Thursday, May 30

ByKevin Sheekey

Mike Bloomberg offered his advice to Harvard Business School graduates Wednesday on restoring faith in business and government. Here are excerpts from the Boston Globe:

“As our political culture degenerates, so does our ability to address all the big challenges that we face. Now, the good news is there is a solution. In fact, I believe that the solution to our political problems is also the solution to our economic problems. And I can sum it up in one word: Integrity.

Mike told graduates how they can help lead the way, including these three ideas centered on his longstanding philanthropic work and his belief in investing in employees’ success:

“When applying for a job, align yourself with companies that are engaged in philanthropy. I tell job applicants all the time, if you want the fruits of your labor – the company’s profits – spent on education, public health, the arts, government innovation, and the environment, come to work at Bloomberg. If that’s not what you want, you’re not the right person for us.

Philanthropy gives us a competitive advantage, we think, in recruiting and retaining talent. And I can tell you from personal experience it is also good for the bottom line, as good a thing a company can do.

Third, give back on your own and don’t wait. I’ll never forget watching my father write a check for 50 bucks to the NAACP – which was a lot of money for us when I was a kid. I asked him, ‘Daddy, why?’ And he said, ‘Because discrimination against anyone is a threat to everyone.’

And I can just tell you after 50-plus years in business and government, people have a hell of a lot more respect for those who make a difference in society than they do for people who just make money. And the networks that you will make through philanthropy will open up lots of new opportunities for your career.

Gordon Gekko was wrong: greed ain’t good.

Fourth, if and when you end up in an executive position, don’t make one of the fundamental mistakes that I see businesses and boards make all the time: under-valuing their labor force, and over-compensating their CEOs. Management often treats workers like widgets – which they’re not. And boards treat CEOs like irreplaceable geniuses, which they rarely are.

At Bloomberg, we pay employees very well, we invest in their training and education, and we offer industry-leading benefits. In return, our employees pay us back ten-fold with their dedication and loyalty.

Doing right by your employees pays. It really does. And there is no better way to strengthen capitalism than to give people a greater stake in its success.”

Read Mike’s remarks here and watch the video here.

Robert Mueller’s Dire Warning – U.S. Elections Still At Risk:
Special Counsel Mueller ended his press conference Wednesday with a warning to the U.S., which should serve as a warning to democracies around the world: “I will close by reiterating the central allegation of our indictments — that there were multiple, systematic efforts to interfere in our election. That allegation deserves the attention of every American.”

Editorial of the Day: Special Counsel Robert Mueller’s Message to Congress: Make Sure Next U.S. Election is Free From Foreign Interference (Bloomberg Opinion editorial)
The House has passed legislation seeking to safeguard future elections from sabotage. So far the Senate has done little to advance the effort, and the president has shown not even perfunctory concern. This is irresponsible, at best.

Here’s Why – It’s Still Happening: 2020 Misinformation Campaigns Taking Aim at Latest Societal Issues (Axios)
Efforts to sow discord ahead of the U.S. 2020 election cycle are pegged to spreading misinformation around 5G, anti-vaccine fears, and immigration.

Hot on the Bloomberg:
-U.S.-EU Talks Struggle, Threatening a New Front in Trade War (Bloomberg)
-China Puts U.S. Soy Buying on Hold as Tariff War Escalates (Bloomberg)

More: Winner From the U.S.-China Trade Spat: Russian Soybean Farmers (Wall Street Journal)

Economics of Immigration: Prosperity Reigns Where Immigrants Live (Bloomberg Opinion – Matt Winkler)
U.S. states with the greatest concentration of immigrants create the most jobs and biggest increase in personal income. Where immigrants are relatively scarce, states generate the fewest jobs and smallest rise in income.

Today in Financial Data: Growth of Alternative Data Recasts One-Time Luxury as Necessity (Curatia)
Bloomberg splashed down into the space in February, offering access to niche datasets from more than 20 companies.

Travel Section: A Summer From Hell Is Coming to U.S. Airports (Bloomberg)
The grounding of the 737 Max and the potential loss of TSA staff to the Mexico border means cancelled flights and long lines.

First Look: Inside Disneyland’s Star Wars: Galaxy’s Edge (Bloomberg)
The 14-acre land is the largest-ever expansion of the Anaheim, California resort that founder Walt Disney used to create the theme park industry in 1955. Disney designers aimed to build a place where Star Wars fans can walk into their own intergalactic adventure. A second Galaxy’s Edge opens at Disney’s Hollywood Studios Park in Orlando, Fla., at the end of August.

Best of late night.

On Monday, a Dayton, Ohio TV weatherman snapped at viewers who were complaining on social media that his coverage of an approaching tornado interrupted the broadcast of Fox’s The Bachelorette. The Daily Show took it on:

“I can see it both ways. Here’s my compromise: I see what the weatherman is saying, I see what the Bachelorette fans are saying. I think we should combine the 2 worlds: the weatherman should do the weather report, and if he needs to interrupt the Bachelorette, he needs to update us on both. So he’s gotta be like ‘we’ve got a stage 5 tornado, and even crazier, Luke P said I love you and it’s only the second episode! This is wild! This is wild!’”
— Trevor Noah

“These people are complaining about missing a bit of The Bachelorette when tornadoes are coming at their house. I don’t think you should get mad Mr. Weatherman. I think you should just find out where these people live and then give them incorrect weather reports. Like, ‘Go outside with an aluminum bat Bill and see what happens!’”
— Trevor Noah

“It’s not like this guy is the only source for weather. Because we have phones. If a tornado comes, my phone will alert me, and then I’ll check the alert, and then I’ll get distracted by Instagram, and then the tornado will hit me while I’m liking photos.’”
— Trevor Noah

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