Sandra Navidi - SuperHubs - How the Financial Elite and Their Networks Rule our World

male-dominant nature of, 148–150

misinformation in, 41

regulatory errors in, 176

reputation in, 23

salaries in, 22

Financial institutions

bailout of, 11

CEOs of, 86, 174

intermediation by, 10

leaders of. See Financial leaders

lobbyists of, 176

payment systems provided by, 10

Financial leaders

corporate sector leaders and, 178–179

description of, 10–11

educational degrees of, 81

interconnections of, 83–84

Financial Services Authority license, 171

Financial services industry, 210

Financial Stability Board, 37, 57

Financial system

as network, 18

as self-organizing system, 6

behavior of, 218

boards of, 226

central network position in, 21

collapse of, 218–219

complexity of, xxvi conspiracy theories in, 111

culture and, 9–10

dependence on, xxv failure of, 215

feedback loops in, xxvii, 216, 227

fragility of, xxvii, 12–13, 216, 218

global, 177

hubs in, 19

hyperconnectivity in, 214

interconnectedness of, xxvii, 215

language used in, 10

network science application to, 6–7

nodes in, 19–20

oblique actions in, 222

personal connections in, 7–8

purpose of, 225

recalibration of, 221–227

rules that govern, 6–7

self-correction of, xxvii, 215–216

self-reinforcing dynamics of, 12

societal importance of, 9–10

stability of, 214

superhubs in, 19, 26

Financial Times, 43, 65, 71, 89, 115, 125, 149, 155, 160

Financialization, xxvi, 8, 12, 77, 210

Financiers

central bankers and, 43

compensation of, 86

residences of, 89–90

super-elite as, 12

Fink, Larry, xxv, xxvii

background on, 29–31

BlackRock, xxv, 29–31, 43–44, 53, 64, 106, 121

Council on Foreign Relations participation by, 105–106

power lunches by, 124

risk analysis systems created by, 53, 64

Robin Hood Foundation and, 76

First Boston, 30

Fischer, Stanley, 36, 84, 224

Fitness clubs, 125–126

Fletcher, Buddy, 196–203

Fletcher, Geoffrey, 196, 201

Fletcher, Todd, 196

Fletcher Asset Management, 199

“Flocking effect,” 89

Focus, 69

Forbes, 115

“Force field” of similarity, 79

Fortress Investments, 109

Four Seasons restaurant, 124–125

France, 178, 194

Freakonomics, 140

Frenkel, Jacob, 48

Freud, Matthew, 115

Friends, making, 100–102

Friendster, 100

FSB. See Financial Stability Board

Fuld, Dick, 56, 158, 181–184

G

Ganek, David, 90–91

Gap(s)

access, 148–151

“ask gap,” 153

assessment, 152–153

failure, 154

gender, 147, 158–161

mentoring, 154–155

networking, 151, 161–162

resilience, 156–158

sexism, 155–156

wage, 153–154

wealth. See Wealth gaps

Gates, Bill, 4, 70, 128

Geithner, Timothy

AIG and, 183

appointment as U.S. treasury

secretary, 188

background on, 45–46

at Bilderberg conference, 121

CEO relationships with, 174

Jamie Dimon and, 57

Larry Fink and, 30–31

in Lehman Brothers collapse, 172–173

Nouriel Roubini and, 47

personal relationships and, 11, 172

in public and private sectors, 165

relationship with Bernanke and Paulson, 11

Robert Rubin and, 168

Gekko, Gordon, 191, 210

Gender discrimination, 201

Gender gap, 147, 158–161

Genentech, 199

Generosity, 105

Geneva, Switzerland, 93

Gergiev, Valery, 116

Germany, 37, 39, 84, 116, 141–142, 174, 178, 190

Gini coefficient, 211

Give and Take, 104

“Givers,” 104–105

“Giving Pledge,” 70, 126

“Glass cliff,” 154

Glass-Steagall Act, 167, 188

Glencore, 171, 205

Global Competitiveness Report, 96

“Global corporate citizenship,” 63, 95

Global corporations, 178–179

Global Risk Report, 212

Globalization, xxvi, 8, 95, 97, 211, 213, 220

Goethe, 76

Goethe University Frankfurt, 142

Goldman Sachs, 23, 36, 44, 52, 76, 84, 88, 91, 121, 136, 151, 156, 165–166, 168, 184, 189, 217

