20 Episode results for "Joe Nocera"
Introducing The Shrink Next Door
"Marty Markowitz haddish year of problems troubles at work, a failing relationship his parents had recently died in so Marnie decided to get some professional help in the summer of nineteen Eighty-one. He walked into the office of a psychiatrist named Ike. Her scoff. Why go into his office and we looked at each other. And he said, okay. Why are you here mardi like dyke, and I? Well, he seemed to see something in mardi at the end of the first session, he said, I'm going to take you on a patient. And he says, you know, I don't do that with everybody with this psychiatrist. It would turn out wasn't like other psychiatrists. He cut me off from everybody. So the only person I could turn to was Dr I and from the moment mardi started seeing him he began to change. We didn't see him he lived around the corner. And like, suddenly, we didn't go there anymore like he wasn't coming over anymore. It's as if somebody died, it was obvious. It was obvious that I had the power in mighty followed the rules. If Marty Markowitz had known what he was walking into when he first visited that office, he probably would have walked right out the door, and never come back. Hi, I'm trying to reach a Kirschbaum speaking. Hi, Dr costume, I'm a producer working for wondering and Bloomberg media. And I've been trying to get in touch with you, because I've been talking to Marty Markowitz. This is a story about power control and turning to the wrong person for help for more than twenty nine years, when I constructed me to buy this house. I told me no you can't use the master bedroom. You're going to stay in the back section of the house. I'm trying to think when it really got nuts it really got crazy. Because the parties were at their height and business was building. It was like almost a fantasy land. In fact, is a good word. It was like working in fantasy land. From Bloomberg and wondering the company behind dirty, John, Dr death and over my dead body. I'm Joe Nocera columnist for Bloomberg opinion. Okay. It's, it's a wild story, the shrink next door premiers on may twenty first. I'm outlet to talk to you. But I am you were friends for a long time like. Hello. Subscribe on apple podcasts a wherever you're listening right now.
Introducing The Shrink Next Door
"Psychiatrists see us at our most vulnerable moments all of our problems and dysfunctions laid bare to a stranger. But what if they use that knowledge against us for their own benefit in a brand new podcast from wondering and Bloomberg the shrink next door host Joe Nocera takes you deep into what looks like when a psychiatrist becomes something much more. You'll hear of extravagant parties attended by movie stars alive is home in the Hamptons in the man at the center of it. All you're about to hear a preview of the shriek next door in which you'll meet host Joe Nocera and hear about a relationship that would go onto affect to people's lives. For twenty nine years, go subscribe to the shrink next door on apple podcasts or wherever you're listening, now, there's also a Lincoln, the episode notes that will take you there. By any measure, Marty Markowitz was a success. He had an Ivy league diploma. A law degree his own business and plenty of money. But when he hit thirty eight he found himself feeling seriously overwhelmed. His rabbi recommended a therapist. He knew who had an office. I'm in 'hattan Z side, why go into his office, which was a modestly furnished office with a desk and a chair and a couch, the therapist's name was, Dr Isaac Hirsch cough. But he told Marty to call him. He was a young handsome man with a round face a close cropped beard and curly, black hair. He was dressed casually in an open collar shirt and shorts. I sat down right across from him. And we looked at each other. And he said, okay. Why are you here? Marnie, it seen a therapist. Before the kind who had listened while you lay down on the couch and talk about your dreams, this therapist was different. His motives, operandi was, basically. I'm your pal. Tell me what's bothering it. And let's take it from there. Mardi spent the whole session, laying out his problems. He told Ike how is father, and mother had recently died, how he didn't herited the family business, how he was having a hard time dealing with his new responsibilities. When he'd finished mardi says, I looked at him and said, I'm going to take you on a patient. And I said, okay, nice not only was I taking him on as a patient, but he made Marnie a promise. He said, don't worry, I'll take care of everything. I was overwhelmed. And to have someone say to me, don't worry calm down. This is nothing to get upset about. We're going to straighten everything out, and we're going to do it fast. Very comforting to me, mardi wrote him a check. I think it was for one hundred sixty dollars. Something like that back back in the day. It was June nineteen Eighty-one mardi had come to IT because he needed help. But if he had known what is new therapist had in store for him. He probably would have walked out the door and never come back. From wondering and Bloomberg. I'm Joe Nocera a columnist with Bloomberg opinion. And this is the shrink next week. This is episode one. Welcome to the neighborhood. Every neighborhood has a chair of mysteries. We can live our entire lives and barely know the people just one door down. I have a summer house in Southampton. A couple of hours outside of New York. Just part of the Hamptons is called the bayside. It's quiet peaceful, a place to escape from the city in the hot summer months. Samson and Jackie Gadot. Have a house on the same street as me? My name is Jacqueline Gant, and we're married. Thirty five years. Remarried fifty two years. They've been coming here since the eighties most of the houses on our street are single story with wooden Clapper fronts, Sampson and Jackie's house is no different, so lovely home, really. But there's one house on the street that stands out for starters. It's just bigger than most of the other houses. It's two stories instead of one and it's the only one on the street with a separate guest house out back, and then there's the way it looks, the houses spectacular with windows and windows, windows, everything about it is over the top. There's a pond with goldfish. Lots of fish and a waterfall to the pond to. It's bigger bolder Brasher that anything else on. On the street. In two thousand ten my wife Donen I bought the house next door. It wasn't long before a man popped over to our house to introduce himself. He was dressed like a maintenance man, green khaki pants along sleep worker and a faded baseball cap. He welcomed us to the neighborhood. And then he handed us a folder of press clippings. I literally just took them said, thank you. And but he wanted us to have them. You know, he really wanted Joe to have him. There were articles that a psychiatrist, Dr Isaac Hirsch, cough, had written and articles that had been written about him in mid August and invitation arrived to a summer barbecue next door hosted by Dr Hirsch, cough Ike. This would be the last of three big summer parties. He through every year, I went alone to reach the front door. I had to cross a bridge over a fish pond. There were maybe forty or so guests hanging out in the backyard. I roamed about stopping here and there to chat. I spotted the actor Richard kind. Just in time to see him do a belly flop into the pool. There were a handful of other people to people, I recognised as prominent New Yorkers like, Dr Ruth, the TV personality and sex expert. It was a warm afternoon. I chatted with a few people sipped on my glass of wine and began to wander around. At some point I found myself in the living room. There was a fake Taraf bust for Nisha and masks, plastic parrots hanging from the ceiling, even a giant gong. But what struck me most with the photographs, lots and lots of photographs and in nearly every one of them, there was I curse cov with a different celebrity Ike was Henry Kissinger, Ike with Elliot's L I with Brooke Shields. I with Paltrow even with OJ Simpson. It was like one of those Diner's with the walls are covered with pictures of celebrity patrons, at that moment, the man himself appeared, he greeted me. Like a long lost friend and said that my wife and I should come over soon for a drink. And then he was gone. Sure enough a few days after the summer party, the same maintenance, man, we'd met before showed up at our door. Again, this time he brought an invitation for drinks. It was very formal as if he was reading from a script. I mean, Dr Hirsch cough, would want you to come over at such and such a time on such and such day. The formality of it, blew me away, and he was very, very exacting about how it had to go. So we went one of the strangest evenings I've ever had in the Hamptons or anywhere else for that matter. But definitely Hamptons. It was pouring rain. We headed over umbrellas and hand to get to the front door. We crossed the bridge, we could see Koi circling in the water below, I can his wife Becky welcomed us in and ushered us to around kitchen table. They were snacks, laid out carrots, and celery, I served white wine. So would I remember is him talking incessantly about being a sex therapist, and a celebrity therapist? I can't remember the details. But that just really sticks in my mind that he kept going on. And on about that it was more like a monologue than a dialogue. That's what I remember. What do you remember? I just remember thinking these people are I felt suffocated. I talked about his work. I've never seen like it. But I remember thinking, who's very brazen about the details of his life, considering we restrain Gers. And also considering what he does he did talk about an MBA sports guys. And somebody a Yankees player, I just thought he lacked, a lot of discretion Kip in his field. We listen politely as he went on and on. I just remember looking towards the door finally after about an hour. I said we needed to get home and we got up to leave, and it was very clear that I wanted a photograph. A photograph of me, I think he came out and said, what would like to get a picture of you and it was just Joe? It wasn't Joan. I so I, I take my picture. In a to his wall. And then we left as fast as we could. I remember getting into her home collapsed on the couch or something. Dorn told me she never wanted to go back. There was no sign of the maintenance man. The night don't and I went over but I knew he was still around. Sometimes we'd be on our deck, and we'd see him outside working in the yard when I returned to the Hamptons, the following summer. I noticed something strange at the house next door. I would see the maintenance man out on the property, doing his usual work in the backyard. But I, I cough was gone. I would never see him or his wife Becky in the Hamptons again, there were no more summer parties. It was as, if they had simply disappeared. And that's when I learned that everything I thought I'd known about my neighbor was wrong. It's, it's a wild story. That's the maintenance man, the guy who came to our door with the press clippings, the guy, we saw working around the yard, that was Marty Markowitz the same guy would I gone to see Dr Isaac I cough as a patient, nearly thirty years earlier. That was just a preview of this rink next door to listen to the rest subscribe to the shrink next door on apple podcasts or wherever you're listening right now.
Monitor Show 10:00 01-22-2021 10:00
"Slack is a new way to communicate with your team. It replaces email with something faster. Better organized and more secure every conversation has its own channel. That's easy to join search or create and it's all integrated you can attach info from thousands of apps share files make calls everything you need to get your work done. Welcome to your new headquarters. Try it for free at slack dot com slash where work happens from bloomberg experts. That the be starring actor that is really showing the they're doing whatever it takes a lot of people don't expect that the economy will reopen in full is really giving industrial america. It's a major crisis. Bloomberg markets with bonnie glen and polls sweeney on bloombergradio existing home sales. Just now coming in strong for the month of december at six point seven. Six million up point. Seven percent economists. Looking for that number to be down we're going to be about the housing market with logan mohtashami of housing wire. Also the column that made ripples yesterday biden has a once in a century chance to fix. Capitalism will speak to author joe nocera. Let's get a bloomberg business flash. Greg jarrett stumbled on the rally in global equities has faltered while the dollar is stronger for the first time this week this as restrictions to curb. Escalating corona virus cases dented. Some of the optimism over earnings plans for additional stimulus. J. t. w. adviser founder tells bloomberg the pandemic is again weighing on markets especially with regard to vaccine distribution. Vaccinations obviously key for markets and not just in europe but globally even seen a little bit of an outbreak in china in curly in the united states. Joe biden is gonna be measured at first by his success in inoculating.
Institutional Investors Now Buying the Purpose Bitcoin ETF: CEO Seif
"This podcast is brought to you by marsh. Mcclennan for one hundred and fifty years marsh. Mclennan has been at your side. Finding opportunity and navigating uncertainty in the areas of risk strategy and people one thing will never change marsh. Mclennan will be there for you in the moments that matter learn how at mc dot com welcome to the bloomberg markets. Podcast up sweeney side. My covers every business day. We bring you interviews from. Ceo's market pros and bloomberg experts along with essential market moving news on the bloomberg markets. Podcast on apple podcasts. Or wherever you listen to podcasts. And at bloomberg dot com slash podcast mattis next segment. Is right down your alley talking. Bitcoin as i look on my bloomberg terminal here one percent today to fifty five thousand one hundred seventy five dollars for the coin. Let's introduce some safe. He's the founder and ceo purpose investments there based in toronto canada. Something smart for joining us. We'll talk to you about your purpose bitcoin. Etf it's a roads first bitcoin. Etf backed by physically settled. Bitcoin and it just crossed one billion dollars in assets under management on his one month anniversary. Talk to us about how the last month has gone for you guys. Thanks guys. yeah no. It's been quite exciting. I mean we knew it was going be An interesting product together the marketplace being the first of its kind in the world. And you know i. I've been quite amazed by the One of the global interest in in the The product but also just the continuous focus on its uniqueness And you know. I think we're We're we've been pleasantly surprised by such an amazing on poignant and the continuation of cost two billion dollars in ironically on this one month anniversary and and then of course we've seen just really rapid continued interest in the asset and and You know look. I think innovation always wins in the long run and i think that's this openly approves. Lift up the hood for us and tell us how this works mechanically. How do you trade for example. Your bitcoin for the fund. So yeah no. It's actually a really important. What sounds like a simple question. But it's not as you know the the bitcoin asset digital assets in general trade In real time and settle in real time so they are instantaneous. Settlement and of course the traditional securities market trade With a t plus one or two please equals three so bridging. That is an important thing. So what we do is we. Of course have the market makers And the you know call it. The ap's that are basically market making the etf all throughout the day. They're accumulating the interest and demand. And then what we do. Is we work with them on when they have creations or we haven't had redemptions yet but if we have redemptions we are ultimately able to execute the bitcoin in real time with them With them and are specific trader. So we work with some of the best institutional traders in the over the counter market of bitcoin You know and Executing in best execution prices we can get Some talking about who is investing in your up interested here. Kind of the mix between retail and maybe institutional. Yeah we look. We've seen really strong gotta balance of course retail Continuously is looking for unique ways to buy this asset. I mean efficient ways and this is the first of its kind that way. But we've also seen some really good Both active trading institutions plus Long term fundamental investors. Coming to the well. So you know we've had a number of institutions that had been looking for an easy way to buy bitcoin but had been struggling because you know they either had to go up and set up their own. Institutional custody accounts with let's say agenda gemini or other Or they have to go by one of the close in like gbd's see and you know have found this as a more efficient way to do so. We're seeing that now trick lynn. And that's actually been one of the big lake up in the last Couple of weeks. And i think we'll see that more. Specifically within the larger fundamental investors institutional investors In the next couple of months as well so we anticipate you know pretty strong demand from the fundamental investors coming into bitcoin through the like this. How does the regulation work. I mean there are some very large countries that have not yet approved a bitcoin. Etf so are all investors welcomed. You have to somehow police that yeah no i mean look i mean it's a publicly listed vehicles so any investor with a croaker cowen who has access to the securities market can basically buy it You know look at the regulators have been going through their own decisions on this asset for the last number of years and if you go back to two twenty eighteen time twenty seventeen time when we had a number of filings come to market in the us in canada and globally. The is at that. Time had two concerns. The i was. Of course you know was this. An asset that we believe is legitimate and and should be accessible by abroad investor base and then to was is the infrastructure there to naval daily liquid and treated vehicle like this. I think back in two thousand seventeen eighteen. They were right to have concerns about the latter concern. Which is you know infrastructure. He just wasn't there. And i think if they said yes. At that point it would have been a disaster in many ways but but a lot has changed in the last number of years around the infrastructure. So we don't have institutional grade custodians we have you know. It's trading futures market. We have you know a broker dealers who actually have direct linkages to the asset could trade it in real time and settled in real time with the custodians. All this stuff is really changed and created a very unique ability to trade. I think first question though of was this enough that they the regulators wanted to have You know investors have brought access to that has also been going through a really important discussion. And i think in canada that regulators felt comfortable it the time that institutions and investors were going one have access to this and they were going to get it. Even if it was an unregulated way. And i felt well why not make it regulated wife. It's great having you on fascinating to see this kind of development in the industry there from the purpose bitcoin. Etf let's bring in right now. Bloomberg opinion columnist. joe nocera. It takes a lot to get your own code on the bloomberg terminal. Joe has one. That should tell you how important we consider his opinion. Joe you're talking about union saying they are back in favour and they need to seize the moment. is this about making america great again. I knew i warned me that you guys were going to beat me out. So let's but no i it's about it's about trying to reduce income inequality and it's and it's also trying to understand you know why workers have had so little leverage in terms of Wage growth Over last quarter century. All right so income inequality is a bad thing we want to try and alleviate that and wage growth is something that we all wanna see but you point out that private sector workers should emulate the public sector when it comes to organized labor. And i just wonder why the sector workers should be a model that is not what it says it said the only the only way that it should replicate the public sector is increasing numbers. I mean the public thirty three percent of public sector workers are unionized and six point. Eight point three percent of private sector union Workers are unionized. And the only point. I was making about the comparison public and private is that we'd like to see the private sector get higher closer to thirty three percent but why i'm wondering why because the public sector doesn't seem like a great example the shining number. It's a number you know. I'm not crazy if i public sector unions either a low. You know they've done. They've done okay in terms of wages wage growth but You know the teachers union as you read my column. I have been highly highly critical of teachers. Unions unwillingness to go back to school Even those schools are probably the safest place to be in this pandemic. No it's not that at all and if you get sidetracked on that is sort of missing the point. The point is that you know. Amazon workers Walmart workers mcdonald's workers people who make craft money. You know the only way they're going to do better is through union period and their story and and the the history of american labor since the nineteen forty absolutely proves that when when unions were strong we had a we had a vibrant middle class blue collar middle class and as Unions have faded. That vibrancy has has faded as well. So joe again. The labor narrative in my lifetime has been as you just stay there kind of the steady decline of unionization in this country. We now have a democratic white house. We now have democratic congress very very slightest of margin. Is this the time for something at the federal level some legislation to be passed to kind of spur. All unionization well. The house is actually passed. A bill Of course on the party line and it basically a bill that tries to Give union organizers or workers trying to organize inside Like an amazon warehouse A better shot not just try to make the playing field a little more even the obvious. It's obvious that you can't pass a bill like that. In the senate filibuster There's a lot of legislation that could pass the house and cam pass. The senate was without getting rid of the filibuster. And the question is what are the democrats also willing to give up the filibuster. At the moment the answer is now and so you know by president biden can do what he can in terms of job owning which he has done Visit the amazon Effort in alabama really. He can't do more than that. As long as the filibuster exists. Now we could have a whole show on the filibuster. I would love to have you on to talk about that. I think the democrats would really regret giving it up if they then lost the majority but in terms of labor. You know. my opinion doesn't matter. Joe but my heart goes out to these gig. Workers especially uber drivers and the like california gave them a big fat finger in november last year. With prop twenty two. Why would left-leaning state vote against A better livelihood for people like that. Well that's a really good question and especially in europe somewhere. They they actually i. They are being considered employees in london. Wages i mean you know there