Housekeeping: We take a minute at the start to talk about a new segment we are introducing, tentatively called “The Mindset Segment.” We are taking suggestions for a better name. In the News: Only one topic this time: The Pandora Papers. A massive leak of private financial records revealed that the world’s wealthiest and most powerful people siphon wealth into black holes of secret offshore accounts, and most of it is perfectly legal. We already knew this, but I guess we know it even more now? We also talk a little bit about how both tax evasion and financial records leaks have changed as a result of The Computer Age. Billionaire #1: Jay-Z 1/10 on the David Koch Memorial Asset Liquidation Index As Joe points out, it would be extremely unusual if you, the person reading this, did not already know who Jay-Z is so I’ll skip the bio. Joe soft launches the mindset segment with an exploration of the key concept of Jay-Z’s career and outlook: Hustling. We talk a bit about the history of the concept of hustling, from the con artist to Black hustling to “hustle and grind” people. In the end, though he was at one time a crack dealer, it doesn’t seem like Jay-Z has done a tremendous amount of harm compared to most of the people we talk about, so he only got a measly 1. Billionaire #2: John Catsimitidis: 6/10 on the DKMALI John “Cats” Catsimitidis made his fortune with a chain of Manhattan supermarkets called Gristedes. He is a mean, paranoid man who uses his great wealth to spread hatred and fear of the powerless and vulnerable. Lucky for us, he’s incredibly ineffective. He’s very involved in New York Republican politics, as are his children. If you want to get a sense of who he is, just imagine a guy who believes all the same things as Rudy Giuliani but is less articulate in expressing those ideas. Links: https://www.icij.org/investigations/pandora-papers/global-investigation-tax-havens-offshore/?utm_source=pocket_mylist Jay-Z: Subway lady: https://www.youtube.com/watch?v=lydYYyD9c_A Dyson bio: https://www.amazon.com/JAY-Z-America-Michael-Eric-Dyson/dp/1250230969 Catsimitidis: Unanue Humanitarian Award: https://www.amny.com/news/goya-foods-president-robert-unanue-receives-humanitarian-awards/?utm_source=pocket_mylist Cats family takes over NYC GOP: https://www.nytimes.com/2020/10/17/nyregion/giuliani-republican-party-nyc.html?utm_source=pocket_mylist Story on Cats’ Daughter: https://guestofaguest.com/new-york/nyc-society/the-tackiest-heiress-in-new-york-is-also-the-face-of-the-manhattan-republican-party?utm_source=pocket_mylist Editorial by Cats and Bernie Marcus: https://www.wsj.com/articles/making-money-is-a-patriotic-act-11565737046?utm_source=pocket_mylist

We’re adopting a new episode naming strategy. We’re doing descriptive titles. Complaints will be stored in the cylindrical file! In the News: We discuss the recent outer space adventures of three people so impossibly wealthy that they each had vanity fleets of rocket ships built for them, seemingly to reaffirm their unshakeable sense that they were each earth’s main protagonist. Billionaire #1: Steven A. Cohen 8/10 on the David Koch Memorial Asset Liquidation Index Welcome to Flavortown! Steven A. Cohen is probably best known for owning the Mets, but a few years ago his firm SAC Capital Advisors was caught up in the biggest insider trading investigation in history. Hedge funds are machines designed to widen the wealth gap between the richest micron of elites and everybody else. They are also often criminal enterprises—organized ways to cheat the markets without getting caught. Steven A. Cohen was the all-time biggest cheat, but he never really suffered any consequences and now he just buys the world’s most expensive artworks and sports teams. He also reportedly paid Guy Fieri $100,000 to recreate an episode of Diners, Drive-ins, and Dives with him. Billionaire #2: David Hindawi 2/10 on the DKMALI David Hindawi is a ghost man who started a cybersecurity firm. His son seems like a very uncool boss. Joe takes us on a journey