Money Talking

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My Turn: Timothy Geithner's Take on the Financial Crisis May 09, 2014

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Timothy Geithner releases his insider account of what happened during the financial crisis next week. Stress Test details what he did to save the U.S. economy while he was President of the New York Federal Reserve and later as President Obama's first Treasury Secretary. The book's publisher describes it as the "definitive account of the unprecedented effort to save the U.S. economy from collapse."This week on Money Talking, Ben White of Politico and Diane Brady of Bloomberg BusinessWeek discuss whether it's likely to offer new insights into the financial meltdown and if the general public is even paying attention these days.

Then again, with details such as this one from a just released profile of Geithner by the New York Times Andrew Ross Sorkin, they might.

"At another point, he [Geithner] cheerfully relayed a story that also appears in his book about the time he sought advice from Bill Clinton on how to pursue a more populist strategy: 'You could take Lloyd Blankfein into a dark alley,' Clinton said, 'and slit his throat, and it would satisfy them for about two days. Then the blood lust would rise again.'"

British Invasion: NY-Based Pfizer Wants to Move to the United Kingdom May 02, 2014

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New York-based pharmaceutical giant Pfizer wants to move to the United Kingdom. The company revealed a multi-billion dollar offer to acquire British rival AstraZeneca and if the acquisition is successful, Pfizer plans to reincorporate in there. Doing so would lower the company's tax rate from approximately 27 percent in the U.S. to 20 percent next year in the U.K. The move would also allow Pfizer to avoid paying U.S. taxes on profits made overseas. This week on Money Talking, regular contributors Rana Foroohar of Time magazine and Joe Nocera of the New York Times discuss if Pfizer could inspire other U.S.-based, international companies to pursue a similar path. Plus, a look at the saga of Los Angeles Clippers owner Donald Sterling whose racist comments prompted the NBA to ban him for life and what it means for business

Warren Buffett Punts On Coke's Compensation Plan Apr 25, 2014

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Warren Buffett is perhaps the country's most respected investor. He's known for making thoughtful, common-sense decisions. Which is why this week the business world took note when he abstained from voting against a pay package for executives at Coke that he called excessive. This week on Money Talking, regular contributors Joe Nocera of the New York Times and Rana Foroohar of Time magazine weigh in on Buffett's motivation and what it says about the state of corporate boards in America. Plus, a discussion of why a 700-page book — Capital in the Twenty-First Century by French economist Thomas Piketty — is topping the charts on Amazon.

As Job Growth Lags, CEO Pay Reaches New Heights Apr 18, 2014

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It's been seven years since the financial meltdown, and more than 10 million people are still out of work across the country. That makes talking about job growth these days feel like filling out Mad Libs: the recovery is either anemic, sluggish or underpowered. So, what can we do to get out of this rut? This week on Money Talking, Joe Nocera of The New York Times and Diane Brady of Bloomberg Businessweek discuss new ideas to get the economy moving again. Plus, remember "job creators"? Those titans of industry that were going to save the economy? Well, few of the jobs they promised have materialized, but that hasn't prevented them — the chief executives — from making more and more. Money Talking examines why CEO pay continues to rise even as the economy limps along.

Should Businesses Trust the Internet? Apr 11, 2014

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The internet has always been a Wild West of sorts, and recent news suggests things are not getting much better. This week we learned about the so-called Heartbleed Bug, which put sensitive information on tens of millions of servers at risk. It's just the latest vulnerability or attack to come to light. Meanwhile, the U.S. has been trying to negotiate with Chinese officials over cyber warfare — to little avail. This week on Money Talking, Rana Foroohar of Time magazine and Kevin Delaney of the business news site Quartz discuss whether individuals and businesses can trust the internet when much of what's happening on the web makes people squeamish, anxious or downright scared.

Recalled Cars and Rigged Stock Markets Apr 04, 2014

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General Motors says it has connected 13 deaths and dozens of accidents to a defective ignition switch. The company is now recalling 2.6 million Chevy Cobalt and other cars, despite reports about the problem going back more than a decade. For Mary Barra who's been GM's CEO for nearly three months, it's been a true test of fire. This week on WNYC's Money Talking, Joe Nocera of the New York Times and Rana Foroohar of Time magazine discuss how she is responding to accusations from members of Congress that GM has a "culture of cover-up" and could be exposed to criminal liability. Barra has apologized, launched internal investigations, even hired the go-to guy for victims' compensation funds, Ken Feinberg — the man who handled similar funds for victims of 9/11 and BP oil spill. Will it be enough? Plus, high-frequency trading and whether or not the stock market is "rigged."

Why Squeezing the Oligarchs Won't Work Mar 28, 2014

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President Obama says “Russia stands alone” after its annexation of Crimea in the Ukraine. And to drive home that point, the president is trying to isolate Russian President Vladimir Putin through various sanctions against dozens of politicians and business leaders close to the Russian leader. This week on Money Talking, Rana Foroohar with Time magazine and Joe Nocera with The New York Times consider if the sanctions are going to have any effect. What would mean if Russian billionaires can't buy New York City penthouses? And Rupert Murdoch's plans for succession at Fox and News Corp; it involves his sons.

The Rich Fight Back! Mar 21, 2014

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OK, it's time to stop. Stop bashing the banks. Stop trying to soak the rich. Stop talking about income inequality. We are not the problem. That's the basic message from some of the members of the "one percent" — the wealthiest Americans — who are pushing back against the recent rise in populism, a trend that even helped elect New York City's mayor, Bill de Blasio. In one example, Ken Langone, the billionaire co-founder of Home Depot, criticized the mayor and others who he sees as pitting one group against another; he likened it to Hitler and Nazism. This week on Money Talking, Rana Foroohar of Time magazine and Ben White of Politico discuss how the wealthy are responding and what it means for this election year.

Will Getting A Mortgage Get More Expensive? Mar 14, 2014

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During the height of the financial crisis, mortgage giants Fannie Mae and Freddie Mac were bailed out by taxpayers to the tune of $187 billion. Now, more than five years later, they're on track to pay all that back and more. But then what? Joe Nocera of the New York Times and Heidi Moore of the Guardian discuss the latest bipartisan plan from two senators that would mean the end of Fannie and Freddie, and possibly change how we buy a home and how much it costs. There's a lot of doubt that Congress will even vote on the legislation in an election year, but it could be the first step in ending government involvement in the housing market. Plus, the battle over Herbalife, and SeaWorld: Good bye killer whale shows?

It's the Economy: The Roots of the Crisis in Ukraine Mar 07, 2014

Show notes

As the political crisis escalates in Ukraine, it's worth remembering that it was a debate over trade that was a major source of the uprising that led to recent turmoil: Should the country develop closer economic ties with Europe and the West or with Russia, its neighbor to the East? Ukrainian President Victor Yanukovych brought on the ire of many of his countrymen when he chose to ally himself with Russian President Vladimir Putin instead of with Europe. In the ensuing protests, he was forced to flee to — where else — Russia. This week on Money Talking, regular contributors Joe Nocera of the New York Times and Rana Foroohar of Time magazine examine the economic backdrop of what's now a political crisis in Ukraine and what it means for the world economy.

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