morganstanley   248

« earlier    

Opinion | Beware Rich People Who Say They Want to Change the World - The New York Times
"“Change the world” has long been the cry of the oppressed. But in recent years world-changing has been co-opted by the rich and the powerful.

“Change the world. Improve lives. Invent something new,” McKinsey & Company’s recruiting materials say. “Sit back, relax, and change the world,” tweets the World Economic Forum, host of the Davos conference. “Let’s raise the capital that builds the things that change the world,” a Morgan Stanley ad says. Walmart, recruiting a software engineer, seeks an “eagerness to change the world.” Mark Zuckerberg of Facebook says, “The best thing to do now, if you want to change the world, is to start a company.”

At first, you think: Rich people making a difference — so generous! Until you consider that America might not be in the fix it’s in had we not fallen for the kind of change these winners have been selling: fake change.

Fake change isn’t evil; it’s milquetoast. It is change the powerful can tolerate. It’s the shoes or socks or tote bag you bought which promised to change the world. It’s that one awesome charter school — not equally funded public schools for all. It is Lean In Circles to empower women — not universal preschool. It is impact investing — not the closing of the carried-interest loophole.

Of course, world-changing initiatives funded by the winners of market capitalism do heal the sick, enrich the poor and save lives. But even as they give back, American elites generally seek to maintain the system that causes many of the problems they try to fix — and their helpfulness is part of how they pull it off. Thus their do-gooding is an accomplice to greater, if more invisible, harm.

What their “change” leaves undisturbed is our winners-take-all economy, which siphons the gains from progress upward. The average pretax income of America’s top 1 percent has more than tripled since 1980, and that of the top 0.001 percent has risen more than sevenfold, even as the average income of the bottom half of Americans stagnated around $16,000, adjusted for inflation, according to a paper by the economists Thomas Piketty, Emmanuel Saez and Gabriel Zucman.

American elites are monopolizing progress, and monopolies can be broken. Aggressive policies to protect workers, redistribute income, and make education and health affordable would bring real change. But such measures could also prove expensive for the winners. Which gives them a strong interest in convincing the public that they can help out within the system that so benefits the winners.

After all, if the Harvard Business School professor Michael E. Porter and his co-author Mark R. Kramer are right that “businesses acting as business, not as charitable donors, are the most powerful force for addressing the pressing issues we face,” we shouldn’t rein in business, should we?

This is how the winners benefit from their own kindness: It lets them redefine change, and defang it.

Consider David Rubenstein, a co-founder of the Carlyle Group, a private equity firm. He’s a billionaire who practices what he calls “patriotic philanthropy.” For example, when a 2011 earthquake damaged the Washington Monument and Congress funded only half of the $15 million repair, Mr. Rubenstein paid the rest. “The government doesn’t have the resources it used to have,” he explained, adding that “private citizens now need to pitch in.”

That pitching-in seems generous — until you learn that he is one of the reasons the government is strapped. He and his colleagues have long used their influence to protect the carried-interest loophole, which is enormously beneficial to people in the private equity field. Closing the loophole could give the government $180 billion over 10 years, enough to fix that monument thousands of times over.

Mr. Rubenstein’s image could be of a man fleecing America. Do-gooding gives him a useful makeover as a patriot who interviews former presidents onstage and lectures on the 13th Amendment.

Walmart has long been accused of underpaying workers. Americans for Tax Fairness, an advocacy group, famously accused the company of costing taxpayers billions of dollars a year because it “pays its employees so little that many of them rely on food stamps, health care and other taxpayer-funded programs.” Walmart denies this criticism, citing the jobs it creates and the taxes it pays.

When a column critical of Walmart ran in this newspaper some years ago, David Tovar, a Walmart spokesman, published a red-penned edit of the piece on a company blog. Beside a paragraph about how cutthroat business practices had earned the heirs of the Walton family at least $150 billion in wealth, Mr. Tovar wrote: “Possible addition: Largest corporate foundation in America. Gives more than $1 billion in cash and in kind donations each year.”

Mr. Tovar wasn’t denying the $150 billion in wealth, or that more of it could have been paid as wages. Rather, he seemed to suggest that charity made up for these facts.

A few years ago, some entrepreneurs in Oakland, Calif., founded a company called Even. Its initial plan was to help stabilize the highly volatile incomes of working-class Americans — with an app. For a few dollars a week, it would squirrel away your money when you were flush and give you a boost when you were short. “If you want to feel like you have a safety net for the first time in your life, Even is the answer,” the company proclaimed.

The rub against such an idea isn’t just that it’s a drop in the bucket. It’s also that it dilutes our idea of change. It casts an app and a safety net as the same.

Fake change, and what it allows to fester, paved the road for President Trump. He tapped into a feeling that the American system was rigged and that establishment elites were in it for themselves. Then, darkly, he deflected that anger onto the most vulnerable Americans. And having benefited from the hollowness of fake change, he became it — a rich man who styles himself as the ablest protector of the underdogs, who pretends that his interests have nothing to do with the changes he seeks.

President Trump is what we get when we trust the rich to fix what they are complicit in breaking.

In 2016, Mr. Trump and many of the world-changing elite leaders I am writing about were, for the most part, on opposite sides. Yet those elites and the president have one thing in common: a belief that the world should be changed by them, for the rest of us, not by us. They doubt the American creed of self-government.

A successful society is a progress machine, turning innovations and fortuitous developments into shared advancement. America’s machine is broken. Innovations fly at us, but progress eludes us. A thousand world-changing initiatives won’t change that. Instead, we must reform the basic systems that allow people to live decently — the systems that decide what kind of school children attend, whether politicians listen to donors or citizens, whether or not people can tend to their ailments, whether they are paid enough, and with sufficient reliability, to make plans and raise kids.

There are a significant number of winners who recognize their role in propping up a bad system. They might be convinced that solving problems for all, at the root, will mean higher taxes, smaller profits and fewer homes. Changing the world asks more than giving back. It also takes giving something up."
2018  charitableindustrialcomplex  philanthropicindustrialcomplex  anandgiridharadas  philanthropy  charity  hierarchy  inequality  change  democracy  donaldtrump  oligarchy  elitism  us  michaelporter  markkramer  thomasbikkety  emmanuelsaenz  gabrielzucman  markzuckerberg  morganstanley  economics  capitalism  latecapitalism  davidrubenstein  walmart  facebook  power  control 
august 2018 by robertogreco
The Little-Known Company That Enables Worldwide Mass Surveillance
It was a powerful piece of technology created for an important customer. The Medusa system, named after the mythical Greek monster with snakes instead of hair, had one main purpose: to vacuum up vast quantities of internet data at an astonishing speed.

The technology was designed by Endace, a little-known New Zealand company. And the important customer was the British electronic eavesdropping agency, Government Communications Headquarters, or GCHQ.

Dozens of internal documents and emails from Endace, obtained by The Intercept and reported in cooperation with Television New Zealand, reveal the firm’s key role helping governments across the world harvest vast amounts of information on people’s private emails, online chats, social media conversations, and internet browsing histories.
surveillance  security  privacy  gchq  endace  medusa  newzealand  greatbritain  morocco  usa  israel  denmark  australia  canada  spain  india  morganstanley  reuters  bankofamerica  att  aol  verizon  sprint  cogentcommunications  telstra  belgacom  swisscom  deutschetelekom  telenaitaly  vastechsouthafrica  francetelecom  2016 
october 2016 by Frontrunner
Lehman Formula - Wikipedia, the free encyclopedia
Today, the original formula remains in use in limited situations with so-called "finders" - individuals (not firms), who introduce relationships but otherwise do not have any execution, distribution, legal, analytic, or administrative role in the execution of a deal.
startupadvice  equity  morganstanley  lehman  lehmanbros  fundraising 
november 2015 by morganf
Can P2P Lending Reinvent Banking? | Morgan Stanley
Marketplace lenders have proven that they're more than a passing fad—and traditional banks are taking note.
peertopeerlending  alternativefinance  review  research  USA  UK  China  MorganStanley  2015 
november 2015 by inspiral
Can Bankers Behave? - The Atlantic
Wall Street still has basically the same culture that led to the 2008 crash. But one big firm is trying to change—as government regulators begin to question whether financial institutions can be reformed at all.
banking  culture  critique  JPMorgan  MorganStanley  TheAtlantic  2015 
april 2015 by inspiral
Morgan Stanley insider exposes rich clients' info online January 05
"They found one employee, who had accessed the records of 350,000 Morgan Stanley customers (10% of the bank’s clients) and released 900 clients’ information on a black market website. The bank fired him last week and have called in law enforcement to investigate." 2015-01
banks  MorganStanley 
january 2015 by Bruin
Breach puts Morgan Stanley client data up for sale >> NYTimes.com
Nathaniel Popper:
the bank traced the breach to a financial adviser working out of its New York offices, a 30-year-old named Galen Marsh, according to a person involved in the investigation who spoke on the condition of anonymity.

Mr. Marsh, who had been with Morgan Stanley since 2008, was quickly fired and is currently the subject of a criminal investigation by the Federal Bureau of Investigation, a person briefed on the investigation said. The Financial Industry Regulatory Authority is also examining the matter.

Morgan Stanley said on Monday that it had determined that Mr. Marsh took data on about 10% of its 3.5 million wealth management customers, including transactional information from customer statements.

The bank said that Mr. Marsh did not take any sensitive passwords or Social Security numbers, and that it had not found any evidence that the breach resulted in any losses to customers. A lawyer for Mr. Marsh, Robert C. Gottlieb, acknowledged on Monday that his client did take the information in question but said that he did not post it online, share it or try to sell it.


Afghanistan war logs: insider breach. NSA/GCHQ documents: insider breach. Morgan Stanley: insider breach. Sony Pictures..?
hacking  morganstanley 
january 2015 by charlesarthur

« earlier    

related tags

1984  2008  2010  2011  2012  2013  2014  2015  2016  2018  2blog  2ghcj  802  accenture  accountability  admissions  adoption  advice  advisor  afs  ai  aig  alangreenspan  aldunlap  alphabet  alternativefinance  alternet  analysis  analyst  anandgiridharadas  andriod  andyrubin  angelomozilo  aol  apple  appleinsider  apps  argentina  artsamberg  astroteller  att  august  aurora  australia  automotive  bahrain  bain  bank  banking  bankofamerica  banks  barackobama  barclays  bcg  bearstearns  belgacom  benbernanke  berniemadoff  berniesanders  blackstone  boa  bofa  bookvalue  bostondynamics  brazil  brexit  broker  busineness  business  canada  cannibalization  capitalism  career  carl  cdo  cds  ceo  change  charges  charitableindustrialcomplex  charity  chart  chile  china  christymack  chrisurmson  chuckgrassley  chuckschumer  cisco  citigroup  clickz  client  cmass  cmsummit  cogentcommunications  colombia  commodities  competition  confidence  configurationmanagement  continentalillinoisbank  control  corruption  counterpartyrisk  court  craigbarratt  creditdefaultswaps  crime  crimesetdélitséconomiques  crisis  critique  culture  czechrepublic  dandoctoroff  data  daviddarst  davidrubenstein  davidtavby  debt  default  delicious-export  deloitte  democracy  denmark  deploymentautomation  deploymentmanagement  derivatives  deutschebank  deutschetelekom  development  devops  dickfuld  digital  digitallab  discountwindow  disruptiveinnovation  dissected  doj  donaldtrump  ecommerce  economics  economy  edf.allemagne  eitf  eliotspitzer  elitism  elizabethwarren  embedded  emergency-lending  emergingmarkets  emmanuelsaenz  employment  endace  entrepreneurship  equities  equity  ericdinallo  erikfranklin  ethics  eu  euromoney  europe  exceptional  executive  exposure  exposé  fabricetourre  facebook  faith  fanniemae  fdic  fed  federalreserve  fiancial  fidelity  filetype:pdf  finacials  finance  financialcrisis  financialcrisisinquirycommission  financialmarket  financialservices  finra  floss  forecast  francetelecom  frankfurt  fraud  freddiemac  freeze  functionalprogramming  fund  fundraising  future  gabrielzucman  garyaguirre  garycrittenden  gchq  global  gm  goldmansachs  google+  google  