through cybersecurity, John McAfee, information infrastructure, risk society, Batman, and anxiety. I think the takeaway was that there are specific anxieties and fantasies associated with the information infrastructure we’ve erected around ourselves. We are all over the place here, but I think it was a fun conversation. Links: https://www.goodreads.com/book/show/25814289-dark-territory https://www.bloomberg.com/news/articles/2017-04-13/tanium-s-family-empire-is-in-crisis https://www.tripadvisor.com/Hotel_Review-g580328-d573907-Reviews-Daurada_Park-Cambrils_Baix_Camp_Costa_Dorada_Province_of_Tarragona_Catalonia.html https://www.thefiscaltimes.com/Columns/2012/03/05/Insider-Trading-How-Hedge-Funds-Look-for-an-Edge https://www.newyorker.com/magazine/2014/10/13/empire-edge https://www.newyorker.com/magazine/2017/01/16/when-the-feds-went-after-the-hedge-fund-legend-steven-a-cohen https://www.nickiswift.com/15287/shady-side-guy-fieri/ https://en.wikipedia.org/wiki/The_Physical_Impossibility_of_Death_in_the_Mind_of_Someone_Living

Billionaire #1: Bruce Karsh: 3/10 on the DKMALI Joe introduces us to Bruce Karsh, a vulture investor. Vulture investors buy distressed securities from failing companies or people, and then use legal and financial advantages to increase the value of that debt. We have a long discussion about an academic article that argues vulture investing is ethical. Seems weird that someone would have to do that. In our opinion, it’s generally not a good sign when you have to develop byzantine philosophical arguments to convince people that the thing you’re doing to make money isn’t as extremely unethical as it seems. While Karsh made his money in a pretty awful way, he otherwise hasn’t done much that we could find, so he only gets a 3 on our rating scale. Billionaire #2: Bernie Marcus: 8/10 on the DKMALI Bernie Marcus was one of the founders of Home Depot. Chad doesn’t say too much about Home Depot itself. Instead, he focuses on other dimensions of Marcus’ life, including his self-mythologization, his political and philosophical views, and his propaganda outfit the Job Creators Network. Although Marcus has made a big name for himself in the philanthropy game, he has done even more work to lobby against social programs that might actually help with the causes to which he donates money. Marcus is a true ideologue, a free-market fundamentalist to the core. Links: Vulture Investors article: https://link.springer.com/article/10.1023/A:1005718715162 Job Creators Network sampler: https://www.youtube.com/watch?v=03bmtmDvoA0 https://youtu.be/13CJO7BVEYk David and Rick Berman https://www.brooklynvegan.com/silver-jews-end/ https://www.nytimes.com/2014/10/31/us/politics/pr-executives-western-energy-alliance-speech-taped.html?_r=1 https://www.motherjones.com/politics/2015/03/rick-berman-job-creators-network/

Zero Sum Empire's hosts have had a busy year that included two new babies and entirely relearning our day jobs because of the pandemic, and that's made us a little slow putting episodes out. Sorry everybody! Thank you for sticking around. We are mentally, physically, and emotionally recommitting to our once-per-month release schedule. This week in the news we mostly discuss the Amazon unionization drive in Bessemer, AL. We also talk about a rash of billionaires dying in helicopter crashes. If you're a billionaire, your chances of dying in a helicopter crash are around 1/500. Billionaire #1: The Bass Brothers, 6/10 on the David Koch Memorial Asset Liquidation Index All of the billionaires in today's episode happen to be Texans. Lots of big, beefy boys in the bunch. The Bass brothers inherited their fortune from their uncle Sid Richardson, one of the big mid-20th century Texas oilmen. We spend most of our time talking about Richardson and his partner Clint Murchison. Although most people have probably never heard of these guys, they had every president from FDR to Nixon doing personal favors for them. They were two of the five richest people in the US for a time. They funded