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In recent weeks, Ray Dalio of Bridgewater Associates sounded warnings about the international wealth gap in a series of posts declaring that capitalism was broken. According to Institutional Investor’s latest Rich List, he knows what he’s talking about, Andrew writes.
Mr. Dalio is the world’s wealthiest hedge fund manager this year. The magazine estimates that he earned billion in the last 12 months, up from a reported .3 billion in 2017.
Some other notable names and rankings:
2. Jim Simons of Renaissance Technologies, .5 billion
3. Ken Griffin of Citadel, 0 million
8. David Shaw of D.E. Shaw, 0 million
9. Chase Coleman of Tiger Global Management, 5 million
22. Steve Cohen of Point72, million
This list reflects hedge funds’ tough run in recent years, Andrew adds. When Mr. Dalio last topped the list, in 2011, he had reportedly made .9 billion.
“But the magnitude of the hedge fund managers’ compensation raises a very basic question about whether capitalism is ‘broken,’” Andrew writes. “Even if Mr. Dalio took home 0 million, the rest of his income could pay 10,000 families 0,000 each.”
The co-working company said yesterday that it had filed confidentially to go public, potentially becoming the latest billion-plus “decacorn” to pursue a stock listing, Michael de la Merced and Andrew report in the NYT.
WeWork’s I.P.O. would be a big one. The company was last valued at about billion, which would make it one of the largest market debuts in some time. (Though not as big as Uber’s will be.)
WeWork stands out from other decacorns for its ambition. It’s one of the biggest corporate landlords worldwide, but has sought to expand into meetups, private schooling and even wave pools.
It may test investors’ tolerance for red ink. WeWork’s losses doubled last year to .9 billion. The company says growth has to come first, but critics wonder whether it will ever make money — and what its books would look like in a recession.
President Trump, his family and his company sued Deutsche Bank and Capital One yesterday, in an effort to prevent the banks from telling Congress about their finances.
Deutsche Bank was subpoenaed by the House Intelligence and Financial Services Committees weeks ago. They’re investigating potential money-laundering by people in Russia and Eastern Europe, unnamed sources told the NYT.
The bank could provide a trove of details on Mr. Trump’s finances. Since the late 1990s, it has been the only mainstream financial firm to do business with him. His son, Donald Trump Jr., and the family of his son-in-law, Jared Kushner, also borrowed there.
Mr. Trump and his team plan to fight all subpoenas, arguing that they are point-scoring efforts by Democrats. The White House and the Justice Department have ordered current and former Trump aides not to comply.
“The subpoenas were issued to harass President Donald J. Trump,” the Trumps argued in the latest lawsuit. “No grounds exist to establish any purpose other than a political one.”
Alphabet, the parent company of Google, said revenue in its most recent quarter rose 17 percent from the same period last year. That was its first quarter without growth of 20 percent or more since 2016, Daisuke Wakabayashi of the NYT writes.
Alphabet blamed the strong dollar, which dented revenue by .2 billion. “Google executives rattled off a long list of currencies weakening against the dollar, including the euro, the British pound, Brazilian real and Indian rupee,” Mr. Wakabayashi writes.
Otherwise, executives “did not offer much detail” about the slowdown. Alphabet does not employ a quarter-by-quarter strategy, they said, and it invests for the long term.
But its ad business may be under strain. “Alphabet said clicks on advertisements on sites like Google and YouTube grew 39 percent — a notch below increases of 50 to 60 percent in recent quarters,” Mr. Wakabayashi writes. And “the rate at which consumers are clicking on YouTube ads is not increasing as fast as before.”
Wall Street was spooked, having expected 19 percent growth. Alphabet’s revenue was short of expectations by billion, and its stock slid in after-hours trading.
The Labor Department has exempted an unnamed organization from enforcing pay standards that are applied to employees, Noam Scheiber of the NYT writes.
Gig economy companies like contractor status because it means they don’t have to pay minimum wages (some Uber drivers reportedly earn as little as an hour). It also means they don’t need to provide overtime or holiday pay, or pay a share of Social Security taxes.
