being worked out,” Vladimir Putin said last month.In this regards we have former Kremlin adviser, now Minister in Charge of Integration and Macroeconomics of the Eurasia Economic Union (EAEU), and an influential economist, Sergey Glazyev. He is, according to some reports, supervising the adoption of a new money system for the EAEU and China. “The world's new monetary system, underpinned by a digital currency, will be backed by a basket of new foreign currencies and natural resources”. “A currency like this can be issued by a pool of currency reserves of BRICS countries, which all interested countries will be able to join. The weight of each currency in the basket could be proportional to the GDP of each country (based on purchasing power parity, for example), its share in international trade, as well as the population and territory size of participating countries. In addition, the basket could contain an index of prices of main exchange-traded commodities: gold and other precious metals, key industrial metals, hydrocarbons, grains, sugar, as well as water and other natural resources.”You can bet your bottom dollar that many of China and Eurasia's brightest minds are plotting such a system, but it's a lot easier said than done. Apart from anything else there is the issue of storing all these commodities. Not all of them keep. Others take up a lot of space. Which is why, in the past, gold alone has been used to back money. It keeps very well and you don't need a lot of space to store it. The bullish backdrop for commodity prices Russia and China both have lots of gold - we have long argued that China's gold reserves are ten times what they say they are. It would be a lot easier to use a gold-backed international currency. Or, well, gold. But governments everywhere, whether controlled by tyrants or technocrats, are always going to want to maintain the option to print, debase and manipulate, so gold alone is unlikely. But you never know. It works as an international money.Against this highly-bullish-for-commodities backdrop, we have a situation here in the west that looks like the dead cat bounce in stocks is now over, and the bear is again gnashing his teeth. That teeth gnashing has extended to commodities, be they metal, fuel or grain, and now, once again, there is a rush for the exit. The main priority is to preserve capital, not positions. The price action - certainly in metals, less so in oil and gas - has the hallmarks of a bear market, not a supercycle.I keep saying these markets are difficult. But they are. While there is a liquidity squeeze all bets are off. But at a certain point, to my eyes at least, it looks like commodity prices are going to rocket. If only I knew when.To hedge yourself and buy gold or silver, check out the Pure Gold Company.I will be performing my lecture with funny bits, How Heavy?, about the history of weights and measures at the Museum of Comedy in London on September 28 and 29. You can buy tickets here. Please come along. You will not be disappointed. It is a surprisingly interesting and entertaining subject.The Flying Frisby is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.This article first appeared at Moneyweek. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit frisby.substack.com/subscribe
For our Season One finale, we sit down with Julie Jones, chair of Ropes & Gray, the venerable law firm founded in 1865 that today is a $2 billion enterprise with over 1500 hundred lawyers. Julie is the first woman to lead the firm, and we discuss her elevation to Chair in 2020 just as the world and business leaders faced unprecedented challenges. We talk about how she prepared and marketed herself with intention early in her career on her way to becoming one of the world's preeminent M&A lawyers, her experience as one of the inventors of the reverse termination fee, and how she's adjusted from being a lawyer to being a leader. We also learn about her firm's response to covid, how she approaches speaking authentically on divisive issues, and the advice she received from Lloyd Blankfein. See acast.com/privacy for privacy and opt-out information.
Where we're at: Right now, if I walk down the street almost anywhere in the United States, I will see “Help Wanted” signs in the windows, on Amazon trucks, and almost everywhere. The United States is experiencing a labour shortage and one of the tightest labour markets since records were kept. As a result of the labour shortage, current grads are getting jobs and great salaries. The Wall Street Journal wrote "The Class of 2022 represents the most in-demand college graduates to enter the job market in years." At the same time and probably as a result of the tight job market, application volume declined this past cycle at many graduate programs. In several podcast interviews that I conducted, whether with medical school, law school, or business school, admissions deans and directors, the school representatives indicated that application volume was down from the stratospheric levels of 2020-21, but not below pre-COVID levels. At May's AIGAC conference, several top MBA admissions directors also expressed concern about summer melt – the number of admitted applicants who have indicated they will attend and then decide either not to go for an MBA or to attend another program - as well as the employer incentives NOT to go for an MBA. The drop in application volume stemming from the tight job market, however, is good news for applicants. It means it's easier to get into better programs than it was at the height of the COVID recession. Fewer applicants also almost always lead to more and larger scholarships for highly qualified students. The question for applicants thinking about applying during the 2022-23 application cycle is: Will the applicant party continue? Will grad admissions, especially MBA admissions, see further declines in application volume? Will it remain a buyer's market? I really doubt it. And here's why. Listen: Linda Abraham talks about why you should apply to grad school asap in this special podcast episode Drumbeat of warning about a coming recession In late 2021 and early 2022 the economic predictions were optimistic. By May, that confidence had dissipated. Inflation surged, the stock market slumped, supply chain snafus multiplied, Russia invaded Ukraine, and interest rates climbed. Headlines increasingly relayed recession and layoff warnings. Lloyd Blankfein, senior chairman of Goldman Sachs, warned on Face the Nation on May 15 of a high risk of recession.Wells Fargo CEO Charlie Scharf said there was "no question" that we are headed towards a recession.The Wall Street Journal reported; "Companies which saw substantial growth during the Covid-19 pandemic are starting to take a more cautious approach toward hiring and spending."BusinessInsider blared: "A wave of layoffs is sweeping the US. Here are firms that have announced cuts so far, from Carvana to Wells Fargo." Impact of previous recessions on graduate school application volume I have been an admissions consultant since 1994. During every recession since then, whether the dot-com bust, the Great Recession of 2008, or the COVID recession of 2020, potential grad students, especially MBA applicants, seek shelter from the economic storm: They enroll in grad school and improve their skills while opportunities for advancement are more limited and the risk of unwanted unemployment is higher. As a result, the graduate education market becomes a seller's market. Application volume soars. Competition increases, and it's harder to be accepted. Programs can be choosier about whom they admit and stingier when it comes to scholarships. hbspt.cta.load(58291, '332ce827-d7de-4f9f-9f9e-ecbe72f20b41', {}); You do not have to look far for an example of this counter-cyclicality. The COVID recession saw an unprecedented spike in applications to business, law, and medical school, with MBA admissions in particular being counter-cyclical. Other grad segments seem a little less sensitive to economic cyclicality,
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This week's edition of “Face the Nation with Margaret Brennan,” features breaking news from Buffalo, NY as a man is in custody for a mass shooting at a supermarket that killed 10 and injured 3. Investigators believe the shooting was racially motivated. U.S. Transportation Secretary Pete Buttigieg discusses the baby formula shortage and the plans to bring it to an end. Former FDA commissioner Dr. Scott Gottlieb talks about the baby formula shortage and possible Covid surges in the summer. Lloyd Blankfein, the former CEO and current senior chairman of Goldman Sachs, says tamping down inflation will require "some pain" as the Federal Reserve raises interest rates.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
GRANT CARDONE HOSTED 6TH ANNUAL 10X GROWTH CONFERENCE 2022 CELEBRITY GUEST SPEAKERS INCLUDED 45TH U.S. PRESIDENT, DONALD J. TRUMP Additional Guest Speakers: Owner of the NBA's Houston Rockets & Landry's, Tilman Fertitta Executive Vice Chairman of Cushman & Wakefield, Robert Given; Founder of NFT.com, Jordan Fried Former CEO & Chairman of Goldman Sachs, Lloyd Blankfein; ...