are over drivers who who liked the situation the way it is as a part time thing and you know the america. We don't do a good job of allowing people to be a part time and still get benefits like health insurance. you know. it's either fulltime employees which a lot of these drivers don't wanna do or your part time and you don't get anything so You know we need some kind of system. That's in between i don't know why the california thank didn't pass You know obviously uber lift. You know pulled out all the stops it. Which is what do not not a surprise But you're right. It is a lot lately state and you would have thought it might have happened. Mad might take on that. Is people choose to be gig workers and you think about when to gig con when they have no choice. It was that historically low unemployment rates of pay so these are people that for whatever reason chose the gig economy and that allows these business models to flourish to the benefit of consumers. airbnb uber. all those things. so there's certainly that argument to be made. So but i think it's gonna come again and again and again because it is key to those companies are model. Joe is there any reason to believe. Unionization rates will not continue to decline in this country. Yes i do i. I do think that there's a decent possibility that they'll rise. I mean you to craft and you do have the president talking about alabama. Let's see what happens with this alabama effort and you know if if that would've passed it. Would it would spark a union. Union organizations. All over amazon shops and probably started at walmart as well. I don't think it's i don't think it's I don't think unions are dead in this country. Although they've been in decline for very long. Time joe thanks so much for joining us. Really appreciate chatting with you. Your columnist fascinating. Joe nocera columnist for bloomberg opinion. You can read joe's working all the good work from our friends at bloomberg opinion at bloomberg dot com slash opinion or by typing in opie and go on the terminal. The only way we're going to get out of this. Pandemic is mass vaccination but the problem is many americans. Just don't trust vaccines skepticism. Didn't start with roll out of vaccine or in march two thousand twenty or even with donald trump. This moment has been brewing for decades. I'm kristen v brown. The host doubt a new series from bloomberg prognosis in this podcast. We'll trace the rise vaccines in america to show how we got here. And we're going doubt launches on march twenty third. Subscribe to prognosis today on apple podcasts. Spotify or wherever you get your podcast had a little bit of a mini vacation. After normally. i'm sure all of our listeners are driving either home or to work in order to watch my program on bloomberg television at one pm. But today i will be supplanted by jay powell and janet yellen will be testifying in front of congress and here to help us gauge what to expect what to watch really. Ben emmons managing director global macro strategy at medley advisers. Ben thanks for coming back on the program. What are you going to be most focused on in today's hearing good to be back on the show I do think. I wanna focus on. What exactly they see. As the progress in the economy continues to be. I think for the market puzzles on the stands because as soon as jersey early on your program. She mentioned fitbit's on what they expect about inflation. And how long could say that. Then she both target but the substantial progress. I think congress will ask like. Do you see that in half an hour. And how far does that need to be it. Would if you do then change policy. I think that will be the key focus today. In addition to of course unemployment picture which is which is key end up in that relationship as shells who happens said this morning like they've made their benchmark on employment. Yeah that's kind of where. I wanted to go ben because so much of the. Us economy is tied towards the consumer. And getting back to work here. What do you think the fed and the treasury. How do you think they're thinking about the unemployment picture in the us is. It's something that can be fixed relatively quickly post pandemic or is this something that might be a little bit more institutionalized. It's an interesting dynamic. Because if you if you think about. When yellen was having her testimony four coming check she was very convinced at. Us will be back to full employment by next year as the fed stake in the more. I think someone will preserve their stand stare at their multi policy report outlined labor market disparity and goes and all the details of that and shows significant slack. It will take a while. So there's a bit of a benefit economy there between the to infinitive data view in the jelly yellen yellen. Big labor columnists seems to be optimistic that this fiscal stimulus is powerful enough to get everybody back into the labor force. Nf work should. i think it is indeed. A function of one institutionalize function of how you measure slack. And how you at some point would say yes. We're back to full employment but it's not our answers to function very cyclical dynamic economy. That is se opening doesn't get too much derailed and reading opens the the fiscal semi should do its work and people get back get back into labor force fed. Does this fed look at full employment different than any other fed. I mean are. They more focused on equality than another fed. Are they more focused on wages than any other fed. I think there's a chance that matters previous episodes when indeed the wages were. I think it important part of the narrative is say the period of two thousand fourteen into twenty sixteen determine policy today. Of course is broad inclusive labor force growth as we wanna pull him as many people in as we can possibly do. Because i think they had found out to all those sessions on the ground at the federal emissions That they did that. People really Emphasized i could see it is obviously important the half boy moment and get as many people back in labor for so broad inclusive definition again the frame back to the month although she was bored if you go in there and a good debut on that actually shows how many people per type of jobs and per was it who population of hispanic or black etcetera. All these people you know are still on the sidelines. Right so i think this is that if finishing today get brought inclusive recovery there and take think sometimes so ben in the background still is the chatter about the next round. The fiscal stimulus. I think the number. That's being bandied about these days. Is maybe three trillion dollars over some period of time. Maybe ten years. How important is that fiscal stimulus. Plan to your economic recovery outlook. I ski bowl. Because you know there's one point nine. Trillion is a effort in terms of forgetting the initial cyclical boosts here for the next quarter two quarters by this the more long-term investment of the economy that that is keyed. Get us really at a sustained. Let's say back to the strength of had twenty eighteen at closer to three percents or higher And it's not factored in yet. I think in many people's forecast rather than maybe some outliers that see already happening already this year. There's a big political issue. To of course right. This infrastructure bill has more included and just spending infrastructure. Climate change is inequality. It's those types of issues that come alone so to get that full package boohoo. Not beat at straightforward. But if it does happen it could significantly boost the potential output for the us. Because i would think that would be significant investment in infrastructure and the grit and everything else that we need so yeah. It's important aspects of going forward. Ben thanks so much for joining us as always we always appreciate getting your thoughts and perspective here again as we prepare for. Janet yellen fed chairman. J powell testifying in front of congress in just a the top of the hour. Maybe we'll certainly bring that to you. Bananas managing director global macro strategies. Medley advisors this podcast is brought to you by marsh mcclennan. This is an extraordinary moment. The challenges are vast yet. So are the possibilities. The future of work climate resilience digital disruption affordable healthcare stakeholder capitalism for one hundred and fifty years. Marsh mclennan has been at your side finding opportunity and navigating uncertainty in the areas of risk strategy and people one thing will never change marsh. Mclennan will be there for you in the moments that matter learn how at m c dot com. I wanna bring in right now. Vince cigna our global macro strategist at bloomberg and on vaas on the senior semiconductor and hardware analysts at bloomberg intelligence to talk about the problem. Getting chips the supply chain issue and the increase in price inflation issue. And whether or not this kind of inflation is transient or here to stay vince. Let me get your take. I 'cause i know you have a a counter consensus. Take on it. Well a source of mine. That i've been speaking with In san francisco who specializes in In tracking data chips in semiconductors and such as been filling me in on some of the issues a plate and saying that the expectation of for prices going through this year is going to increase in every quarter in carrying through twenty twenty two and from what he's seeing is essentially The shortage in the industry is driving up prices when i asked him about You know you know the contracts that are in place especially in the large corporations. You know people like apple for instance ford motor company And he says they have contracts in place to set a price but in reality if the if these contracts with companies in taiwan they don't actually have to sell it to them at their price at that price there say supply and demand dish and Recent prices apple for instance as he tells me a scrambling for supply and can't get them because they will offer. Prices refused and now the prices are higher. And they're coming back in the suppliers telling them sorry the out the The allocation has gone to someone else so that type of frenzy if you will The expectations drive prices up through the end of the year and on the smaller margin suppliers. People that supply walmart and amazon. They have to pass that cost along. Because they simply don't have the margin they can eat away and their profits to to take themselves all right so i want to bring in you. You've been covering the semiconductor industry for decades explained to us. What's going on here. How did this shortage come about. And how long do you think it plays out. Yeah hey guys. Thanks for having me on so a couple of different things right so one of the things that we've been talking bird with the ship. Chip shortage is that the pandemic has boosted demand and that demand hasn't come from areas if be thought were going to be the demand by so for example. Pc's have been through the roof so associated components of cpu's memory iowa chips display drivers. Have all from a demand. Perspective shot through the roof from second half of last year and it's ongoing so that's a big component that's about pc's at al pc's in Servers are roughly about thirty to thirty five percent of semiconductor consumption across different categories secondhand. Have been very very strong Despite the wall walkway ben there's been movement of market share five g. and that demand has been very strong as well. So that's another thirty five or so percent of demand for for semiconductors. Those two alone have been spiking Demand now one of the things that we've also seen through the industry's supply has moved around. So are those were expected to fall off a cliff. They're roughly about ten percents semiconductor demand so people come back on. Autos come three q. Of last year whoa nemi demand spiked again. Delayed we've already moved away from auto. Should that area has been caught on the back foot. That's the part i care about on. I don't care about the pc demand. I'm fine using my old one. Handset doesn't matter. The cars are important. Because we're seeing ten fifteen twenty thousand dollar markups on dealer. Lots is that going to are. They going to get production back into line not anytime soon if the short answer and You've you've had some margaret's already under a little bit of a supply crunch and you know this is this The adage of you know for the warned of a horseshoe nail the kingdom was was lost. Is a good one here because these could all be tencent parks two dollar parts but as a result you know twenty to fifty to seventy thousand dollar. Cars are waiting for this. Last electron component despite its value low value in order to ship the product. And you're seeing a lot of that. And i don't know if you've seen this in industrial or certain types of You know very mundane household electric items. That aren't back order and prices being marked up. So i agree. Good point in that you're going to see shortages you're going to see delays and you're going to see higher prices and this is Most lace needs sustained through twenty twenty one and perhaps me spillover into twenty twenty two depending on whether demand is sustained. Some of the demand is perishable But most of the demand like auto demand for example these long lasting. You're not going to go out and buy a bicycle because you can't get your hands on a car so you buy in q or q or you know you're gonna get all right guys. Thank you very much. This is going to be a big issue for this. Economy will certainly pay attention to advance. Cigna relic global macro strategist for bloomberg news on the phone on a trini. Yvonne senior semiconductor and hardware analyst for bloomberg intelligence. Thanks for listening to the bloomberg markets. Podcast you can subscribe and listen to interviews apple podcasts. Or whatever podcast platform you prefer. I'm matt miller. I'm on twitter. At matt miller nineteen seventy-three and i'll fall swinney i'm on twitter at pt swinney. Before the podcast. You can always catch us. Worldwide at bloombergradio market disruption has accelerated the need for increased efficiency and scale in the asset management industry. Do you have the right technology to propel. Your firm's growth bloomberg by side solutions are engineered to deliver a seamless enterprise experience so you can gain a competitive edge. Data analytics trading risk operations connected by side from side visit bloomberg dot com slash by side.
Bloomberg and Wondery Present: The Shrink Next Door
"Uh-huh. Hello, otlawed listeners. It's Joe Weisenthal psychiatrists in our most vulnerable moments, all of our problems in dysfunctions, laid bare to a stranger. We hope that they keep our secrets, and help us solve our problems. We place our inherent trust in them. But what if they used that knowledge against us for their own benefit in the brand new podcast from wondering, Bloomberg the shrink next door host, Joe Nocera takes you deep into what it looks like when a psychiatrist becomes something much more. You'll hear of extravagant parties attended by movie stars, a lavish home in the Hamptons and the man at the center of it. All you're about to hear a preview of shrink next door in which you'll meet host Joe Nocera and hear about a relationship that would go onto affect to people's lives for twenty nine years, while you're listening go subscribe to the shrink next door on apple podcasts or ever. You're listening now. There's also a link and the episode notes that will take you there. By any measure, Marty Markowitz was a success. He had an Ivy league diploma. A law degree his own business and plenty of money. But when he hit thirty eight he found himself feeling seriously overwhelmed. His rabbi recommended a therapist, he knew who had an office. I'm Anne Hatton side. Why go into his office, which was a modestly furnished office with a desk and a chair and a couch, the therapist's name was, Dr Isaac Hirsch cough? But he told Marty to call him. He was a young handsome man with a round face a close cropped beard and curly, black hair. He was dressed casually in an open collar shirt and shorts. I sat down right across from him. And we looked at each other. And he said, okay. Why are you here? Martin had seen a therapist. Before the kind who had listened while you lay down on the couch and talk about your dreams. This therapist was different his motorcycle. Randy was basically. I'm your pal. Tell me what's bothering it. And let's take it from there. Marty spent the whole session, laying out his problems. He told his father and mother had recently died, how he didn't herited the family business, how he was having a hard time dealing with his new responsibilities. When he'd finished. Marty says, I looked at him and said, I'm going to take you on as a patient. And I said, okay, nice not only was I taking him on a patient, but he made Marnie a promise. He said, don't worry, I'll take care of everything. I was overwhelmed and to have someone say to me, don't worry calmed down. This is nothing to get upset about. We're gonna straighten everything out and we're going to do it fast. Very comforting to me. Mardi wrote a check, I think was for one hundred sixty dollars something like that back back in the day. It was June nineteen Eighty-one Marty had come to because he needed help. But if he'd known what is new therapist had in store for him? He probably would have walked out the door and never come back. From wondering and Bloomberg. I'm Joe Nocera a columnist with Bloomberg opinion. And this is the strength next. This is episode one. Welcome to the neighborhood. Every neighborhood has its share of mysteries. We can live our entire lives and barely know the people just one door down. I have a summer house in Southampton. A couple of hours outside of New York. Just part of the Hamptons is called the bayside. It's quiet peaceful. A place to escape from the city in the hot summer months. Samson Jackie Gadot. Have a house on the same street as me? My name is Jacqueline Gant, and we're married thirty five years. We're married, fifty two years. They've been coming here since the eighties most of the houses on our street are single story with wooden Clapper fronts. Samson Jackie's house is no different, so lovely home really. But there's one house on the street that stands out for starters. It's just bigger than most of the other houses. It's two stories instead of one. And it's the only one on the street with a separate guest house out back. And then there's the way it looks, the houses spectacular with windows and windows, windows, everything about it is over the top. There's upon with goldfish. Lots of fish and waterfall to the pond to. It's bigger bolder Brasher than anything else on the street in two thousand ten my wife and I bought the house next door. It wasn't long before. Man. Popped over to our house to introduce himself. He was dressed like a maintenance man, green khaki pants along sleep worker and faded baseball cap. He welcomed us to the neighborhood, and then he handed us a folder of press clippings. I literally just took them said, thank you. And but he wanted us to have them. You know, he really wanted Joe to have him. There were articles that a psychiatrist, Dr Isaac Hirsch, cough, had written and articles that had been written about him in mid August and invitation arrived to a summer barbecue next door hosted by Dr Hirsch cough. I this would be the last of three big summer parties. He's through every year, I went on to reach the front door. I had to cross a bridge over a fish pond. There were maybe forty or so guests hanging out in the backyard. I roamed about stopping here and there to chat. I spotted the actor Richard kind. Just in time to see him do a belly flop into the pool. There were a handful of other people to people, I recognised as prominent New Yorkers like, Dr Ruth, the TV personality and sex expert. It was a warm afternoon. I chatted with a few people sipped on my glass of wine and began to wander around. At some point I found myself in the living room. There was a fake draft bust for Nisha masks, plastic parrots hanging from the ceiling, even a giant gone. But what struck me most with photographs, lots and lots of photographs and nearly every one of them. There was I heard cough, with a different celebrity. I with Henry Kissinger I with Elliot's L I with Brooke Shields. I with Paltrow even with OJ Simpson. It was like one of those Diner's with the walls or covered with pictures of celebrity patrons, at that moment, the man himself appeared, he greeted me. Like a long lost friend and said that my wife and I should come over soon for a drink. And then he was gone. Sure enough a few days after the summer party, the same maintenance, man, we'd met before showed up at our door. Again, this time he brought an invitation for drinks. It was very formal as if he was reading from a script doctor Hirsch cough wants you to come over eight at such time on such and such day, the formality of it, blew me away, and he was very, very exacting about how it had to go. So we went one of the strangest evenings I've ever had in the Hamptons or anywhere else for that matter. But definitely Hamptons. It was pouring rain. We headed over umbrellas and hand to get to the front door. We crossed the bridge, we could see Koi circling in the water below, I can his wife Becky welcomed us in and ushered us to around kitchen table. They were snacks, laid out carrots, and celery, I served white wine. So when I remember is him talking incessantly about being a sex therapist, and celebrity therapist. I can't remember the details. But that just really sticks in my mind that he kept going on. And on about that it was more like a monologue than dialogue. That's what I remember. What are you remember, just remember thinking? These people are I felt suffocated. I talked about his work. I've never standing like it, but I remember thinking, who's very brazen about the details of his life considering we restrain Gers also considering what he does he did talk about an MBA sports guys. And somebody Yankees player I just thought he lacked a of discretion Cabinda's field. We listen politely as he went on and on. I just remember looking towards the door finally after about an hour. I said we needed to get home and we got up to leave, and it was very clear that I wanted a photograph. A photograph of me, I think he came out and said, would like to get a picture of you and it was just Joe it wasn't Joan. I so I take my picture. To his wall. And then we left as fast as we could. I remember getting into our home collapsing on the couch or something. Don't hold me. She never wanted to go back. There was no sign of the maintenance man. The night don't and I went over but I knew he was still around. Sometimes we'd be on our deck, and we'd see him outside working in the yard when I returned to the Hamptons, the following summer. I noticed something strange at the house next door. I would see the maintenance man out on the property, doing his usual work in the backyard. But I, I cough was gone. I would never see him or his wife Becky in the Hamptons again, there were no more summer parties. It was as, if they had simply disappeared. And that's when I learned that everything I had thought I'd known about my neighbor was wrong. It's, it's a wild story. That's the maintenance man. The guy who came to our door with the press clippings, the guy, we saw working around the yard, that was Marty Markowitz the same guy would I gone to see Dr Isaac Hirsch cough. As a patient, nearly thirty years earlier. That was just a preview of this rink next door to listen to the rest subscribe to the shrink next door on apple podcasts. Whoever you're listening right now.
