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WASHI By JEFFRE s, inici por high-level debatehas set in motion KIRKPA T Y GETTLEMAN a permiso hace cinco mese de meexpand NGTON TRICK BANG WEUL how the church about whether and o, — The ing Iraq U de sueld llama un empleo r las could WETL Isla Zambi change to estabeyond its ture toward ANDS , paga a — Out stan, base mic State is those who are its posblish lo que ella para ayudar a swamps, Mwewhere on the endless in Alg without alterin YORK TIMES divorced po the pro eria , Egy affi liates Syria and THE NEW a Ndefi gets g a doctrin dio tiem n A PARA dawn in spect clares quie MUNIT and starts up at e that Mosquito marria ge of a newpt and Lib Afg han ito unclump TOMAS stinos. cuentas. la fecha, Amaya, más cides used on to be perma dequito net. and indisso a mosglobal ya, rais nent nets, perme nets used for ibido con los pale luble. ing Hast a war on paz thrin. 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Still, many gence director era l Vincen. Mozam neonatalepor Lúrio in sma ll poli topics, at adía, CANTOS prom ce forc hav mente prem are labeled ed itori en e rep fear de Isra os 20 años Across sivo family of the nets terrAfrica “That’agre un joven thetow t isis de dato los res intensivos : “Do not wash es acrwho lace últimbique. el nets issues;Arie l ese synod on as en s why IslamicAgency, said that d the ns.will ruin anál Defens R. Stewthis Octobe nte cidenc the in- Aand ossliveliho econs er ministro or a river.” tructor entonces cuidados de miles de dóla for malari ito-net ing is a growin , mosqu their in a lake potent ano judí midura er a Eli, Sta prim group fishr, os er swa e this a a cerc un those largen here ades Inte te, was of bishops unid el ial who say The prim is so high. to cam thods, y gast fue people don’t mon also lliof “be of millions g problem When asked . 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Bri de 4gmil wing The decisio reci nets, un prod fronteras más a casi tresque regresó al entemend by the trucklo Pro But the fea rs thehis o su futu t, Ugand nistro en said, “We want a major netma ker, iona lme de más gida subió poor, testers unspa lasn of whethe a’s for hisnt, e ring mesh, waterside commu tiendo en adrdan opportu are, or to how effe ean com act will ante lar tary Yower in iaholes be upstode desd grandmLopez, top as nities r toimiento internac cnoló ratt leeni, threatepreside una de las ctiv Francis. do crec rd simiwith bases i Musev contamination to avoid any form of smalle en Cisjo israe y tierr peopleas lí. 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La Isla gica , aún elScienti es could do member uputad of n. been remains hav t colinas en of Gue dragge can remem imperi toma n hal eated sond beg that o casi ietudes esó en febr All ofuna “In regards throug State sudden promic State’s tarde recie l alread al de líders crec u ha say bes iend identif por seis Continued on ración en áreas disp rrerivers l a sudden e to what we face, y stresse and las inqu rápido crecimie planta, same nyah affiliat ahu regr , there popula de t alakes ins hinthels. ro, wha ntesare light, ber. notories by aco’s liferati Arie ende ten a Neta ied d infinite tany tions, ento fish people esce surpris map tiva exti Eli de uou Page la ral. it’s . es gene a un simal tamisoft, l en adolstrong del the raising concer critica an ty. 3 ino de t has drink on ted s hold and gene s yingly problem, maybe negocio propietaria de - mos trazal rfood source tes que se bee from, ns ord que cent,” ido 46 t violent on Preside the Wh ite loya list of Isla mic about toxins. ración en — for aba vaca Israe for million “The Al interior nets snof Por el cam grating 1 perproblemá free. scienti the world’ que habitan fighters er in n atMostloca man said Seth Faison sts say e, ha recib go straig s que .hace icula stino past compañía stat way to nirmente s poores . a casa. nets fue una declatamientos the cessor nt Barack House’s Mexi, a spokes e risks s pasopeople tAfterminim rsionisfor the Global l pol itic Bioscienc mo out of ción evate, un pale de la escuela un centro comu os ht vario people fast to pus al, becausis de asen sea part cians.” punish the Su presencia disi Prolacta dólares de inve mi inten nto the disa Fund to Fightan ians wherevnew author Oba ma and h to giv dosFistfig e the dosage hts nte - arepoliceAIDS, arees politiciencias de — actiTuberc low and : “no and the agrícolas. de las docenas atrincheramie de e breaki ng out dents from caminab ento, se construía res y 28 mil metrludos Esta decla rado ity ppeara er its s are disr which At the vist gro ulosis millones al de riesgo en and uno e ”. s quickly a rurhuman follower to pursue his sucSep ión “We on Malar ia, mu nici nce entr nsión y metabo of upt temone the has finance al teac sí: Eli es asentami millones de dóla , “Eli: un gran tico, y ha ún asentamiento esta ncad astim the gro tration same tim ber of the s eme pal the most s of 43 stu- lize left wit don’t wan de una soluc no. the stud June elecups dhav cuya expa tas de capit purcha 3.8 e swo s up s of an — believe hercommo t anybod rge. collegen insecti afirmó s. tion aislados n las perspectivas israelí-pa lesti s of the with the e, frusents. tario de s. Un letrero decía rn se ofin org cuar ning nego ciac ione to som h the impress - “Th allianc d last biológica plasma blanco”, beza la y in ISIL Continued s in the namto fic heranized crim authoritiesinability cuar to e amongto be the ion el conf lictode asentamiento , gat here no- elec amenaza Con las cuadrado will be e neighbo on Page 3 e n enca aba un vicna 6 “Esto es tion dos para crecer”. drug ring couthat if they to be kidnap oin and cree groups, whi to rein ba la Osorio, strengt h,” moveme en la pági gangs, Elster, quie el establedos Esta tante crecimientoia y Jerusalén Esteinyahu busc within essentially gar para move Scott A. a. Elster comparauíne o, a gro ping and ate terror ch trafContinúa the ran in a safentry, that Bill Hayes tras Neta que no permitiría pareció s cons rdan ro new the editor said Jua nt cou ld El cons ity,” win ext Mien saw diale Cisjo thro the ge Esto sang ró . a orti g pañí n hav said Jos mun und , com-girl on a Manha of of spaper y adas take con number Ang ugh estan-bo com on, is cha. press el plasma de ser ext. “It’s El Sur, a Gue ulo h Ear United Sta en and not subway trainmandato, decla do palestino lead en las ocup oría de los líder cently breakd nacional sec s de la dere tes nest, owns see Fuelingtrol of their of communiti ing one day leche conmucho tiempo de un Esta is inevita viable rener voto the Wh capabilla may la ley inter and ento ertido noticed The Islareta ry. INTELL INTELLIGENCEn as the rre own ble de stina que obte journe cimi es to conv the she any y tiene por ción Palewith was readin sec s to a book ite Hou only IGE anger que mic Sta viola tion of de una g to Hayes y really worth taking,” When Kanyi a titlelíes, israe o la inun inten donadore se is evid urity. dera en along serlines A look NCE Mr. r a los wrote. “Becom la creación ra the June a calipha te declare laza traído de s médicos com a comence ingya terce at CollaborativeMaqubela, a partne of Contin Practic te, d 2014 . that His career plica tanto algún día desp segunda ucto rat the al Thinker.” ued on owners ayuda Fund, decide ÑO say it Cou nte or religiouthe formadarra sid en prod de vest $500,00 DISE k bring their garage is detoofina una LENS res de Page ing to New move at age 48 — combulina, que y el reto 0 ARTE Y “I had an aho Italy.,it’s ture to using Al Qaerter ror ism s state, in York 2 work, but not a lucrati up, he met within an education Salg munoglo ciones, y en facto ahora crían WORLD start-ado ve business. expand a life as a writer City to try to make impulse to tear da’s ana quienes its founde E2 “IPAG astirão PAGE 2 guess TRENDS — revealed truck pizza its geo franchis lyst s batir infec over foodPÁG . 12 I have two imprac impractical the book from in Seb his e stru graphi na 6 businesses,” . a side.CIOS tical India, hom walk and sat San Franci And the more culatook c reach, cMr. Brandt en la pági cultiva pelírsco, Y NEGO Contin her hands,” at anen ROted he e of the Times. “There told that side, he bian outdoo but Continúa Mr. DINE ued on Lunch at a restau plaza. ’s such a lack The most tox ter off he was. as Hayes wrote the betPage turn in the record rant would ic air. of renist camsaid,PÁG impractical, 3 rsiolife-alt .9 be “Every industry, but in The Times. MONEY Inve Mr. Maqub PAGE enjoy setting ico. I ela “It’s ering still 6 said. & harder up decisio I’ve ever “Don’t do that,” to de Méx in concert halls.”recording sessions esmade DO French BUSINESS has seemed, n and go throug pull out a computer planmisgui blush, EL MUN I wanted to at first h an investm films, Like a lot of say. merman and a slide ent deck now fro Luxem foolish,” he ded, misjudged or plain “Practicality show,” Monko, 58, baby boomers, Kevin wrote, “and PÁG. 4will Escándalos bourg. The entire meetin he told The Times. m once dream ultimately turned out to not get you Dilm wherea. ed music for a g lasted about NCIA PAGE ART S you want to minutes. living. Life’s of playing seemingly be the opposite: every 8 45 INTELIGE & DES go.” imagen de His own ities interve practicalwrong person experience For transportatio dar libertad ned, Son’s art IGN for, every big I’ve fallen WORLD TREND serves as a guide. He job as a comme in the form of a n in New York, Beneficia you can’t get S recalled when every great trip I’ve splurged on, PÁG. 2 arrived in New honors exhibit a wife, childre rcial photographer, he apartment than a Citroënmuch more impractical York City, he first taken that I could not realist father. a los hijos. , as the cars on a train headed suburbs. But n and a move to the hopped but disappeared have all on a recent PAGE for Far Rockaw The notion ically afford.” which as any he from weeke 12 was of the nd, playing Brian Brandt ay, area. But New Yorker for something what is practical, , who owns you is the opposi market outside guitar at a farmers will label for contem a record PAGE 2 depends on as simple as lunch, te direction tell Philadelphia. Manhattan. porary classic Mr. where you sit. from Monko jazz composers, and The media Or work. along with has recorded a CD, and has been driving “But taking business in Citroëns for a rotating group New York conducts its 40 countering wrong trains, endolin player affairs of manbought a used years, since he unexpe s lunches at Midtow over power 1966 DS for suffering occasio cted delays and various gigs. and trombonists, plays he was 17. $300 when n restau like Michae nal mecha nical “When I am l’s or the Four rants A few playing But years Season for new media music, I For comme can’t get much cided to apprenago, Mr. Brandt decompa nies, s. nts, fluenced by innytweekly@n write to Times. “I am happier,” he told The the under Winsle tice as a mecha nic Silicon Valley, business ethos of people to playlucky enough to get a sit-down lunch at the compa y Thomas, who worked too formal. ny’s headqu feels of bands, and with me in a variety Englewood, arters in New Jersey ARTS & DESIGN places, make we go play in different until it closed , from 1968 in 1977. Local have a lot of a little money, and just Citroën fun.”