LBJ's political career and had bunga bunga parties with J. Edgar Hoover and Joseph McCarthy. Also, they made their fortunes by running criminal enterprises that used political influence to avoid having to obey laws. Billionaire #2: Janice McNair (and son), 7/10 on the DKMALI Janice McNair owns the Houston Texans NFL team. She also has a large adult son, Cal, who has been compared to Billy Madison. For some reason, he runs the team. He also hired an evangelical life coach named Jack Easterby as Executive Vice President of Football Operations. Easterby is a wild character who seems to have fallen fully formed from Danny McBride's brain. Janice and Cal McNair are trying to "be better" after husband/dad Bob McNair got in trouble for making racist comments. Links: Bass Bros: https://www.sandiegoreader.com/news/2011/jan/05/cover-oil-politics-la-jolla/ https://en.wikipedia.org/wiki/The_Big_Rich https://www.washingtonpost.com/archive/opinions/1995/06/24/the-bass-dispute-at-yale/03c68321-5857-4fdf-a4f5-223973a645fb/ https://www.dailymail.co.uk/news/article-2161030/Hyatt-Bass-adds-security-Manhattan-home-mother-Anne-held-hostage-Connecticut.html McNairs: https://www.si.com/nfl/2020/12/10/ex-chaplain-jack-easterby-houston-texans-chaos-after-power-struggle-daily-cover https://www.si.com/nfl/2018/04/05/texans-bob-mcnair-inmates-comment

Billionaires in the News: Zero Sum Empire goes international. There were two strange international billionaire stories we wanted to talk about: the death of the world’s richest banker, Joseph Safra, and the deadly poisoning of Chinese billionaire Lin Qi. Our last story is about the Corporate Transparency Act that was just passed as part of the defense spending bill. Surprise! It will do very little to mandate corporate transparency for the corporations and LLCs run by the rich and powerful. Billionaire #1: The Ziff Brothers, 3.5/10 on the David Koch Memorial Asset Liquidation Index (DKMALI) Joe introduces us to the Ziff brothers. The brothers inherited their wealth from their magazine publishing magnate father. Instead of continuing in the publishing business, they decided to create an investment firm. The brothers gave Joe the opportunity to investigate family offices a little more, as he promised last episode. The rise in popularity of family offices should be linked to the increasingly oligarchic control of the planet. It’s a consolidation strategy that provides greater cover from scrutiny for the super-rich. Do you remember that the Ziff family was embroiled in the infamous Manafort/Kushner Trump Tower meeting with Russian lobbyist Natalya Veselnitskaya? I didn’t! Joe also goes over some of Dirk Ziff’s (that’s his real name) other assets, which you’ll want to stick around to hear about. Billionaire #2: Scott Cook, 5/10 on the DKMALI Scott Cook is a boring man. He started the software firm Intuit, and if you’ve ever used TurboTax, then you’re familiar with at least one of the company’s products. Chad discusses a story some of you may have heard about from last year involving Turbotax, which involves a controversy that’s a little too complicated to explain in the show notes. However, please heed this Public Service Message: you can almost certainly use TurboTax for free and you should. Chad then discusses how the practice of double-entry bookkeeping (which is what Intuit’s bread-and-butter product Quickbooks does) is the notation system that makes modern capitalism as we know it possible. Double-entry bookkeeping is a necessary precondition for any capitalist system that extends beyond limited, local boundaries. P.S., in case you didn’t recognize it, the final clip is from The Grapes of Wrath. As always, thanks for listening! Tell you friends. Leave a review. Links: Ziff Bros: https://www.motherjones.com/politics/2017/10/memo-undermines-russian-lawyers-account-of-trump-tower-meeting https://www.newyorker.com/magazine/2018/08/20/how-bill-browder-became-russias-most-wanted-man https://www.google.com/amp/s/amp.economist.com/leaders/2018/12/15/how-the-0001-invest https://beachgrit.com/2020/06/breaking-dirk-ziff-owner-of-world-surf-league-also-co-owner-of-plantation-that-once-housed-500-slaves-but-is-now-americas-most-expensive-and-snootiest-private-clubs/ Scott Cook: https://www.propublica.org/article/turbotax-just-tricked-you-into-paying-to-file-your-taxes https://darkpatterns.org/ Accounting for Rationality: Double-Entry Bookkeeping and the Rhetoric of Economic Rationality: https://www.jstor.org/stable/2781637?seq=1 (if you don’t have JSOTR and want this, I’ll send you a copy)