U.S. stocks fell today following the S&P 500′s worst week since March 2020. Riskier assets are also selling off, with bitcoin plunging over the weekend, wiping out nearly half of its value. Lloyd Blankfein, former CEO of Goldman Sachs, discusses cryptocurrencies, plus the Fed's plan for rate hikes ahead of the FOMC meeting this week. Blankfein explains why he thinks bank stocks are a good place for investors to be and why his view on digital currencies is evolving. Sal Khan, founder and CEO of Khan Academy, provides an update after almost 2 years of remote schooling, and a new NFT project from Parallel NFT project donating 100% of proceeds from the auction to Khan Academy.In this episode:Lloyd Blankfein, @lloydblankfeinSal Khan, @khanacademyJoe Kernen, @JoeSquawkBecky Quick, @BeckyQuickAndrew Ross Sorkin, @andrewrsorkinKatie Kramer, @Kramer_Katie
Former Goldman Sachs CEO Lloyd Blankfein speaks out on President Biden’s minimum wage pitch, the SPAC frenzy, and cryptocurrency regulation. He considers the trajectory of markets under a new administration and weighs in on the Fed’s moves in 2021. Presidential-turned-mayoral candidate Andrew Yang discusses New York City’s road to recovery amid the pandemic. He shares his plans for keeping NYC strong, from vaccine distribution to supporting the local talent pool. Plus, the Squawk team is kicking their anchorman habits--or at least, trying.
Bitcoin is breaking out to the upside on the way to $50,000 as Nasdaq-listed Marathon Patent Group buys $150 million worth of bitcoin as part of the company's treasury reserves following MicroStrategy's playbook. Grayscale donates $1 million to Coin Center, pledges up to $1 million more in matched contributions for Crypto lobbying and advocacy in Washington DC. Goldman Sach's Lloyd Blankfeinwent on CNBC and said negative things towards Bitcoin and cryptocurrencies. This is strange as it was recently reported that Goldman Sachs was going to enter the crypto market to offer a custody service. Middle Eastern digital assets exchange CoinMENA announced Sunday it has received the green light from the Central Bank of Bahrain (CBB) ahead of its coming launch.
Dette er 94. episode av Tid er penger - En podcast med Peter Warren. Peter snakker om i dag om 2020 og 2021. Vil du stille spørsmål, diskutere finans eller bare være oppdatert på informasjon om podcasten, kan du bli medlem av Facebook-gruppen til podcasten: https://www.facebook.com/groups/1743019995996344/ Linker omtalt i episoden: https://www.svt.se/nyheter/utrikes/ystein-passade-barnbarnen-vid-skredet-en-djup-svart-krater https://www.cnbc.com/quotes/?symbol=US30Y https://www.bloomberg.com/opinion/articles/2020-07-09/hedge-funder-kyle-bass-makes-a-big-bet-against-hong-kong-dollar https://finansavisen.no/nyheter/finans/2021/01/04/7602900/pangstart-for-peter-hermanruds-nyttarsraketter https://live.euronext.com/nb/product/equities/NO0010081235-XOSL/nel/nel/quotes https://www.nordnet.no/market/stocks/16411097-vistin-pharma https://en.wikipedia.org/wiki/Lloyd_Blankfein https://en.wikipedia.org/wiki/Thomas_Peterffy https://en.wikipedia.org/wiki/Susquehanna_International_Group https://en.wikipedia.org/wiki/Barstool_Sports https://e24.no/boers-og-finans/i/LnoEy9/meglerhus-fikk-storoppdrag-etter-betalt-analyse https://en.wikipedia.org/wiki/Long_Blockchain_Corp https://fredblog.stlouisfed.org/2020/02/central-banking-since-1701/?utm_source=series_page&utm_medium=related_content&utm_term=related_resources&utm_campaign=fredblog https://fred.stlouisfed.org/series/WALCL https://www.usdebtclock.org/ https://investor.dn.no/#!/Valuta/Y74/Bitcoin https://investor.dn.no/#!/Valuta/Y75/
Lloyd Blankfein, former chairman and CEO of Goldman Sachs, joins for an extended interview to discuss the stalemate over more federal stimulus, more federal aid for airlines, the state of the bank sector and more. The National Football League is now experiencing a pandemic crisis sparked by Covid-19 outbreaks that started with the Tennessee Titans. And like Major League Baseball, outside skepticism is starting to intensify whether the league will complete its pandemic season. Plus, FDA granted emergency clearance for GenMark’s test that screens for the flu, coronavirus and other viruses. Learn more about your ad choices. Visit megaphone.fm/adchoices
Episode 4 was recorded on Friday, July 10. Hank is joined by his friend & former colleague Lloyd Blankfein (Senior Chairman, Goldman Sachs) to discuss impostor syndrome, the past, present, and future of markets, as well as economic changes due to the COVID pandemic. Lloyd Blankfein: www.goldmansachs.com/our-firm/leadership/lloyd-blankfein.pdf
Lloyd Blankfein, former Goldman Sachs CEO and famed risk manager, discusses reopening economies to spare Americans further economic--and possibly physical--damage, and he shares lessons learned from the last financial crisis. United States Secretary of State Mike Pompeo explains Covid diplomacy as the U.S. looks to China for help in ending the global pandemic. Learn more about your ad choices. Visit megaphone.fm/adchoices
Live from congressional district 34, we bring you the first social distancing edition of our humble broadcast. We talk, low ceilings be damned, about the current pandemic, Trump's daily mesmerism act, Lloyd Blankfein's portfolio projections, and how this moment has the potential to radicalize even the normies. See ya'll at the brokered convention!