Goodbye Gordon Gekko, 24

Google, 40, 114, 199

Gorbachev, Mikhail, 16

Gordon, Robert, 220

Gorman, James, 89

Grant, Adam M., 104

Great Britain, 9

Great Depression, 34, 36, 186, 219

Greece, 27, 110, 132, 177, 194

Greed, 220–221

Green, Michael, 128

Greenspan, Alan, 35–36, 42, 44, 220

Gregory, Joe, 182

Griffin, Kenneth, 76, 82, 87, 121

Grill Room, 124

Grímsson, Olafur Ragnar, 9

Gross, Bill, 53, 65–69

Gross domestic product

debt versus, 210

finance as, 12

Group of Thirty, 105, 118, 222–224

Groupthink, 51

Guanxi, 103 Guardian, 87, 160

Guare, John, 18

H

Haakon, Prince of Norway, 114

Haines, Stephen, 218

Haldane, Andrew, 214

“Halo effect,” 23

Hamilton, Alexander, 167

Hamilton Project, 168–169

Hamptons, 91

Hanauer, Nick, 13, 212

“Hard power,” 225

Harvard Business Review, 87, 152

Harvard Business School, 41, 57, 61, 199

Harvard Club, 195

Harvard Corporation, 168

Harvard Gay & Lesbian Caucus, 200

Harvard Kennedy School of Government, 96

Harvard Law School, 23, 199

Harvard University, 36, 47, 81–82, 153, 166, 174, 185, 187, 198

Hawking, Stephen, xxvi

Hedge fund(s), 23–24, 27, 63, 70–71, 75, 82, 86–87, 111, 188

Hedge fund managers

earnings by, 87–88

residences of, 90

women as, 149

Heffernan, Margret, 224

Henry Crown Fellowship Program, 200

Herrhausen, Alfred, 136

Heterophily, 147

Hierarchy

creditworthiness and, 51

opposition to change by, 227

purposes of, 225

social, 22

status and, 22

at World Economic Forum, 114

Highbridge Capital Management, 90

“High-Level Conference on the International Monetary System,” 38

Hildebrand, Philipp, 30, 39, 43, 121

Homogeneity

description of, 78–79

familiarity and, 102

hegemony of, 79–92

Homophily, 75–92

description of, 41

mentoring based on, 155

shared background and, 79

in spouse selection, 79–80

Hotel De Bilderberg, 120

Hubs

definition of, 19

in financial system, 19

links to, 19

network efficiency affected by, 20

system failures caused by failure

of, 20

Human capital, 26, 80

Human networks

formation of, 98

homophily influences on, 76

position of individuals in, 21

social capital in, 25

Human relationships

description of, 7–8, 105

links in, 19

Human thinking, 50, 218

Humor, 102

Hyperconnectivity, 214

I

Iceland, 27

Ideologies, 63–64

IGWEL. See Informal Gatherings of World Economic Leaders

Illness, 138

IMF. See International Monetary Fund

Implosion of Buddy Fletcher, 196–203

of Dick Fuld, 181–184

of Dominique Strauss-Kahn, 193–196

of Ellen Pao, 196–203

of Larry Summers, 187–188

of Lehman Brothers, 182–183

of Michael Klein, 203–205

of Mike Milken, 190–193

In an Uncertain World: Tough Choices from Wall Street, 63, 168

Incentives, 224–225

Income inequality, 13, 210–212

Inequality, 13, 210–212, 221

INET. See Institute for New Economic Thinking Informal Gatherings of World Economic Leaders, 113

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