Billionaires in the News: American Billionaires as a group surpass $1 Trillion in increased wealth during the pandemic. Elon Musk gets COVID, launches manned spacecraft, and makes a fool of himself on Twitter again. Sheldon Solow, New York real estate billionaire and “art collector,” has died. Billionaire #1: Safra Catz, 9/10 on the DKMALI (19:55) Safra Catz is the current co-CEO or Oracle. Oracle makes enterprise software and database projects, and was instrumental in building the communication infrastructure necessary for the rise of the US government surveillance apparatuses (I think I said CIA when I meant to say NSA a couple times). She has been helping steer the Oracle project for decades. She loves Trump and thinks he’s smart. She’s good pals with Sheldon Adelson. Much like Adelson, it appears she is an Israeli nationalist. You go, #girlboss! Billionaire #2: Familia Santo Domingo, 4/10 on the DKMALI (47:20) The Santo Domingo family’s fortune is rooted in the beer business, although it has become a sprawling cosmopolitan network of investments. This is a different kind of billionaire family than we’re used to. This is the sort of family that seems like it would feel more at home in the 1920s than the 2020s, because everyone is described as a “socialite” and half of them are European royalty. Downright Hapsburgian. Joe tells us a lot about how the beer industry is controlled by a duopoly, and why that’s the reason you can’t get that great microbrew you tried on vacation. Links: Solow Foundation: http://www.solowfoundation.org/hours-of-operation/ CIA Project Oracle: https://paleofuture.gizmodo.com/larry-ellisons-oracle-started-as-a-cia-project-1636592238 Larry Ellison, NSA supplier: https://www.theatlantic.com/business/archive/2013/08/guy-who-provides-nsa-databases-loves-nsa-surveillance/312223/ Ellison NYT editorial: https://www.nytimes.com/2002/01/31/opinion/IHT-a-single-national-security-database.html Catz at Israeli ambassador’s house: https://www.youtube.com/watch?v=6yiMYts63kU Leigh Stein on #girlbossing: https://gen.medium.com/the-end-of-the-girlboss-is-nigh-4591dec34ed8 Oracle's Social Enabled Policing brochure: http://www.oracle.com/us/industries/public-sector/social-enabled-policing-wp-2541916.pdf Beer duopoly: https://slate.com/business/2020/07/break-up-big-beer.html

Billionaires in the News: Trump has COVID. We have been imprisoned for 6 months by a reactionary minority political faction in the United States. I’m losing my grip on reality. The pharma billionaire Sackler family may get off and get to keep their money. More Americans died of opiate overdoses since 1999 than died in all of WWII. Billionaire #1: Robert Rowling, 7/10 on the DKMALI (10:00) Joe introduces us to Robert Rowling, owner of TRT Holding Co., who owns (among other things), Gold’s Gym. Heir to an oil and gas fortune. Rowling is a big-time donor to Karl Rove’s ghoulish super PAC American Crossroads (coincidentally, so is this week’s Billionaire #2). American Crossroads was very well funded, but ultimately not that good at promoting winning candidates. Billionaire #2: B. Wayne Hughes, 8/10 on the DKMALI (31:45) B. Wayne Hughes got rich in self-storage. He also owns American Homes 4 Rent. We talk a little about self-storage, late capitalism, and desire. We get an intimate glimpse of Joe’s childhood in the middle of a bit on Herbert Marcuse. I think we come up with a solid theory about how self storage fits into the moral universe of American hyperconsumerism. Hughes also has a decades-long friendship with O.J. Simpson and was closely involved in the trial and its aftermath. Links! Rowling: https://www.rollingstone.com/politics/politics-news/rove-rides-again-193291/ Hughes: Great bio of Hughes: https://www.latimes.com/california/story/2019-09-05/usc-secret-donor-billionaire-wayne-hughes American Homes 4 Rent exposé: https://www.cbs46.com/investigations/complaints-soar-against-american-homes-4-rent/article_23cf78a8-eefd-11e9-abea-5ff0decbb1c5.html Jon Ronson interview: https://www.gq.com/story/amber-waves-of-green-jon-ronson-gq-july-2012

Billionaires in the News: We start with Elon Musk’s dumb online behavior and decide we’re never going to talk about his tweets again. A little about Trump and Gislaine Maxwell. The Lincoln Project and the end of history. Billionaire #1: (22:15) Mark Zuckerberg 10/10!!! on the David Koch Memorial Asset Liquidation Index (DKMALI) We only discuss what Zuck has been doing during Coronavirus, which is mainly pretending to surf, making the pandemic worse, and trying to colonize Hawaii. Billionaire #2: (59:25) Randa Duncan Williams 5/10 on the DKMALI Randa is one of four siblings who are pretty anonymous. They all inherited their money from their father, who was an extractive industries billionaire. The thing that they are collectively known for is that they were the first people in modern history to not pay any estate tax when their father died. Joe explains why. We then get into the estate tax, why it exists, and why so many people hate it. Some info on the estate tax if you want to know more: https://www.google.com/amp/s/amp.theatlantic.com/amp/article/545633/ https://www.taxpolicycenter.org/briefing-book/how-many-people-pay-estate-tax https://www.businessinsider.com/death-tax-or-estate-tax-2017-10 https://www.forbes.com/sites/taxanalysts/2016/03/31/face-it-americans-just-dont-like-the-estate-tax/#21e2ba8522bd Zuckerberg and Hawaiian colonization: https://www.theguardian.com/technology/2017/jan/23/mark-zuckerberg-hawaii-land-lawsuits-kauai-estate https://www.theguardian.com/technology/2017/jan/23/mark-zuckerberg-hawaii-land-lawsuits-kauai-estate https://himonarchy.weebly.com/the-great-mahele.html https://petitions.whitehouse.gov/petition/stop-mark-zuckerberg-colonizing-kauai https://www.theguardian.com/us-news/2019/jan/17/mark-zuckerberg-hawaii-estate-kauai-land-rights-dispute

I checked Twitter while I was writing these show notes and noticed that today—the very day we are releasing an episode about two billionaire NFL owners—the Washington Reds***s have announced that they are “conducting a study” that will likely end up with them changing the team name. Almost simultaneously, the NFL announced that it would play Life Every Voice and Sing (also known as the Black national anthem) prior to week #1 games, resulting in a bunch of reactionary psychos getting #BoycottNFL trending on Twitter. Unfortunately, we recorded this episode a couple days ago, so none of that made it into the episode. In the News (5:40) We only discuss one news item this time, which is a summary of how billionaires have fared during the pandemic. Turns out, they’ve done quite well. In fact, in 2020, the average billionaire added 20% to their wealth so far. Meanwhile, the other 99% of us have collectively lost $5.6 trillion in wealth. Consequently, we should understand the pandemic crisis for what it is: a massive wealth transfer to those who need it the least. Billionaire #1 (16:00): Denise Debartolo York (5/10 on the DKMALI) Chad researched Denise Debartolo York, heiress to the Debartolo real estate fortune that was built by Edward Debartolo, Sr. She is most well known for being owner of the San Francisco 49ers, although she took it over only after the former owner, her brother Eddie, was found guilty of bribing a Louisiana governor $400,000 to get a riverboat casino license. The Debartolo family has long-standing involvement with the Youngstown mafia. If you are unfamiliar with Youngstown, OH (aka Crimetown, USA) and its history, we