Biden Has Once-in-a-Century Chance to Fix Capitalism: Joe Nocera
"Your data is a powerful competitive advantage and the spunk data to everything platform can help you turn that data into successful outcomes across your entire organization. Learn more at blunk dot com slash everything. Welcome to the bloomberg markets podcast. I'm paul sweeney along with my co-host vonnie quinn. Every day we bring you interviews from the e. O.'s market pros and bloomberg experts along with essential market news. Time the bloomberg markets. Podcast on apple podcasts. Or wherever you listen to podcasts. And on bloomberg dot com in two thousand sixteen the business roundtable an organization of nearly two hundred. Ceo's changes course statement on the purpose of inc for two decades it had said that companies should primarily strive to maximize shareholder returns. It's new statement. However called on companies to deliver value to all stakeholders a beyond a shareholders. Our next guest has a fascinating column out on this topic. Joe nocera bloomberg opinion comes is out with a fascinating com. That's getting a lot of attention on wall street. And beyond joe talked to us about this concept here of stakeholders above and beyond perhaps just shareholders. And how that whole discussion. Maybe changing as a result of this pandemic. Wait it's getting a lot of attention on wall street. Yes sir nice to now. So joe i mean it's just it's fascinating here. I mean you know again. We you know when i went to business school. It was all about maximizing shareholder return maximize yep in. I was in the room when the phrase was invented i was in i was in the waldorf astoria. Nineteen eighty to june watching boone pickens and take over his first. A cities. Service is big takeover. Play that was house. What's changing here. if anything. Well would you gotta remember maximizing shareholder value has not always been you know the cynical of american business. It hasn't been You know in in in in the thirties and the forties and the fifties and the sixties companies view themselves having a a wide range of constituents of whom shareholders were one And i remember well. I don't really remember but g. e. had before jack welts Red reg jones the ceo. You know he was considered the the most important. Ceo of his time and in the ten years he had the job the stock went down nine percent and it was a different world so so yeah maximizing shareholder value. There was no question that more emphasis needed to be put on shareholders. No question at all. And there's no question that companies needed to you know get leaner and meaner there was a lot of fat. There was a lot of the sluggishness and we were leading rivals from abroad eat are and autos and other in other areas but now the pendulum swung too far and it got that gave us enron and it gave us drug prices that that that never stopped going up and it gave us. You know the boeing seven thirty-seven max. Which is definitely directly related to wanting to keep the stock stock price high at board. And so then you have. The pandemic where companies really had to step up and think about their employees and think about the country and what they can do for the country and that and that Sentiment is kind of to what happened. In the sixties and the fifties than it is to maximizing shareholder value and argument that i make in my column is if you want to get rid of income inequality or reduce it and get back to a co a country that has good middle class jobs and a sense for people that they can. They can do better in life than their parents so they can do well in life you know. You just can't focus on shareholders you have to you know you have to think of other things broader things and i think what we've discovered over this time of this pandemic and even a little earlier is that a lot of corporate executives have come to understand that and come to realize that you can't have a narrow slice of the country doing well and everybody else doing poorly as i recall. This was a theme. Davos two thousand twenty years. Well it was. Stakeholder is for a cohesive and sustainable world so it sounds like all of these organizations doubles the business roundtable. they're like the supreme court they sort of go where the public mood needs them to go at some point. So joe what happens now. How does you know david. Solomon and jamie dimon. All of these people make that a reality. Or will it be up to these new regulators that we're hearing a lot about well i i don't really think A lot of companies are going to do this completely on their own without some kind of prompting So you know. I think it's i think by. I think this is something joe biden should talk about. But i also think it's something that the administration can take some steps to create incentives It can create tax incentives for factories built in the us. Or percentage of the workforce that stays stays In the us it can use the defense production act to to fourth A certain amount of manufacturing in the us national security grounds for instance. You know it was nuts that we had no and ninety five masks that except for three m everything else was made in china So that's another sort thing. you can do infrastructure. I think could be huge because if they actually had an infrastructure program you they could set a wage for workers that would be very attractive and that companies would have to match if they wanted to keep their employees So you know. I am by the way the fifteen dollars minimum wage. I think has the potential to be huge if that that becomes law. Joe in your calm you talk. Talk to us about a company named tech. What was the story there. Oh so democratic is a is a family. Small family owned company in miami and they make surgical supply sutras and things like that. So the pandemic comes along and they realized there's a huge shortage of Ppe personal protection equipment. And so they hire a bunch of people people and they invest millions of dollars and they kind of set up a ppe. Division Big you know. Yeah they wanna make money but the motivation was to help the country because they could see in miami and florida and elsewhere. Tostados didn't have this stuff. They needed and Once again approved by the fda things went really well all summer long but when i talk to the democratic executives they told me that already the buyers were starting many of the bars starting to shift their buying back to china. And that's exactly the kind of thinking that is really destructive. You know because what they're doing is they're sacrificing the security of having an american made product for the you know the price the cheaper price they get from china. That's exactly what it got us into this problem in the in the first place and so The guy from benedict basically said if i don't if the government doesn't get involved here i'm not gonna be able to stay in this business because i'm not gonna have any customers left and i think that's tragic both in terms of the jobs that they created and also in terms of this national security implications that we have discovered during this pandemic. Who'd you see taking a lead on this. Joe i mean we'll of jeff basil's do something. I doubt i think it could well very well be jamie dimon. He's talked quite a bit about this and he has My buddy andrew sorkin had a column the other day and the times in dealbook about as a group that he has a of thinkers who help him who had put together a memo saying that. If we don't solve inequality you know everything else Everything else doesn't matter. This has to be done and jamie has made some very tough statements about You know as a company. Ceo's have to start doing things that's not necessarily best in their best short term business interests if they help the country joe. Thank you fabulous. Columbine has once in a century chance to fix capitalism. Joe nocera bloomberg opinion columnist. That are everybody to read of this one. It is nfl championship playoff weekend. In the first game tampa. Bay buccaneers against the green bay packers and in the second game david versus goliath. We have the buffalo bills against the kansas city chiefs. It's getting that games getting a little bit heated in the grocery aisles. Interesting story burt. Flicking managing director. Strategic resource. group joins us here bert. What's going on in some of these supermarket chains in buffalo and beyond Paul joe dash. Ceo of legendary for generation dashes markets family ninety seven years is reversing the proverbial curse of the cookie number thirty four cookie gilchrist and the curse of the firemen number twelve. Dera lamonica from current bills. Quarterbacks same area From fresno and gilchrist and lamonica were key and leading the bills to their first and only championships and they never got put on the wall of fame and One wound up losing january first sixty seven kansas city chiefs for the first time I chance to get into the super bowl. And they've been trying to Be kansas city and a championship game sense and and So the dash families taking all the kansas city masterpiece barbecue sauce off the shelves of all the dashes stores and replacing it with guy hughes's african-american locally owned and operated black family of fuses Preservative free sugar free and gluten free barbecue sauce which is outselling the kansas city masterpiece barbecue sauce. Tell you listen no no. I just just just just an old entrepreneur and five generations of Coming out of foster farms and orphanages helping start The food food industry They're in enhanced with ten thousand since red red and white. iga and rextall drugstores that my ancestors. Co-founded well that is an amazing story. Left here all of that. Some time but bart tells me that kansas city barbecue sauce must have been pretty good in. The first place was ever on those shelves. It was good vonnie But it was craft combining hides combining with buffet and three g. and reportedly The ingredients and the quality wasn't as good as What joe dash and his team noticed with g hughes and they always support minority and african american and united nations of entrepreneurs on on the us canadian border. So is giving a great entrepreneur. a chance and as paul said in the david versus goliath story g hughes's barbecue sauce. knocks off and is is outselling. Kansas city kraft barbecue sauce By a factor of a thousand percent. Well all right bert so again. It's nfl playoff weekend. Typically a big time for bars and restaurants as people watch the games but of course across much of the country. That is not an option. What are we seeing from some of the grocers are they seeing their sales of you know chicken wings and sodas and beer or we see that really kick up here because there's nowhere else to go to watching games Paul yes record breaking sales on the bloomberg terminal food retail was down two percent last month. Dashes is up over. Twenty percent and and every week is a record-breaking week Bigger than any thanksgiving week or christmas hannukah week they ever had so like you said Chicken wings beef on wick all What the kyw's castellani Family i co co founded dashes calls hometown favorites and is on the bloomberg terminal Trailing twelve months restaurants sales down twenty four percent so dashes preparing meals and it's commissaries and kitchens in the stores and delivering it to seniors are letting people Pick up curbside or get Chef quality prepared meals from dash chefs and dashes literally putting amazon's new whole foods prototypes store on niagara falls out of business and going toe to toe with all the big elias From walmart to target to cosco to bj's to wegmans to all all the all of which are doing extremely well all right but we're out of time but two quick questions who wins this weekend and who goes bankrupt more. Broadly retail this year and quickly Reverse the curse the cookie and darryl lamonica Ah those went by a point and for re retailers go bankrupt still worried about Neiman marcus not doing a boomerang bankruptcy and neiman and bergdorf boomerang boomerang Back into bankruptcy this year Food dry drug off. Price retail record breaking sales continue for the foreseeable future fabulous love The broad range of things that you can sneak of polled. You agree with his call for the weekend. I hope so. It'd be a nice story to see The buffalo bills kinda. I think it's been twenty seven years and they've had a tough go but the got a great new young quarterback but two good games this weekend and the big winners are the tv networks. Yes record breaking ratings exactly for sure. Well look into areas. We don't have to really point out is a buffalo son so who thanks for joining us. Today is managing director of course as well as strategic resource group. Don't often get to talk to him about sports. But this is a great opportunity so thanks to some new producer for setting. Burt obviously a retail expert and talks to us. Generally about how retailers are doing so. I guess we'll set. Our timer is to see what happens this weekend. Your organization has a unique and powerful competitive advantage. It's your data and the spunk data to everything platform is ready to help you. Turn that data into successful outcomes for all of your teams data has never been more valuable. It's transforming the way we work and the way we live if you're looking for a way to be more efficient secure an innovative with your data. Look at spunk. The data to everything platform learn more at splc dot com slash everything once again existing home sales surprising to the upside in december seven point six point seven six million homes were sold. That was more than the six point. Five six million economists were looking for and the previous month was revised upwards as well. Let's bring in logan mohtashami housing data analyst and columnist for housing wire just to give us a broad update on where we are housing. Wise is there continued. Demand out there. Logan for you know suburban and ex urban housing. Absolutely you know a lot of these lot of hot data that we're seeing in existing home. Sales is just make up demand for the loss months that we had during covid and purchase. Application data has been positive year-over-year for about thirty eight weeks right now so the is going to continue. It's pretty much keep it simple. We have the. Us has the best housing demographics ever mortgage. Rates are the lowest levels ever so housing demand will be stable for twenty twenty one The only the only issue is hot. Can home prices go After you know having extremely hot year last year going into twenty twenty one with lower mortgage rates and the economy coming back. Logan talked us about supply. We you know as you mentioned. The demand dynamics seemed to be in place for the near intermediate term talks about supply of homes. And this is a problem is with moscow with supply solo all time lows As a today and some of that is just a function of you know. Inventory falls toward the end of the year unless mortgage rates. Go up higher. We can be in this very low inventory environment for all twenty twenty one. Which again the problem is that home prices can deviate from what normally would have been the occurrence if there was a typical expansion or where. I mean kobe. This kept mortgage rates lower than it should be so if the economy comes back does higher mortgage rates bring more supply. That's what we want. We don't want this kind of hot home price growth year after year after year. And you know. I i know a lot of people think well people are just going to move around work from home and that will bring more supply. The velocity of inventory only really comes when rates come a little bit higher. You know typically demand gets better inventories stay flat or go lower higher mortgage rates right. Now are the only thing that could help the inventory situation. Well and there's also those nine million unemployed logan i presume. None of these people buying homes majority of the people that were unemployed in this crisis were renters or people that would you know fall into the renter financial profile Higher wage income Americans didn't lose his money Jobs as that group did so. It didn't impact the housing data as much. We froze as a country for about five or six months months. Purchase application data. Were down big year over year and then it stopped going down and just ran up Hired we've gotta be shaped recovery and then we've been making up. I think that's the big theme that people should realize. This parabolic lies an existing home. Sales is all make it over eventually. Come back down to a normal trend and that trend should not be looked at in a negative way. We ended the year about five point. Six four million so we still have this. Big deviation from monthly sales to total sales trends are so sales will come down slowly and then we'll find a normal train. we'll take it from there but again the lowest mortgage rates ever. The best demographics other can facilitate unhealthy price goes. We don't want that. We want the economy to recover. We want mortgage rates to go higher. It'll cool the market down obering balanced back because this about a balanced market right. Now look and talk to us about the mortgage market the underwriting market and kind of are we are the mortgage writers. Are they writing good mortgages talked about that because that's where we got into some trouble obviously back in the in the financial crisis post twenty ten. We've had the best loan profile Ever in us history most of these loans are all stick. Slow debt cost loans with wages so This is one of the reasons why they housing market did so well. We didn't have any kind of exotic loan debt structures or anything that would facilitate unnecessary inventory. To increase and a part of that also is problematic. Because you're not going to get Inventory to skyrocket anytime soon when demand is good so the the underwriting standards are perfect. that's that's one area in the. Us ocado we don't have to worry about the the thing. We have to always make sure not to ease lending standards to facilitate more home sales at risk homeowners and so far. There's nothing out there that would that would require even that discussion. Then what happens if you get a major selloff in equity markets what happens to demand then well salted equity markets means bond yields go down in portage rates. All listen mortgage rates are low. It's not the mortgage. That's gonna stop people. But what if they're wells gets gets You know torn asunder in an equity market selloff equity market off relationship to home would probably be higher ed market. Maybe you don't get that two to three million homebuyer But outside of that not really. It's just we have a lot of young people just to give some perspective ages twenty seven to thirty three is about thirty two and a half million people. People need somewhere to live as long as they're employed even if the stock market's l. Fifteen twenty percent with you know we've had corrections all through the longest economic expansion ever in the last one home sales just so A big equity selloff might impact. Maybe the higher end markets in new york and california miami connecticut. But that's not it just doesn't have that kind of a law city if employment levels are high or mortgage richardson along certain marketplaces would be impacted. Logan talk about the construction of housing for kind of that first time buyer. We've heard in the past. That kind of inventory was just not being created. Well one thing that's been positive In housing is that after twenty fourteen when the when the when the builders a new home sales had had a really big A salesman Builders have been building smaller homes and the question is now does that continue or is this theme of what people want bigger homes because they want an extra room for their for their for their family members or their office. We'll see how that goes but that is actually been real good positive for this country that builder started to incorporate smaller homes into the mix which means they could compete with the existing home sales market. Which is much bigger provides a cheaper home and has a geographic advantage over the new home sales market so that trend hopefully continues For twenty twenty one and many years out because they just building bigger and bigger homes and then they got the memo by after twenty four. Got a logan. Thank you so much for joining us. We appreciate it. as always logan mohtashami. Housing data analysts also communist for the housing wire based in california. Giving us some more color vanni on what has been a real bright spot in the us economy that being housing for sure and it's definitely helps. Keep things afloat. You have to wonder about about urban housing yellow. Does that come back at some point. And if so when you're exactly right so there's been that migration out of some urban centers into the suburbia. It's been an interesting Issue to follow time of the week to bring in our lawrence. Our associate professor of emergency medicine at the johns hopkins school of medicine. We should note that the bloomberg school of public health supported by michael bloomberg founder bloomberg lp and bloomberg philanthropies lawrence. Thanks so much for joining us. We always appreciate talking to you on this weekly segment. I guess what's new here is i. Guess the reemergence. If you will of dr anthony fauci cheesy. What does that mean to the folks. Do you think in the healthcare industry. I think it it starts a sort of with the breath of relief and A reminder that we're going to get back to the hard work of using and creating science to really come. Combat this pandemic. It's a place that we sort of in the response as haven't so comfortable in for a long time And i think i can speak so many. If not all my colleagues to say that it was really great to see him sort of not mince words to get up there and say that there that you know he. He's excited to be able to say that if he doesn't know something he doesn't know something and There's going to be a change in how we approach science with the new administration yet absolutely not mincing his words of one point to a story that has just emerged. It's about wall street leaders lauren. Making the case to allow them be part of the vaccine distribution particularly in new york city but also maybe beyond new york city it definitely york state. Goldman jiffy morgan. Ktar among firms on the call with the state asking if they can if they can provide distribution and logistics. Is this wise. I mean it's obviously and these companies interest to to try to do this but I mean is the best way to go or is it is. It may be getting into some dangerous territory. I think one of the things that we have to do is be careful that we don't You know throw too many different types of options into how we seen. Roll out We have clear and official recommendations right. You see i pee on. Who should get vaccine when and What the priority groups are. I think The administration's does see a plan forward to accelerate vaccine distribution and That includes both Upticks in in manufacturing and infrastructure. And things like that but also in non public messaging around vaccine and so I think the logistics and the sort of quality improvement side would be really valuable. But i also think that It we have to be careful that we don't just continually change. The plan right as new plans are getting started and starting to streamline because there's gonna always be that pain when a new plan is implemented of the learning curve and getting it in place and getting infrastructure around it But we can't switched plan time. We don't see that immediate uptick in speeds. So we we really have to Give the new strategy the opportunity to play out and and Get vaccine into the arms of people. Lauren rightfully so the vaccines are and center on people's in people's minds. Talk to us though about therapeutics treating people that are in hospital with the virus. Where are we now. How are we. How is it different from say. Almost a year ago. I think is a place that we sounds like. We might have lost lauren. If she's there she can absolutie chime in again but a very interesting conversation there pull just as we see that italy's numbers have begun to drop after five weeks of games in the alright is below one again so that is a little bit of good sign least four some countries. Yeah absolutely and i think i was. I was asking lawrence our about the therapeutics presumably. They've made some enhancements there. And maybe that will factor through in in some of the statistics as we see going forward here so but i think we have learned backs lauren. I was asking about therapeutics where we now versus when we started this. Yeah absolutely. I mean i think this is a place where we would have liked to see Improvement a little further along Some more options and our toolkit so to speak The you know remdesivir some of the steroid options that we have are are promising. And i do think our standard of care has improved significantly in the ability to effectively care for to manage these types of patients. I think one thing we would like to see Some more work in the repurpose drugs base and that that careful randomized control trial design. We learned a lot from Some of the trials coming out of the uk but we would like to see those drugs implemented into a true of controlled so we can better understand them. I think this is a space for continue. We're going to continue to do a lot of work but it is going to be It's going to be a long haul. I mean we important for the study design. We still have a lot of covid patients. But i think the hope is that as the patient's decline with the vaccine will have fewer patients enrolling in studies which is great for the patient population but not so great for the study design of new therapeutic. So it's going to be a drag briefly lauren. The biden administration came in and said it was going to be a priority. And you know that it was gonna overhauled way vaccine distribution so one hundred been being done are there countries that are doing better though. Can you point to examples. And i think there are countries that are doing a really good job here. I think israel has been an example. That's been held up a lot As really being successful in the space. I think one of the challenges in the us is that we don't have a nationalized health system which some of the other countries that have been able to do this. Better really can leverage right. Because they have one electric health record they have a system that can move patients more efficiently and then they can leverage things like The their military or their versions of national national guard to really broadly Have systematic young that that affects the entire health system. Lauren thank you so much as always lauren. Sour of johns hopkins. Thanks for listening to bloomberg markets. Podcast you can subscribe and listen to interviews at apple podcasts. Or whatever podcast platform you preferred. I'm bonnie win. I'm on twitter at lonnie quinn and paul sweeney on twitter at pt. Sweeney before the podcast. You can always catch us. Worldwide at bloomberg radio join us on january twenty sixth through twenty eighth for bloomberg's the year ahead virtual summit where global business leaders from delta kohl's apollo global management bridgewater hilton carnival american express and many more. We'll discuss the most important trends challenges and opportunities facing executives in twenty twenty one and beyond sponsored by ibm register at bloomberg dot com slash ty slash radio.
