Word: riches
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What do Schwarzman and Blackstone do for all this money? Oh, this and that, but mainly they buy publicly traded companies, take them private (that is, replace the public stockholders with private equity from institutions and rich individuals), do some abracadabra that increases the companies' value and then take them public again. The $20 billion to $40 billion that Blackstone is said to be worth--Schwarzman may own 40% of that--does not include the value of any company that it happens to own. It is solely the value of the abracadabra. Blackstone and other private-equity firms collect...
...billion company worth $10 billion already? Why does it take Blackstone's expensive intervention to get it there? More than $13 trillion is invested in publicly traded shares on the New York Stock Exchange. Another $3 trillion--plus is riding on the NASDAQ. Most of this isn't rich people's portfolios and trust funds; it's the savings and pension funds of middle-class Americans. Over the past couple of generations, they have been enticed into the stock market because it is supposed to be efficient and because everyone can get a piece of that efficiency...
...this disappointment will be laid to rest in April with the opening of the Cambridge Queen’s Head Pub. Old crew pennants from the Henley Cup, portraits of a positively paternal A. Lawrence Lowell, Former Unviersity President, and all manner of similarly rich Harvard bric-a-brac will adorn the walls of the space under Memorial Hall, in the shadow of the stifling modernity of the Science Center. Who’s laughing now, Jonas Salk...
...From Napoleon Hill (Think and Grow Rich) to Norman Vincent Peale (The Power of Positive Thinking), from Zig Ziglar (Born to Win) to Rick Warren (The Purpose-Driven Life), this idea has never lost its power over the American imagination. Giuliani tries to tap into that power by presenting himself as the ultimate can-do politician, a man who approaches government like a business, who prefers results over ideologies and who sees victory as the national birthright...
...Bayrou: For decades, America has been a dream for many French people. But gradually, with the Iraq war being the most recent stage, people have got the impression that the American dream was drying up. American society now seems founded on the laws of the rich and the influential, and that's something French people would never tolerate...