think you’ll find this entertaining. We also recommend checking out the readings below, because we barely scratch the surface of the extremely bizarre mafia history of Youngstown. Billionaire #2 (46:50): Jeffrey Lurie (4/10 on the DKMALI) Joe’s billionaire is owner of the Philadelphia Eagles, and he is, as Joe describes him, “a mostly uninteresting person.” Given his uninterestingness, which is a problem we often run into on Zero Sum Empire, Joe decided to look into the history of football as a sport. He introduces us to Walter Camp, the “Father of American Football,” who not only invented football in the 19th c., but also wrote a bunch of books like “Keeping Fit All the Way” that extol the virtues of things like “purity,” and “cleanliness,” and other normal stuff that doesn’t raise any red flags whatsoever. I think we arrive at the conclusion that the NFL is an organized crime syndicate whose product is violence and whose cost of doing business is the regular production of dead bodies. Links: I had a whole segment about Jim Traficant planned that didn’t make it into the show. This story from The New Republic does a nice job of summarizing his career and the general vibe of Youngstown. https://newrepublic.com/article/68973/crimetown-usa How Eddie DeBartolo got caught in a scandal that cost him the 49ers: https://www.mercurynews.com/2020/02/18/how-eddie-debartolo-got-caught-in-a-scandal-that-cost-him-the-49ers/ Short film on Youngstown mafia: https://youtu.be/lnjx9oCa5KI https://gangsterreport.com/the-san-francisco-49ers-the-mob-super-bowl-teams-ownership-group-has-alleged-dark-history/ https://www.nytimes.com/2019/12/19/sports/football/nfl-100-violence-american-culture.html https://www.washingtonpost.com/news/the-fix/wp/2014/05/29/teddy-roosevelt-helped-save-football-with-a-white-house-meeting-in-1905/ https://books.google.com/books?id=KFDCUPCIU7kC&pg=PA98-IA10&lpg=PA98-IA10&dq=cincinnati+commercial+tribune+grim+reaper+football&source=bl&ots=mT6p5fGXfk&sig=_TaCFvOpOVB9ZQw4eTyAaDxBLfw&hl=en&sa=X&ei=RpuGU-zbLZSksQTi2IHAAg#v=onepage&q=cincinnati%20commercial%20tribune%20grim%20reaper%20football&f=false

We are back with a new episode after an extended break. We talk about why we were gone in the episode. I think we forgot to mention that we are also returning to our regular schedule of releasing episodes. I missed doing this! It was a lot of fun to record again. In the News (6:00): We wanted to keep things light and talk about a non-virus story. So, we introduce you to a series of videos in which Diddy interviews billionaire CEO of Bridgewater Investments Ray Dalio. Ray is one of our more frequently-mentioned billionaires. He’s trying to turn himself into the premier entrepreneurial guru, like the Maharishi of extracting surplus value. Diddy “hired” Dalio as his personal business mentor and then agreed to shoot an infomercial for Dalio’s book Principles. Here’s the video: Part 1: https://youtu.be/SCCfk2a2O5o Part 2: https://youtu.be/s8jwBezj6zg Billionaire #1 (15:50): Mort Zuckerman, 4/10 on the David Koch Memorial Asset Liquidation Index Zuckerman is a real estate billionaire who got into publishing (which is the exact same life path as billionaire #2 today). He’s most well-known for owning U.S. News and World Report. You may have seen it in a dentist’s office, but I’m not sure the magazine exists anywhere else out in the wild these days. We spend most of the time talking about ranking systems and the ways they tend to reinforce preexisting power dynamics. Billionaire #2 (46:50): Leonard Stern, 5/10 on the DKMALI Stern is also a real estate billionaire who went into publishing, although he got his start-up capital from Hartz Pet Supplies, the company his father started. Leonard Stern has been part of the Les Wexner party set since the 80s, but please do not construe the facts we state about his life as an accusation of wrongdoing. Make sure to stick around for the story about his son Eddie at the end for another moment in the history of system-wide American financial crimes.