The Pandemic Could End Shareholder Supremacy For Good: Joe Nocera
"Welcome to the Bloomberg PNL podcast. I'm Paul Sweeney along with my co-host this Abramowicz each day. We bring you the most noteworthy and useful interviews for you and your money whether at the grocery store or the trading floor find a Bloomberg pl podcast on apple podcasts. For wherever you listen to podcasts as well as at Bloomberg Dot Com. There's a question of some of the permanent market shifts that will occur following this pandemic a lot of people have been trying to understand how the world as we know it will change. Joe Nocera Longtime Columnists New York Times a columnist for Bloomberg opinion who I deeply respect and always appreciate wrote a fantastic Columi- highly recommended pandemic could end shareholder supremacy for good talking about. How a shift in the priorities of executives could change the way companies are viewed in the world to. Calm Joe. Nocera joins US now joe. Can you talk a little bit? About what the main idea here is behind your call him. Yeah I I. My basic view is that just as we people in isolation or wherever have become nicer to each other more generous too much? The same thing is happening. In Corporate America Where executives top executives are caring a lot more for their employees Than they have in the past You know furloughs instead of lay offs where people get to keep Health Care Really trying to keep people on the payroll even though they don't have that much work to do the you know. Free Corona virus testing And on and on and on. And and you see this over and over and over you see it in in the quarterly conference. Now you see it in so many companies trying to do something to to stem this virus even if even if their business has nothing to do with medicine or healthcare And it just made me think boy you know this could signal a shift That would be good for the country and good for employees. And you know maybe even good for the stock ultimately. It's interesting one of the key questions is can this blessed or is this just simply a function of the time or in. Well that's what we don't know and I certainly didn't Suggests that this is automatically going to happen or this was a guarantee it's obviously not a guarantee It's a little wishful thinking on my part. I'm hopeful that this could happen. You know one of the things you seen in America over time as you have seen these shifts in corporate values over time in in the column that I wrote. I talk a lot about The Post World War. Two era where companies consciously hired more workers than they needed knowing that that was important to prevent a new depression And also to create kind of a virtuous cycle where workers were made products. Other workers bought them. You know and and you expanded the economy. Then you got into the era of shareholder value which really started with the bull market of the nineteen eighties. And you had a very different you had like chainsaw. Al Dunlap who bragged about all the people he he he he fired. You know and didn't get the already. I think we're as a culture. I think we're ready for something. Different people are tired of this shareholder value stuff and the damage it does to employees and consumers and in the country at large Joe. That sounds wonderful and I would. I would think that probably people would feel very happy if that were the case. I'm looking right now. Bankamerica shares. They've gotten killed and make America was one company you highlighted as is trying to do the right thing and promising no layoffs and and doing a host of other issues to try to forestall some of the some of the pain throughout corporate and Main Street America do you think that shareholders. We're going to get on board here. And basically end up sort of rewarding companies that do take the angle that you're looking at or are they going to say look at the bottom line. You're not gonNA make as much money for me. Well there's going to be giant in the market. I mean there's going to be an enormous reset and and and Yeah Bank of America. Shares are down in part because its revenues. Were down like forty five percent You know I think that I basically think that we could get to a point where companies basically say you know Dear Wall Street. We're doing our best but we got a lot of other things to worry about. And we want you to have a seat at the table. But you're not the only seat and Wall Street is going to have to. If enough companies say that Wall Street will have to accept it if they don't you know then then we're back to where we were. Yeah Joe it's interesting as you. Well know there's a movement within particularly institutional investing. Es G Environmental Sustainability and governance so even institutional shareholders are have been paying more and more attention to things other than the bottom line. So perhaps this could be a further catalyst towards that and maybe make esp perhaps even more vibrant right. And then you have the whole thing with the Business Roundtable last year changing it's motto or creed or whatever you WANNA call it To be more Employer and consumer friendly and not as as focused on shareholders You know a lot of people thought that was This PR exercise NPR. But if you have some movement and then all of a sudden you have this virus that really changes the way people think maybe can. I'm not saying well I'm saying I hope it does at least join you in that. Hope Joe we'll see but I I agree. It seems like something profound is happening around the world as a real. It's corona virus. There'll be lots of implications longer term and we'll see if that applies to corporate America's while Joe Nocera columnist for Bloomberg opinion joining us on the phone from Los Angeles Joe. Thanks for joining. She can read all of Joe's excellent opinion pieces as well as all of the other work from Bloomberg Opinion Bloomberg Dot com slash opinion. Or I and go on the terminal. They do excellent work. So there's a conundrum right now. Paul and I keep using that word because it's very hard to understand the market right now. It's hard to understand the rally that's recouped all the gains and losses rather at least when you look at the top. One Hundred Nasdaq shares. It time to get in and are we pricing in now. The other side of this pandemic and the related recession or people get ahead of themselves and only. There's no one better to talk to the Chris. Hijazi chief investment officer from Maryland. Make America private bank as he talks with clients all day long. About what the what? They're feeling and their allocations. Chris come on in and when we take a look at the rally that we've seen over the past few weeks. Are People viewing this as a dead cat bounce or are they viewing this is the true signs of shifting mood at least on the part of equity buyers? Yeah I think The the quick answer to that is when you're seeing volatility declined by fifty percent from the record levels of eighty plus that we saw which was indicating at least for equities is five to six percent swing daily Back you know During the the throws of March now get into the mid thirties which is indicating. You know below a two percent daily swing. What that does is for the long term investor if it provides comfort that Forget the fact that whether or not you're GONNA RE-TEST LOWS. It just provides comfort that there is a little bit more assured that we're going to get to the other side like in. March people didn't think we were going to get to the other side at all. So now you've got a little bit of comfort level on the long term investor but the short term investor. And you guys have all seen this The positioning in the marketplace is still very very bearish. And if you're if you're someone who thinks about quarter to quarter Whether you're a hedge fund or an institutional investor What what they're still very nervous about. Is this proverbial quote unquote need to test the lows? And that's a statement that most people use because that's what's happened in history but quite frankly this episode this three pronged prices health financial and economic that. We're still going through Is is is unlike anything in history To the speed of the decline is being matched by what we call this. The speed of the exhale rebound so Chris. This is just a rebound within a longer bear market. Or do you think that once we get to the other side of this and quite frankly. I'm not sure I don't have great confidence that it's going to be shorter. It just feels all that information I hear from the officials is that it could be longer than people think. But do you think once we do get to the other side that this is a market that can work higher. Yes yes there's A. There's a few reasons for that. In the short term it was about liquidity. We got through that now. Now we call the second phase the buffer or the bridge and that is that is where the fiscal stimulus is simply designed to to Stop the abyss or at least cover the abyss that we're all going through in the second quarter and potentially part of the third so Investors are looking at the other side is a lot longer than the abyss so that was stage one and then stage three which is next is a true economic recovery and then stage four or phase four would be at the end of twenty twenty one where you have a pent up demand cycle now. It's hard to see that now but when you look at income data in terms of the number of claims what these programs are designed to do is fill that unemployment claim gap. So even though you're you're likely to see unemployment go way up. I mean that's pretty obvious. People are getting that extra payment so when you come out on the other side consumer spending could actually go back to where it was. Even though consumers will still be tentative. Chris when we look at what has led some of the rebound recently has really been big tech. And I've been really struck by the Nasdaq outperformance with the top. One hundred names outperforming. The Dow the most in decades. I'm trying to understand whether big tech will continue to be the leadership going forward or whether perhaps people have hidden out too much in these sort of the havens of this cycle and these are expected to underperform in the near term. I think the knee-jerk reaction on the part of Analyst the analyst community is going to be hey some of these companies are getting to to multiples that are simply too high what many analysts are not factoring in on a forward twelve twenty four thirty six month basis is many of these companies are now being. Being their value craters their growth creators. Actually they happen to dominate the index. So if you get. Passive investment flows coming back in. They filtered down into these names. They also happen to be the names that are breaking through the cove in nineteen Pressure and they also happens to be the names that are creating the greatest free cash flow with yields weather ad in fixed income land free cash flow yield is extremely attractive inequity land so it's kind of a three pronged benefit for these companies which is why we fully expect many of them particularly in tech and healthcare Should go to to multiples that. They haven't experienced in quite a long period of time. Okay Chris. We've got some stability back in the marketplace. Is there enough to build in the marketplace to even think about emerging markets in areas? Just been really really crushed. Unfortunately now we just downgraded emerging markets on that little bit of a bounce that we had a couple of weeks ago the downgrade underweight from neutral and then took those proceeds and and moved into us large-caps and the whole reason was is because of the extreme dollar liabilities and until the dollar goes through a very significant week cycle. Those dollar liabilities unfortunately can pressure emerging markets at the same time that many of them have less than than high quality healthcare systems. So if you put that out there the risk reward is still to the inside is still on a relative basis much less than than the developed markets And specifically the. Us Is there any asset that you just would not own right now? Well I think on the real estate side. It's it's very difficult to to suggest that Coming out to the other side that things will be normal and and we're not significant. Leap BEARISH ON REAL ESTATE COMMERCIAL REAL ESTATE in general. But it's on the watch list and it's on the watch list for obvious reasons. What does corporate life look like For the foreseeable future even when we get to the other side and we have this this phrase we call the new frontier and the new frontier. is simply taking behaviors that we're all learning right. Now while we're we are during the shutdown. What type of behaviors that were exhibiting now stands the test of time and continues even if there's vaccines and that hits at the heart of what real estate may be pressured by which is telecommutes more telecommuting less need for office space than before the everything e learning e education of virtualization digitalization? Things like that You know unless urbanization quite frankly so those are all things. We're going through right now. Chris thanks so much for joining us. We appreciate your commentary. As always Chris Hazy Chief Investment Officer for Merrill and Bank of America Private Bank one of the most fascinating aspects to consider about this krona viruses. How it's going to impact consumers longer term will consumer trends be changing materially to get some thoughts on that? We're really fortunate to welcome mark. Douglas Chief Executive Officer of Marketing Firm Steel House based in Los Angeles Mark. Thanks so much for joining us again. It just seems like everybody's lives has been turned upside down with quarantining. And you just can't do any of the things that you used to do back pre-crisis what have you observed about consumer behavior over the last four weeks? Yeah Good morning so things have actually changed quite a bit. There's kind of what? What would the consumer journey that's going on in? The wayward thing is My company still housework collecting data on about a billion dollars a week and consumer spending so the first week is what you would expect everyone stocked up and so you know groceries All those kinds of things really skyrocketed. Probably the most interesting thing is About fourteen percent more consumers for two hundred and two percent more Alcohol and wine the first week shows you how people a big exactly essentially the exactly but the Second Week What's happened is everyone Fitness grew by a hundred and ninety eight percents week over week. So yeah almost tripling. The money spent on fitness equipment Fitness home Those kinds of trends The other thing that started to happen in the second week is that other Kind of what you would think of like business service. People started building out their home. Office says those kinds of things by the third in the fourth week. What has happened? Is this kind of a new consumer. That's about what we call him calling. Cova super consumer and they are buying anything on sale furniture Luxury good Just just like Home they're buying fishing equipment. Golf clubs just anything that's on sale and and you know so. This body consumers feel very secure financially. Apparently are are like shopping. Like we've never seen before we kind of stay now like every day is black Friday June as they can afford it wow. I didn't expect that so. Is there any sense tim? Mark as you look forward here that you think some of these behavioral changes might be more permanent. I'm thinking restaurants. Will people go out to restaurants as much as they used to and? I'm sure the cruise industry's trying to figure out what people ever come back on our cruise ships and people get into airplanes again. Is there any thoughts on that? Yeah a bit so we work with a lot of travel industry customers and all of them Larry. One hundred percent are now spending zero dollars on marketing at least The ones we work with. And we work with a bunch of big ones but we also in conversations with them and they are very eager. This storm marketing again as we start to come out of this crisis so I think the travel industry is going to be pretty aggressive and trying to get those early consumers to start Traveling again I think restaurants and this is a bit more my personal opinion not so much based on the data there was a trend that at least in. La New York the concept of Goat's kitchen where restaurants don't have a storefront anymore and And there's a Sort of founded by the Founder Uber. Who's WHO's got one a leading those kitchen companies. I think that is. I'm betting actually talking to someone yesterday that that is going to take off and restaurant or a lot of restaurants. I'm at home on leave. Delivery only yeah interim yeah I think people are getting you know maybe getting to the result of this may be getting more comfortable ordering from getting a delivered. How about retailers? I mean that's another industry that had been challenged going into the crisis. We know that the stores have been closing in more and more shopping's going online at. I guess it seems reasonable to assume that that trend towards online shopping will just accelerate. I guess to the benefit of Jeff Bezos. Yeah absolutely the and and we're seeing data so you know the first week you know you had all of these categories wine and we're thing that the plein lesson each week so so consumers who who are in good shape financially Are Buying in the retailers. Are you know? They're just shifting their their their focus. There we have one customer that has nine hundred stores. None of them are open and they are now spending pretty aggressively. I'm towards ECOMMERCE results Ecommerce sales and getting good results from that. I think consumers Are there probably one category? That stuff for the most is is Apparels basically clothing. I mean there's not much. No no one's really going out. It's not much recent buypower but we even things An increase in the apparel category in the fourth WEEK SINCE WE WE CONSIDER CRISIS. March there the day after the NBA. Stop travel from Europe. And so yeah. We're at the end of the week right now. Within even apparel is picked up And and clothing things that are a little harder to buy online but consumers are still starting to get active in that category. Interesting very interesting. It'd be interesting to see mark how this plays out longer term. We'll have you back to as we get through this pandemic kind of see how the consumer is reacting and get some more details Mark Douglas. Ceo of Steel House. It's a media consulting firm and spend a lot of time with consumer products companies and consumer facing companies getting a sense of how the consumer is changing and clearly. Consumer behaviors changed dramatically during this lockdown questions. How permanent will it be looking at the markets right here to get you? Quick data check. We still have green on the screen still holding on to those gains although they are giving of their we're off the highs in the market the SNP Pierre here up thirty eight points. Twenty eight thirty seven on the S&P the Dow's up it's called even three hundred and fifty points that puts it at twenty three thousand eight hundred eighty right there on the Dow and the Nasdaq up thirty. Nine points. Eighty-five seventy one on the Dow oil still negative still under twenty dollars. A barrel and credible supply demand dynamics here pushing oil to just tremendous lows. We'll bring it all more coming up. This is Bloomberg Joe. My second covers all things. Municipal Bonds for Bloomberg News joins US jump so glad. You're here because I saw an interesting article on the Bloomberg about mass transit. I don't know but I'm sure I'm like most people here in Metro area. I haven't been on New Jersey Transit train in a month. Haven't been on a subway in a month. That's got to be a big big revenue issue for some of these issues. Talk to us about what's going on and mass transit enemies Boban market. Sweney nice to speak to you again. Well as you point out with the lockdowns what they're shutdowns and so many of the large cities across the US. I the ridership has evaporated. So you know it depends which city you're looking at but you can see ridership off fifty sixty seventy eighty ninety percent because So many people are just not using any war. Schools Are Shush A lot of businesses closed. Or as you and I are doing people working from home So it's That has a real impact on the fare box. Now most places don't make you know their entire amount. They need from fare box. Because there's always in Mass Transit. There's so much dead time But that's having a real impact and certainly we heard from Pat. Foy On several occasions you know Henley MTA in New York here and He's made his You know dissatisfaction or You know feeling of lacking money. Don't the federal government several occasions? Yes so one of the you think about transportation. Initially we thought about the airlines of course got getting crushed. They're getting some significant aid from the government but the airlines before the crisis were had a great run here a great decade of profitability and cash flow but most mass transit systems kind of went into this crisis. Already under pressure. Well you know. Of course they were. Actually some of them were losing ridership and one of the reasons was alternative methods of going in you know people biking it and sometimes people are taking over and lifting and Even working from home so I've ever. Wow we talked about this last summer. Moody's came out with a port On this very subject about how they're alive different Alternatives they were eating into mass transit ridership and of course this is tips over the edge. Here it's interesting. I'm thinking about this. The shutdown work at home. I'm thinking about the states as well California saw a story on the Bloomberg California faces a budget shortfall. That could top thirty five billion dollars. How are they? What's the feeling in missile bond land? About how some of these states look miss powders deal with this crisis. Well you know there's always a little bit of the wait and see attitude you don't want to you know. Hit the panic button immediately. Plus the federal government is stowing a lot of money at the situation between You know the the money that Congress put aside that two point two trillion relief package. That's going to help out. And then you have the Federal Reserve with Ivor Billion Dollar Ball. Apparently just the first The first step of that. Sorta rescue package But yeah they You know you've you've shut down I guess thirty percent of the economy they say and for some states. That's going to have a much bigger impact than others So yeah it's people are sort of. They're shocked they're not surprised. Wow interesting to see the the federal government come to the rescue and there's a lot of states hit worse than others. I think some of the bigger states like New York like California. Joe Thanks so much for joining us on this Friday. Stay safe working for home and we will chat with you soon. Joe My sick easy MINNESOTAPA EDITOR FOR BLOOMBERG BRIEFS. Thanks for listening to the Bloomberg. Pnl podcast you can subscribe and listen to interviews at apple podcasts. Or whatever podcast platform you prefer con Paul Sweeney. I'm on twitter at PT. Sweeney and Lisa Abramowicz. I'M ON TWITTER AT LISA. Abramowicz one before the podcast. You can always catch US worldwide on Bloomberg radio.