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El gran negocio e de la lech materna

Reach Of ISIS Is Grow ing

Risking Malar ia to Catch Fis h

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Xi Jinping’s crusa de raises doubts.

Jihadists from a small French town .

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Powerful voice steps into spotlight. PAGE 4

THE NEW YORK TIMES BOOK REVIEW 8 KIM GORDON on feminist fiction, a good mystery and Joan Didion’s sunglasses

11 RICH BENJAMIN on ‘Welcome to Braggsville,’ by T. Geronimo Johnson

FICTION Sloane Crosley on Irvine Welsh; Merritt Tierce on Elisa Albert

31 ‘NATIVE SON’ AT 75 Bookends by Ayana Mathis and Pankaj Mishra



f Time Layers o

world, The New York Times Book Review features reviews, essays and author D THE FOLDE


n, made or an illusio nter in A Diary self is real encou Julavits self we or not the thing. By Heidi Whether do know that the is a made creDoubleday. a diary, , we le of 290 pp. book is or found is capab in fact, even if that r of a diary $26.95. are, a book, diaries thinkevery keepe page. Many of self. I’m And not nI self on the of any evidence r woma is an illuating a ed me, reading of a frontiee scientists devoid was remarkably ce, of the diary once inform climat instan e. Some , a friend the time, and he and now he for SELF archiv ing, at THE an Iowa years ago, back then. were 19 found in sion. We but that was 18 Foucault made.” understoodthe self, “but it’s Foucault, he of think doesn’t my friend says “It’s real,”

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Known as one of the most read and inf luential book review sections in the


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of the storyteller. It is a way of talking about that are not, and cannot things be, literally true. It is a way of making our metaphors concrete, and it shades into myth in one direction, allegory in another. Once, many years ago, a French translator decided that my novel “Stardust” was an allegory, based on and around John Bunyan’s “The Pilgrim’s Progress” (it wasn’t), and somewhat loosely translated the book with footnotes to that effect. This has left me a little shy of talking about allegory, and very shy of ever mentioning “The Pilgrim’s Progress.” Kazuo Ishiguro is a remarkable novelist, both for the work — because his novels quality of his share a careful, precise approach to language THE BURIED GIANT By Kazuo Ishiguro 317 pp. Alfred A. Knopf. $26.95.









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Banks Cash In on Inversions

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Inversion deals may sap U.S. Treasury of $19.46 billion over next decade.

5 Ways To Be Smart About Fighting With a Bad Boss


5 Tactics To Moving A Negotiation Forward

Time and emotion — these are most often wasted during a negotiation. We simply spend too much time on items that don’t really matter, because we let our emotions override any semblance of logic.What can we do? The key is to understand five areas that can both help move a negotiation forward and in doing so usually advance us to where we want to be:

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understand the common goal and common

‘we have a flawed corporate tax code that is driving U.s. companies overseas.’

panies overseas,” Mr. Dimon said on the conference call. “If government was smart, they’d look at it holistically,” he added, suggesting that a moratorium on such deals won’t work. “Even if you stop and say, ‘Don’t invert,’ capital will move away.” Mr. Dimon insisted, “I’m just as patriotic as anyone.” While an overhaul of the corporate tax system may be the ultimate goal, the gridlock in Washington suggests it is unlikely to come anytime soon. Corporate tax reform is nice in theory, but tough in practice. It most likely requires lower tax rates and the closing of loopholes. And whatever new, lower tax rate is determined, there will probably be another country willing to lower its rate further, creating a sad race to zero. “The dirty secret is that unless the U.S. reduces corporate tax rates to less than 10 percent, a reduction in U.S. tax rates is not likely to have much impact on inversions,” said J. Richard Harvey Jr., a professor at Villanova University School of Law and its Graduate Tax Program. “The reason is that even if the U.S. corporate tax rate were somehow reduced to 15 percent, U.S. multinational companies would still invert if they thought it was to their benefit.” More companies are expected to leave the United States. And Wall Street banks will get paid to help them.

interest. One of the best ways of making this happen is to have both sides articulate their goals and interests in writing and share them to ensure clarity and alignment.

authoritative content and a two-page template with room for monetization.


focus on yourself. Make


know that your boss’s issues are driving this dys-

sure that you’re not picking a fight with your boss just to cover up your own insecurity.

functional conflict. These bosses are unstable, insecure, power-hungry demagogues. Unless you truly understand that these individuals are broken, you can end up blaming yourself.