In America, the most serious crimes face the most serious punishment. Unless it's REAAALLY bad in which case you get to tell off senators to their face and have unlimited access to news media hits. This week, we discuss Lloyd Blankfein, the 2008 financial crisis, and doomsday preppers for some reason.
In America, the most serious crimes face the most serious punishment. Unless it's REAAALLY bad in which case you get to tell off senators to their face and have unlimited access to news media hits. This week, we discuss Lloyd Blankfein, the 2008 financial crisis, and doomsday preppers for some reason.
The CDC could get funding cut during coronavirus and markets don't mind exporting pandemics - let everyone else deal with coronavirus or opioids or tobacco! Also, Credit Suisse says Boeing's a good buy, and a GOP lawmaker says planting trees helps climate change (and his lobbyist)! Also in the news, Lloyd Blankfein doesn't like Bernie Sanders (and neither do markets), but maybe he's even better than Elizabeth Warren? Finally, who ya got: cruise ships or coronavirus? Depends on the data.
Sen. Elizabeth Warren is one of the top-tier Democratic candidates for president, near the head of the pack, along with former Vice President Joe Biden, fellow progressive Sen. Bernie Sanders and upstart Mayor Pete Buttigieg. Warren saw some of her momentum stall in national and state polls after she rolled out her proposal to pay for “Medicare for All” in early November and a subsequent plan detailing how she would transition the American health care system to a single-payer model. She also got into high-profile, public battles with billionaires such as Leon Cooperman and Lloyd Blankfein. With the Iowa caucuses coming in early February, the Democratic presidential candidates, particularly those at the top of the field, are scrambling for support among the party’s rank and file. Over the weekend, Warren sat down with CNBC’s John Harwood at the Erickson Community Center in Clinton, Iowa, to discuss the state of her campaign, her vision for remaking American capitalism and what she thinks of impeachment proceedings against President Donald Trump. Learn more about your ad choices. Visit megaphone.fm/adchoices
Noctua News | T02 E10 | El próximo negocio son los payments (Lloyd Blankfein, directivo HBO, Quixel, clon Tik Tok, Facebook pay, final DoH) Noctua News es una iniciativa de Andromeda Value Capital (https://www.andromedavaluecapital.com) que tiene como objetivo mantener informado a sus oyentes a través de una selección de las noticias más relevantes del mundo de la tecnología y las finanzas. Andromeda Value Capital es un fondo de inversión que pueden contratar dentro de Renta4 Banco, no tiene compromiso de permanencia, y el importe mínimo es simbólico, de 10 euros. Hablamos sobre: #AppleTv+ #Stadia #Instagram #Dockers# y mucho más! Pueden comentar estas y otras noticias a través del canal de Andromeda Value Capital en Slack: https://t.co/NIFlSC1qv0?amp=1 Noctua News también está disponible en los siguientes canales: - Spotify: https://open.spotify.com/show/2MsYqOVZszLcG5xL2X8Z7K - Apple Podcats: https://podcasts.apple.com/es/podcast/noctua/id1459028425 - Anchor: https://anchor.fm/noctua -Google Podcast: https://podcasts.google.com/?feed=aHR0cHM6Ly9hbmNob3IuZm0vcy9hMGUzNjBjL3BvZGNhc3QvcnNz - iVoox: https://www.ivoox.com/podcast-noctua_sq_f1702277_1.html Pueden contactar con Andromeda Value Capital: - por email en info@andromedavaluecapital.com - en la página web https://www.andromedavaluecapital.com - en redes sociales - y en el canal de slack Presentadores: - Flavio Muñoz: LinkedIn: https://www.linkedin.com/in/flaviomunoz/ Twitter: @FlavioMunozM - Juan de Dios Gómez Gómez-Villalva: LinkedIn: https://www.linkedin.com/in/juandediosgomezgv/ Twitter: @JuandeGomezGV - Antonio de la Fuente Salinas: LinkedIn: https://www.linkedin.com/in/antonio-de-la-fuente-salinas-256989b6/ Colaboradores: - Silvia Lanzarote Vargas
The US and China are struggling to complete a ‘phase one’ deal to halt their trade war, former Goldman Sachs chief executive Lloyd Blankfein takes aim at US Democratic presidential candidate Elizabeth Warren, saying that “maybe tribalism is just in her DNA” and Amazon’s Jeff Bezos is fighting back against the Trump administration award of the $10bn Jedi military contract to Microsoft. Plus, the FT’s Madhumita Murgia reports on Google’s plan to lock down advertisers’ access to personal user data. See acast.com/privacy for privacy and opt-out information.
Boss Files with Poppy Harlow: Conversations about business, leadership and innovation
In a live interview at CITIZEN by CNN conference, former Goldman Sachs CEO Lloyd Blankfein discusses the state of capitalism, why he thinks the rich should pay more taxes and the impact of the 2020 election on the U.S. economy. Produced by Haley Draznin, CNN.