Introducing The Shrink Next Door
"Psychiatrists. Yes, in our most vulnerable moments, all of our problems and dysfunctions bear to a stranger. We hope that they keep our secrets, help solve our problems. We place our inherent trust in them. But what if they use that knowledge against us for their own benefit in a brand new podcast from wondering, Bloomberg the shrink next door host Joe Nocera takes you deep into what it looks like when a psychiatrist become something much more. You'll hear of extravagant parties tendon by movie stars, a lavish home in the Hamptons and the man at the center of it. All you're about to hear preview of the shrink next door in which you'll meet host Jonas era and hear about a relationship that would go onto affect to people's lives for twenty nine years, while you're listening go subscribe to the shrink next door on apple podcasts or wherever you're listening, now, there's also a link in the episode notes that will take you there. By any measure, Marty Markowitz was a success. He had an Ivy league diploma. A law degree his own business and plenty of money. But when he hit thirty eight he found himself feeling seriously overwhelmed. His rabbi recommended a therapist, he knew who had an office, I Manhattan, Z side. Why go into his office, which was a modestly furnished office with a desk and a chair and a couch, the therapist's name was, Dr Isaac Hirsch cough? But he told Marty to call him. He was a young handsome man with a round face a close cropped beard and curly, black hair. He was dressed casually in an open collar shirt and shorts. I sat down right across from him. And we looked at each other. And he said, okay. Why are you here? Martin had seen the therapists before. The kind who would listen, while you lay down on the couch and talk about your dreams, this therapist was different his modus operandi was, basically. I'm your pal. Tell me what's bothering it. And let's take it from there. Mardi spent the whole session, laying out his problems. He told how his father and mother had recently died, how he didn't herited the family business, how he was having a hard time dealing with his new responsibilities. When he'd finished Marty says, I looked at him and said, I'm going to take you on a patient. And I said, okay. Nice not only was I taking him on as a patient, but he made Marnie a promise. He said, don't worry, I'll take care of everything. I was overwhelmed. And to have someone say to me, don't worry calm down. This is nothing to get upset about. We're going to straighten everything out, and we're going to do it fast very. To me, mardi wrote them, a check, I think it was for one hundred sixty dollars, something like that, back back in the day. It was June nineteen Eighty-one Marty had come to because he needed help. But if he'd known what is new therapist had in store for him? He probably would have walked out the door and never come back. From wondering and Bloomberg. I'm Joe Nocera a columnist with Bloomberg opinion. And this is the shrink next. This is episode one. Welcome to the neighborhood. Every neighborhood has its share of mysteries. We can live our entire lives and barely know the people just one door down. I have a summer house in Southampton. A couple of hours outside of New York. Just part of the Hamptons is called the bayside. It's quiet peaceful, a place to escape from the city in the hot summer months. Samson and Jackie Kiat have a house on the same street as me. My name is Jacqueline, Gant. And we're married to thirty five years. We're married, fifty two years. They've been coming here since the eighties most of the houses on our street are single story with wooden Clapper fronts, Sampson and Jackie's house is no different so lovely home. Really? But this one house on the street that stands out for starters. It's just bigger than most of the other houses. It's two stories instead of one and it's the only one on the street with a separate guest house out back, and then there's the way it looks, the houses spectacular with windows and windows, windows, everything about it is over the top. There's a pond with goldfish. Lots of fish and a waterfall to the pond to. It's bigger bolder Brasher than anything else on the street. In two thousand ten my wife Donen I bought the house next door. It wasn't long before a man popped over to our house to introduce himself. He was dressed like a maintenance man, green khaki pants along sleep worker and a faded baseball cap. He welcomed us to the neighborhood. And then he handed us a folder of press clippings. I literally just took them said, thank you. And but he wanted us to have them. You know, he really wanted Joe to have him. There were articles that a psychiatrist, Dr Isaac Hirsch, cough, had written and articles that had been written about him in mid August an invitation arrive to a summer barbecue next door hosted by Dr Hirsch, cough Ike. This would be the last of three big summer parties. He's through every year, I went on to reach the front door. I had to cross a bridge over a fish pond. There were maybe forty or so guests hanging out in the backyard. I roamed about stopping here and there to chat. I spotted the actor Richard kind. Just in time to see him do a belly flop into the pool. There were a handful of other people to people, I recognised as prominent New Yorkers like, Dr Ruth, the TV personality and sex expert. It was a warm afternoon. I chatted with a few people sipped on my glass of wine and began to wander around at some point, I found myself in the living room. There was a fake Taraf bust for Nisha unmasks plastic parrots hanging from the ceiling, even a giant gong. But what struck me most with photographs, lots and lots of photographs and in nearly every one of them, there was I curse cov with a different celebrity Ike was Henry Kissinger, Ike with Elliot's l Ike with Brooke Shields. I with win Paltrow even like with OJ Simpson. It was like one of those Diner's with the walls are covered with pictures of celebrity patrons, at that moment, the man himself appeared, he greeted me like a long lost friend and said that my wife and I should come over soon for a drink. And then he was gone. Sure enough a few days after the summer party, the same maintenance, man, we'd met before showed up at our door. Again, this time he brought an invitation for drinks. It was very formal as if he was reading from a script to me, like Dr Hirsch cough wants you to come. All right at such, and such a time on such and such a day in the formality of it, blew me away, and he was very, very exacting about how it had to go. So we went one of the strangest evenings I've ever had in the Hamptons or anywhere else for that matter. But definitely Hamptons. It was pouring rain. We headed over umbrellas and hand to get to the front door. We crossed a bridge, we could see Koi circling in the water below, I can his wife Becky welcomed us in and ushered us to around kitchen table. They were snacks, laid out carrots, and celery, I served white wine. So what I remember is him talking incessantly about being a sex therapist, and a celebrity therapist. I can't remember the details. But that just really sticks in my mind that he kept going on. And on about that it was more like a monologue than a dialogue. That's what I remember. What are you remember? I just remember thinking these people are I felt suffocated. I talked about his work. I've never standing like it. I don't remember thinking who's very brazen about the details of his life considering we restrain Gers. And also considering what he does he did talk about an MBA sports guys. And somebody a Yankees player, I just thought he lacked, a lot of discretion Kevin is field. We listened politely as he went on and on. I just remember looking towards the door finally after about an hour. I said we needed to get home and we got up to leave, and it was very clear that I wanted a photograph. A photograph of me, I think he came out and said, we'd like to get a picture of you and it was just Joe it wasn't Joan. I so I take my picture. In a to his wall. And then we left as fast as we could. I remember getting into her home collapsing on the couch or something Dorn told me she never wanted to go back. There was no sign of the maintenance man. The night don't and I went over but I knew he was still around. Sometimes we'd be on our deck, and we'd see him outside working in the yard when I returned to the Hamptons, the following summer. I noticed something strange at the house next door. I would see the maintenance man out on the property, doing his usual work in the backyard. But I, I cough was gone. I would never see him or his wife Becky in the Hamptons again, there were no more summer parties. It was as, if they had simply disappeared. And that's when I learned that everything I had thought I'd known about my neighbor was wrong. It's a wild story. That's the maintenance man, the guy who came to our door with the press clippings, the guy, we saw working around the yard, that was Marty Markowitz the same guy would I gone to see Dr Isaac Hirsch cough. As a patient, nearly thirty years earlier. That was just a preview of this rink next door to listen to the rest subscribe to the shrink next door on apple podcasts or wherever you're listening right now.
Big 10 Defies Money, Politics to Protect Athletes: Nocera
"Welcome to the Bloomberg markets podcast I'm Paul Sweeney along with my co-host Quinn every business day we bring you interviews from the does market pros Bloomberg experts along with essential market-moving news time to Bloomberg markets podcast on Apple podcast or wherever you listen to podcasts on Bloomberg Dot Com. All right. Let's talk a little college football yesterday was. Some big news coming out of some big conferences for college football. The big ten was the first announced that they were postponing their fall season. Hope to get some games in the spring the PAC twelve followed as well. Talk about all fall sports here for these schools including football. Some other big congresses haven't heard from yet. So let's get the latest on how this is. Evolving here Joe Nocera is a columnist for Bloomberg opinion he joins us on the phone. Joe, thanks so much for joining us here. What are you taking away here from what some of these big power five conferences are doing here there seems to be a little bit of Split on kind of how they're viewing it. There's definitely a split. I mean a pack twelve and big ten are out at least it was spraying the SEC definitely in I mean it would take a take a lot for the SEC. The not play football as we well know and the other properties the big twelve in the ACC Kinda on offense. And she see leaning towards playing I. Mean they're heavily being into by Trevor Lawrence the quarterback for Clemson's who started the we want to play Hashtag. and. We just don't know I mean I think. I think there's a decent likelihood that maybe two of the five conferences we'll try to play football I think you could see also maybe. A Nebraska or Texas or an Oklahoma basically, say you know hey, can we join up with you guys I season since we wanNA play to do that happening it will be difficult but as possible and then the whole issue would be you know what happens with covert does the pandemic affects The team's the I mean football is not exactly social distancing. So I mean, I think that's where we are right now. Yeah, and certainly the big twelve is moving forward gung ho sounds like can't even understand the decision not to play and yet in the big ten, there are at least five athletes who had been infected who had contracted myocarditis Joe potentially dangerous heart ailments. It doesn't bode well for those who continue to play if that's something that can be as easily contracted. Right I picked that's what really scares the big ten much more than the acting the than covert itself because it is I mean it is true at most of these guys are young and they'll be either as symptomatic or you know they'll be sick for a couple of weeks and then they'll be fine. That is that is true. But but but covert has potential side effects and if you have five of your athletes. Who Have you know a dangerous heart condition after having Kobe. You know you can't really just say okay no big deal. We're GONNA keep playing because you basically affecting this kid the rest of his life potentially. So You know it's hard to see how these other conferences are GonNa, say well, we don't have to worry about that because if they start having those those those same problems. How are they going to keep playing football? Joe Where's the NC Double A. on this? This seems like it's. An. Area where the NC double A. should be saying. We're playing football or an playing football as opposed to leaving it up to the individual conferences. Began A had surprisingly little. Authority over football in Nineteen eighty-four where there was a famous Supreme Court case in which the conferences won the right to take television rights away from the NCAA and ever since then the conferences basically call their own shot in terms of football. The only thing the NCAA really does with football is You know act as an enforcer when somebody's violating recruiting. Rules and so on but they really have nothing to do with the college playoffs with the Bulls system with anything like that. So it's not a surprise that the NCAA has been as much to say about this. It's a little surprising that they haven't at least been vocal a about what they should be done but the NCAA's in the same pickle that the. that. The conferences are, which is that if games aren't play television revenue is generated and this whole nfs. This multi billion dollar edifice. Which is built on unpaid players. Generating. Hundreds of millions of dollars for schools and conferences at the NCAA will crumble and. One, of the things I said in my column was you know maybe they can get away with not having fall sports when if this has a chance again in spring, it will be a financial disaster for for for Athletic Department and so Joe, is there any idea? Have you gamed out at all how it might work if one conference where to play and others didn't or if the joined up, you know in some kind of new Tic Tac, toe of college football in order to make it through the season so that they could hold on some of the funding would would would that mean some colleges would get funding in some wooden next time? Well don't get all of these conferences have their own television deal. So You know if the big ten doesn't play, then they don't get the hundreds of millions of dollars that they would get from whoever whoever airs their games? You know the SEC has its own. So I, mean I could envision a scenario where the ACC and the SEC decided to play. So they're the only conferences that play. And they play their games and they get television money for that, and then they decide to have their own little mini championship between the winner of the ACC and the winner of the SEC. I see that as a as a plausible scenario. I do think though that the the chances of the pandemic ultimately shutting college football down. is is a higher likelihood even after they like play one or two games I think that's a higher likelihood. just because it's going to look so bad if they have their athletes out there getting sick when everybody who's going to school all the students are you know social distancing washing their hands, wearing masks, doing all this stuff to say stay safe and these football players out there grabbing each other tackling each other hitting each other do the exact opposite of what you want to prevent covert. Joe Are, we still waiting on a formal decision by the SEC or any ACC, and if so what do we expect to get that? Well the he's been very cagey about and they're they're the ones that people are watching now. So Quick Sankey, the Commissioner of the SEC. I mean he basically said when when all this was happening the other day I mean he basically said look we're GonNa wait we know hurry. If we can't start our season in September tenth will start it on September twentieth. If we can't start it on September twentieth, we'll start it on October fourth. So. His idea is he's not gonNA make a decision. He's GonNa. Keep everything as open as possible so that he can make whatever decision he has to make as late as possible and I think you'll see the big twelve in the ACC follow the lead because let's say the SEC is the is the number one confidence. Yeah. It's so interesting because many of these schools probably haven't even made decisions on whether they're going to have in class teaching or not not that really has much to do with College, sports? A little bit old same Joe Nocera thank you. You always pick the best. Topics to go after when you'll. Beg Opinion Columns Is. Fantastic. Well. I think. Investors are trying to get a sense here where we are in this economic recovery. Have we troughed is the economy coming back? What's the shape of the recovery that we can expect going forward? We Welcome Call Weinberg founder and Chief International Economist for High Frequency Economics I think probably has some answers for so carl again, I think people are trying to get a sense here. As we deal with some additional flare ups of the virus in certain key markets in the United States such as California, Texas and Florida. What does that mean for the economic recovery here? How are you kind of viewing the current state of affairs? I Will Good Morning Paul the morning Vonnie review. The state of affairs is being very Very cautiously, right now, we're concerned about renewed flare ups. That's one thing we're also concerned that the damage to the economy is greater. than. York. Than the market is currently pricing in and currently see, think we don't think this economic places nearly over yet and any steps toward recovery so far welcome of course, but we still have a very, very long way to go to get back to where we were. Carla's the market price this in at some point or is the market. On a plows of this point. Well I've been watching you on. Bloomberg TV and listening on the radio, and this seems to be the question of the day and all admit that I don't have anything other than an opinion about this because we are in uncharted territory, we're looking at a bigger decline in the economy than we've ever experienced before in our lifetimes and we should expect that we're going to get unusual and unexpected outcomes being in that place you can't tell you know in the area of unknown unknowns can't tell exactly what they're going to be, but things are going to break and we're still just at the very beginning days of this of this downturn would just a few. Months into it. So I think eventually the market will have to pay attention to the fundamentals. There will be a squeeze on the ways in which economics affects the markets you know the driver for profits profits affects the market drivers for prices, prices affect the markets, and of course, the financial system is going to come under stress more than we're currently probably easing it. So yes, I think eventually the Piper Ashby paid, but I'm not quite sure exactly what that will get. All Right Carl you know we're with the federal. Reserve has been really on the frontlines of dealing with the economic fallout from this pandemic, injecting tremendous amounts of liquidity and very clear messaging. Congress. On the other hand, we had that third round of stimulus three, point trillion. But the fourth round of stimulus which many believe is still required. We're not seeing much movement on that. How critical is that to your the calculus of kind of how you think about the economy and and the potential recovery? Paul Alluvial Faluki our chief economist at high frequency. Economics writes about this every day it's essential. There's no way to get around the fact that if we do not. Continue the stimulus at a pace at or near what we doing doing that we're going to see an immediate drop often incomes and media draw and spending the severe economic consequences on top of an already hit economy We can't say that often enough or loudly enough now, there's a question as to whether or not. At some point, we're going to have to face that kind of fiscal cliff and how but if it doesn't have to be faced right now and we can buy time to repair what's wrong with the economy notably, the virus itself. Buying time, we can address the disease and get it under control Then you know there might come a day when we do have to go off that cliff, but if we can afford it now that would be great. Carl. You're a specialist in China obviously as well and we love talking to you about China? I'm curious as to where that conversation goes it sort of took a right turn with this Tiktok by Don's argument You know we always have been prepping for something on the company side of things with China whether it be companies, broadband