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How A High-School Dropout Became The Most Dangerous Man In Financial News

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Miller Time Cover_03On a clear day last October, Bloomberg TV anchor Matt Miller stood on the corner of York Avenue at 79th Street, staring across the stream of traffic at the spot where five months earlier he had nearly died. “Crazy,” he muttered, limping back to the curb. The 40-year-old looked the part of a television personality: He wore a camel sport coat over a Brooks Brothers shirt, tennis racket cuff links, and Diesel jeans with an alligator belt. Only the hiking boots seemed off.

“I need them for ankle support,” Miller said.

A former anchor of Rewind on Bloomberg TV, Miller covers business (and increasingly Bitcoin). He is also an automotive-industry reporter, a gig with serious perks. He is rarely without a luxury sedan or sports car — think Aston Martins, Bentleys, and Ferraris — provided by the automakers for his segments. Weekends often find him test-driving these vehicles at the Monticello racetrack in New York and at Lime Rock in Connecticut. Last week, he raced Lamborghini Aventadors at the New Jersey Motorsports Park, and rode every model of Ducati motorcycle in the Catskills with the company’s head of North American sales. This week, he’s heading off to California to race Audi R8s against the U.S. CEO.

Given Miller’s predilection for high-speed hobbies, the disaster that befell him on May 29, 2013, when a white pickup t-boned his Ducati motorcycle in a Manhattan intersection, may seem unsurprising. About 6:30 pm, Miller was commuting home to Bronxville on his Ducati 1199 Panigale, when a white Ford F-250 pickup made an illegal U-turn and collided with his bike. His left leg was instantly crushed. The driver of the pickup fled the scene, and although authorities believe they may have a suspect, the investigation is ongoing. Miller spent almost a month in the hospital, much of it in unbearable pain. After skin grafts, three surgeries, and a grueling program of physical therapy, he is on his way to a full recovery.  

The psychological effects may be more long-lasting. A certain penchant for risk-taking was evident to me when Miller and I first met years ago on Fire Island, where our parents owned adjacent summerhouses. Even as a 10-year-old, I was well aware of my 20-something neighbor’s boisterous personality and appreciation for bourbon and German beer.

148113_10150090785816271_5398762_nNow 15 years later, Miller’s accident appears to have interrupted a tailspin of malaise that had begun to affect his life and career. The lasting effects of his accident — psychologically and physically — are difficult to parse in a life filled with near misses, serendipitous happenings and audacious gambles that have always seemed to come out in his favor.

 

A Knight’s Tale

Raised in Granville, Ohio, by a professor mother and lawyer stepfather, Miller dropped out of Granville High School in 11th grade, in 1991. It was the sixth school he’d tried since age 13. Despite being a gifted student, he hated being in the classroom. His mother, Gill, a professor at Denison University, gave him an ultimatum: If he really wanted to drop out, he would have to go to three psychiatrists; she would pick one, he would pick one, and they would both pick the third. If all three said it was OK for Miller to quit, then he could. “I didn’t want him to be sitting on a shrink’s couch at age 40, blaming me for letting him drop out of school,” she says.

All three doctors told Miller that he should drop out of school. He got his GED and took the ACT and SAT. His SAT scores — in the 1500s — earned him a scholarship from the state of Ohio. Miller tore up the letter and, after a brief stint at Denison, declared he would never set foot in a school again.

When Gill moved to New York City, bringing Miller’s two younger stepbrothers with her, Miller followed. “He would go out all night,” she says. “He’d be getting in at 6 when I’d be waking up to work, and would get annoyed when I’d turn the light on.” Eventually, she says, she had no choice; she kicked him out, “with no money in his pockets.”

Miller drifted among friends, sold tickets to comedy shows, and worked as a door-to-door salesman. He eventually found a steady gig at a record store in Greenwich Village called Generation Records. Meanwhile, he fell into a social scene he feels lucky to have survived. “I was in a dark, dark place,” he says. “A lot of partying, a lot of punk rock, a lot of death metal.” He had a tongue piercing until a Bloomberg producer recently made him remove it.

One Christmas, in 1994, after getting a raise from $8.40 an hour to $9 an hour, he asked Gill and his stepfather, Dixon, about trying out college after all, eventually winning a spot at Antioch in Yellow Springs, Ohio. “That’s where I got my first footing in Austrian economics,” Miller said. “The true basis of capitalism.”

MATTWhile attending an economics course at Tübingen University in Germany during his junior year, Miller developed an interest in a bizarre and little-known facet of German cultural history — the fraternal institutions as Verbindungen. Private student groups that date to the 12th century, they are now viewed by many Germans as archaic institutions steeped in racism, sexism, and elitism.

Among their more controversial practices is an ancient tradition called Mensur, a form of fixed-stance ritual dueling with swords. Fighters, clad in full body armor, endeavor to lacerate their opponent’s face, while a doctor stands ready to administer first aid. A scar from such a match, called a Schmiss, is considered a badge of honor.

After Miller and a friend began visiting the Corps Borussia fraternity as part of a research project, he saw his first duel. The doctor was the father of one of the participants. After the son’s ear was severed by his opponent, he asked his father to reattach it. Instead, the man squished it beneath his boot and said, “Was ist verloren, ist verloren” (“What’s lost is lost”).

Convinced he’d finally found his niche, Miller soon moved into the Borussia house and began dueling. During his second and last bout, he won by slitting his opponent across his entire forehead. The wound began spouting blood, and the fight was halted. “After, we had a beer and became friends,” Miller recalls. “He still says, ‘Miller, every time I look in the mirror I think of you.’ It really builds character, because after that, you can pretty much face any kind of physical danger.” Miller says wistfully that nobody had ever cut him deep enough to give him a Schmiss of his own.

Miller credits his experience in Germany — holing up in a castle with the children of the country’s elite, having drinking competitions and sword duels and going on ice-climbing expeditions in the Alps — with straightening him out. “It was the beginning of my drive to be somebody,” he says.

 

The Bloomberg Way

After graduating, Miller interviewed at several banks in Frankfurt and tried for a trading position at Commerzbank. Then a Bloomberg reporter and old friend, Katherine Snyder, suggested he check out Bloomberg.

“He was too big a risk-taker to become a trader,” Snyder says, mentioning the mock trades Commerzbank asked him to make as part of one interview.

He started at Bloomberg as a print reporter in Frankfurt in January 2000, going on to cover telecoms at the height of the internet bubble, when companies like Deutsche Telekom and Vodafone were making major acquisitions.

On Sept. 11, 2001, as the terrorist attacks reverberated around the world, Bloomberg decided to get a correspondent in every foreign bureau to report on live television. The headquarters in New York called the Frankfurt print bureau asking who wanted to go on TV, and nobody spoke up — except Miller.

He proved to be a natural, and Bloomberg soon began to send him to report from the Frankfurt Stock Exchange. Eventually, they asked him to come to London to sub for a European correspondent who was on vacation.

On Nov. 5, 2003, his birthday, Bloomberg moved Miller to London and onto television full time.

Soon after, he got his first bike, a Vespa 125. “I was living in Chelsea and I was working in the city. It was this 45-minute commute on the Underground that would just suck the life out of anybody,” he says. “When I got my Vespa, it changed everything because I would wake up in the morning and I would be excited because I got to ride my scooter to work.”

The Vespa was Miller’s gateway drug. Soon, it led to a Ducati Monster 620 he picked up on eBay. The seller delivered the bike, gray with red wheels, to Miller’s office, and he drove it home, unlicensed, in his loafers. “It was terrifying at first,” he says. “But by the time I got home, I was a master.”

In 2006, Bloomberg brought Miller to New York to groom him as an anchor, giving him a two-hour midday slot anchoring a newsmagazine as a sub for Deirdre Bolton, who was out on maternity leave in 2007. He started covering the automotive beat as a side project.IMG_3146.JPG

“Nobody cared about cars in 2008 and 2009 — except to cover the bankruptcy, which was from a financial perspective,” Miller says. “For me, it started when I was able to shift people away from the Greek debt crisis for a moment to check out this hot new BMW. Or away from Christine Lagarde or Dominique Strauss-Kahn for a minute to look at this sexy new Porsche four-door.” As car companies rebounded and began to spend more money on advertising, Bloomberg’s relationship with them grew.

Miller’s first coanchor, Carol Massar, recalls their easy chemistry. “Broadcast is a funny thing,” she said. “Some relationships you just can’t fake. He remembers things. He’s wicked smart. Matt can just wing it.” She adds that women often trigger his provocative nature and penchant for mischief. “Ask me about the time he did a piece on Victoria’s Secret and brought me ‘presents’ on air.”

 

Pressing Pause

By early 2013, Miller was anchoring two shows, Rewind and Street Smart, and producing his own segments in the field several times a week, from playing squash with hedge-fund managers to visiting tailors for new suits. On the air all day, he systematically covered the car industry in Detroit and the New York Stock Exchange from opening to closing bell. He would leave his house at 7 a.m. to be on air from 9 a.m. until 8 p.m., after Rewind. But these responsibilities soon began to overwhelm him. He had been battling depression for almost a year and was still suffering from recurring effects of Lyme disease he had contracted in November at a friend’s farmhouse in Connecticut.

Street Smart had been reassigned to Trish Regan and Adam Johnson in 2012, leaving Miller to focus on Rewind and his other segments. Miller’s bosses cancelled Rewind in 2013, replacing the show with Bloomberg West and Mark Crumpton’s Bottom Line. “I think they totally sensed I was overwhelmed,” Miller says. “I mean, I was skating on thin ice in a number of different ways.”

315375_10151145452766271_616901531_nFinally, by May, Miller had just begun putting his life back together. “It was like someone let me off my leash,” he says about losing Rewind. “That really improved my outlook at work.” He began to focus his energy on covering Detroit and building better relationships with auto executives like Alan Mulally, Bill Ford, and Mark Reuss of General Motors. He felt better thanks to the help of antibiotics, a gluten-free diet, and a new psychiatrist who prescribed him an antidepressant. “Plus, it was summer,” he says. “I was loving riding the bike.”

On May 29, 2013, Miller changed into leather pants and a motorcycle jacket that hardens on impact and put on his boots. Helmet in hand, he walked through the space-age lobby of Bloomberg’s Lexington Avenue headquarters, past a gauntlet of eye-rolls at his excessive gear. It was about 6:30 p.m., and he had a date that night with a new girlfriend, Mariu Tena, a pretty 22-year-old Spanish college student.

In the parking garage, Miller hopped on his Ducati and began his commute home, heading north on York Avenue. As he crested a slight hill before the 79th Street intersection, a cab made a left turn without signaling, and he swerved right to avoid it.

At that moment, a white Ford F-250 pickup truck heading south made an illegal U-turn into the intersection. Miller caught the truck in his peripheral vision; he veered to the right and clutched his brakes, causing his front tire to lock up and his rear one to lift into the air. The bike rotated clockwise slightly, and the truck struck Miller on the left side, crushing his left leg between the two vehicles. His helmet slammed into the truck.

1966742_10152264231511271_1368202415_nAt that moment, Jake Cohen, a college freshman, was staring out the window of his parents’ nearby apartment. He watched the white pickup make an “erratic turn” and slam into Miller. “There was a very loud crashing noise,” he says. “As soon as he hit him, he stopped for a minute. He obviously recognized that he hit somebody. Then he took off in the opposite direction.”

People began to gather around Miller, who kept trying to stand up, all the while yelling obscenities at the fleeing pickup. Another witness recorded the license plate and described the driver to the police as a black male, bald, in his 30s or early 40s with a medium build and wearing a white shirt.

Before long, paramedics arrived on the scene. They took off Miller’s helmet and jacket, then took out a pair of scissors to remove his boots and pants.

“No, no, no! These pants cost, like, 500 bucks!” Miller protested, to little effect.

As he was loaded into the ambulance, he fretted about his date, his career, and, finally, his leg.

Next thing he knew, he was in the trauma center at New York Presbyterian, his head and neck rigid in a brace that made him feel paralyzed, an IV drip in his arm.

Miller’s brother, Stewart, soon arrived at the hospital and began making calls. First he called Mariu, Miller’s girlfriend, then his mother, Gill.

Meanwhile, as the drugs started kicking in, Miller began joking with the nurses. “You all deserve raises,” he told them, promising to do a story on what heroes they were.

 

The Road Back

Dr. Dean Lorich, an orthopedic trauma specialist, operated on Miller’s leg the day after the accident. After the leg began to swell uncontrollably, he told Gill and Stewart that there was a 50% chance it would have to be amputated. Better not to mention that to Matt, they decided.

2013 05 30 21.04.27By Thursday night, Miller was in so much pain that he was writhing, begging the nurses for more morphine. Eventually, the swelling in Miller’s leg reduced enough to permit a second surgery. Miller would keep his leg.

On June 9, a plastic surgeon closed the final fasciotomy incision, which had grown to about three inches wide, with skin grafted from his upper left thigh; he expressed gratefulness that they didn’t take his tattoo of Skinny Puppy, the Canadian electro-industrial band, from his other thigh. His wounds now closed, Miller began gradual physical therapy. Therapists used a Continuous Passive Motion machine to bend his leg. He had to practice climbing stairs; on his first attempt he froze in terror, sat, and slid down the steps.

On June 15, after almost three weeks in the hospital, Miller was discharged.

Back in Bronxville, he worked to regain his independence. Two nurses made sure the house was handicap-accessible, and determined that he didn’t need any additional help. His family catered to his every need.

The Millers also began working with a lawyer, Andrew “Duke” Maloney III — a former criminal prosecutor and a motorcycle rider himself — to track down the driver of the white pickup. Maloney was critical of the lack of progress the NYPD had made. It took him just a few hours to run the plate on LexisNexis research database. The vehicle’s owner was Osbourne Karl Henriques, 66. However, Henriques was in Federal custody in North Carolina at the time of Miller’s accident, awaiting a psych evaluation to stand trial for possessing with intent to distribute more than 200 kilos of marijuana.

Maloney discovered that Henriques lived with two adult children and a grandchild in Queens. One, a 35-year-old son with the same name had served nine years in prison for attempted murder and intimidating a witness, before being released in 2011. On Google Maps, Maloney saw a white Ford pickup parked in the younger Henriques’ driveway.

Despite these breakthroughs, the investigation stalled. Police contacted the younger Henriques, but he simply denied he had been behind the wheel. The traffic camera hadn’t been checked in time and the recording was taped over, Maloney says. Without proof, there could be no criminal liability.

“Unfortunately, I don’t believe the NYPD put the resources and time and effort into the matter,” he says. “And I think if they had, there might have been a different result.”

As for insurance liability, the most Maloney could get from the elder Henriques’ Geico policy was $50,000 — which Miller chose not to accept, opting to fight the insurance companies for more.

“The irony is, when people get themselves insufficient insurance, they essentially make themselves judgment proof,” Maloney says.

Meanwhile, Miller went to physical therapy up to three times a week for four months. His treatment included cryotherapy, massages, muscle stimulation, moist heat, whirlpools, isometrics, stationary bike, treadmill, swimming, and elliptical. He meticulously dressed his gaping wound, spreading moisturizer over his skin graft. By the end of July, he could walk with crutches and had returned to work. His camera angles were set up to allow him to wear shorts on the air. By October, after months of recovery and rehab, he was finally able to walk without a cane.

 

Motor City

One Jan. 13, the sun has yet to rise as Miller stands in his hotel room, preparing to cover the first day of press week at the North American International Auto Show. He puts on a pair of business shoes for the first time since the accident eight months earlier — a small but telling symbol of a return to normalcy. “Alden Cordovan loafers,” he says. “The Wall Street kind.” His hotel room is tidy, but stacks of car magazines — Truckin’, Motor Trend, Automobile, and Road & Track — litter nearly every surface. The Auto Show is his Super Bowl, he says with a smile, that’s why he can’t wear his hiking boots. He wears a blue suit with no tie and eye-searing red socks. He will be one of 5,212 journalists covering the event, more than the actual Super Bowl.

IMG_3113.JPGMiller is most excited to see the reveal of the new Ford F-150. “We’re interviewing Bill fucking Ford today,” he says. “Last year it was the Corvette, now it’s all about the truck.”

At 5:23 a.m. Miller climbs into a 2013 F-150 Raptor, a loaner from Ford for his stay in Detroit, for the trip to the Cobo Center. “If you look at the accident as the worst thing that’s happened to me in the last year, this is the best,” he says. “I love these people. And I love Detroit, even though it’s fucking bombed out.” As downtown Detroit begins to stir, Miller explains the significance of the new truck, the future of Detroit, and what’s going to happen when he gets to the convention center (his producers are basically going to yell at him for a while).

"That’s the fist sculpture from the movie '8 Mile,'" he says, pointing at the local landmark.

Bloomberg didn’t spring for parking passes this year, and finding a spot for the massive truck proves difficult. At one garage, an attendant shakes his head. “You too big,” he says.

“That’s what she said!” Miller shouts.

Once inside the show, Miller interviews Bill Ford Jr., an exclusive for Bloomberg, and the chairman seems impressed by his knowledge.

Miller spends the next hour inspecting the new Fords, opening car doors and checking out the ramps in the new pickups. He stands on a ramp. His height now significantly increased, he’s directly in the shot as CBS tries to interview Alan Mulally about 50 yards away. He waves at Ray Day, Mulally’s vice president of communications. “Come on, Matt!” barks Dan Barbossa, a PR manager for Ford.

Later, Steven Curtis, who does PR for Toyota, strikes up a conversation with Miller. They talk in hushed tones about the new sports car that will be revealed today. The FT-1 will be a throwback to the Supra, connecting Toyota with its sporty heritage. “Is it gonna steal the show?” Miller asks.

“Yeah right, Mr. Twitter!” Curtis responds.

Off the record, Miller says. “I just want to know!”

Later that morning, Miller, waiting to interview Mulally, explains his accident to a cameraman. “I got hit by a truck, dude,” he says.

“Like one of these?” says the cameraman, pointing to the new F-150.

“Actually, it was an F-250.”

Mulally walks up to Miller, entering the circle of cameras and equipment with two directors' chairs in the center for the interview. “What’s happening?” the Ford CEO asks Miller with a smile, and then bows, reenacting the “I’m not worthy” shtick from the movie "Wayne’s World."

The cameras roll. The interview goes well; it flows by, unforced, like a well-rehearsed dialogue, just a couple of gearheads shooting the breeze.

Mullaly wants to know what Miller thinks of the F-150. “What do you think?” he asks. “You know trucks.”

“I have to have an unbiased opinion as a journalist,” Miller says. “But I’ll say I’m incredibly impressed.  Obviously 700 pounds of weight saving. And you have built-in motorcycle ramps, which is a huge bonus for me.”

“It’s all about you, Matt,” Mullaly says.

Later, Mulally sings the anchor’s praises to Business Insider. “He’s true north,” Mulally enthuses. “We love him because he knows and loves automobiles, and we like to make him smile.”

Miller’s producers give him an hour for lunch, begging him to be back at 11:30 and not to run off. Admitting he has a tendency to “get crazy and annoy people,” he asks if he’s doing OK. Assured that he’s doing fine, he rushes out for a pair of Detroit’s beloved Coney dogs.

At 1 p.m., Miller is sitting in the front row at the Fiat press conference, where CEO Sergio Marchionne will announce the finalization of the Chrysler acquisition. Reporters barrage Marchionne with big questions about the acquisition, where the headquarters will be, and international ramifications of the deal.

Then Miller chimes in. “I am old enough to remember lusting after Alfa Romeo Spyders when I was in high school,” he says.

“You aren’t that old,” Marchionne interrupts with a smile.

“When you came in and bought Chrysler,” Miller says. “I was so excited.”

He asks Marchionne when Alfa Romeos will be reintroduced in America.

“2014,” Marchionne says. “Then you can stop lusting after them, and redirect it for better uses.”

“He has no problem doing that,” one of his producers says.

Later, Miller slips away without Marchionne noticing. Another reporter asks a question about the international potential of Alfa Romeo. “I lost my guy,” he says about Miller. “The one with the hormonal imbalance. What word did he use?”

“Lust,” says the crowd in unison.

“Oh, he’s gone,” Marchionne says, with a touch of self-pity. “I feel used!”

 

Back In The Saddle

A couple of weeks later, Miller steps into his driveway wearing a Held motorcycle suit — similar to the one that saved his life — and a gleaming white helmet. “Daddy’s going for a ride, Steve,” he says to his undersize rottweiler smiling from behind a wrought-iron fence. He stands confidently on both legs. If he didn’t eagerly tell you how he’d been hit by a truck, or proudly show you his 11-inch scar resembling, he says, a part of the female anatomy, you would have no idea that two titanium plates and 13 screws hold his left leg together.

Screen Shot 2014 05 20 at 12.30.48 PMMiller’s taking a ride along the Hudson Valley’s hairpin roads to Bear Mountain to take his bike to family-owned Rockwell Cycles in Fort Montgomery, New York, his favorite shop.

He punches in the code and his garage door opens. Pausing a moment, he admires his red-and-white Ducati Multistrada Pikes Peak edition standing in its wheel chock. “Isn’t she beautiful?” he says, throwing a leg over the bike. With the help of “Duke” Maloney, he’s still pursuing Osborne Henriques to pay his medical bills, but the legal case seems a distant concern as the engine starts with a high-pitched whine.

Miller backs the bike cautiously out of his driveway and into the street. He rolls through the first stop sign because nobody is ever there, but stops completely at an intersection. On a ramp for the Sprain Brook Parkway, he leans forward, tucking in his elbows, and takes off.

 

Ben Yeager is a recent graduate of the Columbia School of Journalism. He will head up to Alaska this month to report for the Cordova Times. He can be reached via Twitter @benbiggsyeager.

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Watch An Uncomfortable Moment Between Bloomberg And One Of His Employees

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michael bloomberg

During a live broadcast Tuesday, former New York City Mayor Michael Bloomberg told one of his own media company's reporters she "should" get fired.

Bloomberg turned to the topic after reflecting on his own firing from Salomon Brothers. The billionaire media mogul described the moment as a major turning point in his life and told Bloomberg Television anchor Stephanie Ruhle she would do well to follow his lead.

"The only reason that I became an entrepreneur is that I got fired by Salomon Brothers. It should happen to you. Trust me, it works out," Bloomberg told Ruhle during an interview focusing on Goldman Sachs' "10,000 Small Businesses" initiative.

However, Ruhle had no intention of taking his advice.

"Well, I hope it doesn't happen to me," she replied, not pausing for a second.

"Well, I have no intention of doing it. Don't worry about it," Bloomberg quickly added with a laugh.

Watch below. The exchange begins at about one minute and 10 seconds into the clip.

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Jim Chanos Has A Whole New Reason For Going Dark On China

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Jim Chanos was on Bloomberg TV's Charlie Rose on Thursday night talking China — and so yes, as expected, it was dark.

But there was a whole new political element to Chanos' negativity that we had not heard from him before.

"The anti-corruption drive, which is something we've been focusing on for the last year and a half, since Xi Jinping has been in power, is actually much more than that," Chanos told Rose. "It now appears to us to be a far more serious effort to cleanse the party. And if you look at the people's daily overnight announcements — I mean, there is four or five headshots put up on Twitter and on their website, of people who have been taken away every night. I mean it's almost as if you're seeing a Soviet-style 1930s purge through a social media ... People are falling out of buildings. I mean I'm not exaggerating ..."

Yes, you hear about the national politicians who get taken away, but the lower-level officials never make U.S. headlines, and they're getting taken all the time.

It looks like this:

Or this:

The problem, Chanos continued, is that this purge is beginning to affect the economy in terms of consumption because a "large number of things like apartment sales, high-end luxury products, were bought with basically dirty money."

It's well known that Chanos thinks China's infrastructure and housing development has the country on a "treadmill to hell." Growth (the speed of the treadmill) has to remain at a healthy number like 7.5% of GDP, so even if there's not enough organic consumption (i.e. people to live in houses and use roads), development must continue.

The dirty money that he's talking about, though, was real people paying for real things they were using with real cash — corrupt or not.

To Chanos, Xi is doing this to consolidate his own power. He sees Xi as more of a Putin — one man leading the country — rather than one man leading a committee.

"Although he [Xi] is a communist, and part of the Communist Party ... he is a nationalist," Chanos said. "And I think that two years ago, three years ago, we would have said he will be first among equals. I think it's very fair to say now he's first. And that he's going to be much more firm, much more aggressive, and much more muscular in the way he looks at the world."

This isn't a new way to look at leadership in China. In fact, this idea of how the country should be governed has existed since the 1980s; it's called neo-authoritarianism.

It argues that China needs a strongman who also believes in capitalism to really get China's economy in gear. Everyone else can sit down and enjoy the ride.

Xiao Gongqin, a history professor at Shanghai Normal University started arguing this in the 1980s, and based it on Deng Xiaoping, an authoritarian economic reformer.

So it's not like this idea doesn't have any fans.

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Eric Schmidt's Take On The iPhone 6 Makes No Sense (AAPL)

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eric schmidt

Google Chairman Eric Schmidt appeared on Bloomberg TV on Wednesday, where an anchor asked him about the "desire factor" around the iPhone 6, leading to heinously long lines outside Apple Stores last week (and this week, as well).

His answer?

"I'll tell you what I think," Schmidt said. "Samsung had these products a year ago," referring to Samsung's phablets that are around the size of the iPhone 6 Plus.

The anchors were quick to point out that no one has been lining up for blocks to pick up the Galaxy Note. But Schmidt held fast to his one-liner.

"I think Samsung had these products years ago, that's what I think," he said, laughing.

Schmidt is right, technically. Samsung has been selling large-display smartphones long before Apple unveiled the iPhone 6.

But it's completely dodging the question. Schmidt can't explain why consumers aren't lining up outside their local Best Buy to pick up Android smartphones.

Or maybe he doesn't want to.

Saying "Apple wasn't there first" doesn't mean anything. That's not Apple's strategy.

In a recent interview with Charlie Rose, Tim Cook was asked if the iPhone 6/6 Plus was a response to Samsung's smartphones. Here's what he said:

Honestly, Charlie, we could have done a larger iPhone years ago.  It’s never been about just making a larger phone. It’s been about making a better phone in every single way. And so we ship things when they’re ready.

Apple's products are so widely desired because Apple isn't first-to-market. Apple waits for competitors to enter a product category, then Apple releases its take on that product. 

Android users might say Apple copies its competitors this way, but that's a debate better left untouched.

The point is: Apple not making a phablet before Samsung says nothing about the company's success. And Eric Schmidt probably knows that.

Here's the full interview:

SEE ALSO: Apple Pulled The iOS Update That's Screwing Up People's Phones

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Tom Keene Channels Dostoevsky To Describe The Ruble Meltdown

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The Russian ruble fell to record lows against the euro and the dollar on Wednesday.

Bloomberg TV's Tom Keene uses Dostoevsky's "Crime and Punishment" to describe what's going on.

When Business Insider asked Keene for what he considered to be the most important chart in the world, he sent us a long-term chart of the crashing ruble. It goes all the way back to the 1998 Russian financial crisis. In his words:

"Here is USD-RUB with a decimal-point-shift depreciation, call it 4.10 to 41.0. Much was accomplished within the yellow rectangle ... a painful devaluation. From here? My particular question with currency angst always, always comes from domestic surprise. With Russia, the calculus is evermore complex. For 2015, USD-RUB 45 or 50 or 55 may be crime and punishment, enough."

cotd russia currency tom keene

SEE ALSO: WALL STREET'S BRIGHTEST MINDS REVEAL THE MOST IMPORTANT CHARTS IN THE WORLD

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Mark Zuckerberg wants to build a kind of 911 service for internet access (FB)

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Mark Zuckerberg

Facebook CEO Mark Zuckerberg sat down with Bloomberg TV's Emily Chang on Thursday to discuss Internet.org, Facebook's attempt to bring bare-bones Internet access to people in developing countries.

Zuckerberg compared Internet.org to 911 in the US, in that both are designed to provide necessary services.

"The model that we consider this to be most similar to is 911 in the U.S," said Zuckerberg.

"So even if you haven’t paid for a phone plan, you can always dial 911, and if there is a crime or a health emergency or a fire, you get basic help, and we think there should be an equivalent of this for the Internet as well — where even if you haven’t paid for a data plan, you can get access to basic health information or education or job tools or basic communication tools, and it will vary, country by country."

Zuckerberg said Internet.org will sustain itself by bringing new customers to data providers once people learn how to take advantage of what's online.

"The people understand why they would want to pay for data, and these operators end up making more money, and it ends up being more profitable, and it ends up taking that money and reinvesting that in better Internet and infrastructure for everyone in their country," he said.

As for how Facebook can increase internet access, Zuckerberg said the company is looking at drones in the "near future," along with other technologies like lasers and microwaves.

He also said he was happy that Google was exploring other options like weather balloons to bring the internet to the developing world, a program called Project Loon. "Connecting everyone is going to be something that no single company can do by themselves. So I’m really glad that they and a lot of other companies are working on this," he said. "I'd love to work with Google."

SEE ALSO: Mark Zuckerberg Defends Facebook's Plan To Bring The Internet To Everyone

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Bloomberg TV anchor Trish Regan is leaving for another network

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trish regan official headshot

Trish Regan, anchor of Bloomberg TV's "Street Smart," is leaving the network for Fox Business Network, according to TVNewser.

She'll be commentating there and on Fox News.

Her first day on the job is April 6.

Regan went to Bloomberg from CNBC. She did a lot of great stuff there, too, like hang out with Richard Branson on Necker Island and emcee a hedge fund titan charity poker tournament in Atlantic City. She covered the 2012 presidential election.

It's unclear who will take Regan's coveted 3 p.m. market-close time slot, but her colleagues have already taken to Twitter to wish Regan well.

Join the conversation about this story »

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The COO of Goldman Sachs is killing it in a bracket challenge against other executives

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Gary Cohn

Goldman Sachs president and COO Gary Cohn is one of three final competitors in Bloomberg's March Madness bracket challenge, and he chalks it up to his Midwestern roots.

Cohn told Bloomberg TV's Stephanie Ruhle that, being from the Midwest, he always watches the "Big Ten" conference, so he knew several of those teams would do well this year.

"Everyone in the in the Northeast watches the Big East and they watch the ACC," Cohn said. "They do not understand the quality of basketball that the Big Ten plays all year long."

So far, Cohn has made 45/63 correct picks.

It costs $10,000 to join Bloomberg's bracket challenge, and most of the participants are pretty big names on Wall Street. The winner will receive $360,000 for their charity of choice.

The other remaining contestants are Cleveland Cavaliers owner and Quick Loans Inc. founder Dan Gilbert and John Chambers, the CEO and chairman of Cisco Systems. Here's where you can keep score.

And here's Cohn explaining his picks, along with Rich Berlin, the director of the charity that Cohn supports:


Cohn's charity, Harlem RBI, builds charter schools and playgrounds and develops after-school and family programs for inner city youth. If he wins, the $360,000 will go toward expanding pre-kindergarten and other school programs and building a baseball field in the country's poorest congressional district, located in the South Bronx.

Cohn said he plans to watch this weekend's games with his oldest daughter, Chloe.

"I think my other two girls will have no idea there is basketball going on. And my wife will make sure she is nowhere near me," he said.

SEE ALSO: The Amazing Story Of How Goldman Sachs COO Gary Cohn Got His Start On Wall Street

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Bloomberg TV star Stephanie Ruhle is selling her marvelous Tribeca condo for $5.2 million

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Stephanie Ruhle apartment

Bloomberg TV's star anchor Stephanie Ruhle and her husband, Andy Hubbard, are selling their beautiful Tribeca condo for $5.2 million. 

Ruhle is the cohost of "Market Makers" and Hubbard is currently a portfolio manager at UBS O'Connor (multi-strategy hedge fund) where he runs their structured credit strategies.

Their stunning 2,783-square-foot three-bedroom, three-and-a-half bathroom home was designed by Stephanie's award-winning architect sister, Stacey Ruhle Kliesch.

StreetEasy has the listing.

First, here's Stephanie.



When you enter through the foyer, you'll walk into this gorgeous formal living room. By the way, those ceilings are 16-feet tall.

 



The living room features custom cabinets and shelves as well as oversized northern-exposure windows.

 



See the rest of the story at Business Insider

Uber investor Chris Sacca thinks Carl Icahn made a 'big mistake' backing Lyft

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Chris Sacca

There's a lot of money sloshing around Silicon Valley, and investor Chris Sacca thinks that Carl Icahn's recent investment in Lyft is one example of a "big mistake."

"I think there are naive investors with no discipline, throwing out term sheets at nine figures right now, with no diligence," Sacca told Emily Chang in an interview with Bloomberg TV. "Well, if you really look at this thing, it's not gonna be a two-horse race. Lyft doesn't survive.  And Travis is never gonna buy it."

Lyft raised $150 million in May at a reported $2.5 billion valuation for the company. Icahn was responsible for $100 million in the round.

"I think he made a big mistake," Sacca said in an interview with Bloomberg's Emily Chang. "This is a winner take all game. And Travis will take all."

It's not a big surprise for Sacca to back Uber over its competitor. Sacca reportedly owns at least 4% of the company's shares — although he told Bloomberg that's not why he would never buy Lyft shares.

"Uber is a better company with better math, better predictive supply, better brand, lower pickup times, higher quality of service. They'll absolutely win."

SEE ALSO: We need a 'third class of worker' for people like Lyft and Uber drivers, says investor

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Uber CEO Travis Kalanick enjoys hot tubs so much he'll stay in them for 8 hours at a time

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Travis Kalanick

Billionaire Uber CEO Travis Kalanick really likes hot tubs.

He likes them so much, in fact, that he stays in them for hours at a time, according to venture capitalist and early Uber investor Chris Sacca.

In an interview with Bloomberg TV's Emily Chang, Sacca talked about the hot tub at his California home near Lake Tahoe, which he calls the "Jam Tub."

Sacca says Travis Kalanick used to spend "eight to ten hours" there at a time. "I've never seen a human with that kind of staying power in a hot tub," he said.

Sacca and Kalanick aren't as close as they once were, however.  "If I'm involved in your business, I'm gonna share my opinions with you about how certain aspects of the business are going," Sacca said on the rift between himself and Kalanick.

"They're gonna be really strong opinions, likely in your face. I think I can rub people the wrong way. In particular, I wanted to own more Uber stock.  And so I was, at the time, trying to buy it from more people.  Travis didn't like that."

Sacca's VC firm, Lowercase Capital, invested $300,000 in Uber's angel round. Sacca also helped the company buy the name "Uber" from Universal Music Group. Now, Lowercase Capital owns 4% of Uber, which is valued at $41 billion. But now Sacca and Kalanick "barely speak," Sacca told Forbes earlier this year. 

Sacca also talked about how he and his wife make founders dinner and take them hot-tubbing in an attempt to evaluate potential founders for his firm's portfolio.

He assesses founders based on whether they clean up after themselves after dinner.

According to Bloomberg, Sacca “would see people who wouldn’t actually get up to put their dishes in the sink, and immediately be like, ‘No way. Like, there’s no way we’re getting in and doing business with them.’”

Watch the full video below:

 

SEE ALSO: Uber investor Chris Sacca won't invest in your company if you don't do your dishes

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John Doerr says he 'felt sick' when he found out Ellen Pao was suing Kleiner Perkins

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ellen pao john doerr

Kleiner Perkins Caufield & Byers partner John Doerr said he was "disappointed" and "betrayed" when he found that Ellen Pao, his former chief of staff, was suing the firm.

"I was sick.  It-- it was-- it was painful.  Ellen was a good chief of staff," Doerr said in an interview with Bloomberg TV's Emily Chang. "But when I read the charges, I knew from that very moment that these had no merit."

Doerr, who was joined by Beth Seidenberg, told Bloomberg TV in the interview that his firm has tried repeatedly to settle with Pao outside of courts.

"I've always believed that this matter ought to be resolved outside the courts.  Believe me, from the very beginning. And it just wasn't possible," Doerr said. "If it were that easy, it would have been done. I will just tell you it's not possible." 

Pao lost all counts of her case against the venture capital firm on March 27, 2015, when a jury found that her gender was not the motivating reason for her not being promoted to a general or senior partner, or for her termination at the firm.

In a move typical for defendants who prevail in employment lawsuits, KPCB filed in April to recover $973,000 in court fees, but said it would waive its legal costs if Pao gave up her right to appeal. Pao allegedly countered by asking for $2.7 million instead.

A San Francisco judge ruled today to reduce KPCB's court costs to $276,000, which is still a high bill for Pao to pay.

If Kleiner had settled with Pao, Doerr never thought of it as an admission of guilt because it was a question of liability, which the court found in the firm's favor.

"I'm sorry this happened to Ellen, that it happened to us, it happened to the tech industry," Doerr said. "This isn't a question of guilt. It's a civil case and so the question is liability."

He continued, "I think it was an error to promote Ellen into an investing partner role. That didn't work out for her. She was a really good chief of staff but not a good investor."

Hear more from Doerr on Pao:

SEE ALSO: Judge tentatively sets Ellen Pao's court costs at $275,000 — less than one-third what Kleiner Perkins wanted

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NOW WATCH: Venture Capital Legend Reveals How To Spot The Next Tech Superstar

This investor has an interesting theory on what Google will do with its self-driving cars

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Google self-driving cars

Venture capitalist Steve Jurvetson thinks Google could be planning to use employ its autonomous cars to give out free rides in an effort to undercut Uber with a new service called "Free Ride."

Jurvetson, who is not a listed investor in either company, appeared on Bloomberg West to talk about Uber's reported operating loss of $470 million.

He detoured though into a discussion on how Google could end up undercutting Uber's reported revenue of $425 million by offering a service for free, although plans are under consideration:

"Google may very well beat them at their own game because they can get down to zero. They can take zero cut and offer a free app, which they are considering launching, called Free Ride, so this game could get very interesting," Jurvetson said.

"So Google is going to launch something called Free Ride?" asked Bloomberg West's Cory Johnson.

"They are considering it, they're debating it," Jurvetson replied. "They're on the fence as to whether they should offer it, but the go to market would be: Offer the free app, get people used to it while they are still human drivers and then flip them over to the Google autonomous cars."

Jurvetson's comments seem in line with an earlier report from Bloomberg in February that the search giant was looking to match an on-demand service with its autonomous cars. Some WSJ sources called the conclusion overblown though because the company was only trying a carpooling service internally for employees.

At the time, Google didn't respond to comment, instead only offering up this tweet:

Google also has a patent for an ad-powered taxi service, which sounds more like a Google business move than a ride-sharing one. Awarded in 2014, the patent is basically a free ride coupon to a retail location, and "autonomous vehicles" were listed as one of the transportation types. 

We've reached out to Jurvetson and Google for more information on the program and will update if we hear back.

Hear Jurvetson bring up the "Free Ride" program at 4:30. 

SEE ALSO: Uber is reportedly losing boatloads of money

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Greek bystander steals Bloomberg anchor's mic on live TV

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Bloomberg TV's Joe Weisenthal was accosted by an individual and had his microphone snatched out of his hand while doing a live segment in Athens. 

Weisenthal handled the situation well, remaining calm while someone on his tech team attempted to retrieve the stolen microphone.

He also showed a good sense of humor. Afterward, Weisenthal took a selfie with the person.

It's live TV. Anything can happen.

Check it out: 

 

Here's the clip:

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How billionaire Michael Bloomberg made his fortune

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Michael Bloomberg in a bowtie

With a fortune of $33.7 billion, former New York City mayor Michael Bloomberg recently landed on our list of the richest self-made billionaires.

Though his 12-year run as mayor ended in 2013, the billionaire remains as busy as ever, and is spending plenty of money as he goes. After all, he hopes to give away his entire fortune before he dies. 

From his early days working on Wall Street to his generous philanthropic donations, here's how Bloomberg made — and spends — his billions. 

SEE ALSO: The 25 richest self-made billionaires

Born on Valentine’s Day in 1942, Bloomberg grew up in Medford, Massachusetts, a small town near Boston.

Source



After graduating from Johns Hopkins with a degree in electrical engineering and earning an MBA from Harvard, Bloomberg landed a job at Salomon Brothers in New York City, where he spent countless hours counting out stocks and bonds in the bank’s vault. He eventually worked his way up the ranks and was named partner in 1972.

Source



In 1978, he was put in charge of running the firm’s information technology division — a clear demotion. But he stayed at Salomon for three more years until the company merged with commodity trading firm Phibro in 1981 and let Bloomberg go, along with a severance check to the tune of $10 million.

Source



See the rest of the story at Business Insider

Obama told to treat Congress like children

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Kindergarten Cop

Multibillionaire and former New York City mayor Michael Bloomberg has some advice for the president when it comes to dealing with Congress.

"You trade, you bribe, you threaten, you cajole — you do all these sorts of things, the same way you run your kids," Bloomberg said on Wednesday in an interview with Goldman Sachs chief Lloyd Blankfein and Bloomberg TV's Stephanie Ruhle.

The former mayor, who many on Wall Street want to run for president in 2016, said that compromise means most people get a good percentage of what they want, while a handful of people on the fringes get less.

The responsibility to make that happen, he said, falls on the president.

"The executive’s job is to bring along the legislature," Bloomberg said.

"I don’t want to use the word manage ... but it is the executive’s job to explain to the legislators why his or her policies are the right ones and bring them along."

Goldman Sachs' Blankfein likened political cycles to economic cycles.

"People are now saying, 'Gosh, it's been horrible, it's never been this bad,'" he said. "Of course it was ... We did have a civil war."

He added that the fragmentation in Congress is not just the fault of the politicians. The electorate should also be blamed for putting people in office who commit to extreme positions.

Asked whether he would consider going into politics, Blankfein said, "I think it would be an attractive thing to do but a very unattractive place to get to."

Here's the clip:

SEE ALSO: Forget Hillary and Jeb, here's who Wall Street really wants to run for president

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NOW WATCH: The story behind the famously offensive twitter account that parodies Wall Street culture

Michael Bloomberg tells Lloyd Blankfein: 'Bankers have been hated since Jesus' day'

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Goldman Sachs ceo Lloyd Blankfein

Wall Street may never be able to change its public image.

That is according to multibillionaire business magnate Michael Bloomberg.

"We've been throwing the money changers out of the temples since Jesus' day," the former New York City mayor said in an interview with Bloomberg TV's Stephanie Ruhle on Wednesday.

He added: "Nobody likes the banks.  They get terrible PR. I'm not sure if there is a way to change that, incidentally."

Bloomberg was joined by Lloyd Blankfein, the CEO of Goldman Sachs — a bank that got a pretty bad rap during the financial crisis.

"People do not like concentrations of power," he said.

That includes concentrations of economic power, he said, noting it took a lot of economic instability before the Federal Reserve was created.

Mike Bloomberg isn't the first to point out that the hatred of bankers dates back centuries. 

The Economist argued back in 2012 that "scorn for moneymen" can be dangerous for society.

Bloomberg and Blankfein noted the pharmaceutical industry faces a similar PR problem.

"What have they done other than save lives?" Blankfein asked sarcastically.

Bloomberg's advice to Wall Street on how to counteract the hatred was simple:

Be honest, finance our growth, be great corporate citizens, do the right things and not be too brash about bragging about it. You've got to do it and just assume a lot of people will understand ... Learn to live with the fact that they’re not going to love you.

To that, Blankfein added, "Try to go for 'like.'"

Here's the full interview with Bloomberg TV:

SEE ALSO: Even Jesus Hated Bankers

SEE ALSO: Billionaire Michael Bloomberg says Obama should treat Congress like children

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NOW WATCH: The 10 trickiest Goldman Sachs interview questions

Alan Greenspan hasn't been optimistic about America in a long time

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Alan Greenspan

Alan Greenspan is doesn't feel good about America.

In an interview with Bloomberg TV's Tom Keene and Mike McKee on Tuesday, the former Federal Reserve chair laid out an uncertain and downbeat view of the US economy.

McKee asked if Greenspan thought that financial markets were right by signaling trouble for the economy.

"Yep," said Greenspan. "We're in trouble basically because productivity is dead in the water."

"Let's put it this way. Output per hour is driven by real capital investment ... Real capital investment is way below average. Why? Because business people are very uncertain about the future."

Though when asked if he would support a government policy to increase productivity and capital spending, Greenspan said that every time that is attempted it "turns out wrong."

Later in the interview, McKee asked if Greenspan was optimistic going forward and Greenspan put it simply, saying, "No, I haven't been for quite a while."

"And I won't be until we can resolve the entitlement programs. Nobody wants to touch it, but it's gradually crowding out capital investment, and that's crowding out productivity, and that's crowding out the standards of living. Where do you want me to go from there?"

Greenspan seems to be concerned over the fact that both healthcare and retirement are taking up large portions of government, and private businesses, expenses which in his opinion is holding down other investments.

Additionally, Greenspan felt that the current global economy is incredibly uncertain. He said that productivity collapse in China could lead to a rough landing for the country, and when asked by Keene about a possible back and forth between the Chinese Renminbi and the US dollar, Greenspan admitted to befuddlement.

"This is where the issues lie. I don't know the answer to that," said Greenspan. "The United States unquestionably, the US dollar unquestionably, is the firmest currency in the world of the major countries. It's hard to see where it goes from here there are so many unknowns. Which, in my experience, I've never seen so many unknowns."

Check out the interview here »

SEE ALSO: The decline of the American worker in one chart

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Bloomberg TV's star anchor Stephanie Ruhle is leaving for MSNBC

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Stephanie Ruhle

Bloomberg TV's star anchor Stephanie Ruhle is leaving for MSNBC where she'll be a daytime anchor. 

TVNewser first reportedthe news.

Ruhle is the anchor of Bloomberg TV's morning show "Bloomberg <GO>."

She sent a memo to the staff informing them of her departure, a copy of which has been obtained by Business Insider: 

To my beloved Bloomberglers,


...Right around 5 years ago today, I was working at Deutsche Bank trying to convince hedge funds that structured credit derivatives were a brilliant investment tool....
... Right around 4 years ago today, I got bit by the news bug reporting on how JPMorgan's "London Whale" lost billions of dollars misusing structured credit derivatives
... Right around 3 years ago today, with the Russia-Ukraine conflict intensifying, I tried desperately NOT to go into labor on-air as Garry Kasparov told Erik Schatzker and me that Putin was the most dangerous gangster on Earth. Soon after, the world welcomed Pope Francis, who will likely be the most socially and economically impactful Pope in history. (and that baby is on her way to becoming the second most dangerous gangster on Earth).
... Right around 2 years ago today, Janet Yellen caused the markets to tumble by specifying rates would be raised in about 6 months (which turned out to be 2.5 years)
... Right around 1 year ago today, the NASDAQ rose to 5000 for the first time in 15 years, just as I was sinking to the bottom of the Pacific Ocean with about 100 hammer head sharks, a documentary film crew and (lucky me) Adrian Grenier.
... And over the past year, with important input from Justin Smith, we began sowing the seeds, recruiting David Westin, designing and building a spectacular set and production team to create our flagship Bloomberg <GO>. And (finally) under Al Mayers and John Micklethwait, we began integrating a truly global Bloomberg News and Media platform.
I am so fortunate to have been sitting shotgun for this ride and so it is bittersweet for me to share the news that I am leaving Bloomberg - but doing so with deep gratitude and tremendous pride.
Thank you for taking a chance on me. Besides decades of watching a whole lot of it, I knew almost nothing about TV before joining Bloomberg. After 4.5 years of wrangling, coaching, scolding and teaching, hopefully Dan Arnall, Ted Fine, Matt Levine & Otis Biladeau believe the reward outweighed the risk. Fingers crossed, I leave "Bloomberg University" without too many demerits for bad behavior.
My dearest friend Erik Schatzker taught me to set the highest standards and the importance of maintaining them. And on those occasions when I did get my clock cleaned, Matt Miller reminded me that tomorrow that same clock resets.
While Bloomberg is built on hard data and analytics, under Laura Chapman and Adrienne Toscano, I've learned the "art" of booking. Fortunately the hair and makeup "artistry" of Maureen Pedala and Marion Neagoe have spackled and super glued me out of pajamas and into TV presenter daily. That is NO small task.
My favorite lesson comes from Kevin Sheekey & Peter Grauer, from whom I've learned BLOOMBERG can do ANYTHING. From Davos to Haiti, with Kanye West, Donald Trump and Stan Druckenmiller in-between, Bloomberg has taught me what devotion to integrity and hard work can achieve.
I sincerely hope Kelly Belknap, Brooke Clemency & Jackie Lopez laughed more than they cried. And while they didn't get to sleep much, they definitely got to LIVE large (sorry Arianna Huffington).
I am so proud of what we built in Bloomberg <GO> and wish David Westin, Jonathan Ferro and Matt Saal continued success on this special show.
I do not take for granted that almost every premier guest that has joined us this year, without fail has said "I really like BloombergTV, but I'd really LOVE to see Mike Bloomberg to be our next President."
It's been an honor to work in and cover the financial markets for the last 19 years of my life and to learn from and work for the absolute best here at Bloomberg. If asked who my dream interview would be, not many journalists would say- my boss. But I sure can. Thank you Mike. Thank you Bloomberg Media. I didn't just get to cover business, I have had the elite opportunity to work for the BEST in BUSINESS.

Learn, Love and Live The Bloomberg Way (courtesy of Matt Winkler)-
Best,
s

PS...Christine Harper & Jackie Kelley ARE THE ABSOLUTE BEST AT EVERYTHING THEY DO. #girlpower

She joined Bloomberg Television as a correspondent in October 2011. Before that, she had been a managing director at Deutsche Bank.

She started her career in finance in 1997 with Credit Suisse First Boston. At CSFB she served as a vice president and was the highest producing credit derivatives salesperson in the U.S. After a six year stint at Credit Suisse, Ruhle moved to Deutsche Bank where she worked as managing director in structured credit sales within the fixed-income division.

Throughout her career, she's focused on helping other women succeed. Ruhle started the women's networking program for global markets at Deutsche Bank. She served as the co-captain for non-target school recruiting. She also co-chaired the Women on Wall Street (WOWS) steering committee. Ruhle used to serve on the corporate councils of I-Mentor and The White House Project, a not-for-profit that focuses on advancing women in business, government and media. She's currently on the board of Girl Inc. of NYC.

Ruhle, a native of New Jersey, earned her bachelor's degree in international business from Lehigh University.  During college, she spent two years studying in Guatemala, Italy and Kenya. 

She currently resides in Manhattan with her husband Andy — who she met while working at Credit Suisse — and their three children.

 

Join the conversation about this story »

A titan of Wall Street is getting his own TV show

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David Rubenstein and Bill Gates

On Monday night at 8 p.m. EST, Bloomberg TV is launching a new show starring one of Wall Street's most prominent figures, David Rubenstein, the founder and co-CEO of the private-equity firm The Carlyle Group.

The show is called "The David Rubenstein Show: Peer-to-Peer Conversations" and features Rubenstein doing one-on-one interviews with business leaders like Warren Buffett of Berkshire Hathaway, Microsoft founder Bill Gates, and Goldman Sachs CEO Lloyd Blankfein. Expect candid discussions about life lessons, formative experiences, and the business leaders' paths to success.

A few things you should know before you start watching on Monday.

  • American Express CEO Ken Chenault, Google's Eric Schmidt, and Pepsi CEO Indra Nooyi will also be interviewed.
  • The first episode, featuring Bill Gates, will air Monday, but later episodes will run on Wednesdays at 8 p.m.
  • The show will run for 12 weeks.

Business Insider caught up with Rubenstein and the CEO of Bloomberg Media, Justin Smith, to talk about how and why they decided to work on this project. Smith said the initial idea came from the fact that Rubenstein had already been known in business and political circles for his interviewing skills for some time.

It all started when Rubenstein became president of the Economic Club of Washington, DC. One of his official duties was to introduce the club's quarterly speakers. But there was a problem.

"I realized that some business people are boring speakers," Rubenstein told Business Insider over the phone.

So to spice things up he turned the interviews into Q&A sessions. It turned out he could be pretty funny.

"It sort of became a cultish thing in Washington because they were so different and so fresh," Smith said of Rubenstein's interviews.

david Rubenstein

Before Rubenstein knew it, he was doing speaking engagements here and there. Now he even hosts a private event with members of Congress in which he interviews an American historian. It's a chance for legislators from both chambers and both parties to come together and learn something.

"If you knew me 30 years ago, I was shy and retiring," Rubenstein said in his calm cadence, "but when I started Carlyle I had to do presentations and start making speeches, and I got more comfortable ... Now I'm making a speeches in front of 1,000 people."

Rubenstein doesn't claim to be a journalist, but he does think his personal relationships with some of his guests will give them breathing room to be more candid.

In Blankfein's episode, for example, the Goldman Sachs CEO discusses in great detail how he learned he had cancer and how he dealt with the diagnosis. "I'm a fatalist," he tells Rubenstein. But the relaxed, genial tone of the conversation conveys otherwise. Dare we say it, the Goldman CEO seems incredibly normal.

Project Rubenstein

Smith approached Rubenstein about doing the show about nine months ago.

"We viewed this as an experiment," Smith said. "The name of the game in media and in any business is to do things that are really different and innovative."

Of course, for Rubenstein the show represents much more than media — it's a way to frame how he sees success. In our interview he repeatedly associated true accomplishment with humility and an understanding that a lot of what great business leaders have is thanks to luck and the support of their communities.

"Some of the least accomplished people talk about how great they are," he said with a chuckle. "I'll let you read into that."

To prepare for interviews, Rubenstein reads a lot — he says he generally reads two books a week anyway. He does not use notes during interviews because he doesn't like to break eye contact with his subjects, so he writes his questions down but lets them guide the conversation from his memory. All of this while running a multinational private-equity firm.

"Sleep is overrated," he said.

As for his hopes for the success of the show, Rubenstein is fairly modest.

"I know at least one person will watch it, and that's my mother," he joked.

Check out the show's intro below:

Join the conversation about this story »

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