President Cristina Fernández de Kirchner has been trying to resuscitate Argentina’s economy.


In Argentina’s Defaults, The Eighth Time Is Unlucky

evaluate your situation realistically. If the

relationship with your boss can’t be fixed, why not think of all the good reasons to find another job?


ask yourself: “Am I part of the problem?” Are you perpetuating a fight culture, using power as the means to quietly intimidate or get what you need at the expense of others?

It is America’s courts (the bonds were issued under American law) that blocked the payment, at the behest of the tiny minority of owners of bonds from 2001 who did not accept the restructuring Argentina offered them in 2005 and again in 2010. These “hold-outs,” balking at the 65% haircut the restructuring entailed, not only persuaded a judge that they should be paid in full but also got him to freeze payments on the restructured bonds until Argentina coughs up. Argentina claims that paying the hold-outs was impossible. It is not just that they are “vultures” as Argentine officials often put it, who bought the bonds for cents on the dollar after the previous default and are now holding those who accepted the restructuring (accounting for 93% of the debt) to ransom. The main problem is that a clause in the restructured bonds prohibits Argentina from offering the hold-outs better terms without paying everyone else the same. Since it cannot afford to do that, it says it had no choice but to default. Yet it is not certain that the clause requiring equal treatment of all bondholders would have applied,

n ews a na lysis

Cristina Fernández argues that her country’s latest default is different. She is missing the point.

© 2014 Harvard Business School Publishing Corp.

given that Argentina would not have been paying the hold-outs voluntarily, but on the courts’ orders. Moreover, some owners of the restructured bonds had agreed to waive their rights; had Argentina made a concerted effort to persuade the remainder to do the same, it might have succeeded. Lawyers and bankers have suggested various ways around the clause in question, which expires at the end of the year. But Argentina’s government was slow to consider these options or negotiate with the hold-outs, hiding instead behind indignant nationalism.

Argentina’s first bond, issued in 1824, was supposed to have a lifespan of 46 years. Less than four years later, the government defaulted. Resolving the ensuing stand-off Don’t try to flee, Argentina with creditors took 29 years. Since Ms. Fernández is right that the conthen seven more defaults have folsequences of America’s court rullowed, the most recent last week, ings have been perverse, unleashwhen Argentina failed to make a ing a big financial dispute in an payment on bonds issued as partial attempt to solve a relatively small compensation to victims of the preone. But hers is not the first govvious default, in 2001. ernment to be hit with an awkward Most investors think they can see verdict. Instead of railing against it, a pattern in all this, but Argentina’s she should have tried to minimize president, Cristina Fernández de the harm it did. One of the most telling questions Kirchner, insists the latest default is Defaulting has helped no one: you can ask someone in any kind of FOR A CLOSER LOOK AT THESE TOPICS GO TO HBR.ORG not like the others. Her government, none of the bondholders will now be leadership role is what motivates she points out, had transferred paid, Argentina looks like a pariah them to be a better leader. the full $539 million it owed to the again, and its economy will remain Some will say it’s to enhance banks that administer the bonds. starved of loans and investment. their personal effectiveness. Others may say that they lead because of a personal obligation to serve their organization. Many will proffer a mix of external motivations (like pay or career progression) and more internal rationales (like the obligation to serve). The group with a combination of motives has the most reasons to lead, and so it seems reasonable to assume that amount of money an individual banks, many companies have while H.S.B.C.’s is nearly $2.7 trillion, they would be the most high-pern ews a na lysis is paiowned mainly by or more than 300 times bigger. Fund turned to bonds, forming leaders. Right? managers thus are less vulnerable fund managers, for credit. In a recent article published in worries ofgetting a crisis In January the Financial Stability to sudden falls in asset prices. When readyinfor the future, the “Proceedings of the National Third, retail investors are less Board, need two plans – one you writean international body which assetyou management Academy of Sciences,” colleagues tries to guard against financial cri- flighty than institutions. Many inand I examined this assumption. down, and one that’s unwritten, ses, published a consultation paper vest through defined-contribution Our study tracked more than 10,000 which asked whether fund managfluid and evolving. This blueprint Army leaders from their entrance Financial crises may seem a fa- ers might need to be designated exists in your mind as a living, miliar part of the economic cycle, “systemically important financial into West Point, through graduachanging understanding of where institutions” or SIFIs, a step that ‘As any self-respecting but they rarely repeat themselves tion and well into their careers. asset manager would tell would involve heavier regulation. exactly. you’re In the 1980s locus was going going,the why you’re We found that those with internal, But the asset-management inLatin America, in the late 1990s intrinsic motives performed better there and how you’re going dustry to get has marshaled some power- us, past performance is no Russia and southeast Asia, in 2007guide to the future.’ than those with external, instruful counter-arguments. 2008 American and there –housing all based onbanks. your current mental rationales for their service. First, managers act as stewards Now some worry that theofnext understanding howcrithe future We were surprised to find that those sis could occur in the asset-man- of other people’s capital, which is unfold. While your written with both internal and external raheld in separate accounts, with 401(k) plans, through which they agementwill industry. third parties acting as custodians. put a bit of money into the market The industry manages $87 triltionales proved to be worse investplan includes specific objectives, lion, making it three-quarters the Were a fund manager to go bank- every month. ments as leaders than those with action steps and clear assumpFinally, designating fund managsize of the banking sector. The big- rupt, the assets would simply be fewer, but predominantly internal, tions, the unwritten transferred to a competitor, with ers as SIFIs would have perverse gest fund manager, Blackrock, one runsconsists motivations. Adding external moloss for the investors concerned. consequences. The F.S.B. paper $4.4 trillion of assets, more than any no of gut feel, general direction and tives didn’t make leaders perform bank has on its balance sheet. After Hundreds of mutual funds close stated that size was the key cribroad priorities. Overthe time,each as you better — additional motivations year, with minimal market im- terion, suggesting a threshold of the crisis regulators tightened reduced the selection to top leaderideas, and without needing govern- $100 billion, which would capture 14 rules ongather banks, information insisting thatand theytestpact ship by more than 20 percent. Thus, American mutual funds. This may ment rescue. hold more capital and haveofsuffiyou’ll move many these eleSecond, with the exception of miss the point: Reserve ranked external motivations were leadercient liquidity to cope with shortments from hazymay andbe unspoken term pressures, but that a hedgetofunds, asset managers tend only 81st among American asset ship poison. case of focused generalsand fighting the last not to operate with borrowed mon- managers and 14th among those written. ey, or leverage. The size of Black- running money-market funds. battle. © 2014 Harvard Business School In any case, many big funds are In theAdapted absence from of lending “Yourfrom Crucialrock’s – andbalance sheet is $8.7 billion, Publishing Corp. work vs. life ToM koldiTz