companies or what have you, but suddenly were in different territory now it seems. Well I agree with you on. This is I. Think of it more as an extension of slippery slope that we engage in three years ago when the trump administration started exercising its options on trade policy and relations with China, indicate to a level lower than they've been since we started relationships with China in the early nineteen seventies i. don't see a good outcome of things continue in the direction that they are going in, and frankly I don't see good positive results coming from the direction that the trump administration has taken us on we have. Started a confrontation with somebody you with with an within the opponent who is equally powerful and agile is we are and we would all be much better off if everybody could embrace the things that we can accomplish together and not try to change the things that makes us different from them speaking embarrassed, specifically a political systems and so forth. What's Your Base Case Carl? We're almost out of time unfortunately, but does this old change if the presidency becomes the Joe Biden presidency and if not, we start seeing the splitting up of old Chinese American companies or partnered companies? Well I think we're headed to split up strategy right now, I can't predict what the Biden Administration will do. My guess is that they will be tough on China but tough. A constructive way looking is Richard Nixon are pointed out when he went to China for the first time looking for the things that we can accomplish together and accept the fact that we have fundamental differences in world views and politics live with those differences acceptable. We can't change and take advantage of the things we can do together I, think that's the winning strategy and I'm hopeful though Biden administration will be tough, but forward looking at its policies. Carlos. Thank you for joining us. We will speak to you again very soon. That is Carl Weinberg founder and chief economist at High Frequency Economics. Off As we know gold has been on a little bit of a ride last couple of months especially when things looked uncertain gold actually topped two thousand dollars an ounce. If we look today, we're all of those highs but nevertheless, people obviously considering gold of value once again and one that they should take a second or third look. Let's bring in somebody who knows all about goals Frank Holmes joins us now and Franken is great to have you because if anybody knows about gold it is you is the peak past four gold prices right now. No Vanni not at all I. If you look at the past eighteen months when the golden cross of place where the fifty day crossed above the two hundred day and goal is have this nice steady run up about seven hundred dollars and it goes through a correction and during this run is had something like six times as moved up one standard deviation which means for your listeners that it's as volatility, it can happen by surging six percent over. Over three months and three times has gone up to standard deviations over six months, and then it corrects it goes through these correction. So I think we're up to center vacations where due for a correction which would be healthy in this great run this bull market that we're seeing in bullion and I don't think it was going away because of the Unprecedent G. Twenty printing of money the its collective group of finance ministers and central banks that are. There Fighting World War three, which is the corona virus, and they're all working together and a lot of money printing and its currency debasement, and you see that in history gold starts to rise in each of those countries currencies. Frank CEO and chief investment officer for US global investors with US Frank. At the gold traded off back, ten percent yesterday, what was that? It was at a technical trade was that? A big seller coming on the market what do you make of that trade? If get a big seller when it comes to these types of trades, I really try to be agnostic and just look at statistics volatility and whenever it's up to standard deviations over sixty trading days, it's a ninety five percent probability of a drop of six percent to ten percent. Okay and we got it and gold stocks are even more severe from their their peaks. There will be two times that rate. Yeah, it's pretty amazing. What do you make of the of the gold miner? Recently obviously, Barrick is one that we've been. We been focused on go L. The ticker symbol and it had nice run up this year frank. It's the big market cap. You know they and Newmont are the two big elephants in the room and and there have been a marketing themselves as having free cash flow. What's really important is in this run now in the first time was in March that we saw over a decade one, hundred gold producers that we follow how to free cash flow yield has not happened of. The SNP is always had a free cash flow yield. What does that mean? It means they can pay dividends, they can buy back their stock and so after the coronavirus hit in March then the SNP fell to a negative for free cash flow yield the gold stocks went up. So all of a sudden you started seeing the nontraditional golf or stock by buying gold stocks because they have free cash law. But is the run over I suppose is what I'm saying I mean if you have. Almost fifty. Modes no because let's take a look when Greenspan left Greenspan left federal balanced was six percent of the GDP now with Powell. Says it's over thirty percent When we go back to look at when President Obama came in the Federal Reserve they had to spend something like three trillion dollars inflate their balance sheet and three years later Goldwyn from eight, hundred, two, one thousand, nine, hundred If you look at the growth in the balance sheet today that easily forecast the next three years go to go to four thousand. A and if you look at least just numbers it's also thirty four, hundred dollars gold. So I think that is a fascinating to me to watch. The gold is starting to become its own is it is the fourth most liquid last class of the world, but is becoming the sort of source of additional investment and we saw eighteen months ago new country. Central Banks Hungry. Poland. Columbia. Emerging market because you buying gold as part of the foreign currency I don't think that's going away. Frank about silver. What do we do with that one? That's the great speculator. You Go. it. It's it's like a warrant on gold. and. It always has a fifty percent more volatility both up and down gold had a big run silver was lagging and all of a sudden it surges There's a whole audience of community of investors saying the ratio golden silvers chief. So the started buying it and we had this big pickup but the long term range is like sixty fifty to sixty times silver gold and that's why you saw silver had this big run but any correction silver historic wrecks more frank. We're almost at the time but how has the emergence of Bitcoin cerium and all these other? crypto currencies a trade in gold. Well the the audience of people who really speculate any theory and Bitcoin there that Malini investors, and and that's a great question because we have experienced jets etf a billion dollars came in during the crisis seventy straight days and Eric Yukon has talked about several times came into this ETF and predominantly saw Robin Hood investors coming in a well before the Orleans took off, we're seeing it and go a you. So these millennials used to trade bitcoin cerium. I and now they're trading stocks many other. Yup. Absolutely we're. The Robin Hood Traders coming into the market frank CEO CIO of global investors. We always appreciate your perspective on precious metals gold silver even bitcoin a little bit perhaps a store of value summer suggesting. The US Postal Service is in trouble. In fact, most recently, the Treasury actually prepared a ten billion dollar credit line for the US Postal Service, and at the time the treasury secretary said, the US is able to fund its operating expenses without additional borrowing. At this time, we are pleased to have reached an agreement on material terms and conditions of alone should the need arise? It's all very fragile. Let's bring in somebody who can tell us a lot more subtle jindal is president owner founder of S J consulting and such. It's great to speak with you. Is The USPS in danger? Of. Failing. No. I, think the new CEO that has just taken over Lewis Joy. I have had the pleasure of working with them in the past when he was CEO of new breed, his of very quick study, very action oriented and he's GONNA BE A. Having the opportunity to fix a lot of areas of shortcomings in the post office. One of them being that they are a very big partner. Of the Amazon and other carriers in parcel shipping volume in the month of April May and June. Was Up forty nine percent two times that. And Fedex, and I fully expect him to leverage that kind of increase to get some rate increases. That will help the revenue increase at the post office. So so teach there's been some concern I guess. Postmaster, destroy. Had A new organization chart kind of A. Implemented recently, a lot of executives were displaced including to the top executives overseeing day to day operations and I know some Democrats have suggested that maybe that's deliberate sabotage to disrupt mail service on the eve of the election. With an election that's going to really depend upon male and balances out of valid concern in your mind not at all I know some of the people who are still there they William CJ charge of the Operation Jack Struggle and charge of some of the sales and marketing. They are very seasoned, very skilled experienced people and I do not see this being in any way compromising the quality of service, the speed off, and in fact, he's streamlining it to make it happen quicker and better. and. We even track on time performance of first class and prior to mail and the month of July shows nor declined over the prior much. So I do not anticipate anything to compromise the quality of postal service city. So I mean one of the one of the things that the USPS had over other services was that last mile right? which was also it's Achilles heel because the last night is the most expensive is the most annoying. It's the most difficult and you know you are. Promising that you will. You know have that package at the door on a certain day so you just have to be there. If other services you know e even Uber Is. Fantastic on on GPS and location and kind of thing if those services start doing last mile does that jeopardize USPS? No way nor company had ability to compete. In. Terms of the cost of last mile delivery and the. Presence that they have their go to every address every day no company had that capability and you'd much about nobody left. They are nowhere close to even ups and Fedex and they can't do. It s cost effectively as the post office does and that's validated by U.. P. S. heads. Called Short Post, which is the handle most of the last mile beat to see packages and they are delivered by post office flawed ups. All right. So so DC as we take a look, the US Postal Service as a entity here talked about the financial condition that it's in right now and kind of what needs to be done in terms of investment going forward. The where I think post office can rapidly improve its financial conditions from an operating point to keep in mind what the public sees our financial setting fluid that retirement payments that have to make the newly take that out because they are asked to do something that no private company does if look at it on an operating basis, they have a huge opportunity to leverage the parts of services for increases simple example being that during the peak, the volumes decreased by thirty forty, fifty percent ups has already announced on chart and extra dollar for the delivery of those packages that actually are being done by the post. The Post Office should be getting that extra Allah and there should be putting a search for the peak and it will be hundred and millions of dollars. So what kind of surcharge should customers expect to see because we had a good and people complain every time the price of a stamp goes up city but. Honestly it's not that much send something. Dear. USPS. Turn Q. Seeing that. Million Perspective we have done extensive study when you look around the world. And look at other developing countries stick example of Germany. The site of Germany is one fifth or less than a few `save without including Alaska and Hawaii and yet they're first class meal. It's about thirty forty percent more expensive than out and I will tell you that for the average wife or a household increase of posted by ten fifteen cents will hardly be felt by them. It is the big meal or like capital one you may see how many males packages to send you every week but they will have to pay more and let them pay more because they will ship let and that would be better for you and me and the post office. How was the US post office going to do during this election season again? There's going to be much much higher than average mail in vote. How do you think the post office will perform Kenneth stay out of the politics of it. I do not see any challenges for them. Do not be able to handle the folio mind that the first class mail especially the that simple envelope. Go through Saute Shin System that moves so fast that if you got your finger in it, it was cut your finger off and that speed of handling first class mail is so val setup that they can have a thirty forty percent increase in those mailers that they're going to get one hundred percent increase in the woods that come in through that, and maybe we'll take a day more but that still is not. Something to be concerned about. Sativa Jindal thanks so much for joining us. We appreciate getting your thoughts on the Postal Service Front and center here. It's getting a little bit politicized, but it will certainly be an important player in the upcoming election petition. Del. President. S J Consulting, based in Pennsylvania joining us here. Thanks for listening to Bloomberg markets podcast you can subscribe and listen to interviews at apple podcasts or whatever podcast platform you burn I'm Vonnie Quinn I'm on twitter Tony, Quinn Paul Sweeney on twitter at Sweeney before the podcast you can always catch US worldwide at bloombergradio
Charged | 8
"The shrink next door is brought to you by rosetta stone. Rome wasn't built in a day and as much as i'd like to. I'm not going to learn italian and a weekend with something as complex's learning a language. It helps to be patient and take it one step at a time. That's why i love rosetta stone because they're all about the small victories with rosetta stone. You can curate lessons using something called your plan which customize your learning schedule. They've even got this really cool new feature for i._o._s. Called seek and speak it turns everyday objects into conversation in practice with scavenger hunt style challenges you take photos of things like your favorite foods and it teaches you how to say those things in whatever language you're studying best of all all their app sinks across devices for anywhere anytime learning right now you can get three days of free unrestricted access to rosetta stone which includes every lesson and access to mobile exclusive learning tools. It's time to thrive in real world conversations. Why not start now. Get three days for free at rosetta stone dot com con built for mobile bill for real life from wondering bloomberg. I'm joe nocera and this is the shrink next door <music> aw i'm krista ripple the senior producer on the shrink next door jews reporting raised a lot of questions about what exactly happened between marty markowitz quits and kirsh cough in the last episode of the series. We heard mardi talking with the new york department of health about his complaint against his former psychiatrist. Just this week we heard an update to that complaint jobs in the hamptons this week so i called him there hijo hi krista so joe what happened this week monday morning. The new york works state department of health posted on its website a series of allegations against i curse kopf who is the subject of course in the shrink next door and at at the very top the very first page the first thing that says these charges are only allegations which may be contested by the licensee at an administrative hearing now. I wanna point out. These are not criminal charges. They strictly have to do with whether a psychiatrist has acted in an inappropriate way then over a series series of about seven pages it lists a series of allegations from two patients patient a and patients be and who are patient a inpatient can be and what do their allegations include patient a is marty markowitz you said respondent and remember responded ike responded exercise exercise undue influence on patient a in such a manner as to exploit the patient for his own personal financial gain including but not limited to and then it begins by talking about in february nineteen eighty four as a and respondent created a private charitable foundation. You were called. That's your own foundation. Respondents wife and patient a where the board members patient was by far the largest contributor to the foundation while respondent directed almost all the disbursements including writing several several checks that responded made out himself personally <hes> then they talk about the state and how patient marty executed a will in which he left his even tire estate to the foundation patient a appointed respondent as executor and respondents wife as successor co executor to the will pay should be he is the patient that we identified an episode for as emily which is a pseudonym. Let me read from the allegation. The documents says in or about nineteen eighty any five the respondent that i commend an intensive psychotherapeutic relationship with eysenck be a twenty eight year old female at the onset of excitement patient be active therapeutic relationship with respondent extend into two thousand three responded violated acceptable ethical title standards of psychiatry by engaging in inappropriate business financial and social arrangements with patient be including but not limited to extensive this is social involvement inappropriate physical touching of a psychiatric patient permitting patient me to deposit significant sums of money with the foundation. That's the foundation you recall as previously alleged in fact so allegations a respondent was a board member of the foundation and had the authority to make this person failing to attempt to persuade patient be to revive her will upon being informed that the patient had designated the respondents children as the sole beneficiaries in her will and finally responded fail to maintain a record that accurately reflects the evaluation relation in treatment of patient be so what happens next the documents says that a hearing has been scheduled for september twenty fourth and i expected to attend ten days before the hearing he has to have responded to the charges if he does not respond to a particular charge the document says the department of health within view those charges or that charge <hes> as being admitted finally the department of health says that after after the hearing the board will decide whether the allegations are true and if so what punishment should be meted out and the document very specifically says it could include the the loss of license has commented on any of these allegations we reached out for comment so far he has not responded but if he does we will post an update on bloomberg dot com. I'm gonna continue reporting on the story of course and we expect to come back with with a more detailed episode later in the year. Great sounds good. Thanks joe. Thank you krista from bloomberg. This is a special update to the shrink next door a story about power control and turning to the wrong person for help. If do you like to help us spread the word. Please give us a five star review and tell your friends to subscribe were available on apple podcasts and every major listening app as well as wondering dot dot com visit bloomberg dot com slash shrink next door for more story including images extended content. If you're listening on a smartphone the phone tap or swipe over the cover art of this podcast you'll find the episode notes including some details. You may have missed. You'll also find some offers from our sponsors. When you support our sponsors you help us bring you our shows for free and thank you district. Next door was written and reported by joe. Nocera senior producer is me preston. Ripple bloomberg's head of podcast is francesca levy sound design on this episode by jake gorski executive produced by george lavender marshal louis and hernan lopez for wondering.
