In March, Ralph Ronzio went to a warehouse in a seedy part of Orange County, California, and watched a man auction off his condo for half what he’d paid for it. Ronzio had bought the place for $329,000 in 2005, when he moved to Southern California from Rhode Island to take a job at a data-storage company. It was the first place he’d ever owned.
They shape economies, move markets, do deals -- and change the world. They hold sway by virtue of the money they manage, the companies they control, the policies they enact and the ideas they propound. The people on the third annual 50 Most Influential list, to be published in the October issue of Bloomberg Markets magazine, command attention as masters of the global financial system.
New York Times Co. has been working to fix about 200 glitches in the technology for charging online readers of its namesake newspaper, just weeks before the project is scheduled to debut, said a person familiar with the matter.
John Coates, a senior research fellow in neuroscience and finance at the University of Cambridge, has a theory. He says there would be fewer stock market bubbles and crashes if women and older men handled most of the trading. “There is less diversity in the financial world than in the military,” he quips. “On Wall Street, we have one slice of the population -- young men -- running our trading floors. That leads to extreme behavior: They go wilding.”
Nobel Prize-winning economist Joseph Stiglitz portrays the U.S. government as the billionaire’s best friend, while former banker Dambisa Moyo presents a dark look at China’s “commodity crusade” in two of the best business books so far this year.