THE MOST LIVE

POWERFUL GROW PEOPLE

IN GLOBAL MAKE FINANCE THE POWER 100

2O15 POWER

WHETHER IT’S IN SILICON VALLEY OR WALL STREET, 1OOLONDON OR MOSCOW, BEIJING OR MUMBAI, FINANCIAL POWER TAKES MANY FORMS—BANKERS AND BILLIONAIRES, POLITICIANS AND PROPHETS. Meet the 100 most powerful men and women in finance for 2015. From all across the globe, they shape your world.

PORTRAIT ILLUSTRATIONS BY STANLEY CHOW

WORTH.COM OCTOBER-NOVEMBER 2015 117 LIVE areas, where inconsistent elec- current mayor now seems on Fox af- 95 tricity and scorching heat often obsessed with undoing— filiates in major U.S. markets. disable what for many is an Bloomberg left office in 2014, Taking over Louis Rukeyser’s

PAUL KRUGMAN GROW economic lifeline. She has also intending to devote himself role of host, Scaramucci has 98 Columnist, the Times pioneered allowing employees full-time to the work of his updated the program to focus SONJA HOEL PERKINS to take three two-year sabbati- foundation, which focuses on deep-dive conversations 2014 RANKING: 94 cals over the course of their ca- on anti-tobacco and pro-gun with power brokers such as

Managing Director, Menlo Ventures MAKE PATH TO POWER: Popularly reer, a policy aimed at helping control activism, improving Jeff Gundlach, Carl Icahn and SBI’s female employees, who the efficiency of city govern- Leon Cooperman. PATH TO POWER: Perkins was raised in Virginia and known for his tough-talking brought her roots west; her Pacific Heights home is mod- Times columns and unex- face profound cultural chal- ments and backing the arts. eled after Thomas Jefferson’s Monticello. After undergrad pectedly peripatetic blog, lenges combining motherhood POWER PLAY: Although THE POWER 100 Krugman is also a professor with work outside the home. at UVA and then Harvard Business School, she eventually he repeatedly said he had 90 of economics at the City Uni- SHEIKH joined Menlo Ventures, where she made partner at 29. no intention of rejoining his versity of New York. ABDULLAH BIN She worked her way up to managing director, and in 2010, company, Bloomberg did just cofounded Broadway Angels, a VC fund run by tech execu- 93 MOHAMMED BIN POWER PLAY: Krugman is a that months after leaving the tives and investors who “all happen to be women.” potent combination of liberal mayor’s office, in the process SAUD AL-THANI U.S. Senator, R-Kentucky ousting CEO Dan Doctoroff. POWER PLAY: Perkins has a track record of investing in academic, closet idealist and CEO, Qatar Investment Authority companies founded by women: Forty percent of the com- dyspeptic outsider, which Bloomberg is said to doubt 2014 RANKING: 39 A mem- panies she has funded were started by women, including makes him both a highly po- the point of the company’s PATH TO POWER: punditry, investigative report- ber of the Qatari royal family, Minted, an online stationery, art and design company she larizing academic and a must- PATH TO POWER: Paul, the Sheikh Abdullah served as says is on its way to being worth $1 billion. In the process, read columnist. This year son of libertarian folk hero Ron ing and political journalism, chairman of the Ooredoo she’s quietly but effectively redressing gender imbalance in the Republican presidential Paul, spent the first 18 years of and is slashing its efforts on Group, a Doha-based tele- both the technology and VC worlds. race, and Donald Trump in his career as an ophthalmolo- all those fronts; before Labor communications provider, particular, have been good to gist. He was elected to the Day, Bloomberg laid off some before becoming CEO of the Krugman. “The conventions Senate in the 2010 midterms 80 journalists. Qatar Investment Authority of political reporting and and quickly gained a following in December. an American second act; the University of Wisconsin- political commentary make it among many of the same vot- after being banned from River Falls, Swensen earned almost impossible to say the 91 100 96 ers who supported his father. POWER PLAY: Flush with the securities industry for a PhD in economics at Yale. obvious,” Krugman wrote in ANTHONY JUDSON BERGMAN BILL GATES oil money, Qatar’s sovereign misleading investors while a After working at Lehman August. “Namely, that one POWER PLAY: Now a can- SCARAMUCCI Chairman and CEO, Envestnet Co-Chairman, Bill and Melinda Gates wealth fund has at least $256 stock analyst at Merrill Lynch, Brothers and Salomon of our two major parties has didate for president—though Founder and Co-Managing Partner, Foundation billion AUM, and Al-Thani is Blodget began writing about Brothers, Swensen became gone off the deep end.” not a very successful one— SkyBridge Capital PATH TO POWER: Armed overseeing a push into Asian finance, authored a book on Yale’s CIO in 1985. Averaging Paul stands apart from most with a BA in English from Whea- PATH TO POWER: The Se- and U.S. markets in a bid to Wall Street, and in 2007 co- 14.4 percent returns a year of the GOP candidates in his 2014 RANKING: 95 ton and an MBA from Columbia, attle native with an early in- diversify beyond the QIA’s founded Business Insider with since then, Swensen is the refusal to toe the party line on Bergman worked at - terest in computers dropped 94 PATH TO POWER: The already strong European entrepreneur Kevin Ryan. pioneer of the “Yale Model” a number of issues, including based asset manager Nuveen out of Harvard to found ARUNDHATI Tufts and Harvard Law grad holdings. The challenge for of investing, essentially Microsoft with Paul Allen. BHATTACHARYA national security. (He opposes before launching Envestnet in POWER PLAY: Business worked at in Al-Thani: establishing a foun- abandoning the conservative Having been consistently the government eavesdropping 1999. The firm pioneered soft- Insider has become a Wall Chairman, State Bank of India private wealth, investment dation of long-term wealth for endowment mix of stocks world’s wealthiest person and intervention overseas ware for financial advisors. Street force: Website ana- banking and equities before a country that can no longer and bonds to invest in long- since 1995—now with a net generally.) Paul also breaks lytics company ComScore 2014 RANKING: 93 launching Oscar Capital take oil riches for granted. POWER PLAY: In August En- term, often illiquid alterna- worth of nearly $80 billion— with Beltway consensus in his reports that, with 40 mil- Management. That firm was vestnet bought Yodlee, a tech tive investments. Gates retired as chairman of PATH TO POWER: Bhat- views on both Wall Street and lion unique monthly page eventually sold to Lehman company that makes apps Microsoft in 2014 to devote tacharya has worked at the its regulators: He vehemently views, Business Insider has POWER PLAY: University en- Brothers, where Scaramucci 88 that aggregate users’ invest- himself to philanthropy. government-operated State opposes the bank bailouts more online readers than dowments have come under headed investment manage- CLIFF ASNESS ment and banking info, for Bank of India since 1977, when and talks often about his de- and attack lately from critics who ment. In 2005, Scaramucci $660 million—twice its book POWER PLAY: With an she was 22; she became sire to “audit the Fed.” Cofounder, AQR Capital Forbes. Sometimes the think that wealthy universities founded SkyBridge, a fund of value. Bergman is betting that endowment of more than chairperson in 2013, the first Management site reads like BuzzFeed should underwrite all tuition funds investment firm. Yodlee’s data, collected from $42 billion, the education-, woman and the youngest for business—“5 Habits of costs and stop “hoarding” 2014 RANKING: 73 about 50 million users, will healthcare- and poverty- person ever to do so. SBI ac- 92 POWER PLAY: With his People who Always Get funds. But Swensen and the help Envestnet’s clients, some focused Gates Foundation counts for nearly a quarter of MICHAEL annual SALT conference en- Promoted”—but the clickbait dozens of endowment man- PATH TO POWER: The 40,000 independent financial is the world’s largest private the country’s bank deposits BLOOMBERG trenched as a must-attend is frequently balanced with agers he has trained and/or -born funder advisors, better understand charity. Gates aims to eradi- and about the same amount event for Wall Street power was heading for a career in market-changing, agenda- inspired have helped make CEO, Bloomberg their customers. cate malaria, and this year he of its total lending. players, Scaramucci ex- academia after earning an setting journalism. several American universi- got closer to reaching that PATH TO POWER: Bloom- panded his influence in 2015. MBA and PhD at the Univer- ties the best in the world. POWER PLAY: Bhattacharya goal: A Gates-backed malaria berg founded Bloomberg, of In January, he and a group of sity of Chicago Booth School Swensen’s influence is hard has helped the bank launch 99 vaccine—the first of its kind the eponymous terminals, in partners opened Hunt & Fish of Business. But Asness to overstate: The Wall Street its digital operations, pushed HENRY BLODGET 97 and 28 years in the mak- 1981. Twenty years later, and Club, a Times Square restau- surprised his professors by DAVID SWENSEN Journal recently reported that to cut the red tape typical of ing—was approved by Euro- just weeks after September rant targeting the red-meat joining Goldman Sachs, where Cofounder, CEO and Editor in Chief, more than $1 out of $6 held by pean regulators and could Indian government opera- CIO, Yale University 11, the people of New York power-lunch crowd—the per- he founded the firm’s Global Business Insider U.S. higher ed endowments tions and overseen a project significantly improve the life elected him mayor. After fect room for Scaramucci to Alpha fund before leaving to was managed by Swensen or to install solar panel–powered PATH TO POWER: Blodget’s PATH TO POWER: A Wis- expectancy of millions of three terms that transformed host. And in April, he revived start AQR in 1998. one of his protégés. ATMs at SBI branches in rural career is the epitome of consin native who attended people in Africa. the city—in ways that the the iconic weekend show

WORTH.COM OCTOBER-NOVEMBER 2015 119 LIVE lions of dollars in fines against HSBC, UBS and other banks. But Branson has also raised the A ROGUES’ GROW stakes by investigating manag- 89 ers, introducing the potential ELLIOT WEISSBLUTH for criminal sanctions against GALLERY individuals rather than simply SOME OF THE MOST POWERFUL PEOPLE IN THE WORLD OPERATE IN MAKE Founder and CEO, HighTower fines against institutions. His SHADOW ECONOMIES, A WORLD OF TERROR, POACHING, DRUGS, office will gain new power in BLOOD DIAMONDS, SLAVERY AND HUMAN TRAFFICKING. HERE ARE SOME OF THE 2014 RANKING: 91 January 2016, when FINMA will MOST RUTHLESS PUPPETEERS AND PROFITEERS BEHIND IT. no longer have to notify bank PATH TO POWER: The native Chicagoan studied law clients that their data has been THE POWER 100 at John Marshall and spent six years as a trial attorney shared with foreign regulators. handling malpractice cases. He started HighTower in 2007 Branson has stated he intends Abu Bakr al-Baghdadi Joaquín “El Chapo” after working as a managing director at investment con- to share all foreign client bank sulting firm Rogerscasey. The wealth management firm Leader, Islamic State of Iraq and Guzmán Loera data within two years. Drug lord, Sinaloa Cartel now has some $32 billion under management. Syria (ISIS)

POWER PLAY: Weissbluth has shaken up the industry › PATH TO POWER: Al-Baghdadi assumed › PATH TO POWER: El Chapo comes from the mountainous Mexican state of Sinaloa and by talking openly and often about the conflicts of interest 83 leadership of the terrorist organization ISIS in SHANG FULIN 2010 and proclaimed himself its caliph in the got his start with the Guadalajara Cartel; in and lack of fiduciary standards found at wirehouses, and Middle East. Called “the world’s richest terrorist 1989, he took control of a splinter operation, Chairman, China Banking Regula- by recruiting dozens of fiduciary advisor teams away from group” by the Washington Institute for Near East the Sinaloa Cartel. He was arrested for the tory Commission said wirehouses by offering them institutional support and Policy, ISIS has destabilized Iraq and Syria and first time in 1993 and sentenced to 20 years in a progressive culture. Published reports suggest that the threatens bordering nations including Turkey prison. He escaped—via laundry cart—from a 2014 RANKING: 80 firm is headed for an IPO. and Egypt. Its murderous pursuits include the high-security prison in 2001 and disappeared PATH TO POWER: Before execution of foreign journalists and Christians until his wedding to a beauty queen in 2007. and the brutal sexual bondage of Yazidi women. taking charge of China’s top › POWER PLAY: A massive clandestine op- banking regulator in 2011, Al-Baghdadi’s only public eration carried out by Mexican marines nabbed POWER PLAY: Asness is one of this year, Braga was man- year without figuring out how bank’s wealth management › POWER PLAY: Shang ran the China Securities appearance since becoming a leader was in El Chapo in his home turf of Culiacán in Febru- of the few manag- aging $9 billion, more than it would allocate money to operation. The flip side: In Regulatory Commission. He July 2014, to deliver a sermon. His mystery, ary 2014. He was swiftly sent to a high-security ers willing to speak his mind in any other woman—and most keep the government running, May, U.S. regulators hit UBS started his financial career at coupled with his organization’s growing wealth prison. But—to the feigned surprise of many, public. Sometimes, like when men—who run hedge funds. but he said he’ll wait for his with $500 million in fines for and the actual surprise of few—he escaped the People’s Bank of China in and state-like structure, fuels his power. ISIS has he called Institutional Investor’s party’s leadership to initiate a LIBOR manipulation—after made untold millions selling black market oil again, through a tunnel in his shower. the 1980s and later served as annual list of top hedge fund deal-making process with the the bank had already paid and antiquities and ransoming hostages. De- president of the Agricultural earners “a triumph of sensa- White House before putting $1.5 billion for similar shenan- spite attempts by an international coalition led 86 Bank of China. tionalism and bad math,” he’s HAL ROGERS his committee to work. igans in 2012 and $799 million by the to cut ISIS off from global Ross Ulbricht banking services, the terrorist group continues Founder, Silk Road insightful. Other times, it feels in fines in November 2014, POWER PLAY: It’s estimated more like hubris—like when he U.S. Representative, R-Kentucky also for currency rigging. to make use of ATMs, wire transfers and bank that about $6 trillion moves branches in Syria and besieged regions of Iraq. cowrote an essay criticizing the › PATH TO POWER: Ulbricht is not your 2014 RANKING: 72 85 through China’s shadow bank- science of global warming. typical crime lord: He’s a geek with a mas- SERGIO ERMOTTI ing system—illegal, often ter’s in materials science and engineering PATH TO POWER: Rog- 84 subprime or non-collateralized CEO, UBS Elephant from Penn State. But it was his technical skill ers has been a congressman MARK BRANSON loans. Shang started issuing Poachers and a love of ’ libertarian since 1981. Back in Kentucky, 87 2014 RANKING: 85 warnings about bad loans and philosophy that led him to found Silk Road, he’s known as the “Prince CEO, Swiss Financial Market Super- LEDA BRAGA visory Authority high credit risk in May, but › PATH TO POWER: Terrorist and rebel the largest online black market ever created. of Pork”—in an earlier era, PATH TO POWER: Perhaps groups in Central and Eastern Africa—from the Before it was shut down by the FBI in 2013, Founder, Systematica Investments to little effect. At an internal his position as head of the only in Switzerland can you PATH TO POWER: With CBRC meeting in August, Central African Republic and Sudan to Uganda it was a one-stop shop to buy hard drugs and the Democratic Republic of the Congo— over the internet, and Ulbricht, who operated PATH TO POWER: The Bra- Appropriations Committee drop out of school at 15 to go degrees from Cambridge in Shang acknowledged that the have increasingly turned to ivory to finance under the username “Dread Pirate Roberts,” allowed him to steer plenty work at a bank, which is ex- mathematics and management percentage of nonperform- zil-born, London-educated, their operations. Ivory sells for roughly $3,000 was its mastermind. of funding to his poor, rural actly what Ermotti did before studies, Britain-born Branson Geneva-based Braga is an ing loans at Chinese banks a pound in Hong Kong, the center of its inter- district. But this is a different going on to attend Oxford. worked for Coopers & Ly- › POWER PLAY: Ulbricht was sentenced expert in “systematic funds,” was rising quickly. “The whole national trade, and poachers in Africa can easily time: Earmarks have been He later gained experience in to life in prison earlier this year for, among which make trades based on brand, and SBC truth of the banking sector’s net $200 per pound. banned since 2010. Rogers’ global markets and trading Warburg before assuming the other things, enabling more than 1.5 million computer algorithms. In 2008, credit risks is beginning to transactions between thousands of main role now is to get Amer- at Merrill Lynch and Italian role of CEO of UBS Securities › POWER PLAY: Over three months in 2011, a the worst year ever for hedge emerge,” Shang reportedly band of as many as 100 poachers on horseback sellers and at least 100,000 buyers on his ica through the more-or-less bank UniCredit, and was hired Japan in 2006. Two years later funds, her systematic strategy said. That is bad news for the killed some 650 elephants, often sawing off their drug bazaar, according to . annual debt ceiling standoff. by UBS in 2011 after a rogue paid off, with one of her funds he became CFO of the wealth Chinese economy—and prob- faces and tusks while they were alive. The poach- He also tried to commission the assassina- returning 43 percent. trader lost $2.3 billion and management and Swiss bank ably for Shang’s career. ers are believed to be affiliated with the Janja- tion of six enemies, but made the mistake of POWER PLAY: Remem- CEO Oswald Grübel resigned. division in Zurich. He became weed militias from Darfur. More recently, Séléka hiring an undercover DEA officer. “I’m not a ber the 2013 government POWER PLAY: After 14 CEO of FINMA in April 2014. rebels in the Central African Republic butchered self-centered sociopathic person that was years at BlueCrest Capital, shutdown? Or when S&P POWER PLAY: The first half 81 dozens of elephants as payment for fighting dur- trying to express some kind of inner badness,” Braga struck out on her own downgraded America’s credit of 2015 was good for UBS: POWER PLAY: Branson has ing a 2013 coup. Now, Joseph Kony, the sadistic Ulbricht said when he was convicted. “I just on January 1, 2015. She took in 2011? Rogers is trying to Profits were up 88 percent been trying to shed the image leader of the Lord’s Resistance Army, is harvest- made some very serious mistakes.” The judge Founder, Baupost Group two of her biggest funds from avoid another such fiasco. He in the first quarter and beat of Swiss banking as permissive ing ivory in the CAR to fund the resurgence of ordered him to forfeit $184 million. BlueCrest with her to her new was distressed that Congress expectations in the second, of financial hijinks; investiga- his group. “Ivory operates as a savings account 2014 RANKING: 79 for Kony,” State Department official Marty Regan firm, Systematica. At the start left for its August recess this largely on the strength of the tions by FINMA have led to bil- told National Geographic in August.