Monitor Show 10:00 08-12-2020 10:00
"Earliest. Listening from the financial capital of the world twenty four hours a day at Bloomberg Dot com on the Bloomberg business. APP. And Bloomberg quick take. This is Bloomberg radio. This Bloomberg Nuggets. Glenn and Paul Sweetie the Fed action essentially unlimited quantitative easing companies taking aim at Corona, virus vaccines and other treatments could be lower for longer hit two quite a fell off knowing global once again for market news and insight from Bloomberg, experts shift possible that the. Be Storing with after the spread is really showing they're doing whatever it takes. A lot of people don't expect that the economy will reopen enfold. Hitting industrial. America, it's a major crisis. Bloomberg markets with Bonnie Glen and whole Sweetie on Bloomberg radio. All right this morning, we have a democratic ticket as you all know Kamala Harris. Being Joe Biden's pick for ticket runner with him. We'll be discussing that throughout the next two hours but you know what else is higher the markets and inflation hire them expected CPI month over month or point six percent will be speaking with Vincent Sierra. We also have Joe Nocera on to Talk Big Ten, big twelve and college football before all that. Let's get to Greg Jarrett Annenberg business flash. Was Wearing my green ray bans, but it's just the stock spotted resumed. Their climb hires the rotation underperformers during the recent rally accelerate gold is rebounding. The dollar is weaker and treasury yields climbed almost five we ties. Let's check the markets as we do every fifteen minutes REPCO trading day here on Bloomberg radio the S. and P. Five hundred is up one percent up thirty three Dow's up seven tenths of a percent of one, hundred, eighty seven. The Nasdaq is up one and a half percent up one hundred.
Bankruptcy Is The Solution to Student Loan Crisis: Joe Nocera
"This podcast is brought to you by. Hp engineering experiences that amaze hp creates technology with purpose to make life better for everyone everywhere learn more at hp dot slash sustainable impact. Welcome to the bloomberg markets. Podcast on hall. Sweeney along with my co-host vonnie quinn. Every day we bring you interviews from the does market pros and bloomberg experts along with essential market-moving news time the bloomberg markets. Podcast on apple podcasts. Or wherever you listen to podcasts. And on bloomberg dot com. It is time for a bloomberg opinion. They were going to look at student debt. I think it's very today that nobody really wants to ever declare bankruptcy but some people do have to bankruptcy the one thing though that you won't be able to discharge in bankruptcy. Is your student loans. You'll carry them around for the rest of your life if not able to pay them off well. Our next guest says bankruptcy is the solution to the student loan crisis. Oh to get buddy means. Let's bring in joe nocera opinion columnist. Joe obviously you know this idea that you can never discharge your student loans. Even in bankruptcy is something to be reckoned with. You can spend a fortune getting you know an education and then life can intervene. You can end up going bankrupt which you'll still have those student loans. You know following you around for the rest of your life. How how do we change that. How can that be changed. Good morning from first of all. It's beyond the rest of your life because once you die the federal government will come after your estate to get to get paid off on the student lamb You know this has been something that's been going on for about forty years starting in the late sixties and and they made it the congress made it more and more difficult near impossible to discharge a student loans. Not only those that are granted by the federal government which is about ninety percent but also those that are granted in the private market by banks and and and institutions that grant. Student loans So it is a onerous burden The average student loan debt is about thirty thousand dollars but there are plenty of people Who have debts of one hundred thousand or one hundred fifty thousand dollars and you know in the economy that we have had for the last you know fifteen or or so years maybe more. It's been so hard for for those people to get the kind of jobs that allow them to make monthly payments and and and stay straight with their student loans. So joe i think as it relates to the student loan issue that what we've heard the most out of politicians is actually forgiving. The dead how would you compare contrast pros and cons of forgiving the dead versus maybe allowing borrow to go into bankruptcy Well i first of all from a political point of view. Forgiving debt is going to be highly contentious. it's just gonna be very controversial. There are gonna be lots and lots of people who say you know. I had to pay my loan. Why does this freeloader. Get you know. Get his loan. Up partially You know wipe wiped off the board. So so that's point one. It's it's a political. It's a political problem. Point number two is that you know the mountains are being talked about are being between loan forgiveness between ten thousand and fifty thousand dollars so for some people that will wipe out there for many others won't and that's still have a lot of money to pay back just not as much as they had before the thing about bankruptcy is number one it would wipe out the entire loan but number two. It comes at a price. Nobody as as you said at the beginning. Nobody wants to file for bankruptcy. You know it hurts your credit and makes it difficult to buy a house mean sometimes makes it difficult to buy a car for five six seven years and it takes a while to recover from so when you five for bankruptcy you pay a price so that would help Subdue some of the objections. From those who think it's just a a program for freeloaders is there i mean. Is there any appetite for it to be done across the board. So i've definitely seen people talk about. Maybe doing for teachers if they put in a certain amount of time public schools or doing for people who go work with the peace corps for a while. But has anybody's just suggested hasn't got anywhere in congress this idea that you know as a certain amount of student loans. We've paid off for every single student a matter. What study it depends on doctor. I mean in the progressive wing of the democratic party. There is an enormous amount of Desire to get this done in the in the in the in the furthest right wing of the of the republican party. There's no appetite for whatsoever. And that's one of the reasons that i've been suggesting bankruptcy as a as a possible Middle ground But let me say something about what you just said about teachers and so on Did the second aspect to this. If you find if you bring back bankruptcy the lenders the banks the government are all going to have to be more careful about making loans. That's one of the big problems. Give the money to anybody. They don't care whether the person can pay it back or not because they're going to get reimbursed by the federal government and. That's a huge problem. That's called moral hazard And so you know if they're more careful with their landing that means that you know working class and poor kids are going to have a much harder time getting loans. So that's where. I propose the second part of this which is to make it much easier to get into these income based repayment plans where you pay a percentage of your income for a certain number of years As your way of paying a paying back your loan and if you have certain you could you could make it so that you know if you are in the peace corps if you are teacher or if you do work on an indian reservation or you know any of those kind of things that that the amount would be reduced just because you're doing you know what amounts to public service so i think between bankruptcy and income repayment. I've you pretty much. have the problem. Solved joe what we know about the president-elect biden and his thoughts about this issue because presumably this might be one of the things he might want to tackle this first one hundred days. I doubt tackling his first one hundred days 'cause contentious but i do think he does wanna tackler he he needs to give something to the progressives. Now what i've heard is that What he's looking at is elizabeth. Warren wants fifty thousand Wiped away the he and she and she wants him to do it through executive order he would like to reduce simply by ten thousand dollars and he wants to do it through legislation so it wouldn't look like it by fiat. It wouldn't look like he's trying to ram something down people's throats Whether he could get a pass legislation while a lot of that depends on. What happens in georgia. You know in in early january so we'll see about that. Yeah i mean you know. It doesn't matter what kind of college you go to you. End up with these rushing deaths and then you know interest rates that are insane for for a lot of young people out there that are just trying to give themselves an education. I know that you'll biden and stuff. And he talked about pell grants for everybody. I mean that's the tip of the iceberg right. Yes it is. And and i would say of also about the crushing debt. Don't forget you know kids who drop out of school because they can't keep paying you know they're they still have that debt. Kids who go to for profit colleges that turn out to be scams. They still have that debt. So i mean you know. There's a percentage of people for whom the debt is great. They get through college. You know they have a good life. They have a good job. But there's a whole lot of other people with that doesn't even happen and they're still stuck with the debt. Yeah very big issue for a growing number of people. Sarah thanks so much for joining us. Jonas columnist bloomberg opinion. You can read his work and all the bloomberg opinion at bloomberg dot com slash opinion or on the terminal open. I n go. Hp's vision is to create technology that makes life better for everyone everywhere last fiscal year. Hp's sustainable impact strategy helped influence more than one point six billion dollars in new sales creating positive lasting change per planet people and community for the planet hp is transforming its business for a circular and low-carbon future for people hp is championing dignity respect and empowerment for all people with whom it works and for community. Hp is unlocking educational and economic opportunity through the power of technology with the goal of enabling. Better learning outcomes for one hundred million people by two thousand twenty five learn more at hp dot com slash sustainable impact. Well we got another dose of sobering jobless claims this morning arguably once again raising the for the fed remain accommodative and for congress to move forward on a meaningful piece of fiscal stimulus. Let's get the latest economic outlook with lindsay pigs. A chief economist at steeple financial joining us on the phone from chicago lindsay. Thanks so much for joining us here if we step back a little bit we can certainly see signs that the economy is through the worst of the pandemic a disruption. But there's still a lot of work to do given what we heard from fed chairman palled this week given what we see on the on the jobless front and other economic data points. Where do you think we are in the recovery. Well i think we've made it through the first The biggest barrier the biggest hot as we saw the worst of the pandemic in the second quarter. But that's not to say that we're not going to have more difficult times ahead because even if we do see the second round resurgent Snuffed out at relatively faster pace than the first route remember. Businesses and individuals are already beginning from an extremely fragile position after months of hardship. So it's going to be increasingly difficult for them to continue to whether a storm without some sort of additional artificial support from officials in washington. So there really has to be some increased pressure on our representatives on capitol hill to really do their job and get some of those funds out to hurting individuals and businesses really struggling at this point. How concerned do you think the. Fomc is about the situation lindsey. I think they're very concerned. I do think that the fed chairman struck a very delicate line on the one hand. He was trying to be optimistic about the improvement that we've seen thus far particularly in the third quarter with that stellar rise more than offsetting the decline in the second quarter at least in percentage terms but he was also very cautious to say it looks the virus is going to dictate the path of the recovery. It's still very uncertain. And while we're optimistic a number of things have to go write. A number of dominoes have to fall. It's just perfectly in line. In order to really navigate ourselves out of this This unprecedented situation. So i do think the fed is increasingly concerned about being able to get the economy back on track but more importantly position of a longer run sustainable improved trajectory. It's not about just a one quarter bows but really getting the economy back on a pathway towards potential. Gp does a nine hundred billion dollar fiscal stimulus. Here do that lindsay or do we need even more than that from your perspective. But i do think it will help. I think it will help stabilize the economy but again it depends on the depth and duration of the second round resurgent if we continue to see businesses. Shutdown workers sent home well into the first quarter. Nine hundred billion is not going to do it so it really depends on how quickly we're able to control the virus and how how Really liens i would say. Local officials are in terms of allowing the private market to return to some semblance of normal market activity. Remember this isn't a market crisis is a health crisis so the best way to control. This is unprecedented. Scenario is having a meaningful way of separating the healthy from the sick something that we don't have at this point what else can do at this point. Were you surprised at the fact that the sap skewed a little more positive. No i wasn't. I wasn't necessarily surprised by that. We didn't hesitate a little bit of an upward revision in terms of the fed expectation for growth unemployment. Because we have seen vast improvement in fact faster-than-expected improvement as i mentioned in the third quarter carrying forward through october and somewhat in november. So it does make sense that the fed is reflecting that improved bass-line scenario but going forward. I do think the fed has put so many tremendous proposals and plans in place. That at this point that there's very little additional they can do to support the market or the court the economy it really has to come from fiscal policies support at this point and the fed all but handed that proverbial time over to our officials in washington. Saying look. we've done everything we can up to this point. Now it's up to you guys again do your job and reach agreement and get those much needed funds out to those that are hurting the worst including small businesses and individuals that have lost their jobs through no fault of their own but by the government's own design lindsay briefly. What's the stifle four to gdp call and the twenty twenty one gdp call. I do think there's enough strength in october. And november to carry growth in positive territory in the fourth quarter so i am looking for low single digit growth around four or five percent for the fourth quarter certainly a decline from that rebound that we saw the third quarter but still a very very welcomed improvement in terms of growth going forward however into the first quarter right now. Our baseline scenario is less than one percent cheaper p with a downside risk of the us economy falling back into negative territory. If we do see continued drag out of the second round resurgence without additional support from the federal government. Lindsey we have to leave it there but thank you so much for joining us and maybe speak again before the end of the year of not We'll talk to you in january as lindsay executive economist. Add stephen nicholas joining us there and pole. It's really just so fascinating to see the data. Come in some of the poor. Some of it okay. It really is so obviously acacia recovery. It really is. And i think the concern here is is lindsay. Suggested not getting a handle in the near term on this pandemic in other industry. That's had a very tough year. Is the home health business. Those going into people's homes protecting the aging population and so on charlie. Young is the ceo of synergy homecare located in new jersey. It's one of the leading in home care. Organizations that operates in three hundred fifty markets. Charlie first of all before we get onto the vaccine vaccine. Rollout tell us how your business has been going and and what changes you have to make. Thanks to first of all. It's great to be here. Thanks for having me I'm actually a out in arizona. So i missed that beautiful new storm that you all just had The business of homecare has Has seen a quite a bit of demand as you can imagine obviously People are looking to make sure that they are safe. And one of the safest places to be is at home Like many industries senior care. Home care december. This is prime time for us And the reason for that is generally This is when families get together. This is when Families gather usually for expanded extended period of time and adult children oftentimes see that mom or dad or another senior loved one of theirs needs more care and more more help We're not having that this year So we're trying to help. People understand how they can support their loved ones and look for the things that they need to help them. Continue to thrive at home. Even though they might not be there in person but to your to your point the business been been doing quite well because the demand for home care during the pandemic is is quite high. Charlie your employees they are buoyed just the definition of frontline workers. Here a couple points here. How they've been faring number one and number two Presumably they will be one of the first to get the vaccine. What can you tell us about that. Yeah well first of all. You're absolutely right. I mean there's no more noble cause than to be a caregiver who goes into another home. take care of them are mission. Its energy on cares to help. People thrive at home. And that's what these people do every single day as you know The response to the pandemic has been a decentralized across the country with states all having different approaches and oftentimes trickling down to local and county government decisions so You know what we're seeing. Is that our home care. Workers are being treated as essential some places but not in others really encouraged. I did get a call from a franchisee of ours in new jersey. this morning. They were called by their county. Health department Yesterday asking for a list of their caregivers so that they could be put on That priority list for the vaccine and I only wish that was that way. All over the country. Charlie talks about how franchisee that works are all of your home. All of your businesses in the various states of franchise ron and how do they pay you a fee and what. Divide to them. Yeah absolutely so You know we are a franchise business We really offer the promise to help. Care minded Compassionate entrepreneurs build a robust business. We do that in four basic ways. We provide a home care. Platform everything you need to run a home care. Business from the initial training the The software and other tech Backbone that you need and then all the marketing that goes with it We provide all the local lead generation marketing referral partnerships with insurance and health organizations and obviously a network of people who've done this before And so when you have over three hundred seventy markets around the country. There's a robust group of people who have experienced and can help there. That's another area of our business. It's grown quite well during the pandemic is the franchising side. We're selling a home. Care franchise is I think that's a function of two things one. Is you know the economic situation in the country. Many people have been downsized and are out of work and are looking For a a a new chapter in their lives. And then i think when you look at the the the the upside for homecare in the years to come starts with demographics With a shift in thinking about the whole healthcare continuum. It's a business to be in and so we've done well there Over the last nine months as well so it wasn't just curious. Why would somebody buy into a franchise if they want to be in the home care. Business can not just do it. you could. You could just do it. You would be faced with a much steeper learning curve and startup curve. Because when you when you join a senator your home care franchise you're gonna have all of your systems in place from day one so that is a thought process as a business owner that you don't need to go through. You're going to have the software software platform for billing for scheduling four Recruiting caregivers all of that sort of thing. You're going to have the marketing platform for lead generation and because we have a national footprint. We have National partners who are bringing referral business to You know and so so i. It's a it's a it is a way to get up and running and much much more efficiently. Yeah go ahead interesting. Try thanks so much for joining us. It's really an interesting time for you and your business. I'm sure charlie young chief executive officer for synergy home care obviously seeing increased demand during the pandemic times. This episode is brought to you by principal. Financial group combining actionable insights with specialized solutions. To help you meet your investment goals get to know us at principal dot com. Let's bring in bloomberg journalists. Molly smith a fantastic story on the boomerang today and it relates to minority owned underwriting firms and how benefitted from renewed attention on social justice issues. Particular do this summer after joy floyd's killing but they say that actual institutional barriers keeping them from gaining a bigger share of the corporate debt market. And it really is phenomenal molly. Great story first of all. Give us a rundown of some of the firms that you're talking about short so when we talk about diverse underwriters. These are banks that are owned by minorities women and veterans so we talked to several of the prominent african american owned banks like capital blaylock. Van to several veteran owned banks like drexel. Hamilton america academy securities and a lot of these banks really trace their roots back to the civil rights movement. And that's when a lot of them got started and in underwriting bonds for america's local governments and that's why they've done so well in the municipal bond market where where america's leadership at the local government level. Excuse me is tends to be much more diverse in nature itself you transition than to the corporate market and america's companies are hardly as diverse in nature at the leadership level than the cities are and it just hasn't been as integral and natural of a mission on the corporate market. So molly i know. Historically some of the challenges for some of these minority owned banks as it relates to the corporate market is a lack of adequate capital and maybe even staffing and so on. So what's the story there. The biggest obstacle that a lot of the banks will point to is that they are set up a solely investment banks meaning that they don't have commercial banking abilities as well. And that's what makes the biggest banks on wall street. Such a formidable force in this space that they are able to provide cheap loans to companies with the expectation of winning the more lucrative capital markets business in return and when you're just an investment bank. That's not in your wheelhouse. You don't provide these credit facilities to companies so the the these Diverse to be much more creative in how they get into deals and That's that's what a key obstacle that they pointed to. That's keeping them from moving forward. Yeah i mean earlier this year when in black men was being his spac to sort of the public attention. He pointed to the fact that he'd used minority owned underwriters. For setting up some of the deal but if you looked at it it was actually. You know small sliver of the deal but they did have permanent capital was going to be you know and he was trying to get other people on wall street to do this as well. There was no downside. According to him. Why are they not doing it. What is the big big setback. Are they afraid of the. The big banks like morgan and goldman sachs. I don't think that they're starting to come around to it. Because the allstate deal at least in my opinion for definitely a lot of these banks to was a really big turning point in showing that they that allstate had borrowed one point. Two billion dollars believe it was last month and this was the biggest deal ever managed solely by diverse firms and allstate is a major. us company. Certainly they have banking relationships with the biggest wall street banks and they actually consulted with some of those banks before this bond sale. And all of them. Including brian moynihan from bankamerica said they thought this was a great idea and something that all states should definitely pave the way in doing so. I think there is more receptiveness to us. But certainly there is just that stigma. It's not a hard and set rule in any way but companies just naturally tend to look at their lending partners when looking at capital markets activities. Is there any incentive for companies to change. I'm thinking about. Efg investing is that maybe could be a criteria for certain investors to say. Hey we want your advisers whether it's your legal advisors or your financial advisors to be more diverse as at an angle perhaps certainly and. That's something that a lot of companies they can fulfil dna mandates through their capital markets group. As well so. I think a lot of them are starting to look at this in the new light. And certainly you're seeing is well with goldman and nasdaq requiring companies to have to verse leadership in the at the board level that it's becoming much more significant that they're going to be real consequences that if you could be delisted from an exchange if you don't have if you're not inclusive in representation that's a really big deal so i think companies are going to be waking up to this more but certainly that is what these divers banks are looking for that. This isn't just a twenty thing that it is a sustainable trend. You quote eric. Von standard for the founder and chief executive officer of ladakh saying they're still giving us crumbs just giving us more crumbs. Seems to be so you know at the margin you know it. It needs to be a much more major sort of movement doesn't that's exactly it because these firms that's why allstate was so significant that they took on lead manager roles versus in the google deal which he was talking about. Google brought on fifteen divers co-managers for this deal so that means that they walked away with just two hundred sixty thousand dollars in fees each versus the three biggest underwriters. Got more than seven million dollars each. So it's just like of course you want to spread the wealth so to speak but when you include so many firms on one deal it's just being spread out among that many more people. Hey molly thank you so much for joining us and sharing this story really well reported molly smith corporate finance reporter for bloomberg news. Thanks for listening to bloomberg markets. Podcast you can subscribe and listen to interviews at apple podcasts. Or whatever podcast platform you prefer. I'm vonnie quinn. i'm on twitter at auburn paul sweeney. I'm on twitter. At sweeney before the podcast. You can always catch us. Worldwide at radio. Hp is leading the way in protecting our planet people and communities for future generations. Together we can make a quantifiable difference. Learn more at hp dot com slash sustainable impact.