Why You lead determines How Well You lead

Jamie Dimon, the chief executive of JPMorgan Chase, recently said, “I love America.” Lloyd Blankfein, the chief executive of Goldman Sachs, wrote an opinion article saying, “Investing in America still produces the best return.” Yet guess who’s behind the recent spate of merger deals in which major United States corporations have renounced their citizenship in search of a lower tax bill? Wall Street banks, led by JPMorgan Chase and Goldman Sachs. Investment banks are estimated to have collected, or will soon collect, nearly $1 billion in fees over the last three years advising and persuading American companies to move the address of their headquarters abroad (without actually moving). With seven- and eight-figure fees up for grabs, Wall Street bankers — and lawyers, consultants and accountants — have been promoting such deals, known as inversions, to some of the biggest companies in the country, including the American drug giant Pfizer. Just recently, President Obama criticized these types of transactions, calling the companies engaged in them “corporate deserters.” “My attitude,” he said, “is I don’t care if it’s legal. It’s wrong.” He has suggested legislation, and Senator Carl Levin, the Michigan Democrat who is chairman of the Senate Permanent Subcommittee on Investigations, has proposed to make it more difficult for an American company to renounce its citizenship — and tax bill — by merging with a smaller foreign competitor. What to call the banks enabling them? How about corporate co-conspirators? So far, on deals completed or pending, Goldman Sachs is estimated to have made $203 million advising on inversion deals since 2011, according to data from the Deal Intelligence unit of Thomson Reuters. JPMorgan stands to collect $185 million, while Morgan Stanley will make $98 million and Citigroup $72 million. None of the major Wall Street banks, which received help from

Business Sense provides analysis, ideas and commentary from Harvard Business Review,

Have you ever felt like your boss is out to get you? Maybe you’re paranoid. But then again, maybe not. There are a lot of bad bosses out there, leaders who aren’t stupid but lack emotional intelligence. We can find ourselves in perpetual, all-consuming combat with these bosses. So what can you do?


American taxpayers in the form of hundreds of billions of dollars in loans, appear to have declined on principle to take an assignment from a client seeking to move its corporate citizenship abroad. “This is an economic game. There are no virgins anywhere,” said Stephen E. Shay, a professor at Harvard Law School and a former deputy assistant Treasury secretary for international tax affairs in the Obama administration. “We can’t look to the banks to stop inversions. They will not look at this based on morality. They will look at it on the basis of fees.” All the bankers contacted declined to comment. Perhaps most troubling, many Wall Street banks are aggressively promoting these transactions to major corporations, arguing that such deals need to be completed quickly before Washington tries to block them. The proposals by President Obama and Senator Levin, neither of which appear to be gaining traction, seek to prevent inversion deals retroactively. These deals are expected to sap the United States Treasury of $19.46 billion over the next decade, according to the Joint Committee on Taxation. And that figure doesn’t take into consideration any future inversions. Nor does it account for the possible loss of jobs and revenue that will ostensibly move overseas over time. Privately, bankers point out that there is nothing illegal about inversion deals. “This is going to sound cynical, but as much as I may hate these deals and the ramifications for our country, if I don’t do the deal, my competitor across the street will be happy to do it,” one senior banker told me. On a conference call with reporters, Mr. Dimon of JPMorgan Chase was asked about inversion deals. His reply? “You want the choice to be able to go to Walmart to get the lowest prices,” Mr. Dimon said. “Companies should be able to make that choice as well.” Mr. Dimon’s position is a complicated one. He and his fellow chief executives on Wall Street have been working for the last several years to show their commitment to the United States as they try to rebuild trust after the financial crisis. JPMorgan recently announced plans to invest $100 million in Detroit over the next five years, for example. And yet, JPMorgan’s work on inversion deals, which can’t be considered good for the country, contradict the firm’s ef-

For readers seeking insight on global business trends and guidance on how to live and work better,


It’s not too late Happily, much of the damage can still be undone. It is not too late to strike a deal with the hold-outs or back an ostensibly private effort to buy out their claims. A quick fix would make it easier for Argentina to borrow again internationally. That, in turn, would speed development of big oil and gas deposits, the income from which could help ease its money troubles. More important, it would help to change perceptions of Argentina as a financial rogue state. Over the past year or so Ms. Fernández seems to have been trying to rehabilitate Argentina’s image and resuscitate its faltering economy. She settled financial disputes with government creditors and with Repsol, a Spanish oil firm whose Argentine assets she had expropriated in 2012. The recent events have overshadowed all that. For its own sake, and everyone else’s, Argentina should hold its nose and do a deal with the holdouts.

T ps&Ta k ng Po n s

friDAY, November 4, 2011

© 2014 Economist Newspaper Ltd., London (August 2). All rights reserved. Reprinted with permission.


How To

m Fund Managers: Assets or Liabilities?



low-cost trackers such as Vanguard’s 500 index fund, which allows retail investors to get a broad exposure to the stock market for fees of only 0.17 percent a year. As one of the consequences of being a SIFI, the fund might be required to hold a capital reserve, the cost of which would be passed on to retail investors. In addition SIFIs could be required to support the orderly liquidation fund, a bailout vehicle for other SIFIs. As yet, no fund manager has been designated a SIFI. However, Andy Haldane of the Bank of England cautions that it may be prudent to do so. “As any self-respecting asset manager would tell us, past performance is no guide to the future,” Haldane says. “This is especially true in an industry as large and as rapidly changing as asset management, with asset portfolios becoming less liquid and more correlated and investor behavior becoming more fickle and run-prone.”



© 2014 Economist Newspaper Ltd., London (August 2). All rights reserved. Reprinted with permission.

Unwritten – Plan” by Linda Hill and Kent Lineback.




ENGAGE IN DECISIVE DIALOGUE. During each interaction with employees, model honest, open and decisive dialogue. Make sure every meeting ends with a clear understanding of decisions and next steps. TURN DIALOGUE INTO ACTION. Indecision is often the result of confusion. clarify accountability for reaching and executing decisions.

an expectation for decisiveness, you need to follow through. Give people honest feedback and discourage indecisive behaviors.

As much as possible, you need to understand the total “motivational picture” of your counterparty. be transparent and explain the “why” of your

points. If something is going to impact you personally, it may be better for you to disclose it — at least the other party will understand.

Weekly. Available in English or Spanish. For sale in select markets throughout the Americas. © 2014 The New York Times


calculate the materiality of each point.

Much of the time sink of negotiations is unfortunately spent on elements that don’t really matter. Do the math and calculate how material a point is.


look for points that have an asymmetry in value. To be effective, you need to

comprehend the balance of trade on every key point. Look where your currency is worth more.

© 2014 Harvard Business School Publishing Corp.


Latin America Sees Growth After the Commodity Boom news a na lysis

Wikipedia Accepts Bitcoin


why is Colombia now faring better than peru?

faring better than Peru? The answer starts with what Victor Bulmer-Thomas, a British economic historian of Latin America, has called “the commodity lottery.” Colombia’s main exports are oil and coal, whose prices have held up over the past couple of years. Peru depends on copper and gold for half its exports; their prices have fallen. So the value of Peru’s exports fell by 9% last year while that of Colombia’s slipped only slightly. In explaining Colombia’s growth, Mr. Cardenas also points to several reforms. Last year the government

arranged lower mortgage rates via an agreement among banks and a public subsidy. This helped to boost construction, which is growing at over 10% a year. A law in 2012 cut onerous payroll taxes (while raising income tax on the better-off ). The result is that formal-sector jobs are growing at 8% a year, while the large informal sector has started to shrink, which ought to boost productivity. Ambitious private-public partnerships in roads and railways should see investment of up to $25 billion by 2018. Mr. Santos has also implemented

As he prepared to begin a second term as Colombia’s president on August 7th, the first name that Juan Manuel Santos inked in for his cabinet was Mauricio Cardenas, who keeps his job as finance minister. That was no surprise: helped by an investment boom, the country’s economy grew by 6.4% in the first quarter compared with the same period last year. Mr. Cardenas says the second quarter was strong, too. The government will be raising its growth forecast for this year from 4.7%. This is a welcome exception to a regional trend: Latin America as a whole looks likely to grow by less than 2% this year, the worst figure since 2009. The end of the commodity boom that lifted the region for more than a decade, the fading of the era of cheap money as central banks in the rich world prepare to raise interest rates and a series of home-grown factors have all taken their toll. The fall has been especially abrupt in Peru, where the economy is suffering what Luis Miguel Castilla, the economy minister, calls a “hiccup.” Predictions of growth of more than 4% this year seem too rosy. For a country that has enjoyed Asian-style growth averaging 6.4% a year in 2003-13, the slowdown is a nasty surprise. Colombia has overtaken Peru to become the fastest-growing of the bigger Latin American economies. Colombia has become the fastest-growing of the bigger Latin American econBoth are medium-sized commod- omies. Its port in Cartageña, above. Top, the gold mine Yanacocha, near Lima, ity exporters with open-market Peru, has been crippled by protests. TOp: STR/AFp/GETTY IMAGES; ABOvE: MANUEL pEDRAzA/ economies. So why is Colombia now AGENCE FRANCE-pRESSE — GETTY IMAGES

a fiscal rule under which the public-sector deficit has fallen steadily, to less than 1% of GDP. That has boosted the confidence of investors. By contrast, Peru is suffering what Mr. Castilla calls a “complicated” year. First, the sol depreciated by about 9% in 2013. Further setbacks have included weather-related contractions in fishing and farming and a standstill in investment by regional governments because of corruption scandals. In response the government is shovelling money at the economy. Extra bonuses and wage increases for state employees and extra loans for small business are worth more than 1% of GDP. Mr. Castilla insists that the economy will rebound in the fourth quarter and will again grow by 6% in both 2015 and 2016. Most analysts predict that Peru will regain its lead over Colombia. But that is not assured. Peru’s long growth spurt was based on a mixture of catch-up after a disastrous 1980s, sound economic policies (it enacted a fiscal rule in 1999), cheap natural gas and a mining boom. But Peru has now caught up a lot. In Colombia, Mr. Cardenas is confident that all the new highways will raise the country’s potential rate of GDP growth by 0.7 percentage points over four years. But there are risks. The biggest involves the oil industry. Guerrilla sabotage and declining reserves are threatening output and thus government revenue. Lotteries give countries opportunities. Development comes from using them to create more productive economies. On that score, Colombia now has an edge over Peru; both are better placed than many of their South American neighbors.

The Wikimedia Foundation, the nonprofit organization that operates Wikipedia, recently announced that it would allow people to make donations using Bitcoin, becoming the latest adopter of the virtual currency as a payment option. “It has always been important to the foundation to make sure donating is as simple and inclusive as possible,” Lisa Gruwell, the chief revenue officer of Wikimedia, wrote in a blog post announcing the move. The foundation said that it had been asked to accept Bitcoin and that those requests, as well as recent guidelines from the Internal Revenue Service, persuaded it to accept the virtual currency. Wikimedia has teamed up with Coinbase, a third-party payment processor that converts customers’ Bitcoins into dollars. Coinbase, which began with $25 million from the investment firm Andreessen Horowitz, is also working with Overstock, the travel booking website Expedia and the satellite television provider Dish Network to help them accept the virtual currency. Dell recently announced that customers would be able to make purchases on its website using Bitcoin. About 35,000 merchants use Coinbase’s payment tools, according to the company’s website.

Tips & Talking Points offers timely, talking-point-worthy statistics and tips from Harvard Business Review online. Renowned Harvard professors and other leading professionals offer quick tips on topics including management, entrepreneurship and professional development. © 2014 Economist Newspaper Ltd., London (August 2). All rights reserved. Reprinted with permission.

© 2014 Economist Newspaper Ltd., London (August 2). All rights reserved. Reprinted with permission. COVERAGE SELECTED AND EDITED BY

The weekly content package includes ideas for thought and action in quick bits of information that readers


Adapted from “Harvard Business Review on Making Smart Decisions.”


understand the underlying and ancillary motivations of the other side.


Available Friday evening (Eastern).


As a manager, it can be stressful when an employee asks for a raise, especially if there is no company policy. But answering a difficult compensation question doesn’t have to be a headache. Try these three steps: DON’T ANSWER RIGHT AWAY. Thank the person for bringing up the issue and then promise to get back with an answer by a specified date. This allows time to confer with other leaders.

25 PERCENT: Having at least one boy in the family increases the responsibility that fathers take for their children, according to findings by Kristin Mammen of Barnard College. Fathers with sons spend 22 minutes more per day with their children than fathers without sons — an increase of about 25 percent.

forts to serve the nation. At the same time, firms like JPMorgan consistently talk about serving their clients — and there is no question that some of its clients are clamoring to pursue inversion deals. Some firms rationalize work on an inversion deal by saying they worked for the foreign target, rather than the American buyer, according to several prominent deal makers. For example, Roger Altman, the executive chairman of Evercore Partners and a major supporter of President Obama, worked for the British drug maker AstraZeneca on its defense against an offer from Pfizer. Evercore also worked for Dublin-based Shire, which agreed to be taken over by AbbVie, a spinoff of Abbott Laboratories. Everyone I spoke to on Wall Street about inversion deals said they wished there were no reason for these deals and that our tax system were more competitive and attractive. “We have a flawed corporate tax code that is driving U.S. com-

2 1%





can put into practice immediately.

Indecisiveness plagues many companies. Often, both leaders and employees struggle to make or follow through on decisions. The result? chronic underperformance. You can conquer this and infuse decisiveness throughout your organization by doing these three things:

More Family Time When There’s a Son

Jamie Dimon, chairman and chief executive of JPMorgan Chase.

F ank ea ess and ee om ed o a cons a n s h s page epo s on co ec ons om a ound he wo d ook ng beyond he mmed a e ends o ana yze he chang ng s y e n a soc a con ex


Source: Journal of Population Economics (forthcoming).

Th s o ma ed page p ov des a c es essays and b e s om The n e na ona New Yo k T mes Add ona ea u es o e cove age o home and p oduc des gn v sua a s and he ga e y/auc on scene

D e ng Women o Powe

Ava ab e Tuesday even ng Eas e n





Greece Gets Some Breathing Room, But a Fight Looms

Krugman & Co. is a weekly branded page that features discussion and debate with Paul Krugman, the

ous People of Europe believed utterly in austerity, Greece might have faced retaliation thanks to wording issues; not now. So Greece has won relaxed conditions for this year, and breathing room in the run-up to the bigger fight ahead. It could be worse.

Now that the dust has settled a bit, we can look calmly at the Greece deal. It’s increasingly clear that the country came out in significantly better shape, at least for now. The main action, as always, involves Greece’s primary surplus — how much more will the country need to raise in revenue than it can spend on things other than interest? The question these past few days was whether the Greeks would be forced into agreeing to aim for very high primary surpluses under the threat of being pushed into immediate crisis. And they weren’t. One useful way to understand this is through careful parsing of the agreement’s language (as done here by the economist Norbert Häring: But I’d argue that in an important sense we’re past that kind of word-chopping. Instead, we need to think about what happens substantively from here on out. Right now, Greece has avoided a credit cutoff, and worse yet a move by the European Central Bank to pull the plug on the country’s banks. And Greece has done so while getting its 2015 primary surplus target effectively waived. The next step will come four months from now, when Greece makes its serious pitch for lower surpluses in future years. We don’t know how that will go. But nothing that has happened so far is likely to weaken the Greek position in that future round. Suppose that the Germans claim that some ambiguously worded clause should be interpreted to mean that Greece must achieve a surplus of 4.5 percent of gross domestic product. Greece will say no, it doesn’t — and then what? A couple of years ago, when all the Very Seri-

Phantom Fiscal Crises Matthew Klein at the Financial Times recently took on a subject that is dear to my heart — the mysterious, persistent fear that Japan and other countries that borrow in their own currencies could suddenly face a Greek-style fiscal crisis if bond investors lose confidence, and that this is a reason to raise taxes or cut benefits even in a depressed economy. I devoted my Mundell-Fleming lecture at the International Monetary Fund to this topic in 2013, where I had this to say: “Remarkably, nobody seems to have laid out exactly how a Greek-style crisis is supposed to happen in a country like Britain, the United States or Japan — and I don’t believe that there is any plausible mechanism for such a crisis.” That’s still true — but fear of such a crisis persists. It’s true even though the apparent relationship between debt levels and borrowing costs has vanished now that the E.C.B. is doing its job as lender of last resort. So what is the basis for this fear? The answer I seem to get is fear of a dramatic flip in circumstances — that Japan, say, could engage in a sort of macroeconomic quantum tunneling, suddenly transitioning from deflation to runaway inflation and a crashing currency. That’s not impossible. But it does seem an odd thing to be worrying about right now.

Nobel Prize-winning economist and New York Times columnist. The page features commentary on global, economic and political issues, historical background on the week’s topics, and debate from readers around the world. AMMER/WIENER ZEITUNG - VIENNA, AUSTRIA/CARTOONARTS INTERNATIONAL/THE NEW YORK TIMES SYNDICATE


It is unfortunate that politics seems to have overwhelmed reality once again. Just as with gay rights and global warming in the United States, policy in Europe seems to be governed by the few. Giving Greece what it wants would require all right-wing European governments to admit that their austerity approach has been wrong all along with regard to Greece, and also in their own countries. Hopefully this deal is more about making it look like Greece lost and less about making the new government go back on its commitments to the Greek people. And hopefully too this deal will allow other European

Hopeful About the Future two, now it must deliver on the third. If Greece succeeds, Europe’s hardliners will face much more difficult negotiations in the near future. And by this time next year, who knows? This austerity absurdity may be on its way to extinction. We shall see. Things could’ve turned out better if more reasonable actors were involved. But for now, hope exists.

Part of the strategy behind the deal is to discredit the newly elected Greek government so that no one else in Europe gets ideas about trying to escape from the austerity straitjacket. But Yanis Varoufakis, Greece’s finance minister, has the numbers and reality on his side. What Greece needed was time, breathing room and some initial successes with necessary reforms. The country has managed to get the first


leaders to save face, while at the same time taking the spotlight off of Greece long enough that its government can do what it originally set out to do. This is the best deal that Greece could have hoped for. — MANOS, BRITAIN

Mr. Krugman, I very much appreciate your support for Greece’s attempt to counter the cruelty — and stupidity — of the Austerians’ plans. — Y.P., MONTANA

These days, austerity might be considered a bad solution to a nation’s economic problems, but countries like Spain, Portugal and

Latvia, all of which were forced to cut spending, are now expecting Greece to do the same. — ALVARO LEANDRO, SPAIN

Most of Greece’s working people know that they have been shamefully sold out by the opportunist, dishonest and self-serving scoundrels who occupy leadership positions in Syriza, the country’s ruling political party. It took just two weeks for this organization to abandon every key element of its electoral program. Never in history have so many been betrayed so quickly by so few. — MORRIS, NEW YORK

Greece is in the middle of a profound depression; ordinary Greeks have suffered deep losses. So the idea that the Greek government has won a victory simply because there could be less austerity imposed on people in the future strikes me as an abandonment of hope and responsibility on the part of European leaders. — NANCY, NEW YORK

ONLINE: COMMENTS Comments have been edited for clarity and length. For Paul Krugman’s latest thoughts and to join the debate online, visit his blog at



Loving America, Flaws and All

Speech Sparks Criticism

been American patriots who were able to acknowledge flaws in the country that they loved. For example, there’s the guy who described one of our foreign wars as “the most unjust ever waged by a stronger against a weaker nation.” That was Ulysses S. Grant — the Civil War general and American president who longtime readers know is one of my heroes — writing about the Mexican-American War. But now we (finally) have a president who is willing to say such things while in the White House. Why? Maybe it’s history: The Greatest Generation is fading away, and the most recent war in our memories is Iraq — a war waged on false pretenses, whose enduring images are not of brave men storming Omaha Beach, but of prisoners being tortured in Abu Ghraib. My sense is that Iraq has left a lasting shadow on our self-image; many people now realize that we, too, can do evil.

Jamelle Bouie wrote a very good article for Slate responding to former New York City Mayor Rudy Giuliani’s recent attack on President Obama’s patriotism, making the point that Mr. Obama, while clearly patriotic, does talk about America a bit differently than his predecessors. But I’m not sure that Mr. Bouie has the whole story (read his article here: In his article, he attributes Mr. Obama’s relatively chastened version of American exceptionalism to his personal identity — that as a black American he is more in touch with the areas of ambivalence in our history. That may well be true. But there are many Americans who love their country in pretty much the way the president does — seeing it as special, often an enormous force for good in the world, but also fallible, and with some stains on its record. I’m one of them. So you don’t have to be black to see things that way. What’s more, there have always


Rudy Giuliani, who was mayor of New York from 1994 to 2001, at the National September 11 Memorial & Museum last year. Maybe it’s just that we are becoming, despite everything, a more sophisticated country, a place where many people understand that you can be a patriot without always shouting “U.S.A.! U.S.A.!” — maybe even a country where people are starting to realize that the shouters are often less patriotic than the people they’re trying to shout down. All of this doesn’t change the fact


‘Exceptional’ Does Not Mean ‘Flawless’ Americans seem to have two definitions of exceptionalism. One proclaims that we are better than everyone else, and, therefore, the normal rules don’t apply to us. The second says that we are exceptional because of our adherence to higher ideals and principles. The former, based on ignorance, justifies torture, jingoism and reckless swagger. It only gets us into trouble. The latter recognizes our flaws and greater accomplishments, and MANAGING YOUR MONEY, attempts to improve the world even


if this means using military force (with some humility). This approach has a better record.

mer mayor of New York, but the guy isn’t really worthy of press coverage anymore.



Rudy Giuliani’s comments had little to do with President Obama, and everything to do with Mr. Giuliani. When you are no longer relevant nor part of the national conversation, you have to say dumb, outrageous things to draw media attention (see Donald Trump). I’ll give The New York Times a pass because Mr. Giuliani is a for-

Spending Well

At a gathering of conservative political donors in New York earlier this month, the city’s former mayor, Rudy Giuliani, delivered a speech in which he made a series of comments about President Obama. “I do not believe that the president loves America,” Mr. Giuliani said. “He doesn’t love you. And he doesn’t love me. He wasn’t brought up the way you were brought up and I was brought up, through love of this country.” His comments sparked outrage among many commentators. Defending his statements the next day on Fox News, Mr. Giuliani argued that Mr. Obama didn’t believe in “American exceptionalism” — the notion that the United States plays a unique role in world affairs. “The reality is,” Mr. Giuliani said, “from all that I can see of this president — all that I’ve heard of him — he apologizes for America, he criticizes America.” The former mayor continued: “This is an American president I’ve never seen before.” Mr. Giuliani’s comments triggered

American exceptionalism used to mean that we were exceptional because we took responsibility for others. That changed during the administration of President George W. Bush. During his time in office, the propaganda machine began playing up God as the source of our exceptionalism, resurrecting an idea that had

that we really are an exceptional country — a country that has played a special role in the world, that despite its flaws has always stood for some of humanity’s highest ideals. We are not, in other words, just about tribalism — which is what makes all the shouting about American exceptionalism so ironic, because it is, in fact, an attempt to tribalize our self-image.

been part of the Eisenhower administration’s battle against “Godless communism” in the 1950s. Mr. Obama’s view is informed by history. We’re only as exceptional as we make ourselves, and that is a task that can never end if we are truly exceptional. — BOB DOBBS, CALIFORNIA

Do you love your country as a father loves his son, or do you love your country as a son loves his father? In the latter situation, which seems to be the conservative view, the son sees his father as the best at everything and beyond reproach. In the former, the progressive view, the father sees his son as hav-

ing lots of promise, but he also recognizes his weaknesses, and he constantly works to help his son grow to become a responsible adult. — NAME WITHHELD, ILLINOIS

As a non-American, I always find all the rah-rah stuff pretty childish. The United States is a large country in which a lot of industry has clustered. This makes it very wealthy and able to throw its weight around. But Americans, American culture and America’s political institutions are neither exceptionally good nor exceptionally bad. People are the same wherever you go. — PAUL FRIESEN, CANADA

further criticism from across the political spectrum. Daniel Larison, a senior editor at The American Conservative magazine, wrote that according to Mr. Giuliani’s views, “the president has to act as national cheerleader and should never make any serious criticisms of U.S. conduct, past or present, without couching them in the usual triumphalist self-congratulation.” Jamelle Bouie, a writer for Slate, argued that Mr. Obama does, in fact, speak about America differently from his predecessors. “By choice as much as birth,” he wrote, “Obama is a black American. And black Americans, more than most, have a complicated relationship with our country. It’s our home as much as it’s been our oppressor: a place of freedom and opportunity as much as a source of violence and degradation.” Mr. Giuliani gained national notoriety following the terrorist attacks of Sept. 11, 2001. He unsuccessfully sought the Republican presidential nomination in 2008.

Paul Krugman joined The New York Times in 1999 as a columnist on the Op-Ed page and continues as a professor of economics and international affairs at Princeton University. He was awarded the Nobel in economic science in 2008. Mr. Krugman is the author or editor of 21 books and more than 200 papers in professional journals and edited volumes. His latest book is “End This Depression Now!”

SUNDAY, MARCH 29, 2015 Copyright © 2015 The New York Times

Krugman joined The New York Times in 1999 as an opinion columnist and is a professor of economics and international affairs at Princeton University. In 2008, he received the Nobel Memorial Prize in Economic Sciences. Available Thursday evening (Eastern).


Talking Points


Bat Maker Staying Put Louisville Slugger, the iconic brand of America’s so-called national pastime, is being sold to Wilson, a division of the Finnish Amer Sports Corporation. But the bats will still be made in Louisville. Amer Sports estimates the market for baseball and softball gear at $2.2 billion, $1.4 billion of that in the United States.


Women Rule, in Theaters Women are driving movie ticket sales to a degree rarely, if ever, seen before. With the March 10 release of “The Divergent Series: Insurgent,” women have delivered the three biggest live-action openings of the year. The audience for “Insurgent” was 60 percent female. The opening-weekend crowd for “Fifty Shades of Grey” was 67 percent female, and women made up 66 percent of the audience for “Cinderella.”

Winners Claim Privacy Most of the 44 states with lotteries consider the identities of winners to be a matter of public record, but the issue of anonymity has been raised in at least 10 states. A legislative committee in North Carolina recently rejected such privacy. A proposal in Georgia would allow anonymity if the winner donated 25 percent to college scholarships.


Communing With Nature More people around the world are spending vacations in nature. A team of British and American researchers has compiled data from more than 550 protected areas, on every continent except Antarctica, and found they receive roughly eight billion visits each year. Over the last decade, more than 80 percent of those have taken place in North America and Europe.


A new guide can help wring benefits from a wildly complex program. In recent years, the Boston University economist Laurence J. Kotlikoff has made something of a game — and then, eventually, an art — of cornering smart people and convincing them that they were leaving tens of thousands of Social Security dollars on the table. He did it with Glenn Loury, an M.I.T.-trained, Brown University economics professor whose wife, Linda, had recently died of cancer. His spouse was a prominent economics professor herself, but neither of them realized that her survivor’s benefits would be worth more than $100,000 to Mr. Loury until Mr. Kotlikoff told him. Philip Moeller, a writer and retirement expert, also had it wrong, though he almost didn’t find out as he stubbornly insisted to Mr. Kotlikoff that he and his wife knew what they were doing. They did not; Mr. Kotlikoff land- ed them nearly $50,000 extra with some fancy footwork related to spousal benefits. The pair eventually teamed with a third author, the “PBS NewsHour” correspondent Paul Solman, to write the guide to Social Security “Get What’s Yours,” which came out last month. The overwhelming demand took the publisher by surprise. The book raced to the No. 1 slot sitewide on Amazon, whose inventory of paper books was wiped out for weeks. But we should not be surprised by this. Social Security is the biggest source of retirement income for many Americans, and even if you’ve made more money than average during your career, that just means that the book’s tricks and tips will be ever more relevant. After all, the more you’ve made, the more you have at stake when it comes to filing for benefits in just the right way at precisely the right moment. Given that there are 2,728 core rules and thousands more supplements to them according to the authors, it pays, literally, to seek out a guide. The book covers filing and suspending, “deeming” rules that are too complicated to explain here, the family maximum benefit and other head-scratchers that can nonetheless move the financial

on personal f inance topics that range from credit building and management to homebuying, renting and maintenance. Edited, designed and branded by The New York Times, the pages are delivered print-ready with allocated space for branding and sponsorship. ROBERT NEUBECKER

needle in a significant way. The book’s success is also, however, symptomatic of something that we take for granted but should actually disgust us: The complexity of our financial lives is so extreme that we must painstakingly manage every aspect of it, from government programs to investing to loyalty programs. Mr. Kotlikoff’s game has yielded large winnings for his friends and readers (and several dinners of gratitude), but the fact that gamesmanship is even necessary in the first place with our national safety net is shameful. Mr. Kotlikoff, 64, did not set out to become Dr. Social Security. Two decades ago, he and a colleague were studying the adequacy of life insurance. To do so, you need to know something about Social Security. Soon, Mr. Kotlikoff was developing a computer model for various payouts from the government program and realized that consumers might actually pay to use it. From that instinct, a service called Maximize My Social Security was born, though it wasn’t easy to do and get it right. “We had to develop very detailed code, and the whole Social Security rule book is written in geek,” he said. “It’s impossible to understand.” Because of that, most people fil ing for benefits have to get lucky


“The whole Social Security rule book is written in geek. It’s impossible to understand. ... We have a system that produces inequality systematically.” LAURENCE J. KOTLIKOFF

Boston University economist enough to encounter a true expert in their social circle, at a Social Security office or on its hotline. They are rare, and this information dissymmetry offends Mr. Kotlikoff. “We have a system that produces inequality systematically,” he said. It’s not because of what the bene-

ficiaries earned, either; it’s simply based on their (perhaps random) access to those who have a deep understanding of the rules. Given that fact, it’s no surprise that the book, with its imperative title, has broken out in a big way. Still, it’s just one topic set against the landscape of confusion and tedium that characterizes our financial lives, and every task seems to require its own multichapter management manual. While Social Security may well have evolved to its muddled state in part to let more citizens benefit earlier and not suffer from inflation’s effects, our tax system and other arenas are ones where multiple constituencies lobby against decreased complexity and make their livings off everyone else’s confusion. Mr. Kotlikoff, with his software and books, skims his cream, too, but he hates the system that gives rise to these opportunities. “There are democracies that don’t have this craziness, where you get something for yourself by lobbying and hide it from everyone else,” he said. “I think it’s pernicious and disgraceful and an insult to the American public.” “Get What’s Yours” is a useful book. Indeed, we all need better instruction guides for the many parts of our financial lives that only grow more complex over time.

