Billionaires and Stealth Politics
Page 33
economic issues, number and direction of
44 t; billionaires’ unique relation to, 28;
statements on by individual billionaires,
contrast between billionaires’ words
148– 50
and actions on, 48, 133; gaps between
economic liberal/conservative dimension,
billionaires and the general public on,
populism as rupturing, 70
133, 136; gradual erosion of, 52; Michael
economic policies, disagreements of
Bloomberg on bringing back, 48; most
multimillionaires with most Americans
billionaires’ silence about, 38, 39 t; pro-
concerning, 135– 36
gressivity of, 27– 28; as search term, 34,
economic regulation: Carl Icahn’s self-
35; structure and rates of, 27– 28; Warren
interest and, 67; disagreement of
Buffett’s advocacy of, 59– 60
multimillionaires with most Americans
Europe: immigrant billionaires from, 18;
concerning, 136
origins of US billionaires in, 14, 17– 18
economic standing, relative, as incentive, 24
extreme cases: reasons for examination of,
economic system as “rigged,” 74
55; usefulness of in case studies, 117
education policy, wealthy donors and, 107– 8
education spending, disagreement of
Facebook: achievements of for society, 138;
multimillionaires with most Americans
as source of Mark Zuckerberg’s fortune,
concerning, 136
12; youthful billionaires from, 16
efficiency, returns to capital and, 23
fair compensation, 23– 24
elections: full disclosure of money in, 142;
fairness of taxes, 28– 29
holidays on days of, 140; public financing
Federal Election Commission (FEC), data
of, 140; reforms in, 140; turnout in, 140
from, 4, 36
Ellison, Larry: opulent lifestyle of, 11; slip in
Federal Reserve Board: Carl Icahn critique
Forbes rankings by, 14; source of fortune,
of, 68; and the Survey of Consumer
10– 11; tax assessment appeal by, 11
Finances, 33
Emanuel, Rahm: contribution to by Ken
federalism, boundary control and, 110
Griffin and other billionaires, 103;
Femsa, 10
wealthy donors to and harsh public
Ferenstein, Gregory, 96
school policies by, 107
Ferguson, Tom, x
employees, payment by of “employer’s
Fidelity Investments, 12
share” of payroll taxes, 28– 29
filibuster, reform of, 140– 41
employers, as receptive to immigration, 94
finance, as leading source of billionaires’
energy and natural resource industry: bar-
wealth, 19– 22
riers to entry and social costs of, 123;
finance capital, 21
heavy state and local regulation of, 123
Finland, tax revenue of compared with US,
Enterprise rental cars, 12
161n5
environmental policy, state- level, oil and gas
First Amendment, 141– 42
donors and, 108
Firth likelihood logistic regression, 115– 16,
Environmental Protection Agency (EPA):
115 t, 116 t
tangles of Koch Industries with, 72
fiscal policy, tax rates and, 27
index
209
501(c) organizations, 36
George Mason University, 3; Koch- funded
Forbes 400 list of wealthiest billionaires:
institutes at, 71
changes between 2013 and 2016, 159n18;
Gibson, Edward: boundary control theory
consolation coda to, 162n24; study of
and, x , 109, 175n59
top 100 from, 4, 10
Gilded Age: of the 1890s, 137; new, 1
Forbes (magazine): celebration of im-
Gilens, Martin, study of political influence
migrant successes by, 17– 18; and “self-
by, 51, 135
made” wealth, 19– 20; as source of data
Giving Pledge, 47– 48
on wealthiest Americans, 1– 2
Gladwell, Malcolm, on luck in the accumu-
Forbes, B. C., 17
lation of fortunes, 20
Forbes, Steve, and “self- made” wealth,
globalization, investment opportunities and
19– 20
wage pressures from, 21
Franklin Center for Government and Public
Gold’s Gym, 123
Integrity, news and opinion pieces for
Google: as source of Larry Page’s fortune,
wealthy donors by, 105– 6
12; web searches using, 34– 35, 80
free speech: difference of from spending
government role in wealth creation, 20
money, 141– 42; and disclosure require-
Graham- Newman stock brokerage firm, 58
ments, 142; importance of, 141
grand bargain, cuts in Social Security and, 52
Friedman, Milton: on the “capitalist ethic,”
Griffin, Ken: contribution by to Democrat
23; on the economic necessity of paying
Rahm Emanuel, 103; contribution by
wages according to marginal product,
to Republican Bruce Rauner, 102; con-
160n47
tribution by to Republican Governors
Froy, Alexander, x
Association, 103; funding of Illinois
Fruit of the Loom, 58
pension- and budget- cutting efforts,
fundraisers: hosted by billionaires, 42, 43 t;
106– 7; hedge fund fortune of, 22
unreported, 5
Gristedes, 17
FWD.us, 83
Guardian Industries, 11
Gallucci, Robert, x
Haggerty, Cathy, 158n18
Galvin, Daniel, x
Hamm, Harold: oil fortune and position of