WORTH.COM OCTOBER-NOVEMBER 2015 121 LIVE PATH TO POWER: Klarman Schwartz, Cohn has been PATH TO POWER: Zients POWER PLAY: During an Au- in 1998 at just 43, and he kept founded Baupost Group in suggested as a future Lloyd burnished his can-do reputa- 76 gust television interview, Rajan climbing until he gained the 1982 with $30 million in seed Blankfein heir. tion by turning around the fired a shot across the bow of premiership in 2013.

HARVEY SCHWARTZ GROW capital; the hedge fund now Healthcare.gov website after the U.S. Fed. Don’t raise inter- has nearly $30 billion AUM. POWER PLAY: Bloomberg its disastrous rollout. That CFO, Goldman Sachs est rates “when the world is in POWER PLAY: Li had a rot- This year Klarman, who’s reported in May that bond small miracle earned him the turmoil,” he argued. “It has to ten year: The Chinese stock 2014 RANKING: 75 known for making big invest- giant PIMCO was thinking spot of top economic advisor happen sometime…but pick market imploded under his about wooing Cohn as a watch and he had to imple- MAKE ments in depressed assets, to the president, which he PATH TO POWER: A New your time.” In other words: not replacement for Mohamed ment drastic measures like has been putting money into assumed in February 2014. Jersey native, Schwartz at- now. At the same time, Rajan El-Erian back in 2013. The prohibiting stock sales by big energy firms, especially those Before going into public ser- tended Rutgers, then began hinted that, to spark domestic anonymously sourced story investors and arresting - dealing in natural gas. vice, Zients had been a suc- his career in finance at a growth, he might actually cut had the feel of a plant—the sellers. He further spooked the THE POWER 100 cessful entrepreneur. small New Jersey investment interest rates in India. POWER PLAY: Klarman kind that lets one’s current market by simply neglecting firm called J.B. Hanauer had a heart bypass in March, employer know not to take POWER PLAY: Zients has to mention the stock market before moving to Citicorp. and in June, in a very unusual you for granted. helped sell one of the Obama plummet during an economic After getting an MBA from interview for the low-profile administration’s key for- 74 speech in July, and hundreds Columbia, he joined Goldman DAVID EINHORN hedge funder, he spoke to eign policy initiatives, the of companies had to suspend commodity arm J. Aron in the Boston Globe about his Trans-Pacific Partnership. Founder, Greenlight Capital trading as a result. The failure 79 1997, made partner in 2002 politics. Most Republicans, He has also been a White of Li’s attempts to stabilize the BILL MARIS and became CFO in 2013. he said, are “Neanderthals” House point person on the 2014 RANKING: 82 market is a threat to the pre- about gay marriage. The President and CEO, Ventures proposed Labor Department mier’s political future; he has POWER PLAY: Goldman PATH TO POWER: Einhorn Supreme Court’s rule mandating a fiduciary assumed the unenviable posi- Citizens PATH TO POWER: In 2009 Sachs had an impressive first founded Greenlight Capital in United ruling was “a terrible Maris, a young entrepre- standard for retirement advi- quarter in 2015, when return 1996 with $900,000, much of tion of likely scapegoat. decision,” despite the fact neur with modest investing sors. “Any advisor acting in on equity reached a post-crisis it from his parents. The fund’s that it would give free rein to experience, was tapped to their clients’ best interest high. The bank didn’t repeat AUM now stands at about potential big donors like Klar- run Google Ventures; his on- should support this rule,” that level of success in the sec- $10 billion—and Einhorn has 71 man. Yet the issue that made paper qualifications appeared Zients said in May. ond quarter, largely because earned a reputation as one of LORETTA LYNCH him New England’s biggest to be his central role devel- it got hit with a $1.45 billion the world’s smartest and most donor—mostly to national U.S. Attorney General of the oping , ’s crisis-related fine—“a legacy independent-minded hedge United States Republicans—was the national project researching diseases 77 item that we look forward to fund managers. debt: “We must get off the affecting the elderly, and a XIAO GANG getting behind us,” Schwartz PATH TO POWER: After idea that the government has neuroscience degree from explained on the investor POWER PLAY: This has not months of delay by the GOP- 82 Chairman, China Securities unlimited money to do unlim- been a good year for Einhorn Middlebury College. Regulatory Commission earnings call. Having helped controlled Senate, Lynch was ited things for us.” JOHN OLIVER guide Goldman to post-crisis and Greenlight; in fact, it’s confirmed to succeed Eric POWER PLAY: With about been a singularly bad one. Host and Executive Producer, 2014 RANKING: 69 prosperity, Schwartz is said to Holder in April 2015. She had HBO’s Last Week Tonight with John Oliver $2 billion under manage- be one of the contenders to As of September, the fund previously served as U.S. at- 80 ment, Google Ventures isn’t PATH TO POWER: Before replace Lloyd Blankfein—not was down some 14 percent, torney for the Eastern District taking charge of China’s un- GARY COHN PATH TO POWER: Born in Birmingham, England, one of the biggest VC firms that the Goldman CEO shows prompting Einhorn to com- of New York; for that reason, derpowered market regulator Oliver was a stand-up comedian in the UK before join- in the world, but because it’s any sign of leaving. mission a telephone survey of she’s expected to be an effec- President and COO, Goldman Sachs in 2013, Xiao spent a decade ing The Daily Show with Jon Stewart in 2006. He also Google, it’s one of the most the more than 700 investors tive bridge between regulators at the helm of the Bank of 2014 RANKING: 71 began hosting the series John Oliver’s New York Stand- watched. Through smart in- in Greenlight. Einhorn was in New York and Washington. China, where he oversaw Up Show for Comedy Central. In the summer of 2013, vestments in companies such hardly alone among hedge Lynch is also seen by the in- $13.7 billion in IPOs. 75 PATH TO POWER: Cohn Oliver guest hosted while Stewart took a break to make as Uber and Periscope, Maris RAGHURAM funders in being down for the dustry as having a solid under- started his career as a window is quickly becoming a voice year, but the trend added fuel standing of the inner workings a film. The reviews were positive, and Oliver left soon POWER PLAY: This may RAJAN frame and aluminum siding heard around Silicon Valley. to the central debate about of big banks—which means after to create Last Week Tonight with John Oliver. be the last year on this list salesman who got his first Wall One priority: Maris is search- Governor, Reserve Bank of India hedge fund investing: Is it re- she may be more effective at for Xiao, who struggled to Street job at the New York POWER PLAY: Called “the most serious man in ing for companies trying to ally worth the cost? prosecuting them. halt China’s summer stock PATH TO POWER: Only a Merc by, as he puts it, lying: fake news” by , Oliver routinely reverse disease, postpone market slide and is report- handful of economists saw He told a commodities trader serves up razor-sharp deconstructions of finance- aging and extend life. Maris POWER PLAY: In September, edly blamed for not checking the Great Recession coming; with whom he was sharing a related topics. Last Week Tonight has covered income and Brin’s shared interest in the Justice Department an- the market exuberance that Rajan was one of them. A 73 taxi that he knew “everything” inequality, the wage gap between men and women, longevity startups is shaping nounced a radical change in preceded it. Xiao made some former LI KEQIANG about options trading. (The student debt, payday loans and predatory lending, the Google Ventures portfolio; standard procedure: It would progress when he backed professor and chief economist opposite was more true.) the IRS, patents and paid family leave—to name a few over a third of their invest- Premier of the People’s Republic start prosecuting not just a plan for members of the at the International Monetary of China After a few days buried in a examples. Oliver approaches often opaque subjects ments lie in this category. companies, but individuals, Securities Association of Fund, Rajan was selected to book, Cohn showed up to an with humor but without dumbing them down. And for corporate wrongdoing, China to refrain from dump- head the Reserve Bank of 2014 RANKING: 11 interview and was convinc- his mostly millennial audience—typically about 4 mil- while pressuring businesses ing stock until the Shanghai India in 2013. Some in the ing enough to get the job. He lion viewers—doesn’t just listen, it acts. When Oliver PATH TO POWER: Li has to hand over evidence against 78 Composite Index bounces media have speculated that joined Goldman in 1990 and called on internet trolls to protest threats to net risen from being a farm executives. A reaction to JEFFREY ZIENTS back, but it may be too little, Rajan might be in line to head quickly became head of com- neutrality, the FCC’s commenting system was over- laborer to one of the top gov- widespread criticism that too late; published reports the International Monetary modities; in 2006 he became whelmed with 45,000 new comments in one day. The Director, United States National ernment officials in China. He DOJ let individual wrongdo- Economic Council; Economic Advi- say that Chinese Communist Fund in 2016 should current co-president and co-COO, agency voted to preserve an open internet. was the youngest provincial ers go unprosecuted during sor to President Obama Party officials are dissatisfied managing director Christine then sole president and COO governor ever when he got the financial crisis, Lynch’s with his performance. Lagarde stumble. in 2009. Like CFO Harvey 2014 RANKING: 77 the top job in Henan Province new policy is likely to have an

WORTH.COM OCTOBER-NOVEMBER 2015 123 LIVE POWER PLAYERS GROW MAKE &

THE POWER 100 THE POWER QA HENRY BLODGET Cofounder, CEO and editor in chief, Business Insider

99TH MOST POWERFUL PERSON IN FINANCE

Q: How’s Business Insider doing? “If we also had to create a A: We are the most-read business publication in any media, not just digital. We get about 80 million global great 24-hour news channel unique hits a month. We do about 50 million video or put out a great newspaper views a month. We have seven international editions, and we’re about to launch in Germany as well. It really every morning, we’d be toast. ” is a native digital organization.

difficult to do. So when I look point, if it is appropriate, it at some of the traditional pub- would be great to have that re- And being native makes ideas along the way. But we lications, I have full sympathy. versed, but not with the inten- the difference? watched what worked and we If we also had to create a great tion of going to work on Wall Our theory was, this is a new did more of that. 24-hour news channel or put Street. I love what I am doing. medium—it will evolve its out a great newspaper every own model. If you go back to Who reads Business morning, we’d be toast. Just to clear the record, the beginning of television, it Insider? then? tried to take the existing for- The target reader is the new In 2003 the SEC barred Exactly. But it turns out it’s mat and cram it into the new generation of professionals. you from the financial a big process with a lot of law- medium. The first TV news Digital natives—on smart- industry and fined yers involved, and I don’t know broadcasts were basically phones 18 hours a day, they you $4 million for that it’s going to make sense. a guy standing, reading a want to stay up to date. They misleading investors newspaper. And then people would love to read 4,000-word while you were an Whom do you think is realized, “Hey, pictures tell a articles, but often don’t have analyst at Merrill the most powerful person thousand words.” the time. Lynch. Not long ago, in finance? though, you said were [Vanguard founder] Jack So you threw out the old But much of the writing interested in being Bogle. It is extraordinary assumptions from the and reporting on BI is reinstated to work in how much value he has cre- print days? sort of down and dirty, securities. Why? ated. There’s just no question When we started in 2007, and wouldn’t pass the I got what amounts to a that indexing is the correct we didn’t say, “We’re going test of time. dishonorable discharge answer for the vast, vast ma- to make this into a newspa- We do have a huge advantage from the securities industry, jority of individual investors. per.” We tried many, many, in not having to put out a which I’m embarrassed The amount he has saved many different things. We world-class newspaper every about and I don’t look them and improved their re- had plenty of boneheaded morning, which is staggeringly back on proudly at all. At some turns is shocking. PHOTO BY TIM KNOX BY PHOTO

124 OCTOBER-NOVEMBER 2015 WORTH.COM LIVE 72 GROW CFO, Google

MAKE PATH TO POWER: Porat began at in 1987 and was named CFO in 2010. After leading the Morgan Stanley team advising the Treasury on what to do with and Freddie Mac post-crisis, Porat was on the short list for a deputy secretary of the Treasury post—but, anticipating a nasty confirmation process, asked to have her name withdrawn. In March, Porat jumped ship to head west and become the CFO of Google. THE POWER 100 THE POWER POWER PLAY: Porat’s move embodies two trends that Wall Street can’t be happy about: One, the continuing frus- tration of women trying to advance in the male-dominated Wall Street culture; and two, the feeling that Silicon Valley, not Lower Manhattan, has become the place where the best and brightest go to make a name for themselves. Plus: Porat’s first-year compensation was reported to top $30 million, not only more than she would have made at Mor- gan, but about $8 million more than her former boss James Gorman made in 2014.

enormous impact on corpo- tion, which protects individ- POWER PLAY: Though SVB was a policy advisor in vari- rate culture. ual privacy from government doesn’t get a lot of atten- ous roles during the Clinton eavesdropping, by Apple and tion from East Coast-based administration, then an Google. His argument, made media, the bank is posting undersecretary of the Trea- 70 before the Senate Judiciary numbers that would turn sury—making her the highest- CYRUS VANCE JR. Committee and co-written Wall Street green with envy. ranking female U.S. Treasury in a New York Times op-ed: Since 2013, according to the official ever—in the first Manhattan District Attorney “The new encryption poli- Times, loans Obama term. Obama nomi- cies…have made it harder to and other assets are up 81 nated her to the Fed board in 2014 RANKING: 64 protect people from crime.” percent; deposits and other January 2014 and the Senate PATH TO POWER: The son In the wake of Edward funds managed for clients confirmed her in June. of a successful lawyer who Snowden’s revelations about are up 77 percent; and SVB would go on to be a presiden- domestic spying, it has so far stock has jumped 55 percent. POWER PLAY: Along with tial advisor and, eventually, a been an upward battle. Becker’s bank understands Stanley Fischer, Brainard has secretary of state, Vance grew Valley culture; it frequently been the most visible of the up among the elite. The Buck- lends based on future growth Fed’s board of governors. ley/Groton/Yale/Georgetown 69 prospects rather than present Suggesting that, despite cri- Law grad won a three-way GREG BECKER balance sheets, but often de- sis-era reforms, a bank failure primary in 2009 to take over mands an equity stake from could still be catastrophic, President and CEO, Silicon the recipients of its loans. Brainard has spoken in favor the DA’s office from the retir- Valley Bank ing Robert Morgenthau, who of increasing capital require- had held the position since PATH TO POWER: Becker ments. She’s also argued 1975. Vance has made pros- came to SVB in 1993 after 68 that there’s little evidence ecuting tax evasion a priority; finishing a bachelor’s in busi- LAEL BRAINARD that Dodd-Frank has played he’s also shifted the office’s ness at Indiana University the role in reducing market Member, U.S. liquidity that banks suggest it operations to be more data- and became CEO in 2011. Board of Governors driven, a strategy aimed at re- His long history in the Valley has. And though it’s difficult to read the tea leaves, some ducing gang-related violence has helped him make SVB a 2014 RANKING: 54 in the city. hugely influential financer of Fed observers suspect that the tech economy; SVB works PATH TO POWER: A former Brainard has been an internal POWER PLAY: Vance has with 65 percent of U.S. tech McKinsey consultant and as- voice arguing that Fed inter- taken a highly public stand startups and around 60 per- sistant professor of applied est rate hikes should come fighting smartphone encryp- cent of firms. economics at MIT, Brainard later rather than sooner.

126 OCTOBER-NOVEMBER 2015 WORTH.COM LIVE 66 GROW TIDJANE THIAM CEO, Credit Suisse

MAKE PATH TO POWER: Thiam, who replaced Brady Dougan as CEO in March, was an unusual hire for Credit Suisse; he’d never worked at a bank before. Born in Côte d’Ivoire, Thiam studied in France, earned an MBA at INSEAD and then joined McKinsey. He later held cabinet-rank roles in the Ivo- rian government, was arrested during a coup and fled the country. Thiam became CEO of British company Prudential in 2009. THE POWER 100 THE POWER PATH TO POWER: Credit Suisse had been underper- forming for years before Thiam was hired. Because of his experience in insurance, he’s been hailed as an expert in managing risk, and he’s already launched a big Asian push for the Swiss bank. Like every other big-bank CEO post- recession, with the exception of Lloyd Blankfein, Thiam has signaled that he’ll pivot his firm away from investment banking to focus more on wealth management.

ticket, Kravis raked in over when China launched a rival In 1990, a would-be assassin 67 $4 million for Bush’s 2016 to the World Bank, the Asian shot Schäuble, who survived HENRY KRAVIS PAC. So it was odd when Infrastructure Investment but remains paralyzed below Donald Trump mentioned Bank, widely seen as a Trojan the waist. Schauble also Co-Chairman and Co-CEO, KKR Kravis as a possible Treasury horse for extending China’s survived a political coup by secretary in a Trump ad- global economic influence. , who took 2014 RANKING: 52 ministration; Kravis quickly Kim played nice, saying that over the party from Kohl and PATH TO POWER: After called the idea “scary.” “the enemy is poverty, not Schäuble but ultimately made graduating from Claremont another institution,” but he him her finance minister. McKenna College and, in 1969, had little choice: The Obama POWER PLAY: Schäuble is , 65 administration’s attempt to immensely popular in Ger- Kravis joined the Bear Stearns JIM YONG KIM discourage allies from sup- many, in part because of his corporate finance team, along President, World Bank porting the Chinese venture consistently hard-line stance with his cousin George Rob- failed badly. on the question of Greek erts. Together, they worked 2014 RANKING: 58 debt, a posture the majority under Jerome Kohlberg, who PATH TO POWER: After of Germans supports. “Every- took the duo with him in 1976 64 a long career as an activist, one knows that a debt haircut to found a new investment- WOLFGANG anthropologist and public is incompatible with euro banking firm, Kohlberg Kravis SCHÄUBLE health advocate, the Korean membership,” Schäuble said Roberts & Co.—Kohlberg physician was nominated by Federal Minister of Finance, Ger- during the most recent Greek resigned in 1987—which now President Obama to head the many crisis. In other words: Greece, has $101.6 billion AUM. World Bank in 2012. if you want to leave the eu- PATH TO POWER: Now 73, POWER PLAY: KKR has rozone, the door’s that way. POWER PLAY: Kim has Schäuble studied econom- proven to be powerful in In return, Greek protesters reorganized the bank, which ics and law as a young man, politics this year, raising over have portrayed Schäuble as a distributes more than $35 bil- then became active in Ger- $3 billion to help cash-poor Nazi and a vampire. But close lion a year, to better address man politics as a member of local governments fund road observers of the negotiations global poverty and focus on the “Young Union,” a branch and infrastructure projects. say that Schäuble’s pay-it- how climate change will af- of the Christian Democratic Kravis also raised money for or-leave-it position may have fect developing countries; Union. He was elected a mem- another cause: the Jeb Bush backfired, forcing Angela Kim was a vocal supporter, for ber of the Bundestag in 1972 campaign. At a private New Merkel to back away from instance, of Pope Francis’ en- and held several high-level York event, during which Germany’s tough terms and cyclical on the issue. But Kim’s positions in the administration donors could meet Bush in creating tensions between the power took a hit this year of Chancellor Helmut Kohl. exchange for their $100,000 two German leaders.

128 OCTOBER-NOVEMBER 2015 WORTH.COM LIVE

POWER PLAYERS GROW MAKE Q&A THE POWER 100

RAND PAUL U.S. Senator, R-Kentucky

93RD MOST POWERFUL PERSON IN FINANCE

owns the companies that were thing new when he really bailed out; I’d like to know represents the consummate if any of them are related to insider. Many Republicans and Q: How is your presidential anybody that works at the Fed many conservatives are hor- campaign going? or works in government. rified by the idea of the Clin- tons selling access and using A: We think we’re able to attract the independent vote You’re in the position it to gain personal wealth, and the youth vote. And frankly, we’ve done a lot of of trying to gain more but they ought to be equally traveling to our nation’s big cities and inner cities to power so that you can upset by the people who buy eventually decrease our the access. show that the message that I’m talking about—dramat- government’s power. ically lower taxes, particularly for the inner city—could I’m actually campaigning to try You’re one of the more be a great stimulus. to restrict and constrain how intellectual candidates. much power the presidency Have you read anything has. The biggest threat to recently that was Your libertarian Mark Spitznagel, the our republic right now is that particularly thought philosophy often aligns libertarian manager of the separation of powers has provoking? you with progressives hedge fund Universa collapsed and the presidency I’m a fan. on civil liberties issues. (profiled inWorth ’s has accumulated vast powers, One of the things he talks Does that complicate December 2014-January and Congress has become a about in Blink is that deci- your pitch to primary 2015 issue), is one of your shadow of itself. The lowest- sion making is not neces- voters? economic advisors. level, unelected bureaucrat sarily based on knowledge It allows us to go places What does he bring to often has more power than a or information, but really on other Republicans don’t go the campaign? congressman or a senator now. understanding. You can get and can’t go. I can take the Mark is a very savvy investor too much information. This is message of being left alone who understands the nation’s In the first Republican important with regard to col- [by government] to Jerry Fal- finances as well as large, debate, you were clearly lecting info about people while well’s Liberty University, but hedge fund-type finances. He on the attack. What was trying to prevent terrorism. I can also take it to Berkeley. also has a perspective on the your strategy? Too much information can ac- I can go to Howard Univer- Federal Reserve that helps cut If I had been any less aggres- tually cloud your judgment. sity and the NAACP and talk through the mythology. sive, I would have almost been about criminal justice reform invisible on stage. I was only Who do you think is the and not putting people in Auditing the Fed is part given two and a half, three most powerful person in jail for lengthy sentences for of your platform. What minutes’ worth of questions, global finance? nonviolent crimes. Democrats does that actually mean, and I worked my way in for Probably the chairman of ignore [inner city blacks] auditing the Fed? another minute. the Federal Reserve [Janet because they take them for It is not currently audited— Yellen]. The person who can granted, and Republicans that’s a ruse. I’d like to know One of your targets was control the interest rate really don’t go because they don’t what they’re worth; I’d like to Donald Trump… controls something more uni- think they can get the African know who’s buying and who’s Voters are being tricked into versal to the marketplace than American vote. selling; I’d like to know who believing that Trump is some- anything else. PHOTO BY ALEX WONG / GETTY IMAGES ALEX WONG BY PHOTO

WORTH.COM OCTOBER-NOVEMBER 2015 133 LIVE $378 million in cash and stock Lenta, one of Russia’s largest and has easily won reelection something many of us hold PATH TO POWER: A gradu- 63 for the remnants of American supermarket chains. (“People every two years since. Though dear”; and taken the unusual ate of Amherst College and Realty Capital Properties, a have got to eat,” Bonderman he and lost their step of emailing CNBC’s Jim Harvard Law School before

HILLARY CLINTON GROW scandal-plagued purveyor of said in April. “They’re going to bid for the White House in Cramer in the midst of Au- practicing law in New York, Presidential Candidate real estate investment trusts. continue to do that.”) In June 2012, Ryan retained his seat in gust’s China crisis, assuring Schneiderman also served in Bonderman defied the wishes Congress and his title as the Cramer that, even as Apple the New York state senate. He PATH TO POWER: No one of the White House and in- Republicans’ top economic stock was being pummeled, ran for New York state attor- seems very happy about it, but MAKE ternational public opinion by policy wonk. Apple’s iPhone sales in China ney general in 2010 and won, the lawyer, presidential spouse, 61 traveling to Russia to partici- looked healthy—just like Apple then won again in 2014. former senator and former BRIAN MOYNIHAN pate in an economic summit POWER PLAY: In January, under Cook’s leadership. secretary of state is the front Chairman and CEO, Bank of America hosted by Russian strongman Ryan abandoned a comfy seat POWER PLAY: Schneider-

runner for the Democratic THE POWER 100 Vladimir Putin. as the chairman of the House man has distinguished him- nomination for president. 2014 RANKING: 46 Budget Committee to take self as an activist attorney up a less flashy but perhaps 56 general with particular focus POWER PLAY: Clinton’s eco- PATH TO POWER: Moynihan JERRY BROWN more influential role as chair on corruption in Albany and nomic proposals have been attended Brown, where he 59 of the House Ways and Means Governor of California Wall Street misbehavior. drowned out by angry buzz played rugby, then went to JASON FURMAN Committee. At the top of his He also filed a $40 million over her email practices and law school at Notre Dame. He Chairman, Council of Economic to-do list was securing so- 2014 RANKING: 26 civil lawsuit against Don- the curmudgeonly drone of worked at BofA in various ca- Advisers called “fast track authority” ald Trump, alleging that , but they are pacities before becoming CEO PATH TO POWER: The son for President Obama to nego- Trump’s “Trump University” more significant than many of in January 2010. 2014 RANKING: 63 of the late Pat Brown, who tiate the massive Trans-Pacific was, basically, a fraud. her left- critics acknowl- was California governor from Of all the big Partnership trade deal. In the Trump fought back hard, edge. Clinton has detailed a POWER PLAY: PATH TO POWER: An ad- 1959 to 1967, Jerry Brown is banks, BofA has struggled end, Ryan got the authority accusing Schneiderman of vision of a corporate America ministration insider from the the only California governor hardest and longest to re- for the president—overcoming simultaneously soliciting set free from the “tyranny beginning and one of the ar- to be elected to four terms. cover from the financial crisis, the objections of many union- Trump’s daughter Ivanka of today’s earnings report”; chitects of the 2009 stimulus His first two terms ran from due in significant part to its minded Democrats—and for campaign donations, argued for higher capital gains package, Furman became the 1975 to 1983; his second eight- forced acquisition of mort- threw his weight behind what but Trump’s complaint died taxes and greater transpar- fourth chairman of Obama’s year span began in 2011. gage lender Countrywide may become one of history’s (though the lawsuit is still ency regarding executive CEA in 2013. Financial. Its stock price has biggest trade pacts. Brown pending). Perhaps inevita- compensation; argued for POWER PLAY: significantly lagged those of POWER PLAY: This year Fur- took over an economy—the bly, Schneiderman’s high greater investment in infra- its competitors, and the bank rman has sought to convince eighth-largest in the world, if profile has raised specula- structure; and supported a $15 has failed multiple stress tests. the public that the U.S. econ- California were a country—in tion that he might challenge an hour minimum wage in her 57 55 Last fall, the board decided to omy will continue to grow— shambles and restored it to in the next home state of New York. She TIM COOK make Moynihan chairman as even as much of the country health: California ended FY ABIGAIL JOHNSON race for New York governor. has referred to her plans as well as CEO, and later granted has remained unconvinced or CEO, Apple 2014 with cash in the bank “progressive and pragmatic,” CEO and President, Fidelity Investments itself a pay raise. Now share- unaware that the United States for the first time since 2007. meaning that they are tailored PATH TO POWER: A native holders are fighting back; is among the world’s healthiest While fighting a plague of 2014 RANKING: 60 more to the general election of Alabama, Cook studied 53 two California pension funds economies: He’s a regular at forest fires and a merciless than to her party’s primaries. engineering at Auburn and MARIANNE LAKE conferences, on op-ed pages PATH TO POWER: Johnson has put in more than 25 announced that they would business at Duke before join- drought, he’s led probably the and on Twitter. In his August years at Fidelity Investments, the company founded by CFO, JPMorgan Chase oppose the move. ing IBM, where he stayed for most liberal governorship in report on second-quarter GDP, her grandfather, Edward C. Johnson II. She started in more than a decade. After the country, advocating for 2014 RANKING: 65 62 Furman wrote of the need to high school, spending a summer answering customer interviewing with Steve Jobs, equal pay for women, fight- LEON BLACK continue “America’s domestic service calls. After a brief stint at Booz Allen Hamilton 60 Cook joined Apple as SVP of ing climate change, banning PATH TO POWER: Born in economic momentum”—and following college at Hobart and William Smith, Johnson Chairman, CEO and Director, Apollo DAVID worldwide operations in 1998. the word “alien” to refer to the U.S. but raised in Eng- Global Management warned the Republicans to earned an MBA from Harvard and soon returned to Fi- BONDERMAN Impressing Jobs with his gift undocumented immigrants land, Lake majored in physics avoid “fiscal brinksmanship.” delity, starting as an analyst. for finding efficiencies and -sav in the state’s labor code and at the University of Reading, 2014 RANKING: 67 Cofounder, TPG Capital creating a state cybersecurity then became an accountant ings in Apple operations, Cook POWER PLAY: Johnson was named Fidelity CEO in center. Brown doesn’t back at PricewaterhouseCoopers. PATH TO POWER: Black led 2014 RANKING: 83 took over as CEO in August October 2014 following the retirement of her father, away from a fight; when GOP She joined JPMorgan in M&A and corporate finance 58 2011 shortly before Jobs’ death. Ned Johnson, who had led the company for more PAUL RYAN presidential candidate Carly 2000, moving up steadily groups at Drexel Burnham PATH TO POWER: A Har- than three decades. Famously private but reportedly POWER PLAY: Cook looks Fiorina criticized his drought until Jamie Dimon named her Lambert before its collapse vard Law graduate, Bonder- U.S. Representative, R-Wisconsin impatient with her long wait, Johnson hasn’t ad- increasingly comfortable mak- policies, Brown answered CFO in November 2012. in 1990. He and several co- man practiced law at Arnold dressed her role publicly and her vision for Fidelity ing the role of Apple CEO his that he’d “never heard of such workers then formed Apollo, & Porter, then became COO 2014 RANKING: 70 remains unclear. It’s fair to say that she has merely own. In the past two years, utter ignorance.” POWER PLAY: Lake has which has grown into one of of the Robert M. Bass invest- tolerated the firm’s move into ETFs, as retail investors PATH TO POWER: Ryan he’s overseen the success- a close relationship with the most powerful firms in ment group before cofound- have abandoned actively managed mutual funds in launched his career in GOP ful launches of new iPhones, Dimon—their offices are next . ing TPG Capital in 1992. The favor of lower fee, passive investment strategies, but politics as a youngster at Apple Pay and the Apple door to each other—and private equity firm now has 54 she reportedly considers ETFs a cyclical trend rather Financial University in Ohio Watch; come out as gay and received a public vote of con- POWER PLAY: about $70 billion AUM. ERIC than a paradigm shift. Johnson has also expanded crisis? What financial crisis? where he volunteered for now- penned a Washington Post fidence from him this summer SCHNEIDERMAN Fidelity’s international-fund efforts and added re- Apollo raised the largest col- POWER PLAY: TPG Capital is House speaker John Boehner. op-ed faulting so-called “re- when Dimon cautioned ana- sources to its wealth management division, a growth lateralized loan obligation of among the most active private After working as a staffer on ligious freedom” laws that, Attorney General for the State of lysts that he might not partici- New York center for many financial firms post-financial crisis. 2015, a $1.1 billion fund, in July. equity firms in Russia, now Capitol Hill, Ryan himself ran Cook wrote, “rationalize injus- pate in future earnings calls. owning a 38.5 percent stake in for the House in 1998, won, “One of these days I’m not And in August, Apollo paid tice by pretending to defend 2014 RANKING: 35

WORTH.COM OCTOBER-NOVEMBER 2015 135 LIVE going to come in on this call…” EU’s Economic and Financial and then try to convince the and small-business owners; defining and restricting the Dimon said. “Marianne does Affairs Council and ultimately rest of the world why he’s right this year saw Robbins focus definition of in such a good job that I have helping to create the euro. and the target is wrong. He’s on investing, as he published a way that threatened to undo POWER FAILURE GROW NOT EVERYONE FROM LAST YEAR’S LIST MADE THE CUT THIS TIME AROUND. become unnecessary.” The Juncker was appointed prime also one of the more creative Money: Master the Game—7 even more convictions. At SOME FADED FROM VIEW, AND A FEW FLAMED OUT SPECTACULARLY. comment sent bank-watchers minister of Luxembourg in players in hedge funds: Late Simple Steps to Financial Bharara’s urging, U.S. solicitor HERE ARE THE BIGGEST POWER FAILURES OF THE PAST YEAR. into a tizzy of speculation. 1995 and remained there until last year, Ackman partnered Freedom. A New York Times general Donald Verrilli peti- 2013, an 18-year premier- with Canadian drugmaker Va- bestseller since publication, tioned the Supreme Court to ship under which the country leant to launch an attempted the book is built around review the ruling. MAKE 52 became a favored corporate $55 billion takeover of Al- investing-related interviews DING XUEDONG tax haven. In 2005, he also lergan, which makes Botox; with 50 financial leaders and Guido Mantega he’d been sacked. He immediately moved to led the Eurogroup of euro- it was the first time a hedge is endorsed by many of them, 47 THE POWER 100 Janus Capital Group, where he manages its Chairman and CEO, China Invest- zone finance ministers and fund and a corporation had including Vanguard’s Jack 2014 RANKING: 97 ment Corporation HARUHIKO Global Unconstrained Bond Fund; in July, Janus eventually supervised bailout teamed up to try to take over Bogle and Mary Callahan Er- KURODA announced the appointment of a comanager. › When Brazilian president Dilma Rous- 2014 RANKING: 68 packages for Spain, Portugal, a company. The gambit failed, does of JPMorgan. seff was campaigning in 2014, one of her Ireland, Cyprus and Greece. but Ackman would ultimately Governor, Bank of Japan promises was to replace her economic Stuart Gulliver PATH TO POWER: Ding fol- He became president of the take home a $2.6 billion profit advisory team, which then included Mantega 2014 RANKING: 38 2014 RANKING: 87 lowed Lou Jiwei as head of European Commission in No- from the sale of his shares. as Minister of Finance. She kept that promise 48 China’s $747 billion sovereign vember 2014. PATH TO POWER: The and replaced him with Joaquim Levy, who was PREET BHARARA › This has been a tough year for HSBC and wealth fund in 2013 after hold- sworn in at the beginning of this year. Rous- former head of the Asian CEO Gulliver. In February, the International ing numerous positions in POWER PLAY: The outspo- U.S. Attorney for the Southern Dis- seff’s own problems are multiplying, as she 49 Development Bank, Kuroda Consortium of Investigative Journalists released the Ministry of Finance, State ken EU veteran has a more trict of New York faces impeachment for her role in a bribery TONY ROBBINS was nominated to run the a scathing report revealing that the bank’s Council and National Commit- laid-back approach than his scandal that has meant single-digit approval 2014 RANKING: 1 Bank of Japan by Prime Min- Swiss arm had catered to criminals and “high- Entrepreneur, Life Coach and Author ratings for the formerly popular president. tee for Disaster Reduction. predecessors: He’s known for risk” individuals and helped clients avoid taxes ister Shinzo Abe in 2013. He’s Mantega is now reportedly under inves- patting the bulging bellies PATH TO POWER: India- between 2005 and 2007. Two weeks later, news PATH TO POWER: The used the role to advocate for tigation by Brazilian securities officials for POWER PLAY: The China of other politicos and kissing born Bharara attended broke that Gulliver had hid millions in bonuses North Hollywood, Calif., na- looser . misleading investors while he was chairman of Investment Corporation is one them on the head. Does he Harvard and Columbia Law in a Swiss account through a Panamanian com- tive from a working-class Petrobras, the state-run oil company. of the ways in which China’s care that his relaxed protocol before going into private POWER PLAY: Kuroda pany in hopes of hiding the amounts from co- family left home at 17 after economic power is made raises eyebrows? After 26 practice in 1993. Seven years has made it his mission to workers. This year, the London-based bank has being chased out by his faced PR nightmares, announced plans to lay manifest around the world. years in the EU, probably not. later, he became a prosecutor reverse years of deflation Thomas Piketty knife-wielding, alcohol- and off 50,000 employees globally and off-loaded In Africa, the fund is building That longevity made him in- in Manhattan under then U.S. in the world’s number three 2014 RANKING: 90 drug-abusing mother. After its Brazil operations after failing to compete new ports in Kenya and Tan- strumental this year in secur- district attorney, now SEC economy. Even though few working as a janitor and a with more established banks. Gulliver’s own zania. It’s also bid on Tank & ing a third bailout for Greece. chair, Mary Jo White. Follow- internationally seem to believe › referred to Piketty’s book handyman, he became the Capital in the Twenty-First Century as “the future there is, at best, uncertain. Rast, one of Germany’s largest In June, the EU parliament ing a turn as legal counsel that he can succeed, Kuroda protégé of motivational most important economics book of the gas station chains, and has also approved his plan to cre- for New York senator Chuck has stayed on message this speaker Jim Rohn, and soon year—and maybe of the decade,” when it Brady Dougan stakes in Heathrow Airport in ate a fund with the European Schumer, he was nominated year, insisting that his stimu- was released last year. Numerous other the UK and the EastLink toll launched a coaching career of 2014 RANKING: 81 Investment Bank that would by President Obama to be the lus would help the country’s reviewers agreed, and Piketty’s book became his own. In 1986, Robbins’ first road in Australia. Still, the fund raise an estimated €315 billion Fed’s top prosecutor for the inflation rate rise to the Bank an unexpected best seller, often cited for book, Unlimited Power, sold › In 2014, American regulators hit Credit has seemed uncertain of its to boost private investment its academic-based criticisms of inequal- Southern District of New York. of Japan’s target, 2 percent Suisse with a $2.6 billion fine for tax evasion, direction at times, as its past across the eurozone. nearly 2 million copies and ity worldwide. So Piketty and his publisher in 2016. At the moment it is and Dougan’s tenure as CEO flatlined. In March emphasis on international helped him create an empire POWER PLAY: With a quickly rushed another book into print, The actually drifting back toward of this year, the Zurich-based bank announced that includes life strategy Economics of Inequality, a rehash of a 1997 commodities has become less conviction record of 85-1 in deflation; his response is likely Dougan would step down as CEO after eight seminars, media production, study by Piketty. The reviews were not kind. fruitful and it’s faced increas- 50 insider-trading cases through to be more stimulus. years in that position and 25 years with the hospitality, nutritional supple- “Releasing this youthful effort as if it were a ing investment competition WILLIAM ACKMAN mid-2014, Bharara was the company. Shares of the bank rose 7.5 percent new contribution does a disservice to readers, from the State Administration ments and consulting and that number one pick on this list after the announcement that he would resign. Founder and CEO, Pershing Square is said to bring in more than and I’d argue to the author himself,” Krugman of Foreign Exchange, the Management last year. But 2015 has been wrote in the New York Times. The outdated re- $6 billion in sales annually. 45 Chinese agency that manages challenging for Bharara. Even MICHAEL CORBAT search and facts have garnered criticism, and Jürgen Fitschen and the approximately $3.5 trillion 2014 RANKING: 61 as the prosecutor continued the book, which was released in early August, POWER PLAY: You might Anshu Jain that China holds in foreign pursuing political corruption CEO, Citigroup hasn’t made the Times best-seller list, even  not expect to see Robbins on 2014 RANKING: 57 AND 56 exchange reserves. PATH TO POWER: Raised in Albany, in April a federal though Capital spent 22 weeks there. this list—at least, not the Rob- in Chappaqua, N.Y., Ackman judge rebuked Bharara for the 2014 RANKING: 44 bins many people remember › failed the Fed’s stress test in attended Harvard and Har- possibly prejudicial language March, and Wall Street watched to see wheth- from early ’90s late-night PATH TO POWER: Corbat Bill Gross vard Business School before he used when filing charges er Fitschen and Jain, the bank’s co-CEOs, 51 infomercials. But that image has run the third-largest U.S. 2014 RANKING: 88 JEAN-CLAUDE cofounding investment firm against Sheldon Silver, the would survive. They would not: In June, both Gotham Partners in 1992. He doesn’t reflect his evolution bank since 2012, when he re- announced their resignations, to be replaced JUNCKER New York assembly speaker, placed Vikram Pandit as CEO. › In September 2014, the eccentric cofounder closed the firm in 2002 after into a financial writer and by board member John Cryan. Deutsche’s in January. (Silver, Bharara of PIMCO suddenly left the firm amid rumors an ambitious deal involving consultant who advises some After being bailed out by the dubious double-CEO experiment was officially President, European Commission said, “sold his office to line of imperious and bizarre behavior. Gross’ of the finance world’s most government three times over a flop. Jain left his role in June, but will remain a roundup of golf courses his pockets.”) Bharara was departure wasn’t completely out of the blue. PATH TO POWER: The important figures, including the course of 2008 and 2009, as an advisor—an unpaid one—until January flopped, then opened Persh- The erstwhile bond king is notoriously difficult unusually muted in subse- Citi has, under Corbat’s leader- 2016. Fitschen will retain the title of co-CEO Luxembourgian son of a ing Square in 2004. hedge funders Ray Dalio and to work with, reportedly requiring that no one quent public appearances. through next year’s annual meeting, when steelworker, Juncker was ap- Paul Tudor Jones and busi- ship, recovered from its crisis speak or make eye contact with him on the Even more debilitating for the Cryan officially takes over as the sole CEO. pointed deputy minister of la- POWER PLAY: Ackman is nessman T. Boone Pickens. wounds—but it has not been trading floor. Fed-up executives told PIMCO prosecutor was an appeals bour in 1982 at age 28. He later fun to watch; the mostly long For years Robbins has been the most confidence-inspiring CEO Douglas Hodge if Gross didn’t leave, they court ruling that overturned became minister of finance, investor isn’t afraid to take hosting seminars on “business convalescense. would. And while the initial word had it that two of his convictions, re- he’d resigned, in January Gross admitted that a role that led to chairing the decidedly contrarian positions mastery” for entrepreneurs

WORTH.COM OCTOBER-NOVEMBER 2015 137 LIVE POWER PLAYERS GROW MAKE &

THE POWER 100 THE POWER QA GREG BECKER CEO, Silicon Valley Bank

69TH MOST POWERFUL PERSON IN FINANCE

Q: How did you get your start at SVB? A: I thought I wanted to do something in the corporate world, so I had an internship my junior year at IBM and second quarter, and they’re We had good market share worked in their accounting department. I realized that going after massive market and it was a good business accounting—I was actually responsible for the cost ac- opportunities—bigger than from a credit perspective. So counting of a particular bolt that went into PCs—wasn’t we’d ever seen back in the we said, let’s just keep that. 1999–2000 time period. It’s still a small part of that exciting. That’s a big difference. the overall business, but it When I was out of college, I ended up working for But should the valuation becomes both a really good a bank in Detroit. Two things happened. One, it was still be $3 billion, $5 billion, business and a marketing freezing cold in Detroit, and two, my manager came $10 billion? That’s a big ques- connection to the technology to me and said, “There’s a need for an associate in tion. Because to grow into side. We recently had a din- California for a short-term assignment. Would you be those valuations, you have to ner for one of the law firms interested?” execute pretty flawlessly. that’s focused on the tech- nology market, and we had I’d never been to California before and immediately How does SVB protect one of our winery clients join said, “Sign me up.” The nine-month time limit came itself against excessive us to talk about their busi- up—I extended a few months, and I basically said, “I’m valuations? ness and the wine. These are not going back.” When we lend money, if a exclusive wineries. The win- company has problems, we ery gets access to clients that get repaid before equity want to purchase their wine, You have cautioned and the fundamental busi- investors do. We get a lower and it benefits our technol- that there may be a nesses shouldn’t be funded. return, but we have less risk. ogy ecosystem as well. tech bubble. How do you When I think about prepare SVB, which is 1999–2000, two things hap- You’re also involved Whom would you pick as so deeply connected to pened. Companies raised a in banking in the wine the most powerful person the fortunes of Silicon lot of money at high valua- industry. Where did that in finance? Valley, to deal with it? tions, but then you looked come from? Janet Yellen. Literally, every I’m not the person who’s at the underlying businesses In the 1990s we kept paring word that comes out of her saying there’s an imminent and you said, “It just doesn’t down to become even more mouth is interpreted in a bubble. What I would say make sense.” focused on technology and way that has a dramatic is valuations are high. But You look at all of these life sciences and venture cap- impact on rates, which has there’s a difference between companies that have raised ital. But there was this one a dramatic impact on the saying valuations are high more than $100 million in the piece left—the wine business. stock market. PHOTO COURTESY OF SILICON VALLEY BANK VALLEY OF SILICON COURTESY PHOTO

138 OCTOBER-NOVEMBER 2015 WORTH.COM LIVE 46 GROW MARC ANDREESSEN Cofounder, Andreessen Horowitz

MAKE PATH TO POWER: An Iowan by birth, Andreessen earned a degree in computer science from the University of Il- linois Urbana-Champaign and subsequently cofounded Netscape, which he sold to AOL in 1999 for $4.2 billion in stock. Ten years later, alongside longtime business partner Ben Horowitz, Andreessen founded what is now one of Sili- con Valley’s preeminent venture capital firms.

THE POWER 100 THE POWER POWER PLAY: Andreessen’s investments are very closely watched in the tech community, so it’s a big deal that in Au- gust his firm took on a new general partner, Alex Rampell, an entrepreneur with a background in fintech. Andreessen sees the financial world as saddled with inefficiencies and primed for disruption, which means he’ll be funding more startups taking aim at established financial institutions.

POWER PLAY: This year, to middle-schoolers at the and Ceresney is a paper tiger; Citi passed the Federal Re- Haverford School near Phila- 43 in late August, New York serve’s stress test—and did delphia while getting his MBA ANDREW Times columnist Gretchen so more easily than other big from Wharton. Following a CERESNEY Morgenson blasted Ceresney banks—after failing in 2014 brief stint as a credit analyst after a settlement with Citi- for the second time in three for Chase Manhattan Bank, Enforcement Director, SEC group over a $2 billion fraud years. This was a big deal for he joined Vanguard in 1986. declined to name the names 2014 RANKING: 47 Citi generally, but it was a He became CEO in 2008, and of the Citigroup officials who particularly meaningful vic- chairman of the board of di- PATH TO POWER: A long- perpetuated the fraud. tory for Corbat. The CEO had rectors and board of trustees time lieutenant to Mary Jo seen his compensation cut by in 2009. White, who became SEC 10 percent in 2014 and even chair in 2013, Ceresney previ- 42 POWER PLAY: Thanks to faced pressure to resign after ously worked at the law firm RAY DALIO Vanguard’s low-fee index Citi failed the test, and Corbat Debevoise & Plimpton and as funds and investor flight from 2014 RANKING: 43 himself had conceded that he a federal prosecutor in Man- actively managed mutual would step down if the bank hattan, where he handled a Founder, repeated its poor performance funds, the firm’s assets under bevy of white-collar criminal Dalio, a for a second year in a row. management have tripled PATH TO POWER: investigations. graduate of Long Island Uni- But Corbat’s troubles aren’t since McNabb became CEO. versity and Harvard Business over: The Justice Department This year, Vanguard’s AUM POWER PLAY: Last year School, began his career trad- is reportedly investigating hit a new record: $3.4 trillion. Ceresney said his agency’s ing commodities, which he did Citigroup’s relationships with Its $404 billion Total Stock crisis-era enforcement work until founding Bridgewater in Mexican companies as part of Market Index Fund remains was wrapping up. “We still 1975. Today, with about $160 a broader look at Citi’s money- the world’s largest mutual have a couple of straggler billion under management, laundering controls. fund, and in April its Total investigations, but we are Bridgewater is the world’s Bond Market Index Tracker virtually past our work on largest hedge fund, and Fund became the biggest the financial crisis,” he told Dalio’s reputation has risen to 44 bond fund in the world. With the Wall Street Journal. “Now near cultlike status. F. WILLIAM this kind of success, McNabb we are able to focus on other continues preaching his “de- MCNABB III areas that demand attention, Amid the mocratization of investing” POWER PLAY: such as financial reporting, financial upheaval of late CEO and Chairman, Vanguard Group gospel and is now taking aim market structure, insider trad- summer, Dalio startled the at small-business pension ing, investment-adviser fraud 2014 RANKING: 53 financial world by predicting plans—he intends to cut Van- and other complex financial- that the Fed would actually guard’s fees further to boost PATH TO POWER: The instrument issues.” Yet critics be more likely to enter a pe- its presence in that segment. Dartmouth grad taught Latin say the agency under White riod of significant quantitative

140 OCTOBER-NOVEMBER 2015 WORTH.COM LIVE easing before it entered one then returned to England master’s in psychology from Sheila Bair as head of the POWER PLAY: De Blasio of raising interest rates sig- for schooling at Oxford and the lefty redoubt of New FDIC, where he had been a 35 took office riding a wave of nificantly. “We think it should Cambridge. He joined JPM- York’s New School and a law vice chair since 2005. JEB HENSARLING economic populism ignited now be apparent that the organ in 1980 and helped degree from Columbia. She by Wall Street abuses and the GROW risks of deflationary contrac- found its Global Derivatives later served as the U.S. attor- POWER PLAY: Gruenberg U.S. Representative, R-Texas growing wealth inequality in announced this year that, tions are increasing,” he wrote Group in 1991. Known as a ney for the Southern District 2014 RANKING: 45 New York, and was generally in a note to clients. risk-management expert, of New York and prosecuted seven years after the fi- seen—including by this maga- Hancock joined AIG in 2010 the likes of John Gotti and nancial crisis, regulators PATH TO POWER: Hen- zine—as a politician who could MAKE to help the firm rebuild from the 1993 World Trade Center have succeeded in making sarling grew up on a farm in advance his agenda both 40 its turmoil in the financial cri- bombers. Before being ap- concerns about “too big to central Texas before attending locally and nationally. How ANA PATRICIA sis. He became CEO in June pointed by Obama to the fail” financial institutions into Texas A&M and then UT-Aus- things change. While de Blasio BOTÍN 2014 when , SEC in 2013, she worked at nonissues. If a major financial tin law school. He worked as a has achieved some significant THE POWER 100 the legendary AIG executive Debevoise & Plimpton, where firm were to tank, Gruenberg businessman and in Republi- goals—the implementation of Chairman and Executive Director, who’d come out of retirement she represented big banks told the Wall Street Journal, can politics before running for free pre-K, for example—his Banco Santander in 2009 to the lead the firm, such as Morgan Stanley and “they would be allowed to the U.S. House in 2002. He is mayoralty has gotten side- fail and suffer the conse- now chairman of the House Fi- PATH TO POWER: When announced that he would be JPMorgan. tracked by a personal feud quences of that failure. . nancial Services Committee. Botín took the helm of Banco retiring due to illness. Han- with Governor Andrew Cuomo POWER PLAY: Although .That was not an option avail- Santander’s sprawling inter- cock is not the flamboyant, and dithering over minor is- many thought that White able to us in 2008.” Law- POWER PLAY: Hensarling is national operations following over-the-top personality that sues, like what to do about was going to give the SEC makers—notably Elizabeth one of the most conservative the death of her father, Emilio Benmosche, who died this topless women in Times the spine it had so painfully Warren—and rating agencies members of Congress—and Botín, in September 2014, she February, was, but he has Square. De Blasio is seen as lacked during the recession such as Standard & Poor’s one of the most ambitious. became the fourth generation overseen a seamless transi- isolated by an insular, out-of- years, her tenure has disap- remain unconvinced. In a gambit that divided his of Botíns to run the bank. Her tion at the helm of the mas- touch circle of aides, and many pointed those hoping for own party, Hensarling chal- ascent wasn’t always a fait sive insurance company. New Yorkers have tired of his a more activist regulator. lenged the existence of the accompli: She was actually prickly personality. His next POWER PLAY: It’s still early White’s SEC has been so Export-Import Bank, which he made to resign by her father 36 campaign will not be easy. for Hancock, but his priorities oddly passive that it sparked sees as an outdated vestige of in 1999 after a newspaper DAVID TEPPER are emerging. One is to focus the ire of Massachusetts big-government crony capi- profile dubbing her the heir AIG on its core businesses. In senator , Cofounder, Appaloosa Management talism. Congress declined to apparent caused an internal August, for example, AIG sold who in June penned a 13- authorize the bank’s funding 32 backlash. (She rejoined the 2014 RANKING: 48 CARL ICAHN its nearly 11 million shares in page letter criticizing White. before its summer recess, dur- firm several years later.) A plane-leasing company Aer- Calling White’s leadership PATH TO POWER: Tepper ing which the bank’s charter Chairman, Icahn Enterprises graduate of Bryn Mawr and Cap Holdings. Another is cut- “extremely disappointing,” worked his way up from a expired. Senate supporters in Harvard Business School, 41 2014 RANKING: 32 ting costs: Hancock has been Warren argued that White middle class background— both parties still hope to find Botín actually got her first job moving jobs out of New York had so many conflicts of in- a way to restart the bank this DAVID RUBENSTEIN dad an accountant, mom a PATH TO POWER: The in finance at JPMorgan. fall, but for now, Hensarling’s to less expensive areas such as terest from her private prac- public school teacher—in billionaire activist investor Cofounder and Co-CEO, the Carlyle Group maneuver has worked, and POWER PLAY: Botín started the Philippines and Texas, and tice, her inevitable recusals Pittsburgh. After attending emerged as a takeover king in January the firm will stop were paralyzing the agency. Hensarling finds himself with cleaning house almost from 2014 RANKING: 66 the University of Pittsburgh in the 1980s after growing many supporters who think the first moment she became adding to employee pensions Warren even suggested that and later business school up middle class in Queens, he would fit just fine into their chair. The bank’s CEO, who PATH TO POWER: The son of a postal worker and start emphasizing 401(k) companies might be hiring at Carnegie Mellon, Tepper N.Y. Icahn graduated from party’s leadership. had been appointed by her and a dress shop clerk, Rubenstein practiced law plans. As Hancock explained White’s husband, also a law- worked in various financial Princeton in 1957 with a BA father, left 11 weeks after she and worked in Jimmy Carter’s White House before to AIG investors in February yer, in order to force White jobs that eventually led him in philosophy, then became took over, and she replaced launching Carlyle with four partners in 1987. Now 66, 2014, maximizing the com- to recuse herself. White to Goldman Sachs. After a stockbroker and founded pany’s intrinsic value “means responded that she was 34 two board members who Rubenstein is the face of the business, which, with eight highly successful years BILL DE BLASIO Icahn & Co., a securities firm, had been allies of her father, some $200 billion under management, is by some resisting the urge to blindly “proud of the agency’s trading there, he cofounded in 1968. In 1987, he estab- whom she reportedly refers estimates the world’s largest private equity firm. pursue market share and many accomplishments Appaloosa in 1993. Mayor of New York lished the holding company to as “the late chairman.” She sales volume.” Such moves during my tenure.” Icahn Enterprises. POWER PLAY: Despite the poor performance of POWER PLAY: Tepper has 2014 RANKING: 20 further departed from her fa- aren’t exactly sexy, but after Carlyle’s majority-owned Claren Road hedge fund, earned a reputation as a) ther’s strategies by bolstering the trauma AIG experienced PATH TO POWER: Native POWER PLAY: At 79, Icahn which lost 5.6 percent this year because of bad being ruthlessly unafraid to the bank’s balance sheet with during the financial crisis, Han- 37 New Yorker de Blasio, a gradu- is facing his ninth decade, but bets in energy and Greece, Carlyle has still had buy big when the market a $8.88 billion stock offering cock’s disciplined approach MARTIN ate of he hasn’t slowed down. So far a solid year. Second-quarter earnings dropped looks scariest, and b) mak- in January. makes perfect sense. GRUENBERG and Columbia’s School of In- this year he helped break up 43 percent, but the firm beat expectations and ing huge sums of money for ternational and Public Affairs, crane-maker Manitowoc and generated an 89 cent per share dividend. Ruben- Chairman, FDIC himself and his investors; began in politics as a staffer on won a seat on its board and stein, meanwhile, has cemented his stature as he is now said to be worth 38 David Dinkins’ successful 1989 the board of its spun-off food 39 one of America’s most successful businesspeople 2014 RANKING: 29 some $10 billion. He has MARY JO WHITE mayoral race, then ran Hillary service division. He upped his PETER HANCOCK and patriotic philanthropists; a signer of the Giv- also given some $125 million PATH TO POWER: A Clinton’s 2000 Senate race. He stake in media giant Gannett ing Pledge, he has helped repair the Washington Chairman, SEC to Carnegie Mellon and is President and CEO, AIG graduate of Princeton and became a city council member to 6.5 percent. And he re- Monument and purchased an original copy of the politically active; this year, Case Western law school, and later New York’s public mains a thorn in Bill Ackman’s 2014 RANKING: 42 Magna Carta—which he promptly lent to the Na- 2014 RANKING: 15 he’s supporting Jeb Bush for Gruenberg was a longtime advocate before launching an side with his support of Herb- tional Archives. president, writing a $250, PATH TO POWER: Han- PATH TO POWER: White Democratic Senate staffer unexpectedly decisive—and alife, the supplement seller 000 check to Bush’s political cock was born in England in did her undergrad at Wil- with allies on both sides of the decidedly liberal—mayoral that Ackman calls a pyramid action committee. 1959, raised in Hong Kong, liam & Mary before earning a aisle. In 2011, he succeeded campaign in 2013. scheme and shorted. But per-

WORTH.COM OCTOBER-NOVEMBER 2015 143 LIVE haps his highest-profile mo- it into the world’s largest ment came when presidential manager of private invest- candidate Donald Trump said ments, in the process becom- he wanted to make Icahn ing one of the world’s richest 25 GROW Treasury secretary. “I am men, with a reported net flattered but do not get up worth of about $13 billion. JAMIE DIMON early enough in the morning to accept this opportunity,” POWER PLAY: After a Chairman, President and CEO, JPMorgan Chase MAKE Icahn responded. $690 million payout in 2014, Schwarzman may be on his 2014 RANKING: 25 way to becoming the first CEO PATH TO POWER: Dimon grew up in New York before at- to receive a billion dollars in THE POWER 100 tending Tufts and HBS. A protégé of financier Sandy Weill, 31 payment in one year. His suc- ALEXIS TSIPRAS Dimon helped Weill build Citigroup, then later became CEO of cess has led to a growing phil- Bank One. When JPMorgan bought it in 2004, Dimon became President, Greek Syriza Party anthropic presence; he gave president and COO of the new company, then CEO and chair- $100 million to the New York man in 2005 and 2006. PATH TO POWER: Born Public Library in 2008, funded in 1974, Tsipras grew up in a $100 million scholarship POWER PLAY: Dimon went public in July 2014 with the fact Athens, where his father program in China in 2013, and that he had throat cancer. Apparently fully recovered this year, owned a small construction this May donated $150 million he quickly reverted to one of his great passions: criticizing peo- firm. Politically active since to Yale University to transform ple who criticize banks. In May, he told investors who agreed his high school days, Tsipras its freshman dining hall into a with shareholder advisory firms critical of Dimon that they were first ran for office, as a mem- performing arts center. “lazy,” “irresponsible” and “probably not very good” investors. ber of the left-wing Syriza He also declared of Elizabeth Warren, a Dimon critic, “I don’t party, in 2006. After austerity know if she fully understands the global banking system.” measures imposed by the Eu- 29 ropean , the Eu- JEFFREY ropean Commission and the IMF caused Greek unemploy- GUNDLACH Total Return Fund. Gundlach’s in Las Vegas when he veered Hungary by pretending to be turing to support Ukraine’s ment to balloon to 25 percent, Founder, DoubleLine Capital returns were based on two off a talk about his hedge the godson of a government fight against Russian-backed Tsipras was elected prime 33 correct predictions: that inter- fund strategy to take aim at employee, and after the war separatists. In March the IMF minister in January 2015. 2014 RANKING: 55 est rates would stay low, and the world’s most admired earned a PhD in philosophy approved a $17.5 billion aid ZHOU XIAOCHUAN that commodities and energy investor, Warren Buffett. In from the London School of package, which it could even- PATH TO POWER: The Dart- POWER PLAY: Frustrated by assets were best steered clear an understated but pointed Economics. Soros began his tually increase to $40 billion Governor, People’s Bank of China mouth grad began his career the course of negotiations with of. “We’ve had an embarrass- fashion, Loeb said that he career in finance in 1954 at a with the support of the G7. by dropping out of a Yale PhD the ECB/EC/IMF “troika,” Tsip- ment of riches,” Gundlach told enjoys reading Buffett’s London bank, and he launched 2014 RANKING: 34 program in applied math and ras led a national referendum Bloomberg. Berkshire Hathaway annual Soros Fund Management in joining a rock band in Los An- on the terms of a proposed PATH TO POWER: Back in the 1990s, when he was letter, but suggested that Buf- 1970. After enormous success, geles. (He played the drums.) 26 bailout—which Greek voters head of the China Securities Regulatory Commission, fett doesn’t practice what he Soros announced in 2011 that But Gundlach hedged his bets LOU JIWEI decisively rejected. But when Zhou was nicknamed “the Flayer” because of his ag- preaches. “He criticizes hedge due to changing regulations, by managing money at finan- 28 Tsipras subsequently agreed gressive attacks on corruption. The nickname fit his funds, but he used to run he was choosing to return Minister of Finance, People’s cial services firm TCW. After a DANIEL LOEB Republic of China to an even harsher bailout history: Zhou got his start leading a Red Guard gang one,” Loeb said. “He criticizes outside investor money and bitter exit from TCW in 2009, deal, his governing coalition during the Cultural Revolution that informed on “bad Founder and CEO, Third Point activists, but he was the first run the fund as a $30 billion in- Gundlach and more than a 2014 RANKING: 30 crumbled; Tsipras resigned and elements” and “capitalist roaders,” according to the Fi- activist. He says we should all vestment vehicle for his family. dozen other former TCW em- 2014 RANKING: 33 promptly called for a new elec- nancial Times. But many details of his life, as is true with pay more taxes, yet he avoids PATH TO POWER: Lou was ployees founded DoubleLine For some tion to be held in September. numerous Chinese officials, are hard to pin down, as PATH TO POWER: Loeb was them himself.” The room ex- POWER PLAY: appointed finance minister in in Los Angeles. As of July, they are considered state secrets by the Party. raised in California and went to ploded in applause. years Soros has seen himself 2013 by Premier Li Keqiang, DoubleLine had $76 billion UC-Berkeley before transfer- not only as an investor but as the likely pinnacle of a long Zhou has been working for years to AUM, and Gundlach has be- 30 POWER PLAY: ring to Columbia to earn a BA a philanthropist and global career working for the state as get the renminbi added as one of the IMF’s reserve come known as the foremost STEPHEN in economics. He worked in statesman, which has made vice minister of finance, vice currencies, coming oh-so-close about halfway through bond investor in the country, if 27 SCHWARZMAN private equity and distressed him the target of bile from governor of Guizhou Province this year. But then China’s stock market started to slide, not the world. debt, but also spent some time the extremes of both left and and head of China’s sovereign Cofounder and CEO, and the People’s Bank of China stepped in, devaluing Founder, Soros Fund Management right; online haters typically wealth fund. Blackstone Group POWER PLAY: In what has at Island Records as director the currency 2 percent against the dollar—its greatest characterize him as the “lib- been a painful year for virtu- of corporate development. drop since 1994. Despite the strong-arm move, the PATH TO POWER: The son eral Jewish billionaire” and POWER PLAY: In March, 2014 RANKING: 51 ally all investors, Gundlach In 1995 he founded hedge PBoC hastily asserted that the drop was a one-time of Hungarian Jews, Soros “puppet master” in far-fetched Li reported to the National and DoubleLine have done fund Third Point and has since PATH TO POWER: Schwarz- intervention meant to improve the currency’s “market- learned Esperanto (his father conspiracy theories about People’s Congress that the well; in August, for example, a become famous as an activist man, a Yale and HBS grad orientation and benchmark status.” Maybe so, but the wrote books in the language) attempts to undermine for- country’s budget deficit month that bled red, the firm’s investor whose scathing public from Pennsylvania, began move, which suggested to many international inves- as a child; “soros” is actually eign governments or secretly would be 2.3 percent of GDP DoubleLine Total Return Bond letters help shake up firms and his career at investment firm tors that the Chinese economy was worse than they an Esperanto word meaning fund the protest group Black in 2015, according to the Eco- Fund was up .7 percent, hand- replace CEOs. DLJ, then went to Lehman had feared, sparked massive volatility in stock markets “will soar,” and Soros père Lives Matter. What has Soros nomic Times. Not so fast, said ily outpacing rivals such as changed the family name from Brothers, then cofounded around the globe. POWER PLAY: Loeb’s con- actually been involved in? Lou, calling out the man who erstwhile bond king Bill Gross Schwartz in 1936. Soros sur- Blackstone with Pete Peter- trarian side manifested itself In January he called for $50 had appointed him in an act (now at Janus) and PIMCO’s vived the Nazi occupation of son in 1985. He has since built at this year’s SALT Conference billion in aid and debt restruc- of public discord rarely seen

WORTH.COM OCTOBER-NOVEMBER 2015 145 LIVE POWER PLAYERS GROW MAKE &

THE POWER 100 THE POWER QA PAUL RYAN U.S. Representative, R-Wisconsin

58TH MOST POWERFUL PERSON IN FINANCE

Q: As chairman of House Ways and Means, you helped pass thority was a big achievement. that will do fine without putting We also enacted the first real taxpayer money on the line. “fast track” authority on the entitlement reforms in decades Trans-Pacific Partnership for the by directing Medicare to reim- What is the biggest president. How did it feel to work in burse doctors for the quality, economic threat to not the quantity, of care. America? concert with a longtime opponent? Our national debt. We now owe Your biggest failure? over $18 trillion, and it’s only A: Trade is good for America, so I was happy to work I’m still upset about the going to grow as baby boom- with anyone to get this done. We call it trade promo- Packers’ late-game meltdown ers retire and the work force tion authority, and it requires the president to make to the Seahawks in the shrinks. We need a plan to pay public the full text of a trade agreement at least 60 NFC championship. down the debt and grow the days before it’s sent to Congress for a vote. So now economy. That’s why I believe What’s the biggest that tax reform, welfare reform the American people will get to see what’s in the TPP challenge facing you in and entitlement reform are so agreement and make their own decisions. the year ahead? critical for us as a country. In a presidential election year, particularly when the incum- Did you enjoy running What does it mean to be understanding the policy that bent president isn’t running for vice president? Do powerful in Congress? you want to advance. again, you can enter a lame you ever miss it, and My advice would be, don’t duck phase pretty quickly. So would you consider think about who you want to Are there any the challenge will be advanc- another campaign for the be—think about what you want obligations that go along ing reforms—like paying for White House? to do. The people of Wisconsin’s with that power? our highways or fixing our tax My family and I enjoyed the first congressional district are I’d say it differently: It’s not code—in that environment. 2012 campaign. My kids loved the best boss I could ask for, and power; it’s a duty. Every mem- being able to see the country my job is to fight for them. The ber of Congress has an obliga- You have stated your and it was an honor to be Ways and Means Committee has tion to uphold the Constitution opposition to the Export- selected by Mitt [Romney] as broad jurisdiction over a num- and represent the best inter- Import Bank. How would his vice presidential nominee. I ber of key policy areas—trade, ests of their constituents. getting rid of the EX-IM wish the outcome were differ- the tax code, healthcare, the help American businesses? ent, but I don’t dwell in the past, IRS—so I think we have an op- What has been your The Export-Import Bank is a so I don’t think about it often. portunity to advance legislation biggest achievement in very clear example of crony Right now, I’m focused on my that improves people’s lives. But the past year? capitalism. Much of the assis- job in Congress and on being a being successful means really Passing trade promotion au- tance goes to large corporations good dad and husband. PHOTO BY RON SACHS/CORBIS BY PHOTO

146 OCTOBER-NOVEMBER 2015 WORTH.COM LIVE among high-level Chinese of- ficials. According to Lou, $31.9 billion of spending wasn’t FUTURE GROW included in the premier’s numbers, which would push 19 POWER PLAYERS the deficit up to 2.7 percent, JAMES GORMAN EVERYONE ON THE POWER 100 STARTED OUT SOMEWHERE. the largest since massive MAKE THOUGH THESE FOUR PEOPLE HAVEN’T MADE THE LIST—YET—THEY’RE MAKING stimulus spending in 2009. Chairman and CEO, Morgan Stanley WAVES IN FINANCE, THE MEDIA AND EMERGING INDUSTRIES. The move was generally seen as an attempt to inject candor 2014 RANKING: 9 into the official discussion of China’s economic slowdown. PATH TO POWER: Born and raised in Melbourne, Australia, THE POWER 100 company develop a data set on users’ prefer- Gorman began his career as a lawyer, then came to Columbia Charles Cascarilla ences, and it has a $30 million grow facility on University in 1985 to get an MBA. His career in finance started CEO and Founder, itBit Vancouver Island. 24 at McKinsey but took off at Merrill Lynch, where Gorman BUILDING A NAME: Cascarilla, a former MAKING HEADLINES: With funding pouring RICHARD CORDRAY became head of global wealth. He joined Morgan Stanley in Goldman Sachs analyst, is making history with in from high-profile investors such as Peter 2006 and succeeded John Mack as CEO in 2010. his three-year-old company, itBit, which was Thiel, Privateer Holdings has a valuation of Director, Consumer Financial granted the first Bitcoin exchange charter in roughly half a billion dollars. Kennedy has Protection Bureau POWER PLAY: Australian newspaper the Age once de- the state of New York earlier this year. The teamed up with Heckler Associates, the same scribed Gorman as “a lanky, cerebral Australian-born execu- charter comes at a key moment in Bitcoin’s branding firm that named Starbucks, and is 2014 RANKING: 37 tive who dislikes being called Jim,” which also seems to suit history; while the electronic currency has been working on marketing Privateer’s first global his reserved but effective leadership style. Gorman perfectly viewed as a tool for drug lords and terrorists PATH TO POWER: In July ganja brand, Marley Natural, in conjunction with represents the nature of power in the post-crisis banking to clandestinely move money overseas, the Bob Marley’s estate. 2013, after a bitter and grid- world: He doesn’t take big risks, doesn’t get greedy and he existence of a chartered exchange may make it locked two-year-long nomi- has pushed his firm to focus on wealth management rather more palatable to major players. nation process, the Senate Nathaniel Popper than trading as the primary driver of profits. The strategy has MAKING HEADLINES: Over the summer, itBit finally confirmed Cordray, Reporter, the New York Times proved lucrative both for Morgan Stanley, whose earnings opened its trading desk and hired former NSA the former treasurer and at- have risen steadily, and Gorman, whose pay has done the code breaker Ed Giorgio to help with security. The BUILDING A NAME: After the May release torney general of the state same: He was paid $23.3 million in 2014. exchange already has some serious cred: Former of his book, Digital Gold, a rigorous look at the of Ohio, as first head of the FDIC chairman Sheila Bair and former U.S. senator creation of Bitcoin and the motley crew behind newly created Consumer Fi- Bill Bradley joined its board earlier in the year. it, Popper has become the go-to guy for Bitcoin nancial Protection Bureau. insight. and his policies are noted for years on the edge of defla- PATH TO POWER: At age Adena Friedman MAKING HEADLINES: Digital Gold is in the POWER PLAY: Cordray is helping the country weather 22 tion; his economic program, 85, the Oracle of Omaha not a self-promoting man, but President, NASDAQ running for the 2015 /McKin- the financial crisis better than SHINZO ABE known as Abenomics, in- shows no signs of fatigue; sey Business Book of the Year Award, which he has quietly become a very other G7 nations. In 2011, he cludes boosting exports by he remains the very active BUILDING A NAME: It’s no secret that many recognizes the book that “provides the most powerful one, thanks to the was named chairman of the Prime Minister of Japan devaluing the yen, raising CEO of Berkshire Hatha- women on Wall Street feel torn between the compelling and enjoyable insight into modern rigor with which he’s led the Financial Stability Board, and the minimum wage and hav- way—the nation’s biggest demands of work and the pressures of raising a 2014 RANKING: 13 business issues.” CFPB. This year, the agency set two years later he became ing the Bank of Japan pump family, and the tension doesn’t go away as they conglomerate—and is still its sights on predatory payday rise through the ranks. This makes Friedman’s the first non-Briton to head PATH TO POWER: After money into the economy to the world’s most successful two-decade journey from intern to NASDAQ Vikram Mansharamani lenders. In August, the agency the . initially resisting pressure boost inflation to a target advocate of . president all the more impressive. “It’s a matter Lecturer, Yale University hit Canadian payday lending to become a politician like rate of 2 percent. It’s going… One of the wealthiest men of prioritizing your time so that outside of company NDG Enterprise POWER PLAY: The Brit- so-so. Since February, alive, Buffett has paired his BUILDING A NAME: Mansharamani, the his father, Abe Shintaro, work, you are there for the important things,” with a lawsuit for operating ish economy—the world’s son of Indian immigrants, attended a private who was Japan’s foreign Japan’s inflation rate has sage investments with a Friedman told the Fox Business network. a “maze” of nine intercon- sixth-largest—has marched high school on a scholarship paid for by Jack minister, or his grandfather, decreased to almost zero passion for philanthropy, an- steadily upward during MAKING HEADLINES: Seen as a possible Bogle, interned at Bear Stearns when he was nected lending companies Kishi Nobosuke, who was and the Chinese economic other area in which he’s had Carney’s tenure, though it heir apparent to CEO Robert Greifeld—she 15 and then went to Yale, where he majored that led borrowers to believe prime minister, Abe became slowdown has hit Japan’s in- an enormous influence. now seems to be nearing a has publicly stated that she intends to be a in East Asian studies. He later graduated with that, because the company is secretary of Japan’s foreign terconnected economy hard. plateau: The forecast for 2015 Buffett CEO, whether at NASDAQ or not—Friedman a Master’s in Political Science and a PhD in Canadian, its U.S. loans were ministry in 1982. He then be- The good news? Long-term POWER PLAY: recently helped launch the NASDAQ Futures Management, both from MIT. In 2011, Man- GDP growth sets it at 2.5 per- closed Berkshire’s biggest exempt from U.S. regulations. came deeply involved in the growth looks encouraging. market, designed to compete with commodity sharamani published his first book,Boombus - cent, lower than the previous deal ever with the August Liberal Democratic Party, The question is whether market-makers ICE and CME. tology: Spotting Financial Bubbles Before They year. Carney suggested rais- purchase of Precision Cast- and served as director of so- Abe, whose popularity has Burst, based on material he teaches at Yale. ing interest rates by the end parts, an equipment manu- Mansharamani has also worked as managing 23 cial affairs and as a deputy fallen significantly, will be in of the year, a move he has facturer for the space and Brendan Kennedy director at hedge fund SDK Capital and spent MARK CARNEY chief cabinet secretary. He office to see it. delayed because of low infla- energy industries, for $32.4 CEO, Privateer Holdings two years as a senior fellow at Harvard’s Ken- first became prime minister Governor, Bank of England tion and lack of wage growth. billion. Though the com- nedy School of Government. in 2006, stepped down after BUILDING A NAME: Kennedy is the He blames the latter in part pany’s stock had dropped cofounder of Privateer Holdings, the first 2014 RANKING: 19 his party lost its majority in 21 MAKING HEADLINES: Mansharamani rep- on increased immigration— by 17 percent over the private equity company dedicated entirely to resents a new breed of financial thinker—inde- 2007, then won the position WARREN an opinion that appears to previous year, Buffett said the cannabis sector to receive backing from pendent of Wall Street institutions but moving PATH TO POWER: A back in 2012. BUFFETT institutional investors. Kennedy, who started between the worlds of academia and finance, Harvard-educated Canadian, have significantly influenced it was a deal “for the next out at Silicon Valley Bank’s analytics branch, he blasts his opinions to the world through Carney spent 13 years at Prime Minister David Cam- POWER PLAY: Abe’s great- Chairman and CEO, 100 years.” The deal still left brings serious finance chops to the burgeon- social media, blog posts and regular activity Goldman Sachs before join- eron, who is in negotiations est challenge has been to Berkshire Hathaway Berkshire Hathaway with ing but still disorganized world of legal mari- on the conference and lecture circuit. His next ing the Bank of Canada. He with the EU over the terms of jumpstart Japan’s lethargic some $40 billion in cash to 2014 RANKING: 24 juana. Privateer has already launched Leafly, a book examines the dangers of specialization became its governor in 2008, Britain’s membership. economy, hovering for many fund more acquisitions. Yelp-like service for weed, which is helping the and the virtues of being a generalist.

WORTH.COM OCTOBER-NOVEMBER 2015 149 LIVE POWER PLAYERS GROW MAKE &

THE POWER 100 THE POWER QA MARIANNE LAKE CFO, JPMorgan Chase

53RD MOST POWERFUL PERSON IN FINANCE

Q: You’re going to start leading the JPMorgan earnings calls. Does taking on that role have any to focus on every day, but it is mother and vice versa. I will al- not a burden. It is an oppor- ways need to compromise and larger significance? tunity. To the extent that I can make choices—you just have to serve as a role model or men- work hard at making the right A: I already lead the earnings call, and I wouldn’t over- tor for other women in what choice day by day. When push think that. The reality is [CEO] Jamie [Dimon] enjoys might be traditionally viewed comes to shove, my children and values engaging with our investors and so will as a male-dominated field, I always come first, and I am likely continue participating in the calls as often as welcome that. lucky that I work in an environ- possible. Now and then it may be difficult for him to ment that respects that. When you were growing attend, and when that happens, we don’t want folks up, did you dream of Some industry observers reading too much into that. I have been involved in our working in finance? argue that JPMorgan earnings process for many years. It’s a role I am very Not at all, but I always aimed should be broken up. Is comfortable with. high—it was something my there any circumstance mother instilled in me from where you might consider a very early age—so I didn’t that to be the right move? What’s the biggest liquidity in the next crisis. believe I had many limitations. We get significant benefits from challenge facing Perhaps even more than this If I said I wanted to be a doc- both diversification and scale, JPMorgan right now? last go-round. There is new tor, she would say, “That is which has led to consistently I put the biggest challenges market infrastructure, changes great and I would be so proud strong absolute and relative in three categories: managing in market participants and of you…but did you consider performance. Scale has always and navigating unpredictable their behaviors, and ongoing being a brain surgeon?” defined the winner in banking, geopolitical and macroeco- implementation of post- and we have it in all aspects, nomic environments; the crisis regulation. It’s notoriously tough to because that is what our clients ever-evolving threat of cyber balance work and life in want and that is how we can attacks; and making sure that There are so few women the financial industry. best serve them. If we were not in this world of innovation— in finance. Does being Has that ever been a faced with those facts and a dif- especially in the digital and one of them ever feel like struggle for you? ferent model was called for, we payments space—we are the a burden? I’m the mother of three young would not be complacent. But disruptor, not the disrupted. It isn’t so much that there are children now! Of course it isn’t that is not the case today. Another thing to be gener- so few women in finance in easy, but both sides of my life ally concerned about is the total, but rather few women in are incredibly rewarding, so it What do you do for fun? potential for more significant senior leadership roles. It is a is worth making it work. I am I have three kids under 4— market dislocations and il- real problem that we all need better at my job for being a I sleep. PHOTO BY JOE VERICKER PHOTOBUREAU BY PHOTO

150 OCTOBER-NOVEMBER 2015 WORTH.COM LIVE backed securities market. A POWER PLAY: Say one thing will help evaluate markets and since joining it in 1979. After 20 $100 million mistake at the about Sanders: He does not manage risk, in the hopes that 14 being closely allied with bank—Fink failed to predict lack for confidence. Few took the move will foster client loy- François Mitterrand in the

JOHN G. CHRISTINE GROW ROBERTS JR. the direction interest rates him seriously when he an- alty and lead them to conduct LAGARDE early ’80s, he was elected were heading—led him to nounced his presidential bid more trading with Goldman. to the national assembly in Chief Justice of the strike out on his own and form in May. But Sanders also has The firm is also investing in a Managing Director, International 1988 and became leader of U.S. Supreme Court BlackRock in 1988 with the the courage of his convic- company called Symphony, Monetary Fund the party in 1997. He nar- goal of combining investment tions in a campaign where the which is developing a com- rowly won the 2012 French MAKE 2014 RANKING: 10 2014 RANKING: 22 management with compre- convictions of his main rival, petitor to Bloomberg termi- presidential election on a PATH TO POWER: Before hensive risk analysis. With Hillary Clinton, are largely nals—largely a response to PATH TO POWER: Follow- platform that vowed to raise being nominated to the court $4.7 trillion in assets under either unknown or doubted. the disclosure that Bloomberg ing a 24-year stint specializing taxes on corporations and by President George W. Bush management, BlackRock Sanders has filled the enthu- reporters were using the ter- in antitrust law at Baker & the wealthy. THE POWER 100 in July 2005, Roberts—a is now the world’s largest siasm gap in the Democratic minals to spy on the activities McKenzie, Lagarde was ap- graduate of Harvard and money manager. campaign. His anti-Wall Street of Goldman traders. pointed to several French POWER PLAY: Ever- Harvard Law who spent most animus and crusading for cabinet positions under unpopular at home, where of his career alternating be- POWER PLAY: Increasingly economic justice have won Jacques Chirac and Nicolas the unemployment rate still tween private practice and over the past year or so, Fink him the hearts of enough 15 Sarkozy, remaining as Minister hovers around 10.4 percent, public service in Republican has positioned himself as one Democratic voters to send a JOHN STUMPF of Finance for four years. She Hollande was nonetheless administrations—argued doz- of the industry’s public states- genuine scare into the Clinton replaced Dominique Strauss- universally praised for his Chairman and CEO, Wells Fargo ens of cases before it. Widely men on public policy issues campaign—not because they Kahn at the IMF in 2011 after handling of the Charlie Hebdo related to investing and, in think he can win, but because attack in January, which gave respected even by those who 2014 RANKING: 16 DSK’s resignation due to alle- disagreed with him, he was particular, retirement. “This his success in polls, fundrais- gations of attempted rape. him a much-needed diplo- industry has done a good job matic boost. He leveraged easily confirmed by the Sen- ing and event attendance (he PATH TO POWER: Raised ate and became chief justice of staying out of the news, is, after all, a 74-year-old so- on a small farm in Minnesota, POWER PLAY: As she nears his newfound international soon after the death of judge and that’s the problem,” Fink cialist from Vermont) makes Stumpf landed his first job the end of her term and bids stature this summer by help- William Rehnquist. recently told the trade pub- Clinton look vulnerable. in banking as a repo man for for a second one, Lagarde ing to broker the bailout lication Investment News. “I First Bank in St. Paul, Minn. may have strengthened her deal that kept Greece in the POWER PLAY: It’s not even don’t think they want a voice.” He later moved on to North- position by admitting that the eurozone—and to convince close: Roberts’ vote to uphold And, though his high profile is 16 western National Bank, which IMF had misjudged the impact German chancellor Angela Obamacare in this year’s King certainly good for BlackRock, LLOYD BLANKFEIN was acquired by Wells Fargo of the austerity measures Merkel to agree to it. He also v. Burwell delighted Demo- Fink is right; the industry in 1998. Stumpf, who has and economic reforms it had seems to be gaining support crats and angered Republi- does lack public leadership. Chairman and CEO, Goldman Sachs since proved himself a mas- helped to impose on Greece. 11 from business leaders thanks cans while being welcomed But Fink isn’t neglecting the While reports suggested to his pro-business policy 2014 RANKING: 18 ter of managing successful by the legal community, young to focus on the aging: mergers, was appointed CEO that the IMF was internally ELIZABETH WARREN changes, which may be help- In August, BlackRock made ing to drive France’s current which generally found it, as PATH TO POWER: Born in in 2007 and chairman in 2010. divided over its recent role in U.S Senator, D-Massachusetts Duke law professor Neil Siegel a head-turning purchase of 1954, Blankfein grew up in negotiations with Greece, and GDP growth rate of 1.2 per- FutureAdvisor, a robo advi- cent—not great, but the fast- told the , ’s projects, and the POWER PLAY: Stumpf’s suc- Lagarde herself gave initial 2014 RANKING: 40 “a masterpiece of legal craft, sory firm with $600 million in first time he applied for a job cess, and that of Wells Fargo mixed messages, she came est since 2011. good sense and fidelity to the assets under management, at Goldman Sachs, fresh out in recent years, has come from down on the side of pushing PATH TO POWER: Love her or hate her—and there law at a time when political citing its desire to attract of Harvard Law School, he excelling at the core activities for significant debt relief for are few in between—Warren has a remarkable history. polarization threatens to spill “mass-affluent” investors didn’t get it. Instead he went of consumer banking—lend- Greece. That may have been, As a young woman from Oklahoma, she dropped out 12 over into the judiciary.” The and millennials. to work for another firm, J. ing money for car and home in part, a ploy by Lagarde to of college to get married and move to Texas, where JACK LEW court’s 6-3 decision, which purchases, issuing credit cards win support from emerging- she returned to school. After having her first child and Aron & Company, which Gold- Secretary of the Treasury Roberts wrote, had enormous man eventually bought. From and helping clients manage market nations—both for her- earning her law degree from New Jersey’s Rutgers economic consequences, not 17 wealth—and steering clear of self and for the IMF. Still, her University, she practiced and taught law, eventually BERNIE SANDERS then on, he was a Goldman 2014 RANKING: 12 least by avoiding the eco- Sachs lifer. Starting with com- the lure of investment bank- public pressure on the ques- winding up at Harvard Law School with a specialty in nomic upheaval that would U.S. Senator, I-Vermont modities and then diversify- ing. In November 2014, Wells tion of debt relief may have bankruptcy. That led her to the Obama administration, PATH TO POWER: Born in have come from Obamacare ing, Blankfein moved up the Fargo became the first of the played a part in statements by where she almost single-handedly founded the Con- 1955, Lew grew up in New being overturned. PATH TO POWER: Born in ladder and assumed the top 11 largest banks in the U.S. to Angela Merkel indicating that sumer Financial Protection Bureau. Returning to Mas- York before attending Min- 1941 to a poor immigrant Jew- job in 2006. win the seal of approval from Germany would be open to sachusetts, she was elected U.S. Senator in 2012. nesota’s Carleton College, ish family in Brooklyn, Sand- regulators for its so-called some form of relief measures. then transferring to Harvard 18 ers became a political activist POWER PLAY: Blankfein and “living will,” basically a plan of POWER PLAY: Warren has become her party’s left- and getting a law degree from LAURENCE FINK during the 1960s. Moving to Goldman are outliers in to- what would happen if the bank wing champion on issues of financial equity and eth- Georgetown. He has spent the Vermont in 1968, he made un- day’s banking world, unabash- were to go bankrupt. The bank 13 ics: She has lambasted everyone from Jamie Dimon decades since alternating be- Chairman and CEO, BlackRock successful runs for governor edly touting their ability to also capped its subprime auto- FRANÇOIS to Mary Jo White, and fought for issues such as tween the private practice of and the U.S. Senate before profit from trading rather than lending program, a first in the minimum wage hikes (for) and the president’s Trans- law, banking and public ser- 2014 RANKING: 17 HOLLANDE winning a race for mayor of emphasizing a shift toward industry. Wells Fargo news Pacific Partnership trade treaty (against). Despite vice for Democratic politicians vocal calls for her to run for president in 2016, Warren PATH TO POWER: Califor- Burlington in 1981. In 1990 he wealth management. In con- this year has been dominated President of France including Tip O’Neill, both has said that she will not challenge Hillary Clinton. nia native Fink received his became the first Independent cert with that, Goldman has by Stumpf’s decision to help Clintons and ; 2014 RANKING: 21 That might be bad for her—her moment may pass if MBA from UCLA in 1976, then to be elected to the House of been emphasizing its tech- General Electric transition out he was Obama’s director of she doesn’t seize it—and a loss for the Democrats. headed to New York to work Representatives in 40 years. nology; it’s planning to give of financial services by pur- PATH TO POWER: Hollande the Office of Management at First Boston, where he In 2006, Vermonters sent him clients access to previously chasing $9 billion of real estate worked his way up the ranks and Budget before the presi- helped create the mortgage- to the Senate. proprietary technology that loans from GE Capital. of the French Socialist Party dent named him Treasury

WORTH.COM OCTOBER-NOVEMBER 2015 153 LIVE secretary in January 2013, $50 billion, and it handled her to chair of the Federal Re- eurozone’s stagnant econo- Domestic disturbances replacing Tim Geithner. $778 billion in payments 08 serve; she is the first woman mies. The move was credited aside, Xi remains the most through its Alipay service to hold that position. with injecting liquidity into powerful Chinese president

DAVID CAMERON GROW POWER PLAY: Unflappable from June 2013 to 2014—with capital markets without any since Mao. He is using China’s and unpretentious, Lew is plenty of room to grow. Prime Minister of the United Kingdom POWER PLAY: Throughout impact on inflation, and the economic power to leverage a president’s dream em- Alibaba also operates Yue 2015, the financial world has EU economy has been steady diplomatic and territorial gains 2014 RANKING: 7 ployee—he performs his job Bao, a two-year-old money- obsessively watched Yellen if unspectacular. As the year overseas—building beach- extremely well, and he has for clues about if and when MAKE market product with around PATH TO POWER: After progressed, Draghi helped heads in the South China Sea, mastered the art of making the Fed would raise interest $90 billion in assets. And the holding parliamentary posi- keep Greece in the eurozone aggressively pursuing com- himself deeply uninterest- rates. Perhaps inevitably, both company got one of six new tions and leading the Conser- and compartmentalized the modity claims in the Arctic, ing to the media. Among conservative Republicans and Chinese banking licenses in vative Party, Cameron became impact of that crisis, and kept dispatching Chinese workers the matters Lew has had to liberal Democrats have taken THE POWER 100 June. All of this has made the British prime minister in calm even as China took the and businesspeople through- deal with in recent months: shots at Yellen this year—Re- Ma so wealthy that when 2010 at age 43—the youngest world on a wild ride. The bank- out Africa and South America, China’s devaluation of its publicans allege political bias, Alibaba’s stock plummeted person elected to the job in er’s next challenge: trying to and launching the Asian In- currency, the possibility of Democrats fretted that a 2015 5.1 percent in August, he lost almost 200 years. The image- keep the eurozone from sliding frastructure Investment Bank, a “Grexit,” the implementa- rate increase was premature— $752 million—a whopping conscious Tory was previously into deflation as oil prices drop a challenge to the Western- tion of Dodd-Frank and the and Republicans such as Ken- 2.4 percent of his net worth. director of corporate affairs and the euro rises in value. dominated World Bank. Xi’s U.S. budget. So it was a tucky senator Rand Paul have for UK media company Carl- China may have hit a bump in surprise when Lew attracted pushed moves giving Con- ton Communications. the road—but it is a long road. controversy for a relatively 09 gress oversight of the Fed. 04 trivial matter: his proposal to NARENDRA MODI POWER PLAY: Cameron was More dispassionate observers XI JINPING replace Alexander Hamilton’s reelected in May and his Con- think that Yellen has done a 03 image on the $10 bill with Prime Minister of India servative Party unexpectedly good job of communicating President of the People’s Republic of China; General Secretary of the ANGELA MERKEL that of a woman. won a majority in Parliament Fed intentions without say- PATH TO POWER: Modi Communist Party for the first time since 1992. ing too much, and that when Chancellor of Germany was born in 1950. His father The reason is simple: While a rate hike does come, it will 2014 RANKING: 4 was a street merchant, and 2014 RANKING: 5 other European economies signal the end of a financial 10 as a boy Modi helped sup- JACK MA continue to struggle, the chapter that began with the PATH TO POWER: With port his family by selling PATH TO POWER: The UK’s grew a respectable 2.9 Great Recession. more than four decades in Founder and Chairman, tea. He became politically daughter of a Lutheran min- percent over the past year. the Communist Party, Xi, 62, Alibaba Group active during the 1960s and ister, Merkel grew up in East Unemployment has fallen to is a survivor. It’s helped that in later years would rise Germany. She earned a doc- PATH TO POWER: Ma about 5.6 percent, the third- he has the right pedigree: His though India’s nationalist 05 torate in quantum chemistry learned English starting lowest rate in the EU. Though MARIO DRAGHI father was a major revolution- 06 Bharatiya Janata Party, or and worked as a researcher at when he was 12 by giving strong at home, Cameron ary figure who was promoted BJP. In May 2014 he was President, the East German Academy of tourists free tours around VLADIMIR PUTIN has lost influence within the to vice premier. As he’s risen elected prime minister on Sciences until entering politics his hometown of Hangzhou. EU. His refusal to let the UK through the Party ranks, Xi President of Russia promises to reform India’s 2014 RANKING: 6 in 1990. She won Germany’s Now 51, Ma originally in- contribute funds for the Greek has served as the governor of famously dysfunctional and highest office in 2005. tended to teach high school bailout has undermined his PATH TO POWER: The MIT- Fujian and Zhejiang Provinces PATH TO POWER: Essentially now a dictator, Putin corrupt bureaucracy and to English, but his life changed own efforts to renegotiate educated economist taught and vice president. Promising POWER PLAY: Europe has cut his teeth as a KGB lieutenant colonel. Since then, make the country a larger when he visited Seattle in terms of the UK’s membership at the University of Florence continued economic liberal- been divided over whether he’s served as prime minister or president for 16 force on the world stage. 1995 as the translator for a years, cementing his hold on power through violence, with the EU and prompted for most of the 1980s while ization, he became party head Greece should leave the euro, in 2012 and president in 2013. trade delegation: Ma saw intimidation, bribery and corruption. POWER PLAY: After Barack talk of a “Brexit,” or British also holding positions at the have its debt reduced or the internet for the first withdrawal from the EU. World Bank and the Italian continue down the unforgiv- Obama accepted Modi’s POWER PLAY: Xi’s campaign time, searched for “beer” on POWER PLAY: Putin has proved that, for better Treasury. In 2002, Draghi ing road of austerity. Merkel invitation to be guest of of market reforms and crack- Yahoo, and realized there or worse, he can wield more power by violating the became a managing director thinks the Greeks need to honor at the country’s inde- down on corruption allowed was no listing related to world’s norms than by adhering to them. Between at Goldman Sachs, a position remain in the eurozone and pendence day celebration in 07 him to purge enemies and China. A few years later he arming rebels who shot down a commercial airliner that he left to lead the Bank pay up. To make that happen, January—a meeting at which JANET YELLEN concentrate power, but recent launched Alibaba, an internet over Ukraine and invading and occupying Crimea, of Italy. He succeeded Jean- she had to fight conservatives the two nations cut a number economic turmoil has proven conglomerate that had a $25 Putin forced the world to take heed; it did, by im- Chairman, Federal Reserve Claude Trichet as head of the in the German Bundestag who of deals, and Obama reaf- that China is far from a free billion IPO last year. posing punitive international sanctions, an effort ECB in 2011. are tired of extending Greece’s firmed his support of India’s 2014 RANKING: 2 market. Xi’s government had that may have actually boosted Putin’s domestic bid for a UN Security Council bailout and Greece’s prime POWER PLAY: Despite POWER PLAY: Draghi has encouraged Chinese investors popularity. Having shaken up the pieces of the global seat—the PM set his sights PATH TO POWER: Born in minister, Alexis Tsipras, who China’s general economic kept his cool this year in the to pile onto stocks. But when chess board, Putin is also moving to rearrange them; on increasing trade with a Brooklyn, Yellen earned a BA fought hard to get the debt brittleness and the stock face of deflation, the spec- economic data suggested he used Russia’s influence to help broker the Iran trickier superpower: India’s from Brown and a PhD from reduced, winning a July refer- market’s summer tailspin— ter of a “Grexit” and even that the Chinese economy nuclear treaty, and he signed a multi-decade, $400 longtime rival, China. In May, Yale before teaching econom- endum on the bailout terms. which pounded Alibaba an ambush on live TV by a was slowing and the country’s billion gas deal with China. And despite the ruble’s Modi and Chinese premier Li ics at Harvard and UC–Berke- In August, the Bundestag stock—Alibaba remains confetti-wielding, philosophy stock market plunged, Xi’s 50 percent devaluation this year, the Russian people Keqiang signed trade agree- ley. She would serve as the approved a new $95 billion hugely powerful. The online student protester. Belatedly financial bureaucrats pres- seem to like their leader when he abuses his power, ments worth $22 billion. But Fed’s vice chair, president of bailout for Greece—with even retailer is now one of the buying—literally—into the sured banks and brokerages as credible polls have shown his approval rating while Modi has traveled the the San Francisco Fed and stricter austerity measures biggest financial players concept of quantitative easing, to prop up stock prices—with soaring. While ordinary Russians are suffering, Putin globe to promote India, crit- head of the Clinton adminis- than in the pre-referendum in China. Ant Financial, the Draghi launched a $1.3 trillion little success. That failure has is enjoying the perks of tyranny. ics say that he has failed to tration’s Council of Economic deal. Tsipras, apparently real- company’s online-payments bond-purchasing program given the world its first signs deliver on his promises of Advisers. In October 2013, izing that he could not win, project, is worth as much as in January to stimulate the of cracks in Xi’s armor. domestic reforms. President Obama nominated agreed to Merkel’s terms.

WORTH.COM OCTOBER-NOVEMBER 2015 155 LIVE 02 BARACK OBAMA is an economic issue: “Every effort to protect President of the United States and improve our world GROW 2014 RANKING: 3 entails profound changes in lifestyles, models of PATH TO POWER: Obama production and consump- studied at Columbia and tion, and the established MAKE worked as a community structures of power which organizer in Chicago before today govern societies.” attending Harvard Law. He With 1.25 billion Catho- became a state senator in 1996 lics in the world controlling and a U.S. senator in 2004. an estimated $150 billion He became the first African in assets, Francis’ words American president in 2008 are having an impact. His and won reelection in 2012. encyclical argued for a THE POWER 100 THE POWER phase-out of fossil fuels, POWER PLAY: As his and now Catholic institu- presidency draws to a close, tions, from universities Obama is focusing on his leg- to religious orders, are acy. He’s reached a landmark dumping stocks with heavy nuclear deal with Iran, weath- exposure to coal and other ered desperate attempts greenhouse gas-emitting to gut Obamacare and pro- energy sources. Investor posed new rules increasing groups are also urging the number of Americans companies such as Bank of eligible for overtime pay America, Kraft and DuPont by 5 million. He’s also been to disclose more about opening new markets for their carbon emissions American businesses. With and overall environmental an executive order in Decem- 01 impact. And at the larg- ber 2014, Obama started the POPE FRANCIS est 250 U.S. companies, process to restore diplomatic Catholic groups have relations with Cuba and he Bishop of Rome submitted over a dozen is pushing for normalized environment-related share- commercial air service by De- Born Jorge Mario Bergoglio in holder proposals. And all of cember. When the embargo PATH TO POWER: Buenos Aires to Italian immigrants escaping fas- this preceded Francis’ visit finally ends, American busi- cism, Francis worked briefly as a chemical techni- to the United States in Sep- ness will suddenly have ac- cian, nightclub bouncer and janitor before entering tember, during which he cess to a $68 billion economy the seminary. In 1969, he was ordained a Catholic put GOP politicians in the for the first time since 1962. priest at age 32. Francis also studied the humanities, awkward position of either To the east, the ratification of earning a graduate degree in philosophy from the agreeing with the pope the Trans-Pacific Partnership Colegio San José in Argentina in 1963 and complet- on climate change…or dis- would encompass economies ing a degree in theology at San José in 1970. In 1973, agreeing with the pope on worth nearly $28 trillion, he became provincial of the Jesuits in Argentina, a climate change. roughly 40 percent of world key leadership position; in 1992, auxiliary bishop of Francis’ tenure is GDP. Obama secured the au- Buenos Aires; then archbishop in 1998. In 2001, Pope young, of course, and im- thority to negotiate the deal John Paul II named him cardinal. On March 13, 2013, possible to assess in any this summer over the objec- he was elected the 266th pope, the first Jesuit and meaningful way. But the tions of many Democrats. the first from the Americas to hold that position. size and devotion of his “There are folks in my own audience, the force of his party…who have legitimate POWER PLAY: Francis has used his new pulpit to language, and his startling complaints about some of launch scathing critiques of capitalism. In a July talk, he blend of modernity and the trend lines of inequality,” argued, “Once greed for money presides over the en- faith have made one of the president said in Decem- tire socioeconomic system, it ruins society, it condemns the world’s most powerful ber, “but [they] are barking and enslaves men and women, it destroys human religious figures into its up the wrong tree when it fraternity.” Released in May, Laudato Si, his encyclical most powerful financial comes to opposing TPP.” on the environment, said of the earth, “We have come figure. And the remark- With the U.S. unemployment to see ourselves as her lords and masters, entitled to able thing is, he’s really rate at a seven-year low of plunder her at will.” Francis noted that climate change just getting started. 5.1 percent in August, Obama is riding high.

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