This was the 22nd global conference hosted by junk bond king Michael Milken, who brings together the Masters of the Universe of the finance and investing worlds for an annual celebration of capitalism, and panels on changing the world.
IMF chief Christine Lagarde outlines her 2 major worries around the global economy — and explains why they're sowing the seeds of a new crisis
"I tend to think of M&A as the canary in the coal mine," Greenberg said on a Tuesday afternoon panel."By the middle to the end of this year, it's either going to do what it did in 2015 — which was that businesses started to feel better again and things started taking off — or it'll end up being a precursor to a recession."
"What's really coming is class warfare," said Alan Schwartz, the CEO of Guggenheim Partners, in another panel discussion."Throughout the centuries, when the masses think the elites have too much, one of the two things happens: legislation to redistribute the wealth, or revolution to distribute poverty.
Blackstone's Steven Schwarzman came in on Sunday wearing a baseball cap pulled low over his eyes. Apollo's Leon Black made an appearance, as did real estate titan Thomas Barrack, seen Monday outside of the Peninsula hotel, one of several nearby hotels that served as satellite meeting spaces. On Monday, Wells Fargo executives John Shrewsberry and Mary Mack held court in the center of the Waldorf Astoria's lobby.
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Perspectives: People are losing faith in capitalism. The world needs a new approachSocial and economic disruptions, including income disparity, a shrinking middle class, the uneven distribution of the benefits of globalization, and the threat of job loss due to automation all contribute to the declining confidence in our economic system, writes Michael Klowden, CEO of the Milken Institute.
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