Gangwal, Rakesh, 17
on Forbes list, 12; resistance of to pollu-
Garcia, Laura, x
tion regulations, 108
gatekeepers, billionaires’, 3– 4
Hastert rule, 180n18
Gates, Bill: achievements of, 138; advocacy
health care: crises in, 137; disagreement of
of estate tax by, 48; age of, 15; as architect
multimillionaires with most Americans
of Giving Pledge, 47– 48; center- left
concerning, 136
policy statements by, 47– 48; diversifica-
hedge fund managers, salaries of, 21
tion of investments by, 19; frequent state-
Heinz, H. J., 10; Berkshire Hathaway acqui-
ments about taxes by, 38; investments by
sition of, 57
as source of wealth, 22; Microsoft and,
heirs: frequency of statements about tax
10, 22; number of statements by on social
policy by, 40 t, 41; heir measure as non-
issues, 85; sources of fortune of, 10, 22; at
entrepreneur measure, 164n5. See also
top of Forbes list, 10
inheritance; inheritors of wealth
Gates Foundation, 10
Herro, David, contribution of to Rahm
GDP of countries, compared with total
Emanuel, 103
wealth of US billionaires, 2, 32– 33
Hertel- Fernandez, Alexander: on AFP cam-
GEICO, 5
8
paign infrastructure, 104; on American
Generation Opportunity, Koch- led appeals
Legislative Exchange Council (ALEC),
to millennials by, 105
105; study of Koch brothers’ political
generational theft, as search term, 34
activities by, 72
210
index
highway spending: disagreement of mul-
contributions to Rauner and Emanuel
timillionaires with most Americans
campaigns in, 102– 3
concerning, 136
immigrant billionaires: from advanced
Hill, Kenneth, x
countries, 17– 18; doubled number of, 17
Hoang, Kieu, 17
immigrants and refugees, as a “critical
Home Depot, 62
threat” to vital interest of US, 92– 94, 93 f
home foreclosures, 137
immigration: billionaires’ advocacy of from
“homes” of billionaires, ambiguity of, 18
a business perspective, 86– 87; billion-
H- 1B visas: for specialty occupations, 87;
aires’ economic interests in favor of,
and downward pressure on computer
94; billionaires’ insulation from worries
science salaries, 95
about, 94; billionaires’ pro- immigration
House of Representatives, ending one- party
political actions, 82, 83 t, 85 t, 86; billion-
rule in, 141
aires’ semi- stealthy politics on, 78, 96–
Houston, billionaires residing in, 18
97; billionaires as shielded from cultural
Huang, Jen- Hsun, 17
anxieties about, 78; gaps between bil-
Hunt, Ray, 104
lionaires and the general public on, 85–
Hutchison, Kay Bailey: 124
86, 133– 34; intensity of debates on, 84;
as issue combining social and economic
Icahn, Carl: absence of measurement errors
elements, 78; levels of, 80; mass- elite
concerning, 69; as “activist investor,”
gaps on and populist revolts, 96; most
“corporate raider,” or “buccaneer,” 66;
billionaires’ silence concerning, 131;
age of, 16; agreement with Bernie Sand-
number and direction of statements on
ers on income gap by, 69; and assump-
by individual billionaires, 151– 54; policy
tions of stealth politics theory, 75; back-
reform on, 80; prediction of number of
ground of, 66; biography of, 168n37;
statements and actions on by billion-
brief advisory role of in Trump adminis-
aires’ wealth and visibility, 88– 90, 89 t;
tration, 67; case study on, 66– 70; change
public opinion on, 92– 94, 93 t; reducing
in political speech and activity of, 66– 67;
illegal immigration as goal of US foreign
critique of Federal Reserve by, 68; as
policy, 92, 93 f; web- scraping techniques
deviant case, 66– 67; drop in fortune of,
concerning, 80; in web searches, 155
66; endorsement of Donald Trump by,
incentives: inheritance and, 160n45; mate-
68; on excessive CEO pay, 68– 69; invest-
rial, 24, 139; nonmaterial, 24
ment and takeover sources of fortune,
income taxes. See taxes
22; large media footprint of, 69; op-
India: immigrant billionaires from, 18; US
position to corporate tax inversions by,
investment in, 21
68– 69; plan for super PAC dedicated to
industrial sectors, as sources of billionaires’
corporate tax “reform,” 67– 68; populist
fortunes, 20– 22
mixture of views by, 69– 70; reasons for
industrialization: and birthdates of US billion-
case study selection of, 56; relationship
aires, 20; and shift in sources of wealth, 19
of to Donald Trump, 67– 70, 75; relation-
inequality, economic: Carl Icahn on, 69; as
ship of to stealth politics theory, 54– 55,
cause of political inequality, 76; new
69; shielding of from consumer or public
peaks in, 137; rise of, 1; Social Security
pressure, 70; takeover- based fortune of,
and, 30; tax policy and, 27; Warren Buf-
12; as Trump- style right- wing populist,
fett’s concern about, 59, 60
54– 55, 68; as vocal on issues of corporate
inequality, economic and political, 137– 38;
governance, 67– 68
as mutually reinforcing, 157n2
Icahn Enterprises, wide range of invest-
inequality, political: effects of disclosure on,
ments by, 66
143; possible inevitability of, 76; roles of
Illinois: billionaires and cuts in pensions
lobbying, think tanks, and media outlets
and budgets in, 106– 7; Ken Griffin’s
in, 142
index
211
influence, political. See political influence;
Kennedy, Chris, 107
political influence of billionaires
Kerry, John, Swift Boat attack ad on, 119
inheritance, 19– 20; absence of compel-
keywords: list of used in immigration, abor-
ling arguments for, 23, 24; irrelevance
tion, and same- sex marriage searches,
of marginal product theory to wealth
155; list of used in tax and Social
from, 23; likely increase in importance
Security searches, 148; for social issue
of wealth from, 20; money “earned”
searches, 80; for tax and Social Security
through: 160n44; as reason for political
searches, 33– 35; use of in web- scraping,
silence, 31, 32; rights to as work incen-
37
tives, 160n45
Khan, Shahid, 17
inheritors of wealth: female billionaires as,
Kim, Hane, x
16; less visibility and fewer same- sex
Kinder Morgan Energy Partners, 13
marriage statements by, 91, 91 t; wealthi-
Kinder, Richard, 13
est of, 22
Klarman, Seth, and LGBT rights, 173n50
innovation: of business ideas, 19– 20; incen-
Knight, Phil, 12
tives for, 24
Koch brothers: amounts of contributions
Instagram, 16
assembled by, 2; attempt at stealth
Interactive Brokers Group, 17
politics by, 46– 47; campaign contribu-
international trade, investment opportuni-
tions by, 72; contributions to Republican
ties from, 21
Governors Association by, 103; donor
Irvine Co., 12
conference hosted by, 63; efforts to ap-
Israel, immigrant billionaires from, 18
peal to Latinos and millennials by, 105;
environmental regulation and, 47; fund-
Jencks, Christopher, x
ing of libertarian intellectual network
job losses, 137
by, 71– 72; funding of Tea Party move-
job pressures from economic globalization,
ment by, 72; general silence of on spe-
21
cific policies, 47; as imperfect example
job programs, disagreement of multimillion-
of stealth politics, 35– 36, 65; infrequent
aires with most Americans concerning,
and vague political statements by, 35; in-
136
vestments in campaign infrastructure by,
Jobs, Laurene Powell: as Apple and Disney
104; oil and chemical industry as source
inheritor, 12; number of statements by
of fortunes, 11; research on, 3; returns
on social issues, 85
to political investments of at the state
Jobs, Steve, achievements of , 138
level, 102; vague espousal of “economic
John D. and Catherine T. MacArthur
freedom” by, 47, 72– 73; visibility of, 8.
Foundation, x
See also Koch, Charles; Koch, David
Jorgensen, Paul, x
Koch, Charles: age of, 15; “agreement”
journalists, investigations of Koch brothers
of with Bernie Sanders, 35, 73– 74; as
by, 72; role of in uncovering billionaires’
the more politically active and vocal
political statements, 35, 37
brother, 72, 73; on prison reform, 74;
rising fortune of, 70– 71; vague rhetoric
Kaiser, George, 13
by, 73– 74
Kalanick, Travis, achievements of for
Koch, David: age of, 15; attempt at stealth
society, 138
politics by, 73; case study on, 70– 74; as
Kansas: billionaires’ policy impact in, 107;
deviant case, 71; as hard- line economic
wealthy- friendly policies in, 100
conservative, 71; as libertarian billion-
Kao, Min, and family, 17
aire, 54; as Libertarian Party candidate
Kapoor, John, 17
for vice president, 47, 73; number of
Kelly, Nathan, on mutual reinforcement of
statements by on social issues, 85; oppo-
economic and political inequality, 157n2
sition to campaign finance regulations
212
index
Koch, David ( cont.)
libertarian intellectual network, 3; Koch
by,
73; as philanthropist and patron of
brothers funding and, 71– 72
the arts, 169n64; political silence of since
Libertarian Party: David Koch as vice presi-
1980, 72– 73; reasons for case study selec-
dential candidate of, 47, 73; hard- line
tion of, 56, 71; rising fortune of, 70– 71;
anti- government platform of, 47
stated support for (but low priority on)
libertarians, billionaires as, 5, 83, 87
abortion and same- sex marriage by, 86–
libertarianism, definition of, 5
87; support for balanced budget by, 86
Libre Initiative, Koch- led appeals to Lati-
Koch, Fred, 11
nos by, 105
Koch Industries: costs to of taxing or
Life Decisions International, boycott of
regulating pollution, 72; energy and
Buffett’s Pampered Chef company by, 61