Under a six-lane span of freeway leading into downtown Baltimore sits what may be the most valuable parking spaces in America. Lying near a development project controlled by Under Armour’s billionaire CEO Kevin Plank, one of Maryland’s richest men, and Goldman Sachs, the little sliver of land will allow Plank and the other investors to claim what could amount to millions in tax breaks for the project, known as Port Covington. They have President Donald Trump’s 2017 tax overhaul law to thank. The new law has a provision meant to spur investment into underdeveloped areas, called “opportunity zones.” The idea is to grant lucrative tax breaks to encourage new investment in poor areas around the country, carefully selected by each state’s governor. But Port Covington, an ambitious development geared to millennials to feature offices, a hotel, apartments, and shopping, is not in a census tract that is poor. It’s not a new investment. And the census tract only became eligible to be an opportunity zone thanks to a mapping error. As the selection process was underway, a deputy chief of staff to Maryland's governor wrote in an email that “Port Covington does not qualify” as an opportunity zone. Maryland's governor chose the area for the program anyway — after his aides met with the lobbyists for Plank, who owns about 40% of the zone. “This is a classic example of a windfall benefit,” said Robert Stoker, a George Washington University professor who has studied economic development in Baltimore for decades. “A major investment was already planned and now is in a zone where they are going to qualify for all kinds of beneficial tax treatment.” In selecting Port Covington, the governor had to exclude another Maryland community from the opportunity zone program. In Baltimore, for example, the governor dropped part of a neighborhood that city officials recommended for the program — Brooklyn — with a median family income one-fifth that of Port Covington. Brooklyn sits just across the Patapsco river from Port Covington, in an area that suffers from one of the highest drug and alcohol death rates in Baltimore, which in turn has one of the highest drug fatality rates nationwide. In a statement, Marc Weller, a developer who is Plank’s partner in the project, defended the opportunity zone designation. “Port Covington being part of an Opportunity Zone will attract more investors, foster more economic growth in a neglected area of the City, and directly benefit all of the surrounding communities for decades to come,” Weller said. Supporters say the Port Covington development could help several nearby struggling south Baltimore neighborhoods. An official in the administration of Maryland’s Republican governor, Larry Hogan, said, “The success of that project is really going to go a long way to providing benefits for the whole city of Baltimore.” The official added: “The governor is a huge supporter of the development.” A spokesperson for the state’s Department of Housing and Community Development, which was involved in the selection process, said that “due to the time limits of the federal tax incentive, the state of Maryland did purposefully select census tracts where projects were beginning to increase the odds of attracting additional private sector investment to Maryland's opportunity zones in the near term.” The Birth of a New Tax Break In December 2017, Trump signed the Tax Cuts and Jobs Act, his signature legislative achievement. Much criticized as a giveaway to the rich, the law includes one headline provision that backers promised would help the poor: opportunity zones. Supporters of the program argued it would unleash economic development in otherwise overlooked communities. “Our goal is to rebuild homes, schools, businesses and communities that need it the most,“ Trump declared at a recent event, adding, “To revitalize these areas, we’ve lowered the capital gains tax for long-term investment in opportunity zones all the way down to a very big, fat, beautiful number of zero.” The provision has bipartisan support. “These cities are gold mines,” New Jersey Sen. Cory Booker, a 2020 presidential hopeful and main Democratic architect of the program, told real estate investors in October. “They’re domestic emerging markets that are more exciting than anything you’ll see overseas.” Here’s how the program works. Say you’re a hedge fund manager, you purchased Google stock years ago, and are sitting on $1 billion in gains. If you sell, you’d send the IRS about $240 million, a lot less than ordinary income tax but still annoying. To avoid paying that much, you can sell the shares and put the $1 billion into an opportunity zone. That comes with three generous breaks. The first is that you defer that $240 million in capital gains tax, allowing you to invest more money up front. But if that’s not enough for you, you can hold the investment for several years and you’ll get a significant reduction in those taxes. What’s more, any additional gains from the new investment are tax-free after 10 years. It’s impossible to predict how much the tax break will be worth to individual investors because it depends on several variables, not least whether the underlying project gains in value. But one investment pitch projected 10-year returns would jump to 91% from 29% on a hypothetical $1 million investment. That includes $284,000 in tax breaks — money the federal government would have collected from taxpayers with capital gains but for the program. The tax code already favored real estate developers like Trump, and his overhaul made it even friendlier. Investors can put money into a range of projects in opportunity zones, but so far most of the publicly announced deals are in real estate. The tax break has led to a marketing boom, with Wall Street pitching investors to raise funds to invest in the zones. Critics argue that the program is flawed, pointing out that there’s no guarantee that the capital investment will help community residents, that the selection process was vulnerable to outside influence, and that it could be a giveaway for projects that were going to happen anyway. In a case in Chicago uncovered by the Real Deal, two tracts already slated for a major development project were selected by the governor as opportunity zones even though city officials hadn’t initially recommended them. Under the new law, areas of the country deemed to be “low-income communities” would be eligible to be named opportunity zones. The Treasury Department determined which census tracts qualified. Then governors of each state could select one quarter of those tracts to get the tax benefit. That governor prerogative turned out to be very useful to Kevin Plank. Plank’s Dream In 2012, Plank-connected entities quietly began buying up waterfront property on a largely vacant and isolated peninsula south of downtown Baltimore. Often using shell companies to shield the identity of the true buyer, they ultimately spent more than $100 million acquiring much of the peninsula. Plank’s privately held Sagamore Development now controls roughly 40% of the area that would later be named an opportunity zone. In early 2015, more than two and a half years before Trump’s tax law passed, Plank revealed himself as the money behind the purchases. He planned a new development and headquarters for Under Armour, the sports apparel company he started after coming up with the idea as a University of Maryland football player. Today, Under Armour employs 15,000 people. Plank has a net worth of around $2 billion. Though the Port Covington area was cut off from downtown by I-95, Plank said he likes the location because of the visibility. “When people drive through Baltimore [on I-95] I literally want them to drive through and go, 'There's Baltimore on the right. There's Under Armour on the left,’” he told The Baltimore Sun. A year later, Plank’s firm took his vision to the general public, running TV and print ads touting the new project. One of the ads, reminiscent of the Democratic presidential primary spots airing at that time, was filled with a diverse cast sharing their dreams for a new city within a city. “We will build it. Together,” the ad begins, before running through a glittering digital rendering of contemporary urban design features. Office towers, shops, transit, parks, jobs — all of it to be anchored by a new world headquarters of the city’s most visible brand name, Under Armour. Sagamore would spearhead the project and sell land to others who would build businesses and housing. Even before qualifying for the opportunity zone break, taxpayers were going to subsidize the development. Days after the ads touting togetherness, Plank proposed that the city float $660 million in bonds to help build what the company has said would be a $5.5 billion development. Opponents contended Plank’s proposal amounted to corporate welfare that would exacerbate the city’s stark economic and racial divides. But the company agreed to provide millions of dollars to the city and a group of nearby low-income neighborhoods to gain support for the project, and the City Council passed the measure that fall. As Under Armour’s stock plummeted in 2017 amid slowing sales growth and progress on the Port Covington project lagged. That September, Goldman Sachs stepped in to commit $233 million from its Urban Investment Group. Hogan, himself a real estate developer, personally spoke with the then-CEO of Goldman, Lloyd Blankfein, about the deal. Meeting With the Governor’s Office In the weeks after the 2017 federal tax overhaul passed, Plank’s team spotted an opportunity. Nick Manis, a veteran Annapolis lobbyist who has also represented the Baltimore Ravens, reached out to Hogan’s chief of staff about Port Covington, according to emails obtained by ProPublica through a public records request. The developers and their lobbyists had given at least $15,000 to Hogan’s campaigns in recent years. A meeting was set for early February. But the developers had a problem. The Friday before the meeting, a deputy chief of staff to the governor wrote in an email that “Port Covington does not qualify” for the coveted tax breaks. The Port Covington tract, which includes a gentrified corner of South Baltimore north of the largely empty peninsula, was too wealthy to be an opportunity zone. There is a second provision of the law for wealthier tracts: A tract can qualify if it is adjacent to a low-income area. But Port Covington failed that test, too. Its median family income — nearly 160% of Maryland’s — exceeded the income cap even for that provision. Port Covington was out — unless the tract could somehow be considered low-income in its own right. On Feb. 5, the Port Covington development team arrived at the second floor of the statehouse in the opulent governor’s reception room to meet with top Hogan aides. The agenda for the meeting included opportunity zones, as well as transit and infrastructure issues. The developer’s team requested that the Port Covington tract be made an opportunity zone. The state officials “acknowledged their interest in receiving that designation,” a Hogan administration official said. Bank Error in Your Favor Three days after that meeting, Plank and the Port Covington developers got bad news. The Treasury Department released a list of census tracts across the country that were sufficiently poor to be included in the program. Port Covington was not included in that list. Three weeks later, however, things turned around. The Treasury Department issued a revised list. The agency said it had left out some tracts in error. The revised list included 168 new areas across the country defined by the agency as “low-income communities.” This time, Port Covington made the cut. It couldn’t have qualified because its residents were poor. It couldn’t qualify because it was next to some place that was poor. But the tract could qualify under yet another provision of the law. Some tracts could make the cut if they had fewer than 2,000 people and if they were “within” what’s known as an empowerment zone. That was a Clinton-era redevelopment initiative also aimed at low-income areas. Port Covington wasn’t actually within an empowerment zone, but it is next to one. So how did it qualify? The area met the definition of “within” because the digital map files the Treasury Department used showed that Port Covington overlapped with a neighboring tract that was designated an empowerment zone, Treasury officials told ProPublica. That overlap: the sliver of parking lot beneath I-395. That piece of the lot is about one one-thousandth of a square mile. (ProPublica) (ProPublica) There are no regulations or guidance on how to interpret the tax law’s use of “within,” said a spokesman for the Treasury Department’s Community Development Financial Institutions Fund, which compiled the maps. The agency made what it called a “technical decision” that any partial overlap with an Empowerment Zone would count as being “within” that zone — no matter how small the area, or if anyone lived there. Or, if the overlap was even real. Turns out, no part of Port Covington actually overlapped with the empowerment zone. Treasury’s decision ignored a well-known problem in geographic analysis known as misalignment, mapping experts said. Misalignment happens when the lines on digital maps made by two sources differ slightly about where things like roads and buildings lie, according to Henry Luan, a professor of geography at the University of Oregon. For example, if a tract ends at a highway, one file might show the border on the near side of the highway while another — when zoomed all the way in — might show it a few feet away on the far side. When laid on top of each other, the two files end up with minuscule differences that don’t mean anything in the real world. Except in this case, it had big real world consequences for Port Covington. The mapping error allowed the entire tract to qualify as an opportunity zone. “That area of overlap is a complete artifact of” the map files Treasury used, said David Van Riper, director of spatial analysis at the Minnesota Population Center. “It’s not an actual overlap.” Sometime in the mid-2000s, the Census Bureau used GPS devices to make its map files more accurately represent the country’s roads. One of the maps used by Treasury appeared to be based on the older, less accurate Census maps, Van Riper said. Even accepting Treasury’s misaligned maps, the entire Port Covington tract receives tax benefits, even though less than 0.3% of it overlaps with the neighboring tract. “Only a minimal overlap, but you make the whole Census tract benefit from the policy?” Luan said. “That doesn’t make sense to me.” Port Covington is one of just a handful of tracts in the country that ProPublica identified that qualified through similar flaws in Treasury’s process. Taking the Break There is no evidence that Plank or the Port Covington developers influenced the Treasury Department’s revision. But the lobbying of the governor before the Treasury change appears to have paid off. As they were lobbying, Baltimore officials were working out which parts of the city would benefit most from being opportunity zones. They petitioned the governor to pick 41 low-income city neighborhoods to get the tax break, all of them well below the program’s maximum income requirements. The city’s list remained largely intact when the governor made his selections in April. Hogan made just four changes, three of which qualified under the main criteria without the benefit of the mapping error. But the fourth didn’t: Port Covington. Plank’s team cheered the revision. The very thing that made Port Covington a poor candidate to be an opportunity zone — that it wasn’t a low-income area — could make it exceptionally attractive to investors. In January, they convened an opportunity zone conference at their Port Covington incubator called City Garage featuring state officials and executives from Goldman, Deloitte and other firms. “Port Covington kind of fits all the needs,” said Marc Weller, Plank’s partner, at the conference. “It has all the entitlements, and it has a financial partner in place as well. It’s probably the most premier piece of land in the United States that’s in an opportunity zone.” The opportunity zone program has restrictions intended to prevent already-planned developments from benefitting. But the Port Covington developers told Bloomberg that the firm will be able to reap the benefits of the tax break because it has found new investors. Among the potential new investors who might take advantage of the tax break are Plank’s own family, one of the developers told the Baltimore Business Journal. A Port Covington spokesman denied that Plank’s family members are potential investors. To get the maximum benefit, investments need to be made in 2019, though investments made through 2026 can take advantage of growth tax-free. Only a portion of the Port Covington project is expected to be underway by then. A Goldman spokesman said it is “likely” that the firm will take advantage of the opportunity zone benefits in Port Covington, adding that it has “made no firm decisions about how each component will be financed.” Margaret Anadu, the head of Goldman’s Urban Investment Group and the lead on the Port Covington investment, recently said of the opportunity zone program: “These are the same neighborhoods that have been suffering since redline started decades and decades ago, pretty much eliminating private investment. … And so we simply have to reverse that. And the only way to reverse that is to start to bring that private capital back into these neighborhoods.” The Port Covington tract is just 4% black. For it to be included in the program, another community somewhere in Maryland had to be excluded. The ones that the city suggested that were excluded by the governor, for example, are 68% black and have a poverty rate three times higher than Port Covington’s. There is some evidence suggesting being named an opportunity zone has already been a boon for property owners. An analysis by Zillow found that sale price gains in opportunity zones significantly outpaced gains in eligible tracts that weren’t selected. Real Capital Analytics found that sales of developable sites in the zones rose 24% in the year after the law passed. Under Armour has said it’s still committed to building its new headquarters on the peninsula, but it’s not clear when that will happen. Still, other aspects of the once-stalled project finally started moving forward in recent months. After presenting plans for the first section inside the opportunity zone this winter, the project finally got underway on a rainy day in early May of this year. "The project is real,” Weller said at the kickoff event, which included Anadu, the Goldman Sachs executive, and city and state officials. “The project is starting. We're open for business."
