This article is from the source 'nytimes' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at https://www.nytimes.com/2018/11/01/business/dealbook/dealbook-conference-live-updates.html
The article has changed 15 times. There is an RSS feed of changes available.
| Version 2 | Version 3 |
|---|---|
| DealBook Conference Live Updates: Larry Fink Says His Social Responsibility Is No Fad | DealBook Conference Live Updates: Larry Fink Says His Social Responsibility Is No Fad |
| (35 minutes later) | |
| • Welcome to the live briefing for DealBook’s Playing for the Long Term conference. Check back regularly to read the latest from the event. | • Welcome to the live briefing for DealBook’s Playing for the Long Term conference. Check back regularly to read the latest from the event. |
| For someone who speaks often and loudly about taking a stand and doing good, Laurence D. Fink of BlackRock spends a lot of time thinking about gray areas. | For someone who speaks often and loudly about taking a stand and doing good, Laurence D. Fink of BlackRock spends a lot of time thinking about gray areas. |
| Mr. Fink, the founder, chairman and chief executive of the world’s largest asset manager, said that dropping out of Saudi Arabia’s big investment conference last month was a “hard decision.” So was the choice earlier this year to offer investment options stripped of stocks in gun manufacturers and retailers. | Mr. Fink, the founder, chairman and chief executive of the world’s largest asset manager, said that dropping out of Saudi Arabia’s big investment conference last month was a “hard decision.” So was the choice earlier this year to offer investment options stripped of stocks in gun manufacturers and retailers. |
| “These things are not black or white,” he said on Thursday at the DealBook conference in New York. | “These things are not black or white,” he said on Thursday at the DealBook conference in New York. |
| BlackRock has $6.5 trillion under management, giving it great influence over many of the world’s top public companies. In a conversation that ranged from tariffs to bitcoin, Mr. Fink returned repeatedly to ideas about corporate accountability. | BlackRock has $6.5 trillion under management, giving it great influence over many of the world’s top public companies. In a conversation that ranged from tariffs to bitcoin, Mr. Fink returned repeatedly to ideas about corporate accountability. |
| The billionaire investor Warren Buffett has said that he resists imposing his political views on his employees and clients because he is “not their nanny on that.” | The billionaire investor Warren Buffett has said that he resists imposing his political views on his employees and clients because he is “not their nanny on that.” |
| “I’m not a nanny either,” Mr. Fink said on Thursday. “I’m not telling companies what their purpose should be. But I do believe it’s up to the company to identify what their purpose is.” | |
| Earlier this year, he sent an open letter pressing public firms to consider not just their bottom lines, but also the broader community — a social responsibility manifesto forged through years of personal experience, public pressure and secret meetings. | Earlier this year, he sent an open letter pressing public firms to consider not just their bottom lines, but also the broader community — a social responsibility manifesto forged through years of personal experience, public pressure and secret meetings. |
| Mr. Fink withdrew last month from the high-profile investment conference in Riyadh amid allegations that Jamal Khashoggi, a prominent Saudi journalist, had been murdered and dismembered at a Saudi consulate in Turkey. | Mr. Fink withdrew last month from the high-profile investment conference in Riyadh amid allegations that Jamal Khashoggi, a prominent Saudi journalist, had been murdered and dismembered at a Saudi consulate in Turkey. |
| Other executives — including Mr. Dimon, Stephen A. Schwarzman of Blackstone and Dara Khosrowshahi of Uber — also dropped out of the event. Despite his refusal to attend what he called a “very public showcase” of the kingdom’s strengths, Mr. Fink said that BlackRock would continue to conduct business in Saudi Arabia, adding that he “never believed that decision would cost us all the business.” | Other executives — including Mr. Dimon, Stephen A. Schwarzman of Blackstone and Dara Khosrowshahi of Uber — also dropped out of the event. Despite his refusal to attend what he called a “very public showcase” of the kingdom’s strengths, Mr. Fink said that BlackRock would continue to conduct business in Saudi Arabia, adding that he “never believed that decision would cost us all the business.” |
| But he stressed that his attention to social responsibility is not a passing fad. | But he stressed that his attention to social responsibility is not a passing fad. |
| “I certainly never did this to be in vogue,” he said. “We’re doing this because we’re being asked.” | “I certainly never did this to be in vogue,” he said. “We’re doing this because we’re being asked.” |
| — Tiffany Hsu | — Tiffany Hsu |
| Steve Ballmer, the former chief executive of Microsoft, concluded his presentation on Thursday with the results of a poll he recently helped run: 61 percent of the people surveyed cared about using researched facts to help form their opinions on policy, beating the 54 percent who said their values shaped their opinions. | |
| For Mr. Ballmer, that is central to a project he has been working on since he retired as chief executive of Microsoft in 2014 and has poured millions of dollars into: USAFacts, a nonpartisan database of federal, state and local government revenue and spending. | |
| “I’ve spent the better part of four years trying to understand where government gets its revenue, where it spends its revenue,” Mr. Ballmer told the audience on Thursday. | |
| In a wide-ranging presentation, Mr. Ballmer ran through some highlights of the types of data his website provides, hitting on hot-button issues in the upcoming 2018 midterm elections. He also displayed a deep enthusiasm for the future of America, declaring that he bets on the “U.S. of A, baby” based on his belief that the country will continue to attract top engineering talent from around the world. | |
| At the same time, he said America needs facts to filter the increasingly convoluted noise. In charts, Mr. Ballmer showed how he believes USAFacts can help be that filter. | |
| On immigration, for example, the number of undocumented immigrants in the United States rose from about 10.5 million to 12.1 million in recent years, according to USAFacts’ analysis of government data. The number of border agents has risen sharply from about 4,000 to 19,000 over the same period, while border apprehensions have decreased from roughly 1.7 million to 300,000, Mr. Ballmer said. | |
| The numbers raise natural questions, Mr. Ballmer said. Why are there more border agents today, fewer apprehensions, but more undocumented immigrants? | |
| Mr. Ballmer has called USAFacts “the equivalent of a 10-K for government,” referring to the kind of annual financial filings that companies make. In 2017, he said he had spent more than $10 million in direct funding and grants on USAFacts, including hiring a team of researchers in Seattle. | |
| At times, the discussion steered away from USAFacts — and toward sports. Mr. Ballmer talked about how, as the owner of the Los Angeles Clippers, he felt he was being held more accountable than when he was a chief executive. He also expressed his desire to help keep the Seattle Seahawks in his hometown. | |
| — Mihir Zaveri | |
| Welcome to our live coverage of Playing for the Long Term, DealBook’s annual conference starting this morning in New York City. | Welcome to our live coverage of Playing for the Long Term, DealBook’s annual conference starting this morning in New York City. |
| With the midterm elections fast approaching and a trade war escalating among the world’s largest economies, some of the biggest newsmakers at the intersection of business and policy will join me onstage to discuss how to navigate the challenges ahead. | With the midterm elections fast approaching and a trade war escalating among the world’s largest economies, some of the biggest newsmakers at the intersection of business and policy will join me onstage to discuss how to navigate the challenges ahead. |
| Stay tuned to this page to keep up with the news that emerges from the conference, which is in its seventh year. But first, let me guide you through some of the biggest names that you can expect to hear from over the course of the day. | Stay tuned to this page to keep up with the news that emerges from the conference, which is in its seventh year. But first, let me guide you through some of the biggest names that you can expect to hear from over the course of the day. |
| • Larry Fink: BlackRock’s chief executive is the largest investor in the world, with his company managing $6.5 trillion worth of assets. He has also been outspoken about the need for companies to be more proactive on social and governance issues. I will ask whether BlackRock itself really walks that walk. | • Larry Fink: BlackRock’s chief executive is the largest investor in the world, with his company managing $6.5 trillion worth of assets. He has also been outspoken about the need for companies to be more proactive on social and governance issues. I will ask whether BlackRock itself really walks that walk. |
| • Mary Barra: The chief executive of General Motors has turned the automaker into an unlikely innovator in autonomous vehicle development, putting it in direct competition with Waymo, a unit of Alphabet. I will talk to her about the reality of autonomous driving, the future of electric cars and, yes, Elon Musk. | • Mary Barra: The chief executive of General Motors has turned the automaker into an unlikely innovator in autonomous vehicle development, putting it in direct competition with Waymo, a unit of Alphabet. I will talk to her about the reality of autonomous driving, the future of electric cars and, yes, Elon Musk. |
| • Lachlan Murdoch: In a rare public appearance, the heir to the Fox empire will discuss how his family’s sale of much of 21st Century Fox to Disney has transformed the media world. He and I will also discuss the future of Fox and the politics of business and news. | • Lachlan Murdoch: In a rare public appearance, the heir to the Fox empire will discuss how his family’s sale of much of 21st Century Fox to Disney has transformed the media world. He and I will also discuss the future of Fox and the politics of business and news. |
| • Evan Spiegel: Snap’s founder sits down with us during a challenging year for the company. We will talk about its high-stakes competition with Facebook and Instagram, and how it plans to reach the next generation of social media users. | • Evan Spiegel: Snap’s founder sits down with us during a challenging year for the company. We will talk about its high-stakes competition with Facebook and Instagram, and how it plans to reach the next generation of social media users. |
| • Sundar Pichai: Google’s chief executive was once an engineer working on new technology; now, he’s a policy maker of sorts. We will talk about Google’s recent decision to distance itself from the Defense Department, the debate over user privacy, potentially doing business in China and recent reports about the company’s handling of sexual misconduct in the workplace. | • Sundar Pichai: Google’s chief executive was once an engineer working on new technology; now, he’s a policy maker of sorts. We will talk about Google’s recent decision to distance itself from the Defense Department, the debate over user privacy, potentially doing business in China and recent reports about the company’s handling of sexual misconduct in the workplace. |
| • Lloyd Blankfein: In his “exit interview,” I will ask the former chief executive of Goldman Sachs to describe what has really changed on Wall Street since he stepped into the role over a decade ago and what he sees as the biggest opportunities and risks that lie ahead. I will also ask the prolific Twitter user about the best tweets he never sent. | • Lloyd Blankfein: In his “exit interview,” I will ask the former chief executive of Goldman Sachs to describe what has really changed on Wall Street since he stepped into the role over a decade ago and what he sees as the biggest opportunities and risks that lie ahead. I will also ask the prolific Twitter user about the best tweets he never sent. |
| • Peter Thiel: The iconoclastic entrepreneur has been one of President Trump’s most vocal supporters in the technology industry. I will ask him why. We will also discuss the culture wars in Silicon Valley, globalization and his next big investment idea. | • Peter Thiel: The iconoclastic entrepreneur has been one of President Trump’s most vocal supporters in the technology industry. I will ask him why. We will also discuss the culture wars in Silicon Valley, globalization and his next big investment idea. |
| — Andrew Ross Sorkin | — Andrew Ross Sorkin |
| Here’s when all of today’s speakers will be appearing on stage: | Here’s when all of today’s speakers will be appearing on stage: |
| 08:50: Introductory remarks. A.G. Sulzberger, publisher of The New York Times, and Andrew Ross Sorkin, editor at large and columnist at The New York Times. | 08:50: Introductory remarks. A.G. Sulzberger, publisher of The New York Times, and Andrew Ross Sorkin, editor at large and columnist at The New York Times. |
| 09:15: The six-trillion-dollar man and his social message. Larry Fink, the chairman and C.E.O. of BlackRock. | 09:15: The six-trillion-dollar man and his social message. Larry Fink, the chairman and C.E.O. of BlackRock. |
| 09:50 Ahead of the midterms: a 10-K for America. Steve Ballmer, founder of USAFacts and former C.E.O. of Microsoft. | 09:50 Ahead of the midterms: a 10-K for America. Steve Ballmer, founder of USAFacts and former C.E.O. of Microsoft. |
| 10:15 Behind the Wheel. Mary Barra, chairman and C.E.O. of General Motors. | 10:15 Behind the Wheel. Mary Barra, chairman and C.E.O. of General Motors. |
| 11:10: Media, millennials and our cultural vices. Nancy Dubuc, C.E.O. of VICE Media. | 11:10: Media, millennials and our cultural vices. Nancy Dubuc, C.E.O. of VICE Media. |
| 11:45: Screen time: the future of what we watch. Lachlan Murdoch, executive chairman of 21st Century Fox. | 11:45: Screen time: the future of what we watch. Lachlan Murdoch, executive chairman of 21st Century Fox. |
| 13:30: Searching for the super pill. Kenneth C. Frazier, chairman and C.E.O., Merck. | 13:30: Searching for the super pill. Kenneth C. Frazier, chairman and C.E.O., Merck. |
| 13:55: #Let’sTalk. Lisa Borders, president and C.E.O. of Time’s Up, and Padma Lakshmi, author, host and executive producer of Bravo’s “Top Chef.” | 13:55: #Let’sTalk. Lisa Borders, president and C.E.O. of Time’s Up, and Padma Lakshmi, author, host and executive producer of Bravo’s “Top Chef.” |
| 14:35: The future, now. Marc Raibert, founder and C.E.O. of, Boston Dynamics, with the special guest SpotMini. | 14:35: The future, now. Marc Raibert, founder and C.E.O. of, Boston Dynamics, with the special guest SpotMini. |
| 15:15: The C.E.O. selfie. Evan Spiegel, co-founder and C.E.O. of Snap | 15:15: The C.E.O. selfie. Evan Spiegel, co-founder and C.E.O. of Snap |
| 15:40: Soul searching: technology’s role in society. Sundar Pichai, C.E.O. of Google. | 15:40: Soul searching: technology’s role in society. Sundar Pichai, C.E.O. of Google. |
| 16:05: The exit interview. Lloyd Blankfein, senior chairman of Goldman Sachs. | 16:05: The exit interview. Lloyd Blankfein, senior chairman of Goldman Sachs. |
| 16:35: Trump, the Valley and what’s next. Peter Thiel, partner of Founders Fund. | 16:35: Trump, the Valley and what’s next. Peter Thiel, partner of Founders Fund. |