Now one company is officially off the hook. The Labor Department declared that one organization, whose workers appear to clean residences, are contractors and not employees. It’s a shift from the Obama administration view, which had pushed for workers to be classified as employees.
“While the decision officially applies only to that company, legal experts said it was likely to affect a much larger portion of the industry,” Mr. Scheiber writes.
That’s good news for Uber and Lyft, in particular, which have both cited their workers being labelled as employees as a major threat to their business models.
Since leaving Microsoft, Steve Ballmer has focused a lot of his time on USAFacts, a start-up that produces what he calls a nonpartisan 10-K for the U.S. The group presents its third big report today, but here’s a sneak peek at some of the highlights:
• “Families and individuals in the middle 20 percent of income earners make 9 percent less in wages and salaries than they did in 2000; however, they also receive 59 percent more in transfers from the government and pay 12 percent less in taxes.”
• “In 2016, federal, state, and local governments ran a combined deficit of 0 billion, close to our total government spending on national defense and veterans in that same year.”
• “Government health insurance programs cost more than private insurance, but the cost of private insurance is rising faster.”
In his first major public address since the grounding of the 737 Max fleet, Boeing’s C.E.O., Dennis Muilenburg, faced questions at a shareholder meeting about the company’s credibility and its safety procedures following two fatal crashes, Natalie Kitroeff of the NYT writes.
• “Asked whether he had considered resigning, Mr. Muilenburg said he planned to stay in his role.”
• “Shareholders at the meeting pressed the chief executive to account for possible design flaws in the jet and in the regulatory oversight of the company. During one exchange, a shareholder asked him why the plane was built with a system that relied on a single point of failure.”
• “Mr. Muilenburg said the design of that system was ‘consistent with our processes’ and noted that safety was Boeing’s top priority. The fix is expected to be submitted to the F.A.A. in the coming weeks.”
• Boeing also said that an alert that was “supposed to inform pilots when two sensors on the plane disagreed was not functioning as intended.” It worked “only if airlines had bought an optional feature that showed readings from those sensors on displays in the cockpit.”
• But “with the certified software update implemented, the 737 Max will be one of the safest airplanes ever to fly,” Mr. Muilenburg vowed.
Several Democratic presidential hopefuls see tax avoidance by big companies as a powerful campaign theme. But so far they don’t seem to be getting their message across, Stephanie Saul and Patricia Cohen of the NYT write.
60 Fortune 500 companies paid no federal taxes on billion in corporate income last year, according to a recent report. Amazon said its effective tax rate last year was below zero: It got a .8 billion rebate.
Democrats want to change that. Senators Bernie Sanders and Elizabeth Warren, in particular, have called for changes to the corporate tax system.
But they haven’t figured out how to turn anxiety over income inequality into a political advantage. President Trump is “at least talking about how good the economy is and what I’ve done for you,” David Betras, the Democratic chairman in Mahoning County, told the NYT.
Corporate taxes may not resonate with voters in the same way topics like health care or immigration do. And Ms. Saul and Ms. Cohen note that, done incorrectly, calls for increased corporate taxes could alienate swing voters.
Rod Rosenstein plans to step down as deputy attorney general on May 11.
Eatsa, a maker of automated restaurant technology, has hired Adam Brotman, the former chief digital officer of Starbucks, as C.E.O.
• Airbnb’s C.E.O., Brian Chesky, says the company will be ready for an I.P.O. later this year. (CNBC)
• Menlo Ventures is poised to break into the top tier of Silicon Valley venture capital firms — and make billions — because of Uber’s I.P.O. (TechCrunch)
• Anadarko said it would open sales negotiations with Occidental, suggesting it will abandon a takeover bid by Chevron. (Reuters)
• T-Mobile and Sprint delayed the deadline for their proposed merger till July 29. Regulators are still looking at it. (Reuters)
• Chewy, the online pet products retailer owned by PetSmart, filed to go public. (WSJ)
Politics and policy
• The Fed is running out of ways to fight the next recession. (Upshot)
• The White House is reviewing past writing by Stephen Moore, President Trump’s potential nominee for the Fed board, amid accusations that he denigrated women. A Republican senator, Joni Ernst of Iowa, said she was “not enthusiastic” about his nomination. (NYT, Politico)
• A top U.S. intelligence official said America would reconsider sharing intelligence with allies that use Huawei equipment in their telecom networks. (WSJ)
• Treasury Secretary Steven Mnuchin suggested that a trade agreement with China could be finalized by the end of next week. (WSJ)
• Iran’s economy is struggling as a result of the Trump administration’s sanctions. (FT)
• Vodafone said it found hidden backdoors in Huawei equipment in 2011. (Bloomberg)
• Marriott wants to take on Airbnb by offering home rentals. Airbnb wants to take on Marriott by offering apartment-style luxury hotel suites. (WSJ, Wired)
• Samsung’s profits have fallen, as it struggles with decreased demand for its memory chips and displays. (WSJ)
• Tesla hopes to invigorate its solar business by slashing prices. The company is also finding it harder to raise money. (NYT, WSJ)
• Facebook is letting academics study some of its data for the first time. (FT)
• Uber and Lyft have reportedly stopped accepting new drivers in New York City. (Politico)
Best of the rest
• Teens apparently say that they don’t vape, they “Juul.” That’s making it hard to track e-cigarette use. (Bloomberg)
• More blue-collar jobs are being filled by women. (WSJ)
• The measles outbreak in the U.S. is now the worst in decades, with over 700 reported cases. (NYT)
• The chairman of the French telecom company Iliad has been fined 600,000 euros, or about 0,000, for insider trading. (FT)
• E.U. officials will investigate the Danske Bank money laundering scandal. (FT)
• JPMorgan Chase offered financial tips on Twitter — and got some brutal advice in return. (WaPo)
• “Avengers: Endgame” was a hit on Wall Street for Walt Disney, pushing its stock price up. Movie theaters weren’t so lucky. (WSJ, Barron’s)
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【在】【这】【一】【刻】，【土】【拨】【鼠】【真】【的】【是】【皱】【起】【了】【眉】【头】，【他】【觉】【得】【自】【己】【真】【是】【糟】【糕】【透】【了】，【没】【想】【到】【会】【是】【这】【样】【的】【情】【景】，【现】【在】【后】【悔】【不】【知】【道】【还】【来】【不】【来】【得】【及】。 【不】【过】【既】【然】【已】【经】【走】【到】【这】【一】【步】【了】，【那】【么】【他】【就】【永】【远】【不】【会】【后】【悔】，【于】【是】【抚】【平】【了】【一】【下】【自】【己】，【还】【乱】【蹦】【乱】【跳】【的】【小】【心】【脏】，【微】【微】【的】【勾】【起】【了】【嘴】【角】。：“【你】【好】【呀】。” 【老】【鼠】【一】【出】【来】【看】【到】【是】【土】【拨】【鼠】【之】【后】，【顿】【时】【没】【好】【气】
【每】【隔】【一】【段】【时】【间】【都】【会】PY【几】【本】【新】【书】，【今】【天】【准】【备】【了】【三】【本】，【大】【家】【可】【以】【去】【看】【看】。 【第】【一】【本】：《【刺】【客】【的】【万】【界】【之】【旅】》 “【我】【是】【一】【个】【刺】【客】。”【无】【论】【何】【时】【何】【地】，【苏】【宇】【都】【如】【是】【说】【道】。 【于】【是】，【漫】【威】【世】【界】【里】，【他】【用】【拳】【头】【怼】【翻】【了】【绿】【胖】【子】； DC【世】【界】【里】，【他】【用】【法】【术】【轰】【趴】【了】【雷】【霆】【沙】【赞】； 【艾】【泽】【拉】【斯】【大】【陆】【上】，【他】【和】【精】【灵】【们】【以】【弓】【箭】【技】【艺】【一】【决】【高】凤凰马经002【宁】【裴】【山】【右】【腕】【一】【颤】，【方】【才】【被】【孽】【妖】【熄】【灭】【的】【法】【阵】【锁】【链】【上】，【再】【次】【升】【腾】【起】【了】【火】【焰】！ 【紫】【色】【的】【烈】【焰】【比】【之】【前】【来】【得】【更】【加】【猛】【烈】，【甚】【至】【还】【泛】【着】【金】【色】【的】【光】【样】【交】【织】【在】【一】【起】！ 【红】【色】【的】【朱】【砂】【字】【节】【在】【符】【咒】【上】【不】【断】【跳】【动】，【震】【动】【而】【起】【的】【符】【文】【一】【时】【更】【是】【化】【作】【数】【道】【锁】【链】，【如】【巨】【大】【的】【蛛】【网】【一】【齐】【向】【着】【对】【方】【袭】【去】！ 【紫】【色】【的】【火】【焰】【腾】【飞】，【顷】【刻】【间】，【便】【将】【孽】【妖】【的】【身】【躯】【死】
“【雷】【马】【怎】【么】【了】？” 【远】【远】【的】，【时】【影】【便】【能】【看】【到】【雷】【马】【躺】【在】【兵】【阳】【怀】【里】，【连】【忙】【跑】【了】【过】【来】。 【原】【来】【海】【菟】、【音】【逅】、【桓】【祭】【三】【人】【与】【时】【影】、【空】【影】、【冼】【筑】【三】【人】【汇】【合】【后】，【时】【影】【也】【不】【主】【张】【杀】【了】【洛】【珊】，【他】【打】【算】【从】【洛】【珊】【口】【中】【获】【得】【更】【多】【神】【族】【信】【息】。 【因】【此】【时】【影】【想】【到】【了】【杜】【苟】，【他】【擅】【长】【施】【毒】，【可】【以】【给】【洛】【珊】【下】【一】【种】【毒】【物】，【既】【不】【害】【她】【性】【命】，【又】【能】【压】【制】【她】【神】【力】。
【齐】【赵】【联】【军】【大】【营】【内】，【此】【刻】【已】【经】【混】【战】【成】【一】【片】。 【面】【对】【楚】【军】【毫】【无】【征】【兆】【发】【起】【的】【突】【然】【袭】【击】，【齐】【赵】【联】【军】【被】【揍】【的】【晕】【头】【转】【向】。 【战】【况】【最】【惨】【烈】【的】【莫】【过】【于】【东】【营】【了】，【此】【时】【已】【是】【血】【流】【成】【河】，【无】【数】【人】【马】【倒】【下】。 【楚】【军】【一】【众】【将】【领】【带】【头】【冲】【锋】，【以】【一】【力】【降】【十】【会】【之】【势】，【将】【齐】【军】【刚】【刚】【布】【下】【的】【阵】【法】【瞬】【间】【突】【破】。【再】【加】【上】【天】【熊】【军】【团】【上】【马】【能】【战】，【下】【马】【能】【杀】，【把】【阵】【列】【杀】
【夜】【色】【降】【临】【一】【脸】【骚】【红】【的】【玛】【莎】【拉】【蒂】【跑】【车】【停】【在】【的】【杨】【家】【宴】【的】【门】【口】。【从】【车】【上】【下】【来】【的】【杨】【东】【旭】【看】【着】【自】【己】【的】【跑】【车】【不】【禁】【挠】【了】【挠】【头】。 【想】【当】【年】【对】【于】【眼】【前】【这】【辆】【人】【生】【第】【一】【辆】【跑】【车】【他】【喜】【欢】【的】【不】【得】【了】，【开】【在】【长】【安】【大】【街】【上】【各】【种】【感】【觉】【有】【面】【子】。【可】【时】【隔】【多】【年】【再】【次】【开】【着】【这】【样】【的】【跑】【车】【在】【大】【街】【上】【溜】【达】【的】【时】【候】，【总】【感】【觉】【有】【一】【种】【闷】【骚】【的】【感】【觉】。 “【或】【许】【是】【因】【为】【当】【爹】【心】【态】