googlefiber  googleglass  googleloon  googlex  gopro  governance  government  greatbritain  greatrecession  greenwash  growth  hackernewscomments  hacking  hankgreenberg  hankpaulson  haskell  healthcare  hedge  hedgefunds  helenriley  hellerfinancial  henrypaulson  henrywaxman  hft  hierarchy  history  huffingtonpost  hungary  ibm  immigration  imported  india  indonesia  inequality  inflation  innovation  insidertrading  interbank  internet  internetadvertising  internetofthings  investigation  investing  investmentbanking  ipad  iphone  ipo  israel  italy  itunes  jamiedimon  jedrakoff  jimchanos  jit  joecassano  johnmack  jomec  josephstdenis  jpmorgan  jpmorganchase  kleinerperkins  korea  koreadevelopmentbank  language  lannybreuer  larrypage  latecapitalism  law  lawsuit  legal  lehman  lehmanbros  lehmanbrothers  lenderoflastresort  lesson  levin  libya  linkedin  liquidity  lloydblankfein  london  lynnturner  malaysia  management  marissamayer  market  marketing  markkramer  markzuckerberg  mary.meeker  mary  maryjowhite  marymeeker  massachusetts  matttaibbi  mba  mckinsey  media  media:document  medusa  meeker  meltdown  merrilllynch  merrylllynch  mexico  michaelbradfield  michaelporter  military  mitchellguttenberg  mobile  mobileapps  mobileinternet  mobileoperatingsystems  models  mogol  money  morgan  morocco  mortgage  nasdaq  neilbarofsky  nest  netflix  newcentury  newzealand  nfs  nomura  obifenten  of  oil  oligarchy  oliverbudde  online  onlineadvertising  opensource  operation  outlook  pandora  panic  patrickpichette  paulacosta  paulberger  paulengelmayer  paulvolcker  pc  pcs  pdcf  peertopeerlending  people  performance  perjury  peru  philanthropicindustrialcomplex  philanthropy  piigs  pimco  poland  politics  pollitics  pomo  power  preetbharara  presentation  primarydealercreditfacility  privacy  programming  projectfi  propublica  q2  q3  questions  randykomisar  rating  realestate  reference  relationship  relocation  report  research  reuters  revenue  revenues  review  ridesharing  risk  riteaid  robertkhuzami  robertmorgenthau  roboadvice  robotics  rogeranderson  rogerclemens  rollingstone  rudygiuliani  russia  ruthporat  sales  scribd  sec  securitiesfraud  security  selfdrivingvehicles  senate  sergeybrin  service  services  shares  short  sidewalklabs  siliconvalley  smartphone  social  socialnetworking  software  solvency  southafrica  sovereign  spain  specialequitygrant  speculation  spotify  sprint  standardchartered  stanford  startupadvice  state  stateoftheweb  statistics  stats  stock  stockplan  stocks  strategy  study  summit  sunbeam  surveillance  susankarches  swisscom  system  systemicrisk  tablet  tablets  tarp  techcrunch  technology  telenaitaly  telstra  termsecuritieslendingfacility  thailand  the  theatlantic  thomasbikkety  timgeithner  tommoore  tonyfadell  toobigtofail  toxicassets  trading  transparency  treasury  trends  trust  tslf  turkey  twitter  ubs  ubssecurities  uk  ukraine  underwriter  unix  us  usa  ussec  ustreasury  valuation  vastechsouthafrica  verizon  viasat  video  videocamera  wallstreet  wallstreetjournal  walmart  waterfalltalf  wealth  wealthy  web  web2.0  web2_0  wellsfargo  williamblack  williamgreider  yahoofinance  youtube  énergie 

Copy this bookmark:



description:


tags: