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Five-star hospitals? Government unveils new ratings

Written By limadu on Jumat, 17 April 2015 | 12.08

mayo clinic rating Patients gave the esteemed Mayo Clinic four out of five stars in the new Medicare hospital rating system.

Many of the nation's leading hospitals received middling ratings, while comparatively obscure local hospitals and others that specialized in lucrative surgeries frequently received the most stars.

Evaluating hospitals is becoming increasingly important as more insurance plans offer patients limited choices. Medicare already uses stars to rate nursing homes, dialysis centers and private Medicare Advantage insurance plans.

While Medicare publishes more than 100 quality measures about hospitals on its Hospital Compare website, many are hard to decipher. There is little evidence consumers use the site very much.

Many in the hospital industry fear Medicare's five-star scale won't accurately reflect quality and may place too much weight on patient reviews, which are just one measurement of hospital quality. Medicare also reports the results of hospital care, such as how many people died or got infections during their stay, but those are not yet assigned stars.

"We want to expand this to other areas like clinical outcomes and safety over time, but we thought patient experience would be very understandable to consumers so we started there," Dr. Patrick Conway, chief medical officer for the Centers for Medicare & Medicaid Services, or CMS, said.

Related: Hospitals ask patients to pay upfront

Medicare's new summary star rating, posted Thursday on its Hospital Compare website, is based on 11 facets of patient experience, including how well doctors and nurses communicated, how well patients believed their pain was addressed, and whether they would recommend the hospital to others. Hospitals collect the reviews by randomly surveying adult patients -- not just those on Medicare — after they leave the facility.

In assigning stars, Medicare compared hospital against each other, essentially grading on a curve. It noted on its Hospital Compare website that "a 1-star rating does not mean that you will receive poor care from a hospital" and that "we suggest that you use the star rating along with other quality information when making decisions about choosing a hospital."

The American Hospital Association also issued a caution to patients, saying "There's a risk of oversimplifying the complexity of quality care or misinterpreting what is important to a particular patient, especially since patients seek care for many different reasons."

Nationally, Medicare awarded the top rating of five stars to 251 hospitals, about 7% of all the hospitals Medicare judged, a Kaiser Health News analysis found. Many are small specialty hospitals that focus on lucrative elective operations such as spine, heart or knee surgeries. They have traditionally received more positive patient reviews than have general hospitals, where a diversity of sicknesses and chaotic emergency rooms make it more likely patients will have a bad experience.

Related: Hospitals face major government crackdown for injuring patients

A few five-star hospitals are part of well-respected systems, such as the Mayo Clinic's hospitals in Phoenix, Jacksonville, Fla. and New Prague, Minn. Mayo's flagship hospital in Rochester, Minn., received four stars.

Medicare awarded three stars to some of the nation's most esteemed hospitals, including Cedars-Sinai Medical Center in Los Angeles, NewYork-Presbyterian Hospital in Manhattan and Northwestern Memorial Hospital in Chicago. The government gave its lowest rating of one star to 101 hospitals, or 3%.

On average, hospitals scored highest in Maine, Nebraska, South Dakota, Wisconsin and Minnesota, KHN found. Thirty four states had zero one-star hospitals.

Hospitals in Maryland, Nevada, New York, New Jersey, Florida, California and the District of Columbia scored lowest on average. Thirteen states and the District of Columbia did not have a single five-star hospital.

In total, Medicare assigned star ratings to 3,553 hospitals based on the experiences of patients who were admitted between July 2013 and June 2014.

Related: Even insured consumers get hit with surprisingly large medical bills

While the stars are new, the results of the patient satisfaction surveys are not. They are presented on Hospital Compare as percentages, such as the share of patients who said their room was always quiet at night. Often, hospitals can differ by just a percentage point or two, and until now Medicare did not indicate what differences it considered significant. Medicare also uses patient reviews in doling out bonuses or penalties to hospitals based on their quality each year.

Some groups that do their own efforts to evaluate hospital quality questioned whether the new star ratings would help consumers. Evan Marks, an executive at Healthgrades, which publishes lists of top hospitals, said it was unlikely consumers would flock to the government's rating without an aggressive effort to make them aware of it.

Jean Chenoweth, an executive at Truven Health Analytics, which also publishes its own list of top hospitals, said she feared hospital marketing departments would oversell the meaning of the stars.

"It would be very unfortunate and misleading if a hospital marketing department could claim to be a CMS five-star hospital and fail to mention it only reflected a patients' perception of care," she said.

How to find a hospital's star rating:

Go to Hospital Compare's web site

Type in your zip code and/or hospital name

Select up to three hospitals by clicking the "Add to compare" button

Under Compare Hospitals title, click "Survey of patients' experiences" tab

Scroll down to the star rating

Kaiser Health News (KHN) is a national health policy news service. It is an editorially independent program of the Henry J. Kaiser Family Foundation.

CNNMoney (New York) April 16, 2015: 8:25 PM ET


12.08 | 0 komentar | Read More

Oil job cuts keep coming: Schlumberger lays off 11,000

Another 11,000 people lost their jobs at Schlumberger, a company that provides tools and services for oil and gas companies.

It's the second big layoff at Schlumberger this year. It cut 9,000 workers in January. Schlumberger's workforce is now 15% smaller than it was in mid-2014.

Oil prices have plummeted from $107 a barrel last June to about half that now.

"The abruptness of the fall in activity, particularly in North America, required us to take additional actions during the quarter," the company said Thursday.

Schlumberger (SLB) operates in more than 85 countries.

Related: Cheap gas is saving Americans $750. So far, they aren't spending

It's not the only oil company feeling the pain. In January, oilfield services giant Baker Hughe (BHI)said it would layoff 7,000 employees, about 11% of its workforce. Civeo, (CVEO)a provider of housing for oil workers, laid off 1,000 employees in December.

It appears oil prices might be on the upswing. Prices peaked above $56 for the first time this year on Wednesday. But consumers are still enjoying low prices at the pump. The average gallon of gas costs $2,39, more than a dollar less than the average a year ago, according to AAA.

Related: U.S. could be energy dependent within four years

CNNMoney (New York) April 16, 2015: 7:43 PM ET


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IBM warns Louisiana over 'religious freedom' bill

"A bill that legally protects discrimination based on same-sex marriage status will create a hostile environment for our current and prospective employees, and is antithetical to our company's values," IBM vice president James Driesse wrote in a letter to Gov. Bobby Jindal.

"IBM will find it much harder to attract talent to Louisiana if this bill is passed and enacted into law," Driesse said.

The letter asks Jindal to work with the state legislature to "ensure this legislation is not discriminatory." IBM has made significant investments in Louisiana, including a technology services delivery center in Baton Rouge.

The letter is the latest warning from corporate America to states that are considering controversial religious freedom laws. In Indiana and Arkansas, an intense backlash has already forced lawmakers to make revisions.

Critics say the laws give businesses the ability to discrimination against gay, lesbian and transgender people on religious grounds. Louisiana's "Marriage and Conscience Act" would prohibit the state from taking "adverse action" against a person who opposes same-sex marriage because of their religion.

Jindal, a potential Republican presidential candidate, said it's a matter of liberty.

"I think we can have religious liberty without having discrimination," he said earlier this month on NBC's Meet the Press. "I think it's possible to have both."

Related: Warren Buffett says discrimination for sexual orientation is 'wrong'

Related: Brands that love LGBT the most

CNNMoney (Hong Kong) April 17, 2015: 12:37 AM ET


12.08 | 0 komentar | Read More

GM shielded from ignition lawsuits by bankruptcy rule

Written By limadu on Kamis, 16 April 2015 | 12.08

The decision by Federal Bankruptcy Court Judge Robert Gerber upholds GM's so-called bankruptcy shield. GM acquired the shield as part of its bankruptcy reorganization when a new company was created in 2009, referred to in court as "New GM."

"Judge Gerber properly concluded that claims based on Old GM's conduct are barred," the automaker said in a statement.

The shield had been challenged both by some personal injury attorneys as well as lawyers suing on behalf of owners of the recalled cars to recover damages for the diminished value of the recalled cars.

The decision could prevent lawsuits that would have cost "New GM" billions of dollars.

"This ruling padlocks the courthouse doors," said Robert Hilliard, one of the attorneys suing GM. "Hundreds of victims and their families will go to bed tonight forever deprived of justice. GM, bathing in billions may now turn its back on the dead and injured, worry free."

The decision left the possibility for some suits to proceed if the plaintiffs can prove misdeeds by the company after the 2009 bankruptcy, "so long as those plaintiffs' claims do not in any way rely on any acts or conduct by old GM."

gm ignition switch The old and new version of the tiny part that is at the center of the GM recall.

GM (GM) shares were up about 1% in after-hours trading following the decision.

Problems with millions of cars with faulty ignition switches, most of them built before the bankruptcy, have been tied to at least 84 deaths. It is not immediately clear how many of the accidents occurred after the bankruptcy. Accidents that occurred in the years following 2009 were not protected by the shield.

GM has admitted that its employees were wrong not to order a recall of the cars about a decade before the 2014 recall.

The decision will not stop GM from paying an estimated $400 million to victims and their family members. But GM set up a compensation fund voluntarily without waiving the legal protections it acquired as part of the bankruptcy process on pre-2009 accidents.

Related: Recall victim - GM shouldn't get a tax break from settlement

Related: Barra's recall apology not enough, families say

Related: GM settles second suit with recall whistle-blower

CNNMoney (New York) April 15, 2015: 7:03 PM ET


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Bubble trouble: China's stock market looks too hot

china rocket

Chinese equities are officially on fire. The Shanghai Composite has skyrocketed 78% since just before Halloween. It recently crested the 4,000 level for the first time since the financial crisis.

Yet stocks in China have achieved red-hot status just as the country's economy is going through a cooling off period. Growth slowed to the weakest pace since 2009.

In other words, exuberance for Chinese stocks isn't being backed up by fundamentals. Instead, the market is being carried higher by various forms of government stimulus and investor frenzy.

All of this raises the question: Is China in the midst of a bubble? And if it is, what should American investors do?

"Certainly a bubble exists," said Ankur Patel, chief investment officer at R-Squared Macro Management.

Rather than enjoy the ride up or try to profit from its eventual popping, Patel said the prudent move for U.S. retail investors is to stay away from the Chinese market altogether.

"The problem with any bubble is if you try to bet against it, bubbles can become even more irrational. The herd mentality can essentially run investors over," he said.

Related: China stocks are on an incredible mystery run

Equity euphoria hits China: There are growing signs of speculative fervor in China.

In recent years, people in China -- who tend to save significantly more than their Western counterparts -- sunk their excess savings into the real estate market.

Now that the bubble in housing is deflating, they are latching onto the skyrocketing stock market. Investors opened 4.8 million new stock trading accounts in March and then another million more in early April, according to the Financial Times.

"There's no question there's a lot of domestic euphoria about equities within China," said Albert Brenner, director of asset allocation strategy at People's United Wealth Management.

Several Chinese retail investors polled by CNNMoney said they trade stocks frequently -- up to several times a day -- in part to have fun. One Shanghai woman, who didn't give her full name, said she's not worried about trading expenses hurting performance because "fees tend to drop during bullish markets anyway."

Non-Chinese investors are also taking notice. Exchange-traded funds that track China -- the best way for U.S. investors to play China -- have soared. The iShares MSCI China ETF (MCHI) and SPDR S&P China ETF (GXC) are both up over 20% so far this year.

Related: China's stock market finally opens up to foreigners. Now what?

Liquidity-fueled bubble? Hoping to avoid a so-called "hard landing," China's central bank is pumping liquidity into the market by cutting rates. That's good for risky assets like stocks, but liquidity-driven moves are susceptible to bubbles.

Liquidity is also being pumped by the Hong-Kong Shanghai Stock Connect Program, which allows investors to buy Shanghai stocks through Hong Kong -- and vice versa. Not only is fresh foreign capital flowing onto Mainland China for the first time, but excess liquidity inside China is flooding into Hong Kong.

Related: Chinese investors trade way more than Americans

Goldman Sachs isn't worried: Of course, not everyone believes it's time to call China's rapid rise a bubble.

Timothy Moe, co-head of macro research in Asia at Goldman Sachs, told CNBC the market "certainly is getting frothy" amid "very frenetic retail activity."

"Is that a bubble that will crash the system? The answer is not yet," Moe said.

In other words, just because Chinese stocks look very speculative doesn't mean the party has to end today.

One possibility, Patel said, is for the bubble to end "benignly" if China's growth regains momentum, justifying current valuations. He said that looks unlikely and there's a better chance the opposite will occur.

Another possible outcome is the stock market keeps roaring ahead before imploding, like it did the last time.

"To be clear, what's underway in China is an out-and-out bubble, but there's plenty of money to be made riding bubbles up a bit," Bespoke Investment Group wrote in a note to clients. The firm said it "may be worthwhile to consider a small position" in Chinese ETFs like the SPDR S&P China ETF (GXC).

Just remember: Bubbles are notoriously difficult to time, even for sophisticated investors.

Related: This man bet $100K there's a startup bubble

Related: Investors are lining up to get into Iran

Related: How to invest $1,00

CNNMoney (New York) April 15, 2015: 10:10 PM ET


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Japan now holds more U.S. debt than China

Data from the Treasury Department released Wednesday show that Japan owned $1.2244 trillion worth of U.S. government securities at the end of February, compared to $1.2237 trillion for China.

Both countries unloaded U.S. debt during the month of January, but China sold more, making Japan the top U.S. creditor for the first time since the financial crisis.

The Treasury data should be taken with a grain of salt: Transactions carried out by other nations on behalf of China and Japan aren't included, making the final tally more of an educated guess.

Related: Bubble trouble? China's stock market looks too hot

But the Japan-China switch is backed by larger trends, and changes in the way Beijing manages its foreign reserves. Treasury data show that over the past year, China's U.S. debt holdings dropped by $49.2 billion, while Japan's increased by $13.6 billion.

China had been buying Treasuries as a way to keep its currency, the yuan, pegged to the U.S. dollar. That helped lower the value of the yuan and made China's exports more competitive in foreign markets.

But in recent years, partly due to U.S. pressure and partly as an effort to curb its own inflation, China has allowed the yuan to rise in value.

Closer to home, there's another major buyer of U.S. debt: the Federal Reserve. At last count the central bank owned around $2.5 trillion worth of Treasuries, up from around $800 billion at the end of 2007.

Related: U.S. runs out of investor visas again as Chinese flood program

CNNMoney (Hong Kong) April 15, 2015: 11:32 PM ET


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China's economic growth drops to slowest pace since 2009

Written By limadu on Rabu, 15 April 2015 | 12.08

Gross domestic product expanded by 7% in the first three months of 2015, compared to the same period last year, according to China's National Bureau of Statistics.

While that matches the expectations of economists surveyed by CNNMoney, it is quite a decline from the final quarter of 2014, when growth came in at 7.3%.

Moderate economic expansion isn't all bad news, said Andrew Colquhoun of Fitch Ratings. "It means the economy is adjusting to a more sustainable path -- we'd expect the economy to slow as it re-balances."

The strength of China's economy is often difficult to judge at the beginning of the year because of the Lunar New Year holiday. But recent data on manufacturing activity and exports have disappointed, and analysts expect slower growth going forward.

The downturn is putting additional pressure on the central government as it works to transition China to a consumption-led economy. Policymakers are also trying to avoid a sudden slowdown in economic growth, which could cause unemployment to surge and consumption to lag.

Experts say a downturn in China's real estate sector is the single biggest risk to the economy, which relies on the industry to boost growth and for new jobs. Other challenges include ballooning government and corporate debt.

Related: Economists are really worried about China's massive property sector

China's foreign exchange reserves have also fallen, a sign that speculative capital is leaving the country as growth concerns intensify.

Colquhoun said the People's Bank of China will need to respond to weakening growth with further monetary easing. The central bank already cut interest rates twice since late last year in an attempt to boost investment and shore up the economy.

GDP growth in China remains the most comprehensive gauge of the country's economic health. China averaged economic expansion of around 10% a year over the past three decades, making it the world's second-largest economy.

Economists forecast 6.8% GDP growth for this year, and even slower expansion at 6.5% in 2016, according to the CNNMoney survey. China recorded GDP growth of 7.4% in 2014, the worst in 24 years.

Despite economic stability concerns, Chinese stock markets have continued to surge to astonishing highs. While stocks swung between gains and losses on Wednesday, the benchmark Shanghai Composite is still up 28% this year. The Shenzhen Composite has spiked over 50% year to date, making it the world's top-performing stock market.

Related: China's factories slump amid growth concerns

CNNMoney (Hong Kong) April 14, 2015: 11:18 PM ET


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How Grumpy Cat makes her millions

grumpy cat coffee

Grumpy Cat is part of an elite group of furry animals around the globe who have shot to Internet fame in recent years. These fuzzy creatures sign book and movie deals, do photo shoots, and act as "spokesanimals" for ad campaigns -- netting piles of cash for their owners.

Experts say the phenomenon is made possible by the rise of social media, which is changing how we interact with lovably fuzzy creatures.

Social media "adds a personal connection, so if you're interested in a character like Grumpy Cat, then either people will send you more anecdotes or videos, or you can go and seek it out," said Karen North, a social media expert and professor at the University of Southern California.

It's "a way of getting entertainment in the hands of audience members who become evangelists of the content, and spread it wider than the originator ever dreamed," North said.

Related: China spends $1.5 billion pampering pets

Owners can monetize their pets via multiple sources -- product endorsements, licensing agreements and even original merchandise.

It all starts with building a massive following online. Viral pet owners can also consider registering a trademark, whether it's a name or a distinctive feature, to help protect against any copycats, said Marty Brochstein of the International Licensing Industry Merchandisers' Association.

"Is there some specific recognizable aspect to it that makes it other than just a cat?" Brochstein said. "In terms of bringing in business, it's just like any other celebrity -- you have an agent who is either fielding offers or ferreting out business opportunities."

grumpy cat apparel

Grumpy Cat, for example, has an easily identifiable sourpuss face -- the product of an underbite and feline dwarfism, a genetic condition. The look has entranced millions of web followers, leading to Grumpy Cat designer apparel, a New York Times best-selling book, a movie and a coffee brand -- Grumppuccino.

The licensing and merchandising deals have translated to buckets of cash for Grumpy Cat's owner, Tabatha Bundesen.

"Grumpy Cat is making millions!," said North. "It's shocking!" Bundesen didn't respond to requests for comment.

And yes, Grumpy Cat has a manager, as does Hong Kong's own celebrity cat, Brother Cream, a chubby white and tan feline who lives in a local convenience store. Brother Cream has thousands of social media followers, and fans who visit from around the globe want to know about everything from his bowel movements to public appearance schedule, owner Ko Chee-Shing said.

Like Grumpy Cat, Brother Cream has done commercials or promotions for major brands such as L'Occitane, Shu Uemura, Microsoft (MSFT, Tech30) Xbox and Nikon (NINOY). Ads featuring his image are plastered across the city's public buses, airport baggage carts and subway stations. Groupies can buy handbags, stickers, books and folders with his image.

Related: Big dogs suffer as Hong Kong status symbols

hk cat cash

Brother Cream has been paid hundreds of thousands of dollars for his work, padding out a stellar five-page resume. So much money has flooded in that Ko started a non-profit to dole funds out for charitable purposes, including animal rescue and food aid programs.

His fame has even helped bring more customers to Ko's shop, one of the few remaining independent convenience stores in a market dominated by international chains 7-Eleven and Circle K.

Brother Cream, who initially did nuzzle a hello to this reporter, later declined to answer any questions in favor of a nap -- in true celebrity fashion.

brother cream

Related: Doggie dates have come to Tinder!

CNNMoney (Hong Kong) April 14, 2015: 8:54 PM ET


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The surprising backstory of Tinder for pot smokers

That's what co-founder Todd Mitchem hopes to create with High There -- "a social connection app for cannabis consumers."

Users can look for dates or simply other like-minded people. But for those used to dating apps like Tinder or OkCupid, the questions will probably be a bit unfamiliar.

Instead of asking for your hobbies or education, High There asks if you prefer smoking or edibles and if you're high energy or low energy. While these personality traits might seem frivolous, Mitchem said they're important for finding other users that you're compatible with.

Related: 10 alternatives to Tinder

When it launched in February, the free app was only available to users in states where marijuana use was medicinally or recreationally permitted. Now, however, it's been approved by the iOS and Android app stores to become the first global social network dedicated to cannabis enthusiasts. Mitchem said he's about to close the first round of funding for an undisclosed amount.

"We're trying to build a community of people that feel connected to each other with a common bond," he said.

But for Mitchem, High There is more than just a social network -- it's personal. He was inspired by his own life experience.

In 2009, Todd's mother was diagnosed with cancer for the second time. After treatment, her doctors told her she only had six months to live. It wasn't legal where she lived (Mitchem chose not to disclose specifics), one of her nurses recommended she get her hands on some marijuana to help with her lack of appetite and to ease her pain.

She did, and she began to grow small amounts of marijuana in her attic for personal use. When she told her neighbor, it ended their relationship.

"That's not OK," says Mitchem. He hopes High There can be a place for people to share their stories and help eliminate the stigma around the drug.

Six years later, Todd's mother is still alive. And while she isn't on High There yet, he said she plans to join.

Related: Pot startups cash in on wave of legalization

CNNMoney (New York) April 14, 2015: 10:02 PM ET


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Will.i.am is selling sheets made from old Coke bottles

Written By limadu on Selasa, 14 April 2015 | 12.08

Will.i.am Will.i.am is partnering with Coke and W Hotels on a line of bed sheets partially made from old plastic bottles.

It's not that he's fallen on hard times in the music biz, it's more that he's into recycling. So the Black Eyed Peas frontman has partnered with Coke (KO) and W Hotels on a line of bedding made with at least 30% recycled plastic.

The sheets will soon be on all W hotel beds worldwide. They don't look or feel any different than the hotel's current sheets -- the plastic is used to make polyester and simply replaces the virgin polyester currently used in the blended fabric. Each king-sized sheet will contain about 31 plastic bottles.

For W, the move was about being more eco-friendly as well as saving money. The new sheets are more durable and can be washed up to 200 times before wearing out (compared to about 100 washes now).

Related: L.A. to control its street lights with a single laptop

The sheets will also be available for purchase at the W's store, though they aren't cheap -- a set starts at $207.

They'll carry both the W and Ekocycle brand. Ekocycle is a broader partnership between Will.i.am and Coke to use recycled content in more products.

Will.i.am said he got the idea for Ekocycle back in 2008 after attending conferences on corporate social responsibility and hearing about how firms want to cut waste.

"A lot of times the companies say what they want to do, but not how they're going to do it," he said. "Or they do it, but they don't tell anyone."

Related: The activist nun reforming for-profit prisons

So he pitched Coke with an idea to market recycled plastic to other firms that wanted to green their products. Coke bit, and Ekocycle launched in 2012. It now has its name on over 150 products including shoes, luggage, bicycles and chairs. Companies that want to use the Ekocycle brand pay a royalty, which is shared between Coke and Will.i.am.

"Our resources are not forever," Will.i.am said. "Sustainability is going to be something we're all talking about."

If all this sounds like a bunch of people making money while burnishing their green credentials, it is. But it's also important for those with branding experience to create a market for recycled material. This is especially true now that the cost of oil -- which is virgin plastic's main ingredient -- is so low. Cheap virgin plastic puts recycled plastic at a disadvantage.

"Recycling is more than just putting stuff in the right bin," said Darby Hoover, a resource specialist at the Natural Resources Defense Council. "And it's good that Coke is taking responsibility for its bottles."

CNNMoney (New York) April 13, 2015: 6:25 PM ET


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Hillary channels Elizabeth Warren in campaign bid

In her video campaign announcement Sunday, Hillary Clinton unveiled what's expected to be the central theme of her presidential bid: Serving as a champion for "Everyday Americans."

"Americans have fought their way back from tough economic times, but the deck is still stacked in favor of those at the top," she said in the short video. "Everyday Americans need a champion and I want to be that champion. So you can do more than just get by. You can get ahead and stay ahead."

Long considered a centrist, Clinton sounded strikingly similar to Warren, the outspoken darling of the left wing, which has been pushing the Massachusetts senator to run for the 2016 nomination. (So far, she has declined.) Warren's main talking point: Give every American a fighting chance.

"America's middle class is under attack. It's in trouble because the game is deliberately rigged," Warren wrote in her memoir, A Fighting Chance. "I am determined -- fiercely determined -- to do everything I can to help us once again be the America that creates opportunities for anyone who works hard and plays by the rules."

Related: Elizabeth Warren: 8 ways to restore the middle class

Warren's proposals to boost middle class prosperity include: Raising the minimum wage, supporting bargaining rights for workers, ensuring workers get overtime pay and creating good paying jobs through investments in roads, bridges, power grids, education and research, among other things.

In an election where every candidate is focused on the middle class, Clinton may have to shift left to appeal to the Democratic base. She and her advisers have been speaking to income inequality and economic mobility gurus, including Joseph Stiglitz of Columbia University and Raj Chetty of Harvard, according to media reports.

Stiglitz, a Nobel-prize winning economist, has argued that income inequality has exploded over the past 30 years. The widening gap endangers economic growth and makes it harder for people to achieve the American Dream.

Related: Stiglitz on how to fix the income gap

Chetty, on the other hand, focuses on economic mobility. His work has found that residents in communities with higher rates of segregation and income inequality, as well as fewer two-parent families, are less likely to climb the economic ladder.

Clinton's new top talking point is increasing opportunity for all Americans. She reiterated this in a new epilogue to the paperback versions of her book, Hard Choices, excerpted on Huffington Post on Friday. In it, she noted the advantages that her first grandchild, Charlotte, will have.

"Too few of the children born in the United States and around the world today will grow up with the same opportunities as Charlotte," she wrote. "I'm more convinced than ever that our future in the 21st century depends on our ability to ensure that a child born in the hills of Appalachia or the Mississippi Delta or the Rio Grande Valley grows up with the same shot at success that Charlotte will."

hillary clinton elizabeth warren

But some diehard liberal Democrats, including Warren, want to hear more on how Clinton plans to reduce inequality. So far, they say Clinton's message is long on rhetoric and short on specific policies.

A Clinton spokesman did not respond to a request for comment.

Related: NYC's Bill de Blasio not ready to endorse Hillary Clinton yet

New York City Mayor Bill de Blasio, who managed Clinton's Senate campaign in 2000, made waves when he said Sunday that he is holding off on endorsing Clinton until he learns more about her vision.

Warren, meanwhile, is also waiting for more details.

Asked in February by the Reverend Al Sharpton on MSNBC whether Clinton would be a "progressive warrior," Warren said "that's what we've got to see."

"I want to hear what she wants to run on and what she says she wants to do," Warren said.

Related: Republican? Or Elizabeth Warren? Who said it?

CNNMoney (New York) April 13, 2015: 6:18 PM ET


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High-skilled visa applications hit record high

us h1b visa map These locations saw the most H-1B visa recipients in 2013, the only year for which data is currently available.

But it's getting tougher to "win" a work visa each year.

This year, 233,000 foreigners applied for the H-1B, the most common visa for high-skilled foreign workers. That's up significantly from 2014 (172,500 applications) and nearly double the applicants from two years ago (124,000).

"I'm not surprised by how high the number is," said immigration lawyer Tahmina Watson of Watson Immigration Law. "The world has changed and the law has not kept up with the world."

The U.S. Citizenship and Immigration Services will grant just 85,000 H-1B visas (20,000 of which are reserved for master's degree holders), which it selected on Monday via a lottery process. The unlucky applicants will get the $325 filing fee back.

Watson says the number of applicants is proof that Congress needs to act.

Proposed bills like I-Squared Act would lift the quota to 195,000 visas annually. There is also a proposed bill for a Startup Visa. If passed, this would transfer foreign entrepreneurs currently in the H-1B pool into a separate category.

In the meantime, states like Massachusetts and Colorado have introduced programs to help applicants get around the H-1B cap.

"Businesses really need to fill positions," said Watson, "... and people will not be able to get their dream jobs."

Related: These cities have the most high-skilled foreigners

Related: The next Google is one visa away from leaving the U.S.

CNNMoney (New York) April 13, 2015: 6:28 PM ET


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Donald Trump: I don't want T-Mobile in my hotels

Written By limadu on Senin, 13 April 2015 | 12.09

donald trump tmobile

The Donald and the CEO of T-Mobile (TMUS) became embroiled in an epic Twitter battle this weekend, in which Trump said he wanted T-Mobile out of his establishments.

"T-Mobile service is terrible! Why can't you do something to improve it for your customers. I don't want it in my buildings," Trump tweeted Saturday at John Legere, T-Mobile's chief executive and no Twitter slouch himself.

The candid and brash Legere, who frequently drops F-bombs and once crashed (and was thrown out of) an AT&T (T, Tech30) party, fired back at Trump.

"I will serve all customers in the USA openly but I will obviously leave your hotel right away based on this. #checkingout," Legere tweeted.

Oh, if it only stopped there. The Donald, as he typically does, claimed victory.

"T Mobile service sucks and it took a Trump to call him out! @realDonaldTrump for President!"

But Legere didn't give up, firing off a tweetstorm that continued into Sunday morning. Legere, by far, delivered the lowest blows of the Twitter war.

"checked out.. Now I don't have to watch tv with the 1st 9 channels being the Trump family saying how wonderful they are:)"

Legere later added, "I am so happy to wake up in a hotel where every single item isn't labeled 'Trump' and all the books and TV is about him"

Trump also continued tweeting about T-Mobile into Sunday. In case you're wondering which carrier Trump uses, he said he believed Verizon was the best provider, tweeting Verizon's famous coverage map.

Related: This is the fastest cell phone network ever

Related: T-Mobile will pay $650 for you to switch

CNNMoney (New York) April 12, 2015: 12:54 PM ET


12.09 | 0 komentar | Read More

The 'Hillary beat': Who's covering Clinton

The New York Times was particularly early out of the gate. The paper shifted reporter Amy Chozick to its politics team to cover Clinton in the summer of 2013 -- 649 days before Clinton's announcement on Sunday.

By the end of that year, BuzzFeed put reporter Ruby Cramer on the "Hillary beat." CNN promoted White House correspondent Brianna Keilar to serve as its lead Clinton reporter in early 2014. And last spring, the Washington Post assigned the same role to reporter Anne Gearan, who had covered Clinton during her time as secretary of state.

Chozick, who covered Clinton's failed 2008 presidential bid for the Wall Street Journal, told CNNMoney that she has relished her time on the beat ahead of the campaign launch.

Related: Gloria Borger analysis - What is Hillary Clinton thinking?

"I've loved the past 18 months or so when I've mostly written enterprise stories, observed Clinton at low-key events in New York and elsewhere and had the time to study up and get to know the people who will be characters in the narrative that will begin to take shape after Sunday's announcement," Chozick said.

Chozick said she's been to Arkansas, where former President Bill Clinton served as governor for 12 years, at least six times. She said she has read every "credible" book on the Clintons.

"That time was critical because as soon as the daily grind of a presidential campaign starts it's hard to find time to sleep, much less thoroughly study your subject," Chozick said.

The early coverage speaks to Clinton's stature. Unlike other presidential aspirants, the former secretary of state is already a household name and one of the most recognizable people in the world.

Related: Hillary Clinton's economic plans need overhaul

News outlets have devoted far more resources to Clinton than potential general election foes like Jeb Bush or Scott Walker. That has only tightened the competition to break news on Clinton.

Earlier this year, the New York Times poached former Politico writer Maggie Haberman, widely considered to be the best-sourced reporter in Clinton's orbit, to supplement the newspaper's coverage of the Democratic frontrunner.

The Clinton-focused scribes will also face competition from veteran reporters like Glenn Thrush of Politico and Julie Pace of the Associated Press. On Saturday, Pace nabbed a scoop on the Clinton campaign's economic message.

The assignment is a potential career-maker. Campaign reporters have often followed candidates to the White House. Pace covered President Obama's 2008 campaign and continued to report on him throughout his first term. In 2013, the AP promoted her to White House correspondent.

Covering a candidate before she's officially a candidate posed certain difficulties to the reporters.

"It's been challenging and frustrating to know that there was a campaign forming and a message being crafted and people being hired, and really only being able to see and write about a small portion of it," said Gearan, the Washington Post reporter.

Gearan said she has spent much of the last year cultivating sources in Iowa. "I'm certainly ready to get on with it," she added.

Clinton has given regularly scheduled speeches since last summer, and the recent controversy surrounding her use of a private email account at the State Department generated plenty of media attention. But many of the stories on Clinton's assumed presidential ambitions have been previews of her campaign.

"There's been a lot of stage-setting," Politico's Annie Karni said. "One story everybody is writing is what will Bill Clinton's role be. That's an important factor in the race and a big question to answer, but while we're in campaign-in-waiting mode, it is a stage-setting story."

Karni, who left the New York Daily News in March to cover Clinton for Politico, noted a tangible campaign development earlier this month.

Along with her colleague Gabriel Debenedetti, Karni reported that Clinton's team had signed a lease in Brooklyn for a campaign headquarters.

"If you think about it, signing a lease is a small thing," Karni said. "But it was something concrete to show us that it was coming and it took on new significance because there was nothing else official going on."

More news has trickled out since then. On Thursday, a group of reporters gathered at the Washington, D.C. home of Clinton campaign chairman John Podesta for an off-the-record dinner. Clinton's team hosted a similar gathering on Friday night in New York.

The dinners could be seen as an effort by Clinton to improve her complicated relationship with the press. At an awards ceremony last month, Clinton said, at least partly in jest, that she was interested in forging a "new relationship with the press."

"So here it goes. No more secrecy. No more zones of privacy. But first of all, before I go any further. If you look under your chairs, you'll find a simple nondisclosure agreement," she joked.

For reporters on the "Hillary beat," the outreach hasn't gone unnoticed.

"I'd say that everyone is trying to start off on the right foot, just being friendly as human beings and acknowledging that this is our job," Karni said. "There's an effort to start off on a collegial note and to get along."

CNNMoney (New York) April 12, 2015: 8:39 PM ET


12.09 | 0 komentar | Read More

China is poised to report worst growth since the financial crisis

china gdp 041015

Gross domestic product is forecast to have expanded by 7.0% in the first quarter of 2015, compared to the same period last year, according to the survey's median estimate.

That's quite a drop from the final quarter of 2014, when economic growth came in at 7.3%. Looking ahead, economists expect to see 6.8% annual GDP growth for this year, and even slower expansion at 6.5% in 2016.

The strength of China's economy is often difficult to judge at the beginning of the year because of the Lunar New Year holiday. But many recent data points have been so disappointing that experts are bracing for the worst.

Although survey estimates remain in line with the government's target of 7%, economists expect Beijing to take stimulus action if the economy slows much further, according to the survey. One of the biggest risks facing the Chinese economy continues to be a waning property sector.

"While we do not expect a dramatic slowdown, we think downward pressures on growth stemming from the weakness in real estate will remain in the coming months," wrote Louis Kuijs of RBS in a research note. "Against this backdrop, we think more macroeconomic easing steps will follow in the coming months to ensure that GDP growth will not fall too much below the target of 7% in 2015."

So far this year, the government has already tried to shore up the real estate sector, putting in place measures to boost property sales and battle slowing construction. But UBS economists Harrison Hsu and Wang Tao said the measures won't be enough to reverse the overall slowdown.

Related: China's factories slump amid growth concerns

Other risks continue to loom, including capital outflow and massive local government debt.

Overall, analysts expect Beijing to consider interest rate cuts, a lower reserve requirement ratio, and further monetary easing to support the economy.

GDP growth in China remains the most comprehensive gauge of the country's economic health -- an important number to watch as the government tries to steer the country towards consumption-driven growth.

China averaged economic expansion of around 10% a year over the past three decades, making it the world's second-largest economy and boosting household wealth. But now, the pace of growth is languishing -- China recorded GDP growth of 7.4% last year, the worst in 24 years, a significant slowdown from double-digit growth in 2010.

The National Bureau of Statistics will announce first quarter GDP numbers on April 15.

Related: The world's hottest stock market is in China

CNNMoney (Hong Kong) April 12, 2015: 10:01 PM ET


12.09 | 0 komentar | Read More

The Obamas paid $93,362 in federal income taxes

Written By limadu on Minggu, 12 April 2015 | 12.08

white house obamas tax President Obama and First Lady Michelle Obama reported about the same amount of income in 2014 as they did in 2013.

President Obama and First Lady Michelle Obama reported $495,964 in gross income last year, according to their 2014 tax returns released by the White House on Friday afternoon.

The president's salary accounted for nearly $395,000 of that, while their net business income came to $88,181 from Random House and literary management company Dystel & Goderich. They also earned about $16,000 in taxable interest.

After accounting for $17,400 in tax-deferred retirement savings and a $1,181 deduction for the self-employment payroll taxes they paid, their adjusted gross income came to $477,383, just a little less than they earned the year before.

Related: Top 400 taxpayers' average income jumps to $336 million

So how much of all that went to Uncle Sam? The Obamas' federal income tax bite came to $93,362, or 19.6% of their AGI.

A piece of that tax burden -- $2,035 -- was attributable to the Medicare surtax on high earners that was created to help fund Obamacare.

The Obamas donated $70,712, or about 15% of their AGI, to more than 30 charities.

They also paid $22,640 in income taxes to their home state of Illinois.

CNNMoney (New York) April 10, 2015: 6:33 PM ET


12.08 | 0 komentar | Read More

HBO still hasn't heard from Scientology lawyers for 'Going Clear'

"Facts are stubborn things," HBO CEO Richard Plepler said in an interview with CNNMoney this week.

"Everybody's entitled to their own opinion, but they're not entitled to their own facts," he added. "I think the documentary bears up very well to any kind of scrutiny."

Sheila Nevins, the president of HBO's documentary division, had a similar comment -- "facts are facts" -- when asked about the film at a party on Wednesday held by The Hollywood Reporter.

The March 29 premiere of "Going Clear" scored the highest overnight viewership for an HBO documentary in nine years. Nevins and Plepler pointed out that the documentary is still reaching new viewers every day thanks to repeats and HBO's various on-demand services.

scientology going clear John Travolta isn't interested in watching HBO's Scientology documentary 'Going Clear.'

"Going Clear" was back in the news this week when John Travolta, a member of the church, said he was uninterested in seeing it.

The documentary, by well-known filmmaker Alex Gibney, is based on the book of the same name by Lawrence Wright.

In an interview before the premiere, Gibney said he was well aware of the possibility that Scientology might try to strike back with lawsuits.

But, he said, "we were very rigorous in terms of how we checked our story, how we had it scrutinized extensively by lawyers -- not only my own lawyers but by HBO's lawyers," Gibney said.

Nevins once commented that there were "probably 160 lawyers" involved, but she meant that hyperbolically.

HBO's other recent documentary success was "The Jinx," a six-part series about the troubled multi-millionaire Robert Durst, a suspect in several murders.

There have been questions about the extent of filmmaker Andrew Jarecki's communication with law enforcement, particularly due to the recording of Durst apparently saying to himself he "killed them all."

"I can tell you unequivocally we did not withhold any evidence," Plepler said, calling Jarecki "very scrupulous."

"I think what's important to remember is that a 30-year -- 30-year -- murder mystery was essentially opened up" by Jarecki and his colleagues, Plepler added.

HBO and the parent of this web site, CNN, are both owned by Time Warner.

CNNMoney (New York) April 10, 2015: 6:34 PM ET


12.08 | 0 komentar | Read More

Hillary Clinton's economic plans need an overhaul

hillary campaign 08_15

Clinton is expected to begin her presidential campaign this weekend, yet she's stayed mum on the economy -- something she hammered on during the 2008 campaign.

"She's a blank check at this point," says Dean Baker, co-director for the Center for Economic and Policy Research. "She'll be pressed to take positions."

America's economy has come a long way from 2008. Back then, the country was headed toward a recession. The unemployment rate was climbing -- eventually on its way to 10% -- while America's housing market was collapsing. The divide between Wall Street and Main Street was just beginning to widen, some argue.

Now, unemployment is down to 5.5% -- not far from its target level. Last year was America's best year of job growth since 1999. However, some big issues remain. Inequality is worsening and most people's wages have barely grown.

How Hillary approaches inequality, as well as her relationships with Wall Street and Main Street, will be key to her success in this campaign.

Here's how Hillary may shift her approach for 2016:

Related: 'Hillary' websites going for up to $295k

1. How will she tackle Inequality?

Then: Clinton heavily criticized President George W. Bush for his handling of the economy in 2008. She zeroed in on jobs losses, rising inequality and no wage growth.

While the economy hadn't fallen off a cliff yet -- unemployment was 5.6% when she lost the primary race -- her inequality rhetoric resonated with many Americans.

A Republican president ineligible for another election presented an easy punching bag for Clinton on inequality.

"President Bush had one final chance tonight to acknowledge what the American people have known for years: that the economy is not working for middle class families," Clinton said of Bush's State of the Union address in January 2008.

Now: Those problems haven't changed much under President Obama, but Clinton is unlikely to throw the same darts at her former boss.

Inequality is arguably worse now, and wage growth remains the economy's sore spot. In 2008, median weekly wages were $796 -- the exact same amount at the end of 2014, adjusted for inflation, according to the Labor Department.

Clinton must carefully calculate an inequality message without distancing herself from Obama's economic achievements, experts say.

"It s a very different world" from 2008, says Gary Burtless, an economist at the Brookings Institution. "There's more anger out there about the economy and inequality. She'll modify the rhetoric she uses."

Related: The tough task of going through Hillary's emails

2. Too cozy with Wall Street?

Then: The stock market boomed during Bill Clinton's time in office. Hillary liked to remind Wall Street of that in 2008. The tech boom, free trade agreements and bull market were all hallmarks of President Clinton's economy.

Bill had cemented a relationship with Wall Street that Hillary benefited from in 2008, says Larry Sabato, a politics professor at the University of Virginia.

"She was the candidate of Wall Street" in 2008, says Sabato.

Now: Wall Street is still expected to doll out millions to Hillary's campaign, but she must tip-toe more carefully around that support, experts say. The recession generated a scathing image of the bankers who helped finance Hillary's run in '08.

Most recently, democratic senator Elizabeth Warren is hammering big banks for more reforms and could press Hillary and others to take stance as well.

Hillary will have to find the balance between appealing to the Warren democrats that want greater financial change and Clinton's loyal Wall Street donor base, experts say.

"She'll want the populist rhetoric but also the money," says Sabato. With the Clintons, "the money comes first and it may be completely separate from the rhetoric."

Related: He serves BBQ to Bill & Hillary Clinton

3. Can she connect with Main Street?

Then: Clinton ridiculed President Bush in 2008, telling USA Today that the "moneyed class" had reaped all the benefits of his economy.

As a New York senator -- and former First Lady -- she championed middle class jobs, minimum wage laws and pushed for health care reform.

Several years later, Clinton's relationship with the moneyed class is much more public and perhaps political dynamite for her economic policies during this campaign.

Now: Average Americans are still struggling. Inequality is a much bigger issue than it was eight years ago, propelling Thomas Piketty's 700-page book "Capital in the 21st Century" to bestseller status last year.

Experts say Clinton's problem will be connecting with typical Americans. Since leaving the State Department, Hillary has made a fortune on speeches and her book, on top of Bill's well-known wealth.

Knowing this perception, Clinton plans to hold small campaign events this week geared at giving face time to average folks. How Clinton tries to relate to Americans on hot topics like inequality, middle class jobs and the federal minimum wage could be key early on.

Clinton has already tried once to convince Americans she had it hard. One political slip-up came when she wrote in her book, "Hard Choices" that she and Bill were "dead broke" when they left the White House in 2001. The comment was widely viewed as out-of-touch with Main Street realities.

"It was just bizarre," says Baker. The Clinton's wealth "is not anyone's idea of flat broke."

Related: 'President' Hillary Clinton: Good for stocks?

CNNMoney (New York) April 11, 2015: 9:05 AM ET


12.08 | 0 komentar | Read More

BuzzFeed reposts deleted Dove article

Written By limadu on Sabtu, 11 April 2015 | 12.08

buzzfeed life BuzzFeed reposted a story about Dove soap after questions arose over why it had been deleted.

"I blew it," Editor-in-Chief Ben Smith wrote in a memo that he tweeted Friday. "Twice in the last couple of months, I've asked editors -- over their better judgment and without any respect to our standards or process -- to delete recently published posts from the site."

Smith added that he "reacted impulsively when I saw the posts and I was wrong to do that" and that both posts would be reinstated with a brief note.

One of the deleted then reinstated stories was posted in February and concerned the game of Monopoly. The other was posted to the site's "Life" page on Wednesday and was critical of a Dove advertising campaign.

"This post was inappropriately deleted amid an ongoing conversation about how and when to publish personal opinion pieces on BuzzFeed," an update read on the reinstated story. "The deletion was in violation of our editorial standards and the post has been reinstated."

Gawker noticed the deletion on Thursday and raised the question whether the article was taken down due to the BuzzFeed's relationship to Unilever, Dove's owner, and a BuzzFeed advertiser.

Hasbro, the makers of Monopoly, is also an advertiser.

Smith denied that advertiser pressure was behind the Dove story deletion.

dove soap

"You also have a right to ask about whether we did this because of advertiser pressure, as Gawker suggested," Smith wrote to the BuzzFeed staff on Friday. "The answer is no."

Soon after Gawker's story on Thursday, Smith posted a memo on Twitter written by BuzzFeed Life editorial director Peggy Wang and BuzzFeed Food editor Emily Fleischaker.

The memo said that the piece was pulled due to the article's voice and not its content.

"When we approach charged topics like body image and feminism, we need to show not tell," the memo read. "Using our own voices (and hence, BuzzFeed's voice) to advance a personal opinion often isn't in line with BuzzFeed Life's tone and editorial mission."

Or as Smith said in the tweet attached to the Thursday memo: "We are trying not to do hot takes."

On Friday, Smith made it clear that advertiser pressure is something he tries to shield his staff from.

"I field complaints all the time from companies and individuals, including advertisers, and I see it as my job to shield you from that pressure," he wrote.

Related: BuzzFeed wants to expand its content empire.

CNNMoney (New York) April 10, 2015: 6:14 PM ET


12.08 | 0 komentar | Read More

The Obamas paid $93,362 in federal income taxes

white house obamas tax President Obama and First Lady Michelle Obama reported about the same amount of income in 2014 as they did in 2013.

President Obama and First Lady Michelle Obama reported $495,964 in gross income last year, according to their 2014 tax returns released by the White House on Friday afternoon.

The president's salary accounted for nearly $395,000 of that, while their net business income came to $88,181 from Random House and literary management company Dystel & Goderich. They also earned about $16,000 in taxable interest.

After accounting for $17,400 in tax-deferred retirement savings and a $1,181 deduction for the self-employment payroll taxes they paid, their adjusted gross income came to $477,383, just a little less than they earned the year before.

Related: Top 400 taxpayers' average income jumps to $336 million

So how much of all that went to Uncle Sam? The Obamas' federal income tax bite came to $93,362, or 19.6% of their AGI.

A piece of that tax burden -- $2,035 -- was attributable to the Medicare surtax on high earners that was created to help fund Obamacare.

The Obamas donated $70,712, or about 15% of their AGI, to more than 30 charities.

They also paid $22,640 in income taxes to their home state of Illinois.

CNNMoney (New York) April 10, 2015: 6:33 PM ET


12.08 | 0 komentar | Read More

HBO still hasn't heard from Scientology lawyers for 'Going Clear'

"Facts are stubborn things," HBO CEO Richard Plepler said in an interview with CNNMoney this week.

"Everybody's entitled to their own opinion, but they're not entitled to their own facts," he added. "I think the documentary bears up very well to any kind of scrutiny."

Sheila Nevins, the president of HBO's documentary division, had a similar comment -- "facts are facts" -- when asked about the film at a party on Wednesday held by The Hollywood Reporter.

The March 29 premiere of "Going Clear" scored the highest overnight viewership for an HBO documentary in nine years. Nevins and Plepler pointed out that the documentary is still reaching new viewers every day thanks to repeats and HBO's various on-demand services.

scientology going clear John Travolta isn't interested in watching HBO's Scientology documentary 'Going Clear.'

"Going Clear" was back in the news this week when John Travolta, a member of the church, said he was uninterested in seeing it.

The documentary, by well-known filmmaker Alex Gibney, is based on the book of the same name by Lawrence Wright.

In an interview before the premiere, Gibney said he was well aware of the possibility that Scientology might try to strike back with lawsuits.

But, he said, "we were very rigorous in terms of how we checked our story, how we had it scrutinized extensively by lawyers -- not only my own lawyers but by HBO's lawyers," Gibney said.

Nevins once commented that there were "probably 160 lawyers" involved, but she meant that hyperbolically.

HBO's other recent documentary success was "The Jinx," a six-part series about the troubled multi-millionaire Robert Durst, a suspect in several murders.

There have been questions about the extent of filmmaker Andrew Jarecki's communication with law enforcement, particularly due to the recording of Durst apparently saying to himself he "killed them all."

"I can tell you unequivocally we did not withhold any evidence," Plepler said, calling Jarecki "very scrupulous."

"I think what's important to remember is that a 30-year -- 30-year -- murder mystery was essentially opened up" by Jarecki and his colleagues, Plepler added.

HBO and the parent of this web site, CNN, are both owned by Time Warner.

CNNMoney (New York) April 10, 2015: 6:34 PM ET


12.08 | 0 komentar | Read More

Google doesn't care where you went to college

Written By limadu on Jumat, 10 April 2015 | 12.08

Not really, according to Laszlo Bock, Google's Head of People Operations.

When the company was small, Google cared a lot about getting kids from Harvard, Stanford, and MIT. But Bock said it was the "wrong" hiring strategy. Experience has taught him there are exceptional kids at many other places, from state schools in California to New York.

"What we find is the best people from places like that are just as good if not better as anybody you can get from any Ivy League school," said Bock, who just authored a book titled "Work Rules!" and stopped by CNNMoney to share his smarts.

Every year, 2 million people apply to get a job at Google (GOOG). Bock himself has seen some 25,000 résumés.

So what else does Google not care about:

Grades: Google's data shows that grades predict performance for the first two years of a career, but do not matter after that.

Brainteasers: Gone are interview questions such as: Why are manhole covers round? or How many golf balls can fit in a school bus? "Our research tells us those questions are a waste of time," Bock said. "They're a really coachable skill. The more you practice, you get better at it."

A shoe: "Somebody sent me a shoe once with a résumé tucked inside because they wanted to get their foot in the door." That one didn't work.

Or a robot: Especially when it arrived broken, with exposed wires and a "press here" button. Call in the bomb squad.

Here's what Google does care about:

Problem solvers: Your cognitive ability, or how well you solve problems.

Leaders: The idea is not whether you were president of the student body or vice president of the bank, rather: "When you see a problem do you step in, help solve it," and then critically, "Are you willing to step out and let somebody else take over, and make room for somebody else? Are you willing to give up power?"

Googleyness: That's what Google calls its cultural fit. It's not "Are you like us?" Bock said. "We actually look for people who are different, because diversity gives us great ideas."

What's most important is that people are intellectually humble, willing to admit when they're wrong, and care about the environment around them ..."because we want people who think like owners not employees," Bock said.

The least important thing? Knowing how to do the job.

"We figure if you get the first three right you'll figure it out most of the time."

google office netherlands Inside Google's office in the Netherlands.

CNNMoney (New York) April 9, 2015: 8:30 PM ET


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Cosmopolitan magazine secures first Chelsea Manning interview

chelsea manning Chelsea Manning seen in a photo she sent to a military supervisor in 2010.

The article marks the first time Manning has spoken "as an army private who leaked classified documents, went to military prison, and sued for the right to transition into living as a woman in jail," according to the story, which is in the magazine's May issue and online.

Manning was convicted of violations of the Espionage Act in 2013 for turning over a trove of classified data to the website WikiLeaks. Since the conviction as Private Bradley Manning, the soldier has transitioned, in prison and aided by federal funding, into a transgender woman.

"I'm fascinated by the character of Chelsea Manning; I'm fascinated by the fact that Julian Assange was played by Benedict Cumberbatch, the hottest thing in town, in a big Hollywood movie and yet Chelsea Manning disappeared from view," Cosmopolitan editor-in-chief Joanna Coles said in an interview with CNN.

She pointedly added that without Manning, there would be no WikiLeaks as it's known to the public today.

Manning has penned opinion pieces for The New York Times and The Guardian from prison. With Cosmopolitan, she shared a more personal side, detailing her experience as a transitioning woman in prison.

Writer Abigail Pesta, an investigative journalist and contributor to the magazine, communicated with Manning through letters since the military does not allow prisoners to speak to the press by phone.

Coles estimated that the piece was in the works for about a year. Pesta brought the idea to Coles.

We "were very interested in the transition to Chelsea and the idea of transitioning to being a women in a men's prison. I couldn't get my head around it," she said.

Coles called it an idea that was "hiding in plain sight," but no doubt a huge get for the women's magazine.

"As an editor I like to have something unexpected and a surprise in each issue. I imagine our readers will be as fascinated as I am by this story," she said.

Though Manning declined to comment on the WikiLeaks reveal, she talked about life behind bars: studying in the prison library, working out in the gym, and visits from friends and family.

Thus far, she said, there has been no harassment from other inmates regarding her transition.

"The guys here are adults ... There are some very smart and sophisticated people in prisons all across America — I don't think television and the media give them credit," she says to Pesta.

Manning said she receives fan-mail from around the world, including from celebrities and even Edward Snowden.

The Cosmopolitan article is reflective of the way gender identity is increasingly receiving mainstream media attention.

Coles pointed out that Netflix's "Orange Is The New Black" is a "huge show" among Cosmo readers.

More broadly speaking, "transgender people are having a moment in our culture right now," she said, illustrated by the success of Amazon's TV series "Transparent" and Bruce Jenner's rumored -- but not confirmed -- gender transition.

As for Cosmo getting the Manning scoop, well, it might be an example of how Coles has given the Hearst brand a 21st century face-lift. She took the helm in 2012.

Earlier this year a New York magazine profile connected Coles to a new ("4th -- or Is It 5th?") wave of feminism.

Coles shrugged off this definition in an interview, though, and insists she's pragmatic.

"I come from this point of view of being an editor," she said. "I never have an agenda; my only agenda is finding interesting stories, and people have interpreted that as being political."

Last June, Cosmopolitan snagged an exclusive interview with ousted New York Times executive editor Jill Abramson. The magazine has beefed up original reporting with hires like Jill Filipovic, an attorney and senior political writer for the magazine.

"Women's magazines get patronized," Coles said. "And that's unfair."

But as news organizations continue to chase Cosmo's reports like the Manning profile, or Elle's recent profile of Ruth Bader Ginsburg, that will likely change.

Chelsea J. Carter, Ashley Fantz, Jethro Mullen, and Larry Shaughnessy contributed to this report.

CNNMoney (New York) April 9, 2015: 4:23 PM ET


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Norah O'Donnell seen as Bob Schieffer's possible successor

nora odonnell

CBS is not commenting. That's partly because no concrete decision about Schieffer's successor has been made, according to people with direct knowledge of the process.

But speculation immediately centered around Norah O'Donnell, Schieffer's primary substitute. Other names include CBS's chief White House correspondent Major Garrett and political director John Dickerson.

Related: Legendary CBS anchor Bob Schieffer to retire this summer

O'Donnell, who The Hollywood Reporter just this week called "a rising star" at CBS, has been in line for "Face the Nation" for years.

There is one obvious hurdle, however, and that's her current job: co-host of "CBS This Morning" Mondays through Fridays. The morning show makes a lot more money than Sunday's "Face the Nation," and lately it's been on a growth spurt, though it remains in third place behind "Good Morning America" and "Today."

O'Donnell could theoretically have both jobs -- the way ABC's George Stephanopoulos co-hosts "GMA" on the weekdays and competes with Schieffer on the weekends as the moderator of "This Week."

She would be the only woman among the hosts of the major Sunday morning public affairs programs that hold a special place in the nation's capital.

"I think Sunday mornings are a gem," she said last year when asked by The Washington Post whether she'd like to take over for Schieffer someday.

She said she didn't think the opportunity would come open anytime soon: "Do I love filling in for Bob? Yes. Do I think he's going to do that show for a long time? Yes. You don't leave something that you're number one at."

bob schieffer

Indeed, Schieffer's timing surprised some observers, since "Face the Nation" has solid ratings -- #1 by some rankings, ahead of ABC's "This Week" and NBC's "Meet the Press" -- and since the 2016 presidential election is coming up.

He said on Wednesday night that he'll sign off sometime this summer. The timing will let the new host settle into the job before the primary season officially gets underway.

O'Donnell is certainly not the only option. Garrett is also a sub for Schieffer, and he doesn't have a morning show complication like O'Donnell does. Garrett joined CBS in 2012 after working at Fox News and National Journal.

Dickerson, "CBS This Morning" co-host Charlie Rose and CBS Congressional correspondent Nancy Cordes have all also been mentioned, too.

With Schieffer stepping down, there are now two openings among the lineup of Sunday morning political talk shows.

The other opening is at CNN, where "State of the Union" anchor Candy Crowley stepped down last December. The cable channel (which owns this web site) has been having guest anchors fill in, and has not named a permanent replacement.

Related: NBC News has a new boss. What's on his to-do list

Related: ABC's David Muir on Brian Williams' woes: 'I wouldn't wish it on anyone'

CNNMoney (New York) April 9, 2015: 6:35 PM ET


12.08 | 0 komentar | Read More

Forget GDP. These nations are doing better than the U.S.

Written By limadu on Kamis, 09 April 2015 | 12.08

social progress world

The U.S. ranks 16th in the Social Progress Index, which is based on dozens of criteria measuring well-being, opportunities and basic human needs.

The ranking, released on Wednesday, puts Norway on top, followed by Sweden and Switzerland. It was designed to complement traditional economic indicators -- such as GDP.

"GDP tells us quite a lot about a country's progress, but it's definitely not the whole story. Together with the social progress index, it can give us all-around picture of a country's inclusive growth," said Steve Almond, one of the authors.

social progress index

Related: How much do you need to be happy?

The U.S., the world's biggest economy, scores poorly across many criteria and ranks behind countries with lower GDP per capita -- including Canada and the U.K.

It is leading the way in only a handful of measures, including people's satisfaction with affordable housing, freedom of speech, and access to advanced education.

But the U.S. is failing in all health and wellness indicators, which include life expectancy, obesity, suicide rates, and personal safety.

social progress where us stands

The index considers 52 indicators that have impact on the quality of people's lives and their position in society.

Among them are access to water and shelter, well-being indicators like obesity and literacy rates, as well as criteria measuring opportunities, tolerance, and the degree of personal freedoms.

The authors say countries with higher scores are building more prosperous societies and are likely to be better off in the long term.

And while important, the overall economic wealth is not crucial for countries' social progress.

Almond cites Costa Rica as an example. Ranked 28th, it achieves a higher level of social progress than both South Korea and Italy, which have more than twice Costa Rica's GDP per head.

Related: Should happiness, more than GDP, define a nation's success?

CNNMoney (London) April 8, 2015: 9:58 PM ET


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Jon Stewart on Rolling Stone: 'I'll fire them'

"If nobody else has the guts to do it, I'll fire them," Stewart said on "The Daily Show" Wednesday night. "I'm making a citizen's firing. Pack up your desks!"

Stewart's "citizen's firing" comes just days after Rolling Stone publisher Jann Wenner concluded that a damning report by Columbia Journalism School on the magazine's flawed "A Rape on Campus" story was punishment enough for the staffers.

Related: Major 'failures' found in Rolling Stone's 'A Rape on Campus'

Stewart, who often functions as a media watchdog, was not buying that argument.

"The report is actually not punishment ... at all," Stewart said. "It is a list of things -- in many circumstances -- people would be punished for. You're missing the ever crucial sentencing phase."

Stewart compared the situation to a judge who issues a guilty verdict, and then says, "so let's go get some Italian ices."

The departing "Daily Show" host went on to say that the flawed story wasn't just a "gaffe" but rather "monumental f*** up territory," because it could set back the cause of sexual assault victims.

Related: No one fired at Rolling Stone. Really?

"You can't just deal with it by issuing a correction like the time you spelled [pop star] Ke$ha's name with an '&' instead of '$,' " Stewart said. "Someone's got to go."

Stewart isn't alone in his opinion. Many in the media world were shocked to learn that the author of the botched story, Sabrina Rubin Erdely, would continue to write for Rolling Stone.

Yet, for Stewart, Rolling Stone being unreliable wasn't a complete shock.

"The magazine that gave five stars to the most recent U2 album may not be the most reliable source of information," he joked.

Related: Three fatal failures in Rolling tone's UVA rape story

CNNMoney (New York) April 9, 2015: 12:40 AM ET


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Legendary CBS anchor Bob Schieffer to retire this summer

bob schieffer

Schieffer, 78, has been with CBS News for 46 years, and has moderated the network's Sunday morning public affairs talk show for the past 24 years.

In addition to his role at "Face the Nation," Schieffer is also the chief Washington correspondent for CBS News.

In a telephone interview, CBS News president David Rhodes called Schieffer a "reporter's reporter," and said stepping aside was "entirely Bob's decision."

The anchorman has been contemplating retirement for months. He "feels the broadcast is in a really good place right now," Rhodes said, noting its recent ratings success. By some measures "Face the Nation" is reaching 20-year heights in the ratings.

Schieffer announced that he would be moving on during the annual "Schieffer Symposium" at Texas Christian University, his alma mater.

"Because [this was] where it all started for me ... I wanted you all to be the first to know that this summer I'm going to retire," he said, according to CBS.

"It's been a great adventure," Schieffer added. "I'm one of the luckiest people in the world, because as a little boy, as a young reporter, I always wanted to be a journalist, and I got to do that."

Sandy Livingston, who attends the symposium every year, said the announcement "was a stunner to the audience. There were some gasps; I heard some 'Oh nos.' "

Livingston praised the newsman's "humanity" and professionalism. "I'm talking like I know him," he remarked, a testament to Schieffer's broadcasting abilities and longevity.

Rhodes, who was also present for the announcement, said it was an emotional moment.

Twitter was abuzz with congratulatory messages for the "Face the Nation" host.

"Bob Schieffer represents the very best of CBS. Such an amazing career, a great journalist and a wonderful man," tweeted "60 Minutes" Executive Producer Jeff Fager.

".@bobschieffer is a legend; can't imagine a news world without him -- his wit, his sage, his BS detector and even his purple socks -- in it," CNN's Jake Tapper added on Twitter.

Schieffer is one of the most revered reporters in CBS history. He has won multiple awards, including eight Emmys, and interviewed every president since Richard Nixon. Most recently he interviewed President Obama in November.

Praise for the anchor extended even to political figures. Sen. John McCain, a frequent guest, lamented Schieffer's departure.

"Sunday mornings won't be the same w/out @bobschieffer on @FaceTheNation," McCain tweeted. "Look [forward] to sitting across from best in business a few more times!"

"Face the Nation" celebrated its 60th anniversary last year. Speculation will immediately start about potential successors to Schieffer. His primary substitute on "Face the Nation" is Norah O'Donnell, who is also a co-host of "CBS This Morning."

Rhodes declined to comment on succession plans, but referred to the note he sent CBS staffers shortly after Schieffer made the announcement.

"We'll have more to report soon about the plans for this important broadcast and for the Washington bureau as a whole," he wrote. "An important 2016 campaign season is beginning. But this is Bob's night and I hope we can all celebrate with him the remarkable achievement which is his career here at CBS."

Related: ABC's evening news ends five-year winning streak for NBC

Related: Rand Paul says he needs to 'hold my temper' after clashes with press

CNNMoney (New York) April 8, 2015: 10:45 PM ET


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Psychiatrist wants patients to see his name in the New York Times

Written By limadu on Rabu, 08 April 2015 | 12.08

to the editor Is this narcissistic?

"Please print this letter so that when my patients Google me they will see that their psychiatrist and psychoanalyst has been published in The New York Times," wrote Levin, who lives in the Philadelphia area and has had a practice for about 30 years.

The letter, which was published in the Times on Tuesday, made an immediate splash on Twitter, where it was applauded by journalists like New York Daily News columnist Harry Siegel.

"Well played, Bruce J. Levin," Siegel tweeted.

Levin was inspired to write in after reading a story published in the Times on Sunday. The story, titled "Do You Google Your Shrink?," explored how the psychiatric community has adjusted to exposure of personal information in the online age. Levin was not the only psychotherapist who responded to the story.

One reader from Queens argued that "patients always knew a great deal about the person they were talking to" -- even before the advent of the Internet. Another reader from Indiana said that she would turn away any patient who arrived at her office with a trove of information retrieved from the Internet.

Levin opted for levity.

"I just read the article, and it struck me, 'What would Stephen Colbert or Larry David say about something like this?'" he told CNNMoney.

Levin grew up in New York, and he said he's been reading the paper of record since he was a kid.

"I've had some letters in the Times," he said, a modest reference to his more than half-a-dozen missives that the Times has published.

His first published letter came in response to a column by Maureen Dowd. In the letter, Levin applauded Dowd's "depiction of the sweeping cultural and social drug revolution that has shamelessly affected our country." He said Dowd emailed him to express her gratitude.

"A couple people were very hostile to her point of view, and she felt like I understood what she was talking about," Levin recalled.

Levin has relished the response this week to his cheeky letter. He received a phone call from an old high school friend who he hadn't spoken to in years. His son, a college student, told him about the reaction on social media.

"This is the first time I've ever looked at anything on Twitter," Levin said.

He also received an email from a fellow psychiatrist who got a kick out of the letter.

And how did the colleague retrieve Levin's contact information? By Googling him, of course.

Related: Google under fire for Youtube Kids app

Related: 'Ask Seaworld' Twitter campaign backfires

Related: IBM's Watson has published a cookbook

CNNMoney (New York) April 7, 2015: 6:30 PM ET


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What Rand Paul's flat tax plan would look like

He also wants to simplify the tax code, eliminate the estate and gift taxes and wipe out investment taxes too.

And he wants to do it by way of a "flat tax."

"As President, I would promote a Fair and Flat Tax plan, known as the 'EZ Tax.' My tax plan would be the largest tax cut in American history, reforming individual, business, and worker taxes," the Libertarian-leaning senator from Kentucky wrote on his new 2016 campaign Web site.

Related: Rand Paul: 'I am running for president'

The big idea behind a flat tax: Move from an income tax system with many rates to one single rate. Kill all but a few tax breaks. And make all investment income tax free. Generally, the goal is to only tax money once: either when it's earned or when it's withdrawn after being deposited or invested.

Not all flat-tax proposals are alike, however. They can differ in how high they set the rate; how big of an income tax exemption they allow for all filers based on family size; how many other tax breaks they include; and whether they eliminate payroll and estate taxes.

Related: Rand Paul-onomics: 4 things to know

Here are the few details we know about how Paul would structure his flat tax:

Single, flat tax rate: 17%

Paychecks: Individuals would pay 17% tax on wages and salaries. The net effective rate they pay would almost certainly be lower assuming they're allowed to take an exemption, which is typical under a flat tax. For example, say you gross $100 in income and get to exempt $20. You'd only pay 17% on the $80 that remains. That works out to be $13.60, or just 13.6% of your gross income.

Business income: Businesses would be subject to the same 17% rate.

Investment income: Capital gains, dividends and interest would be tax free.

Payroll tax: Low- and middle-income workers would get an exemption from the Social Security tax. How much isn't clear.

Estate and gift tax: Eliminated.

Alternative Minimum Tax (AMT): Eliminated.

It's not clear how Paul's campaign proposal for a flat tax differs from the flat-tax proposal he's made in the past two years.

Under that earlier proposal, Paul said he would preserve and increase both the personal exemption and standard deduction. He would also keep tax-free fringe benefits to employees, such as employer contributions to help pay for workers' health insurance. And all capital gains made on the sale of one's primary residence also would be tax-free.

Related: Why the middle class is still getting snared by the 'wealth tax'

A frequent criticism of the flat tax is that it may disproportionately benefit the very rich, since they have so much investment income, which would be tax-free. But given how few details there are about Paul's proposal, it's too early to say what the distributional effects would be.

What can be said is that his flat tax proposals would bring in far less revenue than the current system. Why? If he wanted to maintain the current amount of revenue, that would require a flat rate of at least 25%, said Joseph Rosenberg, a senior research associate of the Tax Policy Center.

Paul's proposal outlined Tuesday would, by the candidate's own estimate, bring in $700 billion less revenue every year than the current income tax system.

At the same time, Paul stressed his disdain for the country's debt when announcing his bid for the presidency. "Stop spending money you don't have," he said.

That goal will be much harder to reach under his flat tax plan.

Paul's campaign did not immediately respond to a request for more details about his proposal.

CNNMoney (New York) April 7, 2015: 5:05 PM ET


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China's taxman is coming for Alibaba

alibaba tax authorities

Two of the company's "lock up" agreements have now expired, releasing an additional 437 million shares for trading. Another 1.6 billion shares -- owned by co-founders Jack Ma and Joe Tsai and investors Yahoo and Softbank -- will be eligible to hit the market in September. Alibaba sold 320 million shares, or about 13% of the company, in its IPO.

During an IPO, companies can "lock-up" shares from trading for a certain amount of time to prevent major shareholders -- typically insiders like executives or venture capitalists -- from flooding the market in the initial trading period. Share prices sometimes drop before a "lock-up" ends, as investors worry about more stock hitting the market, thought it remains unclear what Alibaba's biggest stakeholders will do.

Together, these chunks of Alibaba stock represent 80% of the company. If they were sold at current prices, Alibaba (BABA, Tech30) insiders would be in line for a whopping $165 billion payday.

Experts say Beijing will definitely be looking to collect tax on that windfall.

"The size in terms of dollar amount is massive, and in terms of the number of people that benefited within the company is also very significant," said China tax specialist Clifford Ng, a partner at law firm Zhong Lun. "Obviously, the more high profile the company, the more likely that the government will have to make sure that taxes are collected properly."

China taxes its citizens on worldwide income, no matter where they live or work -- just like the U.S. The country has a progressive tax rate on employment-based income that ranges from 3% to 45%, and a capital gains tax that tops out at 20%.

But authorities have long failed to collect billions in taxes from rich Chinese who launder money overseas, find creative ways to hide income or move abroad.

Related: Beijing loses billions as rich skip taxes

Beijing is now cracking down on tax evasion as government debt continues to balloon. Last year, authorities recovered 172.2 billion yuan ($28 billion) from individuals engaged in criminal tax evasion, or roughly 1.7% of the government's total income tax revenue, according to the State Administration of Tax.

The government is also requiring firms like Alibaba that offer employee share incentive plans to register with the State Administration of Foreign Exchange (SAFE), a bureau that controls how much money flows in and out of China. Beijing even asks companies to report and withhold tax dollars based on those stock incentive schemes.

This helps the government keep tabs on Chinese firms that list overseas, because company ownership is essentially moving offshore, Ng said.

Alibaba spokesman Bob Christie confirmed that the company was complying, saying the firm "withholds capital gain tax on the capital from share sales [that] can be repatriated back to China through a channel stipulated by SAFE."

Employees who participated in a share incentive plan were also required to register with SAFE once the company went public, according to Alibaba's IPO prospectus.

"Through public filings by the listed companies, and the reporting required ... the State Administration for Tax has a pretty good handle on who should pay what," Ng said. "Perhaps more so than any other country, because so many Chinese companies list overseas."

Read next: Who the heck is Jack Ma? Meet the man who built Alibaba

CNNMoney (Hong Kong) April 7, 2015: 10:47 PM ET


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Indian companies in mad rush to find women board members

Written By limadu on Selasa, 07 April 2015 | 12.08

Hundreds of Indian companies have failed to comply. At other firms, management have appointed daughters, wives and other close family members to the board -- a move that complies with the letter of the new regulation, but not the spirit.

Out of the 1,456 companies listed at India's National Stock Exchange (NSE), as many as 180 -- or 12% -- failed to appoint a single woman director, even after the government's initial deadline was extended by six months, according to PRIME Database, a firm that compiles capital market data.

Another 770 listed companies have appointed directors that cannot be considered independent -- meaning they are management's close family members or have another vested interest -- according to Prime Database.

Related: Wall Street still hires mostly white men

Pranav Haldea, managing director of PRIME Database, said that appointing next-of-kin directors creates a corporate governance problem, and does nothing to solve gender inequality.

"If the female appointee, a family member, is qualified enough then there shouldn't be a problem," he said. "However, we can see that that is not the case. Compliance is being done only on paper, which is absolutely wrong."

The argument for more women on corporate boards -- aside from basic issues of equality -- is that companies make better decisions when a variety of views are considered. There is even some evidence to suggest that firms with diverse boards outperform their more homogenous rivals.

Related: Best and worst countries for women on corporate boards

India, in particular, has struggled with the issue. In a society that has been regularly branded as patriarchal, little has been done to address the widening gap between men and women in the corporate world.

The International Labour Organization ranked India at a dismal 120 out of 131 countries for female labor participation in 2013. Roughly 25% of women in India are active in the workforce, a lower rate than that of Cuba, Bangladesh and Somalia. Female literacy stands at 54% in India, more than 21 percentage points behind that of males.

Arundhati Bhattacharya, the only woman to lead the State Bank of India in its 208-year history, warned earlier this year that companies need to do more to help women.

"In India, women are still the primary caregivers," she told CNN. "Whether it be for children, whether it be for old people or sick people, you are the primary caregiver. No matter what position you are in."

"I think we need to do more in order to get [women] to stay [in the workforce]," she said. "There are still too few people staying put for them to have a good shot at the top jobs."

Related: Missing from Asia's boardrooms? Women

CNNMoney (New Delhi) April 6, 2015: 10:24 PM ET


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'Shell-shocked:' new details about NBC's handling of the Brian Williams scandal

As the crisis over Williams' exaggerated war stories unfolded, network executives were frustrated by Williams' "inability to explain himself," the story says. The anchor "appeared shell-shocked" when the scandal emerged, rendering him unable to respond effectively.

In February, amid the series of embarrassing revelations, Williams was suspended without pay for six months. His "NBC Nightly News" is now being anchored by Lester Holt. It is unclear whether NBC will let Williams return at the end of the suspension period.

At issue was Williams' involvement on an Iraq War mission in 2003. Over the years, his recounting of the mission turned more dramatic, to the point he was saying that an RPG had struck the helicopter he was aboard. In fact, that happened to a different helicopter, not the one Williams was on.

The Vanity Fair story, authored by Bryan Burrough, says NBC's internal fact-checking investigation of Williams is ongoing. It has been led by Richard Esposito, the head of investigations for NBC News.

"People who have spoken to Esposito say his group has compiled a number of other incidents that, taken as a whole, paint a portrait of Williams as a man who has consistently burnished his stories," Burrough writes.

The Vanity Fair was published online on Tuesday, the second day on the job for the new chair of NBC News and MSNBC, Andy Lack. Williams' fate rests with Lack and the man who just put him in charge, NBCUniversal CEO Steve Burke.

Related: NBC News has a new boss. What's on his to-do list

Burke is described in the story as a competent executive who has improved NBCUniversal's standing in many areas, but has struggled to manage the network's news division. "Even some of Burke's defenders admit he has only himself to blame for the decline of NBC News," Burrough writes.

The author zeroes in on Burke's 2012 choice to name Pat Fili-Krushel the chair of NBC News, MSNBC and CNBC, despite the fact that she had "virtually no experience in journalism." Fili-Krushel has become "the scandal's second victim," Burrough writes, now that Lack has taken over.

Lack has decades of experience in journalism. He previously ran NBC News between 1993 and 2001.

Related: NBC's Chuck Todd 'proud' of how network handled Brian Williams

Burrough's story, which relies heavily on anonymous sources, adds new details about what happened inside NBC in the key hours leading up to Williams' initial — and inadequate — apologies for exaggerating the Iraq story.

Williams told an exaggerated version of the story on "NBC Nightly News" in late January, as part of a tribute to a military veteran who had been with him on the mission. Fili-Krushel's hand-picked deputy, NBC News president Deborah Turness, noticed Williams' story "and liked it, terming it 'very sweet,' " according to the story. "What she liked even more, she told one listener, was its performance once it was posted to Facebook, which she called 'extremely good.' "

Indeed, Williams' tribute to the veteran was widely shared on Facebook. But that's also where several vets posted comments saying that Williams had falsified parts of the tale. It is unclear when Williams first saw these comments. But according to the story, whenever he found out, "he did not tell Turness or Pat Fili, even though he and Fili had lunch the following Tuesday."

The same day Williams and Fili-Krushel had lunch, February 3, Stars & Stripes newspaper reporter Travis Tritten interviewed some of the soldiers on the mission and prepared a story about Williams' misstatements.

On February 4, Tritten contacted NBC to ask for comment. Williams spoke on the record to Tritten without his bosses knowing, according to the story -- a sign of how his relationships with Turness and Fili-Krushel were lacking.

Turness learned about the apparent exaggerations around 3:30 p.m., three hours before "Nightly News" broadcast time. She then tried to work with Williams on the wording of an apology that he read on the air. But the statement seemed to only exacerbate his problems.

"Burke learned of things only after the apology broadcast," Burrough writes. The surfacing of a David Letterman clip from 2013, where Williams told another misleading version of the story, made clear to the executives that the discrepancies were very serious. The next day, Burke began holding crisis meetings.

Related: Lester Holt's winning ratings earn applause at NBC

But Burrough quotes NBC sources who say Williams had a hard time acknowledging the scope of the situation, even as questions began coming up about other past stories he had covered.

Furthermore, the story affirms other recent reports about chilliness between Williams and his "Nightly News" predecessor Tom Brokaw, who remains an important voice inside NBC.

Burrough quotes a friend of Brokaw's, who says, "Tom will never say this for the record, but I've talked to him about this, and I can tell you for a fact Tom is livid about this. Tom didn't push Brian out, but he didn't try to save him, either."

The story also quotes a source who implies that Williams believes Brokaw is to blame for his sudden downfall: "I talked to Brian about this, and I'll never forget what he said at the end. He said, 'Chalk one up for Brokaw.' "

CNNMoney (New York) April 7, 2015: 12:44 AM ET


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