Sibling Rivalry | 2
"Long before the parties in the pictures before I took over the master bedroom, and Marty's house before I was their neighbor. Marty Markowitz began to see Dr Isaac her scoff, and Manhattan office began to see him. I think twice a week initially starting in nineteen Eighty-one, Marnie would see on Mondays and Wednesdays at one forty five pm usually they would sit and talk. But sometimes, I would suggest they take their therapy sessions outside very often. We would go out and take a walk in one of those early sessions, Marto Ike all about a problem. He was having a problem with an ex girlfriend. She and Marty had dated briefly dinners out, then a weekend getaway. My parents had an apartment in Florida, and I said plumbers, go down to Florida when they got back to New York. They started talking about marriage, but Marty had some. Conditions and I said, happy to go forward, but I wanna prenuptial agreement and she said, absolutely not things fell apart quickly all of this very overwhelming. And it was all happening right after my father died mardi called off the engagement. And then when we were all broken up to three months later, she comes to me and says, you know, you promised me of vacation in Mexico. Marty says he had promised to reveal -cation, but now he felt trapped I listened to mardi story and then he said you see that you're an easy, Mark. She has sold little respect for you. That after the relationship is over. She comes back to you with a statement that you only I told Marty that this was a problem, he would help them deal with he said, you see that help people constantly tried to take advantage of you people want your money. He used that incident a gif a years again. And again, and again, you see what happened with, and I said, under no circumstances you to give. One penny Marnie says he followed is advice. He didn't give his excavation. Finally, he felt like he was in control. He'd always had a hard time standing up for himself ever since he'd been a kid. I will say this. I did not like confrontations. I wasn't good at them, Dan. I didn't like them and he weaned me of all of that. I mean he you know, my time with him, I did become much stronger person. I told him straight up that he would have his back anytime someone tried to push him around. Nobody's going to take advantage of you, not your ankle, not just sister, not any of your so-called acquaintances. Nobody it's going to take advantage, you everybody's afraid of me, I'm going to be like your big brother. I'm gonna take care of you. I'm going to take care of, but it would be a while before morning understood with that actually meant. Shrink next door is pleased to have Brooklyn as it's presenting sponsor, when you're spending, your hard earned money on something say new sheets, you're going to be using every single day. You wanna feel like the company has your back if you need anything at all. When I was thinking about getting Brooklyn and cheats, I kept reading that they had great customer service. So I decided to test it out. I hit up the live chat function on their website, and I was put in touch with brianna brianna was full of information, and smile emojis, which I just appreciate in general. I feel like they're never be too many of those. She helped me understand the difference between their classic and Lux lines and schooled me on how to keep white sheets, white by the end of our chat. I felt like she really got me. So I asked her one last question me, I'm trying to decide what to get for lunch. Today. Pizza or salad help brianna LL pizza. Never can go wrong pizza smile emoji. I'm so charmed by this company and my Brooklyn and cheats really are the best most comfortable sheets I've ever slept on now. It's time for your upgrade. Get ten percent off your first order and free shipping when you use promo code the shrink at Brooklyn and dot com. The only way to get ten percent off your first order and free. Shipping is to use promo code the shrink at Brooklyn and dot com. That's B R O, K L. I N E N dot com, promo code the shrink. From wondering and Bloomberg. I'm Joe Nocera. And this is the shrink next door. This is persona to sibling rivalry. Marty Markowitz liked his new therapist, Dr Isaac Hirsch, cough, was younger better looking, and cooler than expected, a therapist to be. I just knew I admired him in my world. He was larger than life. I says he never told Marty, I'm going to take care of you. In fact, he wrote that Marty's characterization of him makes him sound like a gangster, but mardi was impressed with how his news therapist had solved the problem with his ex girlfriend so Marnie began to share more of his problems with a lot of them started with the death of his parents. There was the outstanding issue of how to divide up their state, and then there was the family business associated fabrics corporation, the company so fabric, too big theater and dance. Productions mardi had taken over the business after his father died he'd only been CEO for year, and he was struggling. He had no one he fell. He could turn to for advice. No one except. Mike. They had told him, we're in the process of moving. From thirty nine street down to twenty fifth street, and he said, I wanna come and take a look see your operation. This request was to say the least unusual for therapist, but mardi didn't give it a second thought I thought this is fine. He wants to give me some advice. He seems to be giving me good advice. I'm all for that. And so one afternoon after therapy, doctor and patient left ice office. I'm thirty seventh street and walked the twelve blocks to Marty's new office on east twenty fifth street. The new space was on the second floor of a warehouse. It was filled with heavy industrial shelves, everywhere you looked with bolts of fabric, and spools of trim. The employee's desks were all in the open warehouse for, but Marty had a crew building him a private office. He showed Ike the half built room. He came down and immediately made some suggestions about which way the doors would open. He would say to me, you know, the doors to your office. Have to open in, because the bosses doors never open out that, you know that Joe actually that was news to me. What this he said from a psychiatric from a psychological perspective the doors to an office half to open in, you have to be the one to invite somebody in whether or not this psychiatric perspective has any basis in science, it certainly irritated, one of the other longtime employees Bruce, no Sierra no relation to me, by the way, I remember there was should open this way open the whole big discussed frigging door. What are you making an issue out of it for you? Wasted time. It's worth. Bruce was head of sales, and he watched all this with growing impatience. What the door open. That went open that way. Just don't hit me with what you do. The company was a family affair, mardi had brought on his younger sister Phyllis to work with him, managing the warehouse inventory answering calls along with anything else mardi needed when my brother of the business. He asked me to come to work for him. And he said that, if you're gonna work, any place you really belong in the business. It's part yours. This was our inheritance. And so I went to work for my brother has Marty's same dark hair, Brown eyes, and warm smile. But she's livelier than he is. She was happy to work for the family company, and especially happy that she was working for her only sibling, brother and sister had always been close while. Yeah. They were having some disagreements over who'd get what from their fathers state Phyllis frigate. They would eventually work it out from her desk, right outside Martin's office Phyllis could occasionally catch snippets of her brothers conversations and some of those conversations sounded a little strange, I would just tear my brother saying, I have to get back to you. And then he would put the customer on hold or sale. Call you back and I was aware that he was calling, Dr her scoff to get advice on how to speak to that person. And when Marnie did call them back. It was an attitude. Now it became almost defensive, it was a different attitude. In the way he began to speak to the customers Phyllis knew her brother was now seeing his psychiatrist three times a week. She thought it was odd that mardi would call his therapist for a business question. Still if it brother was getting some help. She was all for it. Phyllis had our own wife to deal with. She was a single mom with three young kids, she and her children have moved back to Manhattan from upstate New York after a difficult divorce. And so when mardi suggested that she making appointment to see Dr Hirsch, cough Phyllis said, why not mardi even offered to pay for the first session? I never thought that I would actually go to the same therapist that my brother was seeing, but I was certainly willing to meet him. And in fact, I was curious to meet him in all honesty. I wanted to meet him. I had to see who this person was that was kind of directing this life and hear what he had to say. Next thing she knew Phyllis was sitting in that same leather chair and office. He's pleasant looking he's spoken a pleasant. I don't wanna say hypnotic kind of way, but he has a here's a kind tone to his voice, and he started out by being very empathetic Phyllis decided she didn't want to see the. The same psychiatrist as her brother. I confirms that Phyllis only came to that one consultation. He says the decision not to continue was mutual. The fact that he was seeing my brother and treating my brother and giving my brother advice. How could he help me deal with any issues that could come up with my brother? It's just impossible. He can't be on my side when his talking to me on my brother's side when he's talking to my brother because if there's a conflict than this, no resolution, you just adding to the conflict. I said, thank you very much. I agree. I'm getting to help and it's not gonna be you. Shortly after that things very much began to change with my brother. And. I feel like crying. I mean, it was a very pivotal decision on my part that I'm not sorry I made but it absolutely changed. Things between mardi and Phyllis were already tents. They still hadn't settled their father's estate, which included the Florida apartment, some New York property, and valuables like gold coins and jewelry. But now Marty had less and less patience for her at the office, she would come in late. She would leave early. She would tell me she had to take care of the kids doing this doing that. And the whole thing started to great on me Scalise forgot her name, but she was a nice guy. Personable bright Phyllis would be BSN in with her during the course of the day, and more look up and see her BSN with this receptionist, not doing the work that needs to be done, and you go nuts. You have work to do. You shouldn't be talking about the color. Nylons you should be taking care of business. Take care of the work that needs to be done. But to do stuff that she just the Phyllis it was of that was still there. It was a family business, which it was in the past mardi been willing to let this kind of thing, go. But now I'm cutting your salary by five thousand dollars. You're earning too much money no explanation. He actually caught his sister's salary and not just once he did it several times, Marty was getting tough. He told me to cut her salary. I told her I wasn't happy that she wasn't spending enough energy and her job, giving it full attention and salary by five thousand dollars. Do you think you would have done that if I hadn't told you? That's my producer Krista ripple. I don't think so. I don't think I would have done that I that's not the way I would have handled the problem. But mardi says I was persuasive. I felt it was a directive even though he might have at the time said, do what you want, but don't come back to me. And if if, if you don't do it that was. Always his mantra, I'm going to give you advice I expect you to implement it. And if you don't, don't come back to me and complain that things are not working out. But things were not working out between Martin and Phyllis, their relationship was at an all time low, and it was about to get much worse. Life is full of challenges. If you're dealing with depression, stress anxiety, grief, self esteem, or a wide variety of other issues. Better help is there to help you through it better. Help offers access to three thousand licensed, therapists across all fifty states and these counselors have broad expertise. That might not even be available to you locally. I've been using better health for few months now and it's incredibly convenient you can connect with your counselor at your own time at your own pace through secure video, or phone sessions the other day when I was too busy to hop on a video chat. Like I usually do I was even able to touch base with a counselor via text better help is safe, and it's private anything you share is confidential if you're not happy with your counselor. You can request a new one at anytime at no additional charge. Best of all, it's a truly affordable option. There's even financial aid available for those who qualify as a listener of the shrink next door. You get ten percent off your first month by going to bed. Help dot com slash the shrink. If there's something interfering with your happiness or preventing you from cheating your goals. Go to better help dot com slash the shrink T H E S, H R, I N K fill out a questionnaire to help them assess your needs and get matched with a counselor. You'll love better help dot com slash the shrink. Mardian Phyllis lived, a few blocks from each other on the upper east side of Manhattan. Every morning, mardi would get in a taxi, and go, four blocks south to Phyllis apartment, she'd hop in and the two would ride downtown to the company warehouse ready to start work at eight thirty AM. Now as mardi crackdown on Phyllis in the office. He also became furious if she was even a minute late to their morning carpal, if I was late to the Texaco, he would start to yell at me. I had kept the taxi waiting for two minutes. And that was unacceptable. And I finally said, do me a favor go, go to work without me. I will get myself down. They wanna can I couldn't leave my kids and mardi made a new rule in the office. Phyllis could only speak to him about their work. Nothing about their family, nothing personal, no other conversation. If he heard me on the phone, he would come over to my desk, and in those days, the printouts from the computers with those eighteen inch big heavy massive things he would come over to my desk slam down on my desk and say, if you have time to talk on the phone, you have time to do it inventory. Since that they had a falling out 'cause you could see there was tension but I didn't know the sources attention, Bruce could tell something had gone sour between Martin and Phyllis, but he had no idea why I didn't think it was business what it was personal. But I didn't know how personal what personal it became more and more difficult to have conversations with him because he was very judgmental. I've go to be over in a while they'd have, you know, Duke it out discuss it, but it was was uglier than, than I have remained. It would be could be attention began to build up in the office in such a way that I was beginning to feel that working there was untenable while all this was happening. Mardi was planning a party with his fortieth birthday approaching key decided to have another bar mitzvah now. Margaret had one bar mitzvah when he was thirteen. But Marty says I suggested he do it again as a. Kind of recommitment to Judaism and Marnie was taking the whole thing, very seriously practicing reading the Torah and Hebrew for the ceremony despite the tension between them. Marty still ask Phyllis for help he said, well, can you help me go over the Tova reading I said at this point, I said, I really don't know it. I'm the assistant rabbi a cantor ghetto someone will help you learn it next mardi wanted her help writing invitations, I had studied Hebrew calligraphy, so that I had done my daughter's invitations and had done. It took me months to do it a lot of work. So Phyllis with three young kids and a fulltime job, declined the next time she heard about the party was in the office, and he came to me one day, and he said to me, did you like the invitation? I said mine must have gotten lost in the mail. Chris, I never got one. And it was at this moment Phyllis realized her brother was pushing her out of. His life. And he said, well, I couldn't invite you. He said nobody, they now know knows that I have sister, a nephew and nieces. And if I suddenly turned up with them, they would really think I was crazy. So I can't invite you. And I can't have you there here, you asked me to write the invitation you asked me to, to teach you, you asked me to do everything. And then you don't invite me like are you crazy their right? To think you're crazy. Phyllis stormed out of the office and never came back. If I had been not so angry or hurt. I might have seen that this was not typical behavior of my brother that something else was influencing him. That someone else was creating this barrier. Martyr's bar mitzvah ceremony. Took place at the Lincoln square, synagogue. He read from the Torah, which one Impreza from his rabbi. I was at the ceremony and the reception in the Schule afterwards. Even brought his wife, Becky Phyllis wasn't invited. Phyllis brother had stopped speaking. It was a strange change for the family. Phyllis had always relied on him. It was mardi. She turned to when she got divorced. And Marty had always been such a big part of her kids lives. He was like the fun on goal. You know, he always visited this is lane, Lipsky Phyllis. His youngest daughter used uncle who is like had all of the cool gadgets. He always. Certa shared stuff that I was kind of, like, I don't think you're supposed to be saying that to me gardening, like, you know, showed us the movie like you know, orange was to see you know, he was that guy. And and playful Fyllas children, had no idea that their mother and oncogene speaking Phyllis was still trying to get her brother to talk. But no matter how many times she called him, mardi wouldn't return her calls weeks dragged on finally Phyllis had had enough. She wasn't about to give up on her relationship with her only brother not without a fight. I just knew that in order to get my brother to talk to me in order to get him to speak to me to discuss. What was going on? Brother sister is I had to take something that at that point felt like it was meaningful to him. And she knew exactly what that was. And so I took the jewelry the jewelry. Mardi says when his mother was alive, his dad border enough diamonds to earn the nickname diamond Lil there were gold bracelets. A beautiful diamond engagement ring earrings in a pin with little diamonds Phyllis knew where they were. And she knew that if anything was going to get Marez attention. It was that jewelry, she didn't care about its value. She wanted to force mardi to talk with her again. And maybe the hurt him just a little and the way to do both of those things. Bank robbery. The shrink next door is brought to you by Madison Reed. 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Get ten percent off, plus free shipping on their first color kit with code, the shrink that's code, the shrink at Madison dash re dot com. The shrink next door comes from one day, the makers of Dr death business wars and one plus one one plus one tells the stories of legendary partnerships that have reached the top of their fields music, sports art, business and more in one, plus one you'll get to know the feud turn friendship between basketball legends. Kobe Bryant and Shaