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As a religious organization, the LDS Church enjoys several tax advantages. Like other churches, it is often exempt from paying taxes on the real estate properties it leases out, even to commercial entities, says tax lawyer David Miller, who is not Mormon. The church also doesn’t pay taxes on donated funds and holdings.

Under U.S. law, churches can legally turn around and sell donated stock without paying capital-gains taxes, a clear advantage for both donor and receiver.

According to U.S. law, religions have no obligation to open their books to the public, and the LDS Church officially stopped reporting any finances in the early 1960s. In 1997 an investigation by Time used cross-religious comparisons and internal information to estimate the church’s total value at $30 billion. The magazine also produced an estimate that $5 billion worth of tithing flows into the church annually, and that it owned at least $6 billion in stocks and bonds.

a recent investigation by Reuters in collaboration with sociology professor Cragun estimates that the LDS Church is likely worth $40 billion today and collects up to $8 billion in tithing each year.

Several high-ranking church insiders told him that the church’s finances are so compartmentalized that no single person, not even the president, knows the entirety of its holdings

it’s important to start at the very top: The Mormon Church is owned and run by what is called the Corporation of the President of the Church of Jesus Christ of Latter-day Saints. This entity is a “corporation sole,” which is an obscure legal body owned entirely by one person. In the case of the Mormon Church, that person is Monson, the prophet.

McMullin says the Mormon Church has “two or three or four for-profit entities under the Presiding Bishopric,” and names DMC, AgReserves, and Suburban Land Reserve. He says DMC has about “2,000 to 3,000 employees.” He also confirms Hoover’s estimate that DMC has annual revenue of roughly $1.2 billion

The Mormon belief in the spiritual value of financial success goes back to 1830, when the religion’s founder, Joseph Smith, announced to his followers that God had told him the following: “Verily I say unto you, that all things unto me are spiritual, and not at any time have I given unto you a law which was temporal.” In other words, historian Quinn translates, “whether it’s investing in a merchandising store, or tannery, or a lumber mill, or a hotel, or a bank—all of which occurred under Joseph Smith’s leadership—according to that 1830 revelation, it’s all spiritual.”

In its early days, the church’s entrepreneurial rigor was fueled by necessity. Mormons, who clashed with neighbors and government authorities over practices such as polygamy, often had to fend for themselves. The group also espoused separatist financial goals of “erecting and maintaining an improved economic system for its members,” according to historian Leonard J. Arrington, who points out that 88 of Smith’s 112 revelations deal directly or indirectly with economic matters.

When Mormons arrived in Utah in 1847 it was a barren territory, still under Mexican jurisdiction. To settle the land, Arrington writes, over a 15-year period in the late 1800s, “Mormons constructed 200 miles of territorial railroad, a $300,000 woolen mill, a large cotton factory, a wholesale-retail concern with sales of $6,000,000 a year, more than 150 local general stores, and at least 500 local cooperative manufacturing and service enterprises.”

oday, Temple Square is filled with statues glorifying the industry of those pioneers. The state emblem is a beehive, in honor of diligent work, and the term “deseret,” used in the titles of many Latter-day enterprises, derived from the Book of Mormon, means “honeybee.”

Until the 1990s, wards—the Mormon equivalent of parishes—kept some donated member money locally to distribute for aid and activities as they saw fit. Today all money is wired directly to Salt Lake City. McMullin insists that not one penny of tithing goes to the church’s for-profit endeavors, but it’s impossible for church members to know for sure. Although the Mormon Doctrine and Covenants says “all things shall be done by common consent in the church,” members are not provided with any financial accounting.

the Mormon Church donates only about 0.7 percent of its annual income to charity; the United Methodist Church gives about 29 percent.

“Though the church’s monetary donations are significant, much of the ‘value’ of our service is not monetary, but in the hundreds of thousands of hours of service and the talent and expertise given by church members to help others around the world.”

The LDS Church’s legions of missionaries and volunteers don’t merely spread the Mormon message around the world; they’re also vital to the church’s businesses. According to McMullin, DMC alone employs 1,400 “people who are volunteering their time and their services—some are part-time and some are volunteer.” Many of these members being asked to serve full- or part-time are retirees.

Instead, Ukraine struck a deal with Russia in December, which has seen big cuts in the price of gas imports from Russia. Moscow also supported Ukraine's finances with a $15bn purchase of government bonds.

Some 10,000 people are estimated to have gathered for this latest rally - considerably fewer than the peak of the campaign in December which saw crowds estimated at 200,000.

"The authorities are pretending they cannot hear us. I know it's hard for us, but we have enough strength to win," Mr Klitschko told the crowd.

The last major opposition protest at the end of December was given further impetus by an attack on activist and journalist Tetyana Chornovol, who was severely beaten up on Christmas Day.

She had accused Mr Yanukovych of corruption over his financing of his official residence outside Kiev.

Mr Yanukovych denied any allegation of corruption and called for an investigation into the attack on Ms Chornovol.

Intel, founded by Gordon Moore and Robert Noyce, both physicists, began by building memory chips that were twice as fast as old ones. Sun Microsystems introduced a new kind of modular computer system, built by one of its founders, Andy Bechtolsheim. Their “big ideas” were expressed in physical products and grew out of their own technical expertise. In that light, Meraki, which came from Biswas’s work at M.I.T., can be seen as having its origins in the old guard. And it followed what was for decades the highway that connected academia to industry: Grad students researched technology, powerful advisers brokered deals, students dropped out to parlay their technologies into proprietary solutions, everyone reaped the profits. That implicit guarantee of academia’s place in entrepreneurship has since disappeared. Graduate students still drop out, but to start bike-sharing apps and become data scientists. That is, if they even make it to graduate school. The success of self-educated savants like Sean Parker, who founded Napster and became Facebook’s first president with no college education to speak of, set the template. Enstitute, a two-year apprenticeship, embeds high-school graduates in plum tech positions. Thiel Fellowships, financed by the PayPal co-founder and Facebook investor Peter Thiel, give $100,000 to people under 20 to forgo college and work on projects of their choosing.

Much of this precocity — or dilettantism, depending on your point of view — has been enabled by web technologies, by easy-to-use programming frameworks like Ruby on Rails and Node.js and by the explosion of application programming interfaces (A.P.I.s) that supply off-the-shelf solutions to entrepreneurs who used to have to write all their own code for features like a login system or an embedded map. Now anyone can do it, thanks to the Facebook login A.P.I. or the Google Maps A.P.I.

One of the more enterprising examples of these kinds of interfaces is the start-up Stripe, which sells A.P.I.s that enable businesses to process online payments. When Meraki first looked into taking credit cards online, according to Biswas, it was a monthslong project fraught with decisions about security and cryptography. “Now, with Stripe, it takes five minutes,” he said. “When you combine that with the ability to get a server in five minutes, with Rails and Twitter Bootstrap, you see that it has become infinitely easier for four people to get a start-up off the ground.”

The sense that it is no longer necessary to have particularly deep domain knowledge before founding your own start-up is real; that and the willingness of venture capitalists to finance Mark Zuckerberg look-alikes are changing the landscape of tech products. There are more platforms, more websites, more pat solutions to serious problems

There’s a glass-half-full way of looking at this, of course: Tech hasn’t been pedestrianized — it’s been democratized. The doors to start-up-dom have been thrown wide open. At Harvard, enrollment in the introductory computer-science course, CS50, has soared

many of the hottest web start-ups are not novel, at least not in the sense that Apple’s Macintosh or Intel’s 4004 microprocessor were. The arc of tech parallels the arc from manufacturing to services. The Macintosh and the microprocessor were manufactured products. Some of the most celebrated innovations in technology have been manufactured products — the router, the graphics card, the floppy disk

One of Stripe’s founders rowed five seat in the boat I coxed freshman year in college; the other is his older brother. Among the employee profiles posted on its website, I count three of my former teaching fellows, a hiking leader, two crushes. Silicon Valley is an order of magnitude bigger than it was 30 years ago, but still, the start-up world is intimate and clubby, with top talent marshaled at elite universities and behemoths like Facebook and Google.

A few weeks ago, a programmer friend and I were talking about unhappiness, in particular the kind of unhappiness that arises when you are 21 and lavishly educated with the world at your feet. In the valley, it’s generally brought on by one of two causes: coming to the realization either that your start-up is completely trivial or that there are people your own age so knowledgeable and skilled that you may never catch up.

The latter source of frustration is the phenomenon of “the 10X engineer,” an engineer who is 10 times more productive than average. It’s a term that in its cockiness captures much of what’s good, bad and impossible about the valley. At the start-ups I visit, Friday afternoons devolve into bouts of boozing and Nerf-gun wars. Signing bonuses at Facebook are rumored to reach the six digits. In a landscape where a product may morph several times over the course of a funding round, talent — and the ability to attract it — has become one of the few stable metrics.

there is a surprising amount of angst in Silicon Valley. Which is probably inevitable when you put thousands of ambitious, talented young people together and tell them they’re god’s gift to technology. It’s the angst of an early hire at a start-up that only he realizes is failing; the angst of a founder who raises $5 million for his company and then finds out an acquaintance from college raised $10 million; the angst of someone who makes $100,000 at 22 but is still afraid that he may not be able to afford a house like the one he grew up in.

San Francisco, which is steadily stealing the South Bay’s thunder. (“Sometime in the last two years, the epicenter of consumer technology in Silicon Valley has moved from University Ave. to SoMa,” Terrence Rohan, a venture capitalist at Index Ventures, told me

Both the geographic shift north and the increasingly short product cycles are things Jim attributes to the rise of Amazon Web Services (A.W.S.), a collection of servers owned and managed by Amazon that hosts data for nearly every start-up in the latest web ecosystem.Continue reading the main story

now, every start-up is A.W.S. only, so there are no servers to kick, no fabs to be near. You can work anywhere. The idea that all you need is your laptop and Wi-Fi, and you can be doing anything — that’s an A.W.S.-driven invention.”

This same freedom from a physical location or, for that matter, physical products has led to new work structures. There are no longer hectic six-week stretches that culminate in a release day followed by a lull. Every day is release day. You roll out new code continuously, and it’s this cycle that enables companies like Facebook, as its motto goes, to “move fast and break things.”

Part of the answer, I think, lies in the excitement I’ve been hinting at. Another part is prestige. Smart kids want to work for a sexting app because other smart kids want to work for the same sexting app. “Highly concentrated pools of top talent are one of the rarest things you can find,” Biswas told me, “and I think people are really attracted to those environments.

These days, a new college graduate arriving in the valley is merely stepping into his existing network. He will have friends from summer internships, friends from school, friends from the ever-increasing collection of incubators and fellowships.

As tech valuations rise to truly crazy levels, the ramifications, financial and otherwise, of a job at a pre-I.P.O. company like Dropbox or even post-I.P.O. companies like Twitter are frequently life-changing. Getting these job offers depends almost exclusively on the candidate’s performance in a series of technical interviews, where you are asked, in front of frowning hiring managers, to whip up correct and efficient code.

Moreover, a majority of questions seem to be pulled from undergraduate algorithms and data-structures textbooks, which older engineers may have not laid eyes on for years.

Scalia declared that “a person who is required to put his name to a document is much less likely to lie than one who can lie anonymously.”Scalia concluded: “I can imagine no reason why an anonymous leaflet is any more honorable, as a general matter, than an anonymous phone call or an anonymous letter. It facilitates wrong by eliminating accountability, which is ordinarily the very purpose of the anonymity.”

Some plaintiffs even assert that practically all the loans should never have been included in some bonds issued in 2006 and 2007. For instance, in litigation against Bear Stearns, private investors, after doing analyses of the underlying mortgages, have asserted that 80 to 100 percent of the loans did not meet minimum standards, according to a survey of court filings by Nomura bank.

Scott Woolley of Fortune magazine wrote a deeply reported story in 2010 during Ms. Fiorina’s unsuccessful Senate campaign in California that detailed a questionable deal she championed. Mr. Woolley focused on a vendor-financed transaction with a small company, PathNet, a sale that was valued at as much as $2.1 billion, though PathNet had only $1.6 million in annual revenue. It later filed for bankruptcy.

While Mrs. Fiorina wasn’t responsible for the accounting fraud — she was never accused of being involved in any financial shenanigans — she did work with, and helped support, some of the employees who came under legal scrutiny for acts that took place after she left. One of those executives was Nina Aversano, a senior executive at Lucent who played a role in the company’s aggressive sales and accounting tactics. Mrs. Fiorina, somewhat famously inside of Lucent, literally kissed the feet of Ms. Aversano on stage in front of hundreds of employees after a particularly good quarter.

Ms. Endlich Heffernan’s book connects Mrs. Fiorina to two other failures while she was at Lucent. In one, Mrs. Fiorina was assigned to run Lucent’s consumer products business. Perhaps that division was always destined for failure — it included Lucent’s handset business just as the world was pivoting to mobile communications. But Mrs. Fiorina orchestrated a joint venture with the Dutch electronics giant Philips Electronics that turned out to be a mess, one that she later told The Wall Street Journal was the biggest mistake of her career.

Then there was Lucent’s 1999 acquisition of Ascend Communications for more than $22 billion. That deal may go down in history as one of the worst. Again, however, Mrs. Fiorina wasn’t in charge at Lucent. Was she consulted on the transaction? Yes. But she didn’t try to object to it.

Donald Trump was right when he said during the debate last week: “You know, if you look at what happened at Lucent under her tenure, it was not a good picture.”

Stiglitz has made the case that the rise in inequality in the US, far from being the natural outcome of market forces, has been profoundly shaped by “our policies and our politics,” with disastrous effects on society and the economy as a whole. In a recent report for the Roosevelt Institute called Rewriting the Rules, Stiglitz has laid out a detailed list of reforms that he argues will make it possible to create “an economy that works for everyone.”

his entire career in academia has been devoted to showing how markets cannot always be counted on to produce ideal results. In a series of enormously important papers, for which he would eventually win the Nobel Prize, Stiglitz showed how imperfections and asymmetries of information regularly lead markets to results that do not maximize welfare.

He also argued that this meant, at least in theory, that well-placed government interventions could help correct these market failures

in books like Globalization and Its Discontents (2002) he offered up a stinging critique of the way the US has tried to manage globalization, a critique that made him a cult hero in much of the developing world

Stiglitz has been one of the fiercest critics of the way the Eurozone has handled the Greek debt crisis, arguing that the so-called troika’s ideological commitment to austerity and its opposition to serious debt relief have deepened Greece’s economic woes and raised the prospect that that country could face “depression without end.”

For Stiglitz, the fight over Greece’s future isn’t just about the right policy. It’s also about “ideology and power.

there’s a good case to be made that the sheer amount of rent-seeking in the US economy has expanded over the years. The number of patents is vastly greater than it once was. Copyright terms have gotten longer. Occupational licensing rules (which protect professionals from competition) are far more common. Tepid antitrust enforcement has led to reduced competition in many industries

The Great Divide is somewhat fragmented and repetitive, but it has a clear thesis, namely that inequality in the US is not an unfortunate by-product of a well-functioning economy. Instead, the enormous riches at the top of the income ladder are largely the result of the ability of the one percent to manipulate markets and the political process to their own benefit.

Inequality obviously has no single definition. As Stiglitz writes:There are so many different parts to America’s inequality: the extremes of income and wealth at the top, the hollowing out of the middle, the increase of poverty at the bottom. Each has its own causes, and needs its own remedies.

his preoccupation here is primarily with why the rich today are so much richer than they used to be.

the main reason people at the top are so much richer these days than they once were (and so much richer than everyone else) is not that they own so much more capital: it’s that they get paid much more for their work than they once did, while everyone else gets paid about the same, or less

while incomes at the top have risen in countries around the world, nowhere have they risen faster than in the US.

One oft-heard justification of this phenomenon is that the rich get paid so much more because they are creating so much more value than they once did

as companies have gotten bigger, the potential value that CEOs can add has increased as well, driving their pay higher.

Stiglitz will have none of this. He sees the boom in the incomes of the one percent as largely the result of what economists call “rent-seeking.”

from the perspective of the economy as a whole, rent-seeking is a waste of time and energy. As Stiglitz puts it, the economy suffers when “more efforts go into ‘rent seeking’—getting a larger slice of the country’s economic pie—than into enlarging the size of the pie.”

The work of Piketty and his colleague Emmanuel Saez has been instrumental in documenting the rise of income inequality, not just in the US but around the world. Major economic institutions, like the IMF and the OECD, have published studies arguing that inequality, far from enhancing economic growth, actually damages it. And it’s now easy to find discussions of the subject in academic journals.

. After all, while pretax inequality is a problem in its own right, what’s most destructive is soaring posttax inequality. And it’s posttax inequality that most distinguishes the US from other developed countries

All this rent-seeking, Stiglitz argues, leaves certain industries, like finance and pharmaceuticals, and certain companies within those industries, with an outsized share of the rewards

within those companies, the rewards tend to be concentrated as well, thanks to what Stiglitz calls “abuses of corporate governance that lead CEOs to take a disproportionate share of corporate profits” (another form of rent-seeking)

This isn’t just bad in some abstract sense, Stiglitz suggests. It also hurts society and the economy

It alienates people from the system. And it makes the rich, who are obviously politically influential, less likely to support government investment in public goods (like education and infrastructure) because those goods have little impact on their lives.

More interestingly (and more contentiously), Stiglitz argues that inequality does serious damage to economic growth: the more unequal a country becomes, the slower it’s likely to grow. He argues that inequality hurts demand, because rich people consume less of their incomes. It leads to excessive debt, because people feel the need to borrow to make up for their stagnant incomes and keep up with the Joneses. And it promotes financial instability, as central banks try to make up for stagnant incomes by inflating bubbles, which eventually burst

exactly why inequality is bad for growth turns out to be hard to pin down—different studies often point to different culprits. And when you look at cross-country comparisons, it turns out to be difficult to prove that there’s a direct connection between inequality and the particular negative factors that Stiglitz cites

This doesn’t mean that, as conservative economists once insisted, inequality is good for economic growth. In fact, it’s clear that US-style inequality does not help economies grow faster, and that moving toward more equality will not do any damage

Similarly, Stiglitz’s relentless focus on rent-seeking as an explanation of just why the rich have gotten so much richer makes a messy, complicated problem simpler than it is

When we talk about the one percent, we’re talking about two groups of people above all: corporate executives and what are called “financial professionals” (these include people who work for banks and the like, but also money managers, financial advisers, and so on)

The emblematic figures here are corporate CEOs, whose pay rose 876 percent between 1978 and 2012, and hedge fund managers, some of whom now routinely earn billions of dollars a year

Shareholders, meanwhile, had fewer rights and were less active. Since then, we’ve seen a host of reforms that have given shareholders more power and made boards more diverse and independent. If CEO compensation were primarily the result of bad corporate governance, these changes should have had at least some effect. They haven’t. In fact, CEO pay has continued to rise at a brisk rate

So what’s really going on? Something much simpler: asset managers are just managing much more money than they used to, because there’s much more capital in the markets than there once was

that means that an asset manager today can get paid far better than an asset manager was twenty years ago, even without doing a better job.

there’s no convincing evidence that CEOs are any better, in relative terms, than they once were, and plenty of evidence that they are paid more than they need to be, in view of their performance. Similarly, asset managers haven’t gotten better at beating the market.

More important, probably, has been the rise of ideological assumptions about the indispensability of CEOs, and changes in social norms that made it seem like executives should take whatever they could get.

It actually has important consequences for thinking about how we can best deal with inequality. Strategies for reducing inequality can be generally put into two categories: those that try to improve the pretax distribution of income (this is sometimes called, clunkily, predistribution) and those that use taxes and transfers to change the post-tax distribution of income

he has high hopes that better rules, designed to curb rent-seeking, will have a meaningful impact on the pretax distribution of income. Among other things, he wants much tighter regulation of the financial sector

t it would be surprising if these rules did all that much to shrink the income of much of the one percent, precisely because improvements in corporate governance and asset managers’ transparency are likely to have a limited effect on CEO salaries and money managers’ compensation.

Most importantly, the financial industry is now a much bigger part of the US economy than it was in the 1970s, and for Stiglitz, finance profits are, in large part, the result of what he calls “predatory rent-seeking activities,” including the exploitation of uninformed borrowers and investors, the gaming of regulatory schemes, and the taking of risks for which financial institutions don’t bear the full cost (because the government will bail them out if things go wrong).

The redistributive policies Stiglitz advocates look pretty much like what you’d expect. On the tax front, he wants to raise taxes on the highest earners and on capital gains, institute a carbon tax and a financial transactions tax, and cut corporate subsidies

It’s also about investing. As he puts it, “If we spent more on education, health, and infrastructure, we would strengthen our economy, now and in the future.” So he wants more investment in schools, infrastructure, and basic research.

The core insight of Stiglitz’s research has been that, left on their own, markets are not perfect, and that smart policy can nudge them in better directions.

Of course, the political challenge in doing any of this (let alone all of it) is immense, in part because inequality makes it harder to fix inequality. And even for progressives, the very familiarity of the tax-and-transfer agenda may make it seem less appealing.

the policies that Stiglitz is calling for are, in their essence, not much different from the policies that shaped the US in the postwar era: high marginal tax rates on the rich and meaningful investment in public infrastructure, education, and technology. Yet there’s a reason people have never stopped pushing for those policies: they worked

Far from being a curse that concentrates power in the hands of an elite, renewables work most effectively when in community ownership. Energiewende (energy transformation) in Germany has shown this to be the case. Here, local ownership of renewables has provided a dramatic economic payback to investing communities.

The end game of climate change was always going to be a tussle between the vested interests of the past, using the wealth and power of the fossil fuel era to defend their assets, and the visionary supporters of the new clean energy technologies. The powerhouse states of the fossil era look set to overtake us on the path to a renewable energy future, while we continue to live under a finance curse inflicted on us by a government deeply attached to the finance industry.

not only is the total number of manufacturing jobs limited globally, but a smaller share of those jobs will be local.

To understand what needs to be done, we have to understand the economy’s problems before the crisis hit.

while the buildup of reserves – currently around $7.6 trillion in emerging and developing economies – protected them, money going into reserves was money not spent.

ith oil prices back above $100 a barrel this summer – and still high – money is once again being transferred to the oil-exporting countries. And the structural transformation of the advanced economies, implied by the need to move labor out of traditional manufacturing branches, is occurring very slowly.

Government plays a central role in financing the services that people want, like education and health care. And government-financed education and training, in particular, will be critical in restoring competitiveness in Europe and the US. But both have chosen fiscal austerity, all but ensuring that their economies’ transitions will be slow.

The prescription for what ails the global economy follows directly from the diagnosis: strong government expenditures, aimed at facilitating restructuring, promoting energy conservation, and reducing inequality, and a reform of the global financial system that creates an alternative to the buildup of reserves.

“My comparison is to speed limits,” Ms. Admati said in an interview near the Stanford campus. “Basically what we have here is the market has decided nobody else should be driving faster than 70 miles an hour and these are the biggest trucks with the most explosive cargo and they are driving at almost 100 miles an hour.”

“At one level, the story on capital and liquidity ratios is very simple: From the viewpoint of the stability of the financial system, more of each is better,” he said. But the United States, he said, was constrained by practicality. If other countries aren’t willing to impose stricter capital requirements on their own banks — and they don’t appear to be — then unilateral increases would hurt the American banking industry and the broader economy.

“If you lower the speed limit on one highway, you’ll have fewer accidents on that highway,” he said. “But the other road will just get more crowded.”

Ms. Admati compares this logic to letting American manufacturers pollute so that they can compete more effectively with companies in China.

banks continue to rely on debt financing far more than other kinds of corporations. Last year, the eight largest American banks together derived less than 5 percent of their funding from shareholders, according to Thomas M. Hoenig, vice chairman of the Federal Deposit Insurance Corporation. The average equity financing for nonfinancial corporations was about 60 percent.

Ms. Admati argues that banks are taking larger risks than other kinds of companies because they use other people’s money, and the results are that they keep crashing the economy.

The industry’s more serious argument is that equity is more expensive than debt. If governments require banks to raise more equity, the industry warns, the results would be higher interest rates, less lending and slower economic growth.

an increase of 10 percentage points in capital requirements would raise interest rates by 0.25 to 0.45 percentage points.

This, in the view of Ms. Admati, is a small price to pay for fewer crises. She notes that debt is cheaper than equity largely because of government subsidies — not just deposit insurance but also tax deductions for interest payments on other kinds of debt — so more equity would basically transfer costs from taxpayers to banks

the economic impact may well be positive. A study last year by Benjamin H. Cohen, an economist at the Bank for International Settlements, found that banks with more capital tended to make more loans.

Ms. Admati says large banks should be required to raise at least 30 percent of their funding in the form of equity, about six times more than the current average for the largest American banks.

she says, banks should be required to suspend dividend payments, thus increasing their equity by retaining their profits, until they are sufficiently capitalized.

She freely concedes that there is no particular science behind her 30 percent equity figure. The point, she says, is that 5 percent is the wrong ballpark. The proper baseline, in her view, is what the market imposes on other kinds of companies.

“We have too much belief that we can be precise,” she said. “I don’t mean 20 percent. I don’t mean 30 percent. I mean add a digit. I mean a lot more.”

Officials of the party said the $11.7 million loan would be used to help the National Front’s coming local and regional election efforts as well as a run for the French presidency by the party leader, Marine Le Pen.

While the loan made headlines in France, only a few politicians spoke out against it. The head of the Socialist Party, Jean-Christophe Cambadélis, said: “Why is Mr. Putin playing the Marine Le Pen card? There is a very simple reason. She wants to get out of the European Union, triggering its destruction and weakening France.”

The website said the loan was from an obscure Cyprus-based holding company called Vernonsia Holdings Ltd. via a Swiss bank account. The holding belongs to Yuri Kudimov, the former K.G.B. agent, who ran another Russian bank, called VEB Capital, according to the website. That bank, the website said, was considered the financing arm of the Kremlin.

“In this case both the Kouachis and A.Q.A.P. insist that A.Q.A.P. financed this operation, trained the brothers for it and formulated the target,” he said, using the acronym for Al Qaeda in the Arabian Peninsula. “Rather than being suggestive of a sleeper cell that sat and waited for three years, some subsequent contact seems likeliest although at this point not definitely proven.”

“I suspect that Chérif Kouachi did engage AQAP members in Yemen, but that he was not fully brought into the organization,

The statement by the Qaeda branch in Yemen called the Kouachi brothers, who were shot to death by police on Friday, “two heroes of Islam.” But it referred to the actions of Amedy Coulibaly, who attacked a police officer the day of the assault on Charlie Hebdo and was shot to death by police after holding hostages in a kosher supermarket, as a coincidence and did not take responsibility for them.

Explanations I do find plausible, or maybe plausible:1.  The sums are so large and the stakes so huge that it doesn't make any sense to shop on price  This is what I focused on in my article.  Think of an IPO as the biggest, most expensive wedding ever planned, and you can perhaps grasp some of the price insensitivity.

4.  The losses on the fees are too small for any one person to care This is a special case of number 1. 4% of an IPO is a lot of money in absolute terms.  But to whom is it a lot of money?  Not to the management, who are not going to risk millions over 4%.  Not to the stockholders, who do not care that much whether they pay $400 or $416 for their shares. 

it will probably persist for quite some time.  Individual markets will become more and more efficient as the assets are better understood--stocks used to be risky and complicated, and now they're mundane.  But finance as a whole, like Hollywood and professional sports, will continue to offer many opportunities to become obscenely wealthy.

There are crucial differences between Trump’s and Sanders’s solutions to the problems they’ve identified, of course. Trump says our elites are weak, stupid, and corrupt. Sanders says our elites are being corrupted

Trump says the elites are cheating ordinary Americans by helping illegals, major corporations, and China, and vows to break this corrupt system over his knee and get it working again, because he’s not one of those elites

Trump is not making a sustained argument for political and campaign finance reform; he’s just saying he’s not a member of the class that is cheating you, and he will come in and bust up that class’s party

Sanders, by contrast, is making a sustained argument for political and campaign finance reform. For him, the culprit is not an elite that is actively trying to help illegals and China and allowing the country to slide into ruin out of national security weakness and ineffectiveness. Rather, it’s an oligarchy that has enriched itself by rigging the economy to effect a massive transfer of wealth upwards and to paralyze our political system from doing anything about it, thus corrupting our political classes.

While Clinton tends to focus on incremental solutions aimed at boosting wages and opportunity, and mitigating people’s economic difficulties on the margins, Sanders wants to rid the system entirely of its dependence on big money in order to actively reverse the upward redistribution of wealth

What both Trump and Sanders share is that they treat the problem as one of political economy, in which both the economic and political systems are rigged in intertwined ways, thus speaking directly to people’s understandable intellectual assessment of what is deeply wrong with our system and why it no longer works for them.

The Trump/Sanders indictment of our political economy may end up not having long term potency, after all. But this is the account that both Trump and Sanders have offered for their success, so maybe it’s worth taking seriously.

as I have a headache because (of) shrapnel in my head."

German intelligence officials said they, too, have similar if not identical documents, though they didn't detail how they got them.

The words include answers to simple questions such as the would-be militant's birth date, blood type, address, marital status and countries visited.

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That means the people questioned could have gone into ISIS-controlled territory, have been turned away or perhaps fought for the terror group in Syria and Iraq and then perhaps left. If they aren't in the war zone, one fear is that they may bring their ISIS approach, tactics and mindset elsewhere -- perhaps proving a threat to other countries.

Koths said. "We are taking these into consideration of our law enforcement measures and security. "

We have seen the attacks perpetrated on mainland Europe over the past year,"

That is why it is so important for us to work together to counter this threat."

Form has 23 items

A widely cited 2006 report estimated that 18% of worldwide greenhouse gas emissions were attributable to cattle, buffalo, sheep, goats, camels, pigs and poultry. However, analysis performed by Goodland, with co-writer Jeff Anhang, an environmental specialist at the World Bank Group’s International Finance Corporation, found that figure to now more accurately be 51%.

a molecule of CO2 exhaled by livestock is no more natural than one from an auto tailpipe.

Today, tens of billions more livestock are exhaling CO2 than in preindustrial days, while Earth’s photosynthetic capacity (its capacity to keep carbon out of the atmosphere by absorbing it in plant mass) has declined sharply as forest has been cleared.

One way in which this will be particularly troublesome for livestock producers will be that crops grown for feed will be refocused on biofuel sources.