Taxes Take, and Give Back, Mostly to the Very Rich ECONOMY


Uneven Tax Breaks

A new study by the Corporation for Enterprise Development found that much of the federal spending channeled through the tax code disproportionately benefits the wealthiest taxpayers. Tax breaks amount to more than the Federal budget, not counting defense … Federal discretionary budgets, 2014 Education

Veterans Affairs

$464 billion State

c er m om C rior te In bor ry La suor ea Tr sp an r Tr ultu ric Ag gy er En e ic st a Ju ng si ou H rban U an el om curi Se

Health and human services


“Get your billions back, America,” the tax preparer H&R Block urges in television advertisements. What many taxpayers may not realize is that they already do. When it comes to the government, taxing is often just another name

A guide to managing your money, work and success, Spending Well offers columns, essays and quick tips

earn less than $65,000, got less than $1,000 on average, altogether about 12 percent of the billions handed out. A 2013 report from the Congressional Budget Office that looked at the 10 largest tax subsidies, worth a total of $900 billion, found that more than half went to households in the top fifth on the income scale.



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Life in the Reputation Economy Migrants: A Life Uprooted Democracy: Still Alive and Well


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SCIENCE & TECHNOLOGY What’s odd about hoatzins?


ne of the oddest birds on the planet is found in the forests of northern South America. Hoatzins, also known as stinkbirds or Canje pheasants, are smelly, odd-looking birds known for their poor flying ability. The dove-sized hoatzin partially digests food in its crop before passing it on into the stomach and intestines. This cow-like chewing is unique in the bird world, and also produces a pungent odor. Another oddity found only in hoatzins are claws on chicks’ wings that allow the hatchlings to climb trees. As if these peculiarities were not enough, it now appears that the origins of the hoatzin may be odd as well. Most researchers have long held that the hoatzin originated in the New World. Recent fossil studies have found, however, that hoatzins existed in Africa and Europe millions of years ago. The hoatzins in Europe disappeared Caribbean Sea Atlantic Ocean from the fossil record long before those in Guyana Venezuela Surinam Africa. Features of Pacific French fossils from both Ocean Colombia Guyana continents, however, Ecuador firmly link modern hoatzins to their AMAZON BASIN Peru ancient, Old World Range of ancestors. hoatzins Given the relatively short Brazil flight range of adult Bolivia hoatzins, the exact mechanism that Paraguay allowed the birds to migrate to the New World remains 0 500 km Argentina a puzzle. 0 500 miles


Opisthocomus hoazin

Hoatzins live in leafy trees, vines and bushes near rivers and lakes.



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Here Be Dragons By Neil Gaiman

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of the storyteller. It is a way of talking about things that are not, and cannot be, literally true. It is a way of making our metaphors concrete, and it shades into myth in one direction, allegory in another. Once, many years ago, a French translator decided that my novel “Stardust” was an allegory, based on and around John Bunyan’s “The Pilgrim’s Progress” (it wasn’t), and somewhat loosely translated the book with footnotes to that effect. This has left me a little shy of talking about allegory, and very shy of ever mentioning “The Pilgrim’s Progress.” Kazuo Ishiguro is a remarkable novelist, both for the quality of his work — because his novels share a careful, precise approach to language


THE BURIED GIANT By Kazuo Ishiguro 317 pp. Alfred A. Knopf. $26.95.



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Translations of select services are also available in Spanish and Portuguese.





LIFESTYLE ESCRITO  Daily paginated pages covering seven popular topics: career and work, fashion, food, lifestyle, personal growth, modern technology and teens. Advertising space is available in supplements covering kids, family life and the digital age. Available only in Spanish.

GOOD THINGS FROM MARTHA STEWART Ask Martha Every month, Martha delivers two Q&A columns answering readers’ questions, plus one how-to essay on crafts, decorating, cooking or entertaining. Also included in the package is Martha’s exclusive monthly essay “From My Home to Yours,” sharing even more of her favorite tips, recipes, “good things” and how-to ideas. Weekly, with art. Everyday Food  From the kitchens of Martha Stewart Living, Everyday Food features recipes that are sumptuous, stylish — and simple. Sauteed Chicken in Mustard-Cream Sauce. Shrimp with Garlic and Lemon. Outrageous Chocolate Cookies. Just what your readers crave: delicious dishes that can all be prepared in minutes — not hours. All recipes use easy-to-f ind ingredients and include nutritional information and time-saving tips. Based on the hit TV show and magazine. 1 article, 3-4 recipes per week, with art. Weddings  Weddings showcases Martha’s elegant taste, providing advice and inspiration on everything from engagement parties to honeymoons. This quarterly package includes ideas on how to plan the perfect wedding — from the people who know a thing or two about perfection. Accompanied by lavish photography, the package offers a visual spectacular that appeals to prospective brides and grooms alike. 5 articles per quarter, with art.

NYT: COOKING Cooking Techniques Allow your audience to strengthen their cooking skills with quick how-to videos that serve as a go-to visual reference for mastering all the cooking basics that any home chef needs. Archive of over 110 videos. New videos as available. Learn to Cook  Prepare your audience to master essential dishes with guides that showcase detailed instruction that can strengthen any cook’s repertoire. The guides feature sumptuous photographs and videos with recipes and detailed descriptions of each step. Up to one guide a month.

NYT: MODERN LOVE  Sometimes moving, often funny, always revealing: These essays from the Sunday Styles section of The New York Times chart the course of love in all its varieties, from romantic infatuation and new-parent jitters to the deeper complications wrought by loss, death and irrevocable change. Weekly, with art.




A daily personal health and information

HealthDay News Service

service from Essays,

This award-winning news service offers the

recipes, health guides, Q&As, photos,

latest information on health, drawn from a

videos and interactive graphics give

variety of major medical journals and

readers a deeper look at the world of

summarized in everyday language.

health from the perspectives of patients

Up to 15 articles, weekdays. Up to 5 articles, weekends.

and experts. 5 articles and 1 recipe per week. With art.

HealthDay TV  From, HealthDay TV is a daily video summary of the latest consumer health news with Dr. Cynthia Haines, HealthDay’s chief medical of f icer. 1 video per day.



A collection of mind-boggling brain


teasers edited by world-renowned

Edited by New York Times puzzlemaster,

puzzle master Peter Ritmeester.

Will Shortz, The New York Times Crossword


engages puzzle af icionados of all ages with


its clever themes and hidden puns. Readers are drawn to and perplexed by its frequent references to works of literature, art and classical music, as well as modern TV, movies, or other touchstones of

SUDOKU Hyper-Sudoku/Kakuro 

popular culture. Daily and Sunday.


The popular logic puzzles Hyper-Sudoku and Kakuro come together in one package, edited by the puzzle masters Will Shortz and Peter Ritmeester. Two Hyper-Sudoku and six Kakuro puzzles, all increasing in diff iculty over the week. 6 Kakuro and 2 Hyper Sudoku puzzles weekly. Interactive Sudoku Sudoku online versions. Daily.

Translations of select services are also available in Spanish, Portuguese and Arabic.



General Manager, News Services Division & International MICHAEL GREENSPON Tel: +1 212 556 7636

SYNDICATION & LICENSING ALICE TING Vice President, Brand Development, Licensing & Syndication Tel: +1 212 556 5967 STEPHANIE SERINO Executive Director, Licensing & Syndication Tel: +1 212 556 3780 Asia Pacif ic

Latin America





Tel: +65 6391 9622

Tel: +52 55 5658 5681

Europe, Middle East & Africa

U.S. & Canada





Tel: + 44 207 061 3508

Tel: +1 212 556 4015



Vice President and Executive Editor

Managing Editor, Images

News Service & Syndicate

Tel: +1 212 556 1658

Tel: +1 212 556 3785



Editorial Director

Managing Editor, Syndicate

News Service & Syndicate

Tel: +1 212 556 5135

Tel: +1 212 556 4467 RAY KRUEGER Managing Editor, News Service Tel: +1 212 556 1927


N E W S S E R V I C E & S Y N D I C AT E C







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