Josh Wright, Chief Economist at iCIMS, breaks down the Federal Reserve decision not to raise interest rates but seeing further gradual increases. John Moninger, Managing Director at Eaton Vance, shares the results of the ATOMIX survey gauging financial advisor sentiment. Michael Moore, Bloomberg News Finance Team Leader, discusses news that Goldman’s Lloyd Blankfein is said to have been in a 1MDB meeting in 2009. Businessweek Magazine National Correspondent Josh Green discusses his cover story “The GOP Weaponized the House, Democrats Will Aim it at Trump.” And we Drive to the Close of the market with David Dietze, Chief Investment Strategist at Point View Wealth Management. Hosts: Carol Massar and Jason Kelly. Producer: Paul Brennan
Josh Wright, Chief Economist at iCIMS, breaks down the Federal Reserve decision not to raise interest rates but seeing further gradual increases. John Moninger, Managing Director at Eaton Vance, shares the results of the ATOMIX survey gauging financial advisor sentiment. Michael Moore, Bloomberg News Finance Team Leader, discusses news that Goldman's Lloyd Blankfein is said to have been in a 1MDB meeting in 2009. Businessweek Magazine National Correspondent Josh Green discusses his cover story “The GOP Weaponized the House, Democrats Will Aim it at Trump.” And we Drive to the Close of the market with David Dietze, Chief Investment Strategist at Point View Wealth Management. Hosts: Carol Massar and Jason Kelly. Producer: Paul Brennan Learn more about your ad-choices at https://www.iheartpodcastnetwork.com
In this first episode of Trashfuture’s second year, Riley (@raaleh), Hussein (@HKesvani), and Milo (@Milo_Edwards), speak to DSA Los Angeles activist Josh Androsky (@ShutUpAndrosky) about public banking, liberalism’s inability to provide answers in a rapidly worsening world, Tommy Robinson's total madness, and right-wing freakouts online. And on that note, this podcast is effectively a piece of evidence in Hussein’s upcoming soup malfeasance trial. You can commodify your dissent with a t-shirt from http://www.lilcomrade.com/. You can also purchase useful kitchen implements from our socialist cookware sponsor, Vremi (https://vremi.com/). Nate (@inthesedeserts) produced this from Brooklyn, but in less than a month’s time he’ll be producing it while living in London permanently, just in time for [#FBPE voice] B r e x i t .
Pimm Fox and Bob Ivry sit in for Carol and they speak to Kamaron Leach, Bloomberg News Reporter, and Bob O'Donnell, President and Chief Analyst at Technalysis Research, about the fallout for Netflix stock on slowing subscriber growth. Michael Dowling, CEO at Northwell Health, discusses the role of leadership in the health care industry. Sridhar Natarajan, Bloomberg News Finance Reporter, and Erik Schatzker, Bloomberg News Editor-at-Large, talk about David Solomon taking over at Goldman Sachs for Lloyd Blankfein on Oct 1. We Drive to the Close with D.R. Barton Jr., Chief Technical Strategist, at MoneyMorning.com. And finally Martin Roper, Former CEO at Boston Beer Company, breaks down the impact of the trade war on the consumer packaged goods sector. Learn more about your ad-choices at https://www.iheartpodcastnetwork.com
Pimm Fox and Bob Ivry sit in for Carol and they speak to Kamaron Leach, Bloomberg News Reporter, and Bob O'Donnell, President and Chief Analyst at Technalysis Research, about the fallout for Netflix stock on slowing subscriber growth. Michael Dowling, CEO at Northwell Health, discusses the role of leadership in the health care industry. Sridhar Natarajan, Bloomberg News Finance Reporter, and Erik Schatzker, Bloomberg News Editor-at-Large, talk about David Solomon taking over at Goldman Sachs for Lloyd Blankfein on Oct 1. We Drive to the Close with D.R. Barton Jr., Chief Technical Strategist, at MoneyMorning.com. And finally Martin Roper, Former CEO at Boston Beer Company, breaks down the impact of the trade war on the consumer packaged goods sector.
In this episode, Mary Barra, chairman and CEO of General Motors Company, and Lloyd Blankfein, chairman and CEO of Goldman Sachs, discuss the latest trends shaping the future of the auto industry – from driverless to electric vehicles. The episode was recorded on May 23, 2018. This podcast should not be copied, distributed, published or reproduced, in whole or in part, or disclosed by any recipient to any other person. The information contained in this podcast does not constitute a recommendation from any Goldman Sachs entity to the recipient. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty, express or implied, as to the accuracy or completeness of the statements or any information contained in this podcast and any liability therefore (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed. The views expressed in this podcast are not necessarily those of Goldman Sachs, and Goldman Sachs is not providing any financial, economic, legal, accounting or tax advice or recommendations in this podcast. In addition, the receipt of this podcast by any recipient is not to be taken as constituting the giving of investment advice by Goldman Sachs to that recipient, nor to constitute such person a client of any Goldman Sachs entity. Copyright 2018 Goldman Sachs & Co. LLC. All rights reserved.
In this episode, Ron Chernow, author of Alexander Hamilton and Grant, tells Lloyd Blankfein, chairman and CEO of Goldman Sachs, why President Grant's successes as a Civil War general and two-term president should give hope to any "late bloomers" in life. This podcast was recorded on November 20, 2017. This podcast should not be copied, distributed, published or reproduced, in whole or in part, or disclosed by any recipient to any other person. The information contained in this podcast does not constitute a recommendation from any Goldman Sachs entity to the recipient. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty, express or implied, as to the accuracy or completeness of the statements or any information contained in this podcast and any liability therefore (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed. The views expressed in this podcast are not necessarily those of Goldman Sachs, and Goldman Sachs is not providing any financial, economic, legal, accounting or tax advice or recommendations in this podcast. In addition, the receipt of this podcast by any recipient is not to be taken as constituting the giving of investment advice by Goldman Sachs to that recipient, nor to constitute such person a client of any Goldman Sachs entity.
Eric Newcomer, Bloomberg News Startup Reporter, discusses why a string of Tesla executives have headed for the exits. Hugh Son, Bloomberg News Finance Reporter, talks about his Businessweek cover story "Imagine Wall Street Without Jamie Dimon and Lloyd Blankfein.” Martin Shanahan, CEO at IDA Ireland, talks about foreign investment in Ireland. Isaac Oates, CEO of Justworks, shares news about new funding for the HR tech platform We Drive to the Close with Michael Sheldon, Chief Investment Officer at RDM Financial Group.
Eric Newcomer, Bloomberg News Startup Reporter, discusses why a string of Tesla executives have headed for the exits. Hugh Son, Bloomberg News Finance Reporter, talks about his Businessweek cover story "Imagine Wall Street Without Jamie Dimon and Lloyd Blankfein.” Martin Shanahan, CEO at IDA Ireland, talks about foreign investment in Ireland. Isaac Oates, CEO of Justworks, shares news about new funding for the HR tech platform We Drive to the Close with Michael Sheldon, Chief Investment Officer at RDM Financial Group. Learn more about your ad-choices at https://www.iheartpodcastnetwork.com
Erik Schatzker, Editor-at-large for Bloomberg, on Goldman announcing David Solomon will be the sole president of the company, and Lloyd Blankfein saying reports of his exit are premature. MID MARKET REPORT: Steven DeSanctis, Managing Director and small/mid-cap analyst for Jefferies, on current trends and opportunities in the small to mid-cap space. Ariel Cohen, Senior Fellow at the Atlantic Council and director of the Center for Energy, Natural Resources and Geopolitics at the IAGS, on North Korea and Russia. Jonathan Hill, Founder and Owner of Jonathan A. Hill Booksellers, on pricing rare books, and highlights from the annual Antiquarian Book show, where a Copernicus was on sale for $2 million.
Dakin Campbell, Bloomberg News Financial Reporter, and Alison Williams, Bloomberg Intelligence Senior Financial Analyst, discuss Goldman Sachs saying David Solomon will become sole president of the company and eventual successor to CEO Lloyd Blankfein. Jim Metcalf, Chief Data Scientist at Healthy Nevada Project, talks about on using SAS software to improve health care. Jeanie Wyatt, CEO at South Texas Money Management, explains why she likes stocks. Tom Randall, Bloomberg News Deputy Sustainability Editor, discusses why Tesla’s production problems are making “stalkers” out of Model 3 customers. We Drive to the Close with Alan Lancz, Research Director at LanczGlobal.com.
Dakin Campbell, Bloomberg News Financial Reporter, and Alison Williams, Bloomberg Intelligence Senior Financial Analyst, discuss Goldman Sachs saying David Solomon will become sole president of the company and eventual successor to CEO Lloyd Blankfein. Jim Metcalf, Chief Data Scientist at Healthy Nevada Project, talks about on using SAS software to improve health care. Jeanie Wyatt, CEO at South Texas Money Management, explains why she likes stocks. Tom Randall, Bloomberg News Deputy Sustainability Editor, discusses why Tesla's production problems are making “stalkers” out of Model 3 customers. We Drive to the Close with Alan Lancz, Research Director at LanczGlobal.com. Learn more about your ad-choices at https://www.iheartpodcastnetwork.com
Lloyd Blankfein, Chairman and CEO at Goldman Sachs, discusses helping small businesses succeed. Margaret Anadu, Head of the Urban Investment Group at Goldman Sachs, discusses how small businesses can deal with regulation. Bloomberg Stocks Editor Dave Wilson has his “Chart of the Day.” Lori Heinel, Global Deputy CIO at State Street Global, sees possible market "Gray Swans." Mary Aregoni, Co-Founder and Owner of Saigon Sisters Restaurant, talks about how immigrants built small businesses in America.
Lloyd Blankfein, Chairman and CEO at Goldman Sachs, discusses helping small businesses succeed. Margaret Anadu, Head of the Urban Investment Group at Goldman Sachs, discusses how small businesses can deal with regulation. Bloomberg Stocks Editor Dave Wilson has his “Chart of the Day.” Lori Heinel, Global Deputy CIO at State Street Global, sees possible market "Gray Swans." Mary Aregoni, Co-Founder and Owner of Saigon Sisters Restaurant, talks about how immigrants built small businesses in America. Learn more about your ad-choices at https://www.iheartpodcastnetwork.com
Host Jonathan Ferro spoke with Richard Jones, FX and Rates Strategist, Alastair McCaig, Director of Investment Management at Fern Wealth, and Vincent Cignarella, Global Macro Strategist for Bloomberg. They discussed the dollar and comments from Davos.u0010Jonathan also spoke with Michael Regan, Senior Editor and Lead Blogger for Markets Live, and Michael McKee, international economics and policy correspondent for Bloomberg, about markets, the week ahead, and comments from Jamie Dimon and Lloyd Blankfein on the Trump administration.
Prof Michael Hudson steps into a neo-con future to position where society could be in years to come. Just why are the Lloyd Blankfein’s (Goldman Sachs CEO) of the world so confused about the state of global politics? Show notes - http://www.earthsharing.org.au/2017/10/zero-government/
Lloyd Blankfein, Goldman Sachs' chairman and CEO, and Michael Bloomberg, founder and majority owner of Bloomberg LP, discuss banking regulation and the impact on business. Prior to that, Credit Suisse's Matthew Rothman and JPMorgan's Gabriela Santos share lessons learned 10 years after the financial crisis. Finally, James Stavridis, the dean of Fletcher School at Tufts University, says General John Kelly is all about duty. Learn more about your ad-choices at https://www.iheartpodcastnetwork.com
Lloyd Blankfein, Goldman Sachs' chairman and CEO, and Michael Bloomberg, founder and majority owner of Bloomberg LP, discuss banking regulation and the impact on business. Prior to that, Credit Suisse's Matthew Rothman and JPMorgan's Gabriela Santos share lessons learned 10 years after the financial crisis. Finally, James Stavridis, the dean of Fletcher School at Tufts University, says General John Kelly is all about duty.
Dallas Fed President Robert Kaplan says businesses have far less pricing power right now and to expect wage pressures to mount in the months ahead. Prior to that, Kate Moore, BlackRock's chief equity strategist, says we should feel confident about the sustainability of the market. Megan Murphy, editor of Bloomberg Businessweek, discusses Lloyd Blankfein's banking resiliency. Kenneth Leon, a bank analyst at CFRA, says Wells Fargo is a "super-regional bank" rather than a diversified global bank. Finally, Thomas Coburn, a former senator from Oklahoma, says health care won't get fixed in Washington. Learn more about your ad-choices at https://www.iheartpodcastnetwork.com
Dallas Fed President Robert Kaplan says businesses have far less pricing power right now and to expect wage pressures to mount in the months ahead. Prior to that, Kate Moore, BlackRock's chief equity strategist, says we should feel confident about the sustainability of the market. Megan Murphy, editor of Bloomberg Businessweek, discusses Lloyd Blankfein's banking resiliency. Kenneth Leon, a bank analyst at CFRA, says Wells Fargo is a "super-regional bank" rather than a diversified global bank. Finally, Thomas Coburn, a former senator from Oklahoma, says health care won't get fixed in Washington.
Adieu to Paris. Trump totally right. Would any other GOP prez have done it? Trump most conservative since Reagan. Media endorsements. Econ growth. Climate change models & causes still unknown. Trump concerned about climate, but bad deal. Nuclear power? G-7: no talk of stable money & supply-side policies. Softer jobs v. falling unemployment.Bad but not terrible.Wage income proxy still around 2% real, 4% nominal. Participation rates falling. Is ADP a better? Inflation slowing. Commodities flat. Fed tightenings? Stocks rallied on Paris pullout. Biz investment a bit stronger. Interest rates? Eurozone inflation back below 1%.j Melissa Francis new book: "Lessons from the Prairie." Markets & Trump. Elon Musk, Lloyd Blankfein. ExxonMobil. GE all wanted Paris. Mick Mulvaney: time for CBO has come and gone. POTUS: 51 for all Senate votes; get rid of filibuster. Attach tax cuts to healthcare. BAT tax dead. Aetna leaving CT. 1853. David Tepper leaves NJ. 12% of revenues.
Media Manipulation and Coordination, Donald Trump and the Alt. Media, Phony Left-Right Paradigm, Fake Muslim Terror, Alex Jones-Alt-Media 180 Pivot, Frankfurt School, Prof. Barr, Alt. Media is the New Punk, 3 Dimensional Chess, Goldman Sachs, Gary Cohn, Lloyd Blankfein, Eric Prince, Banker Bailout, Consumerist Society, Prosperity Phase, Transhumanism, Alvin Toffler. Commute Music: Magic Man by Grover Washington hoaxbusterscall.com
Recently I had a conversation with a Professor at UC Berkeley about the subject of Power. In the course of the conversation he referred to what he saw as key centers of power. People who he saw as exercising real power. He referred to great generals, political leaders and Wall Street. Wall Street was once a reflection of America's business. It was there to serve business. Today Wall Street and the business of finance is it’s own power center. It’s often greater than and in control of the whole of American and even global business. Wall Street has become THE symbol of corporate greed. Railed against by politicians, analyzed 24/7 on several cable channels, the focus of it’s own newspapers and it’s stars, people like Stephen Schwarzman and Lloyd Blankfein, gracing the covers of magazines. So how did this happen? How did Wall Street and the business of money become bigger, more powerful and more important than the business it was originally there to serve. Rana Foroohar, the Assistant Managing Editor in charge of Economics and Business for Time magazine takes us through the history and future in Makers and Takers: The Rise of Finance and the Fall of American Business My conversation with Rana Foroohar:
Lloyd Blankfein, chairman and CEO of Goldman Sachs, discusses a range of global economic issues -- including the United States' evolving policies on trade, energy and infrastructure, opportunities and challenges facing China's economy, and the impact of technology on the financial services industry -- along with lessons from his own career. This episode was recorded on May 12, 2015. This podcast should not be copied, distributed, published or reproduced, in whole or in part. The information contained in this podcast is not financial research nor a product of Goldman Sachs Global Investment Research. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty, as to the accuracy or completeness of the statements or any information contained in this podcast and any liability therefore (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed. The views expressed in this podcast are not necessarily those of Goldman Sachs, and Goldman Sachs is not providing any financial, economic, legal, accounting or tax advice or recommendations in this podcast. In addition, the receipt of this podcast by any listener is not to be taken as constituting the giving of investment advice by Goldman Sachs to that listener, nor to constitute such person a client of any Goldman Sachs entity. Copyright 2015 Goldman Sachs. All rights reserved.
In conversation with Gordon Nixon, President and CEO of RBC
Lloyd Blankfein is in need of advice on the principles of business. Fortunately, I have just the man to give it to him: Hannu Penttilä, a Finnish shopkeeper who runs a chain of department stores. See acast.com/privacy for privacy and opt-out information.
When Merrill Lynch reported solid second-quarter earnings last July chairman and CEO Stan O'Neal sent employees a memo boasting about the firm's risk management prowess. Only three months later Merrill Lynch took its historic $8.4 billion write-down for losses in mortgage-related securities with Citigroup and others soon reporting unprecedented credit losses as well. If the capital markets are models of efficiency it is fair to ask how could such staggering losses happen? Two Wall Street titans -- Lloyd Blankfein chairman and CEO of Goldman Sachs and Kenneth Moelis of Moelis & Co. -- addressed that question at the recent Wharton Finance Conference in New York City. See acast.com/privacy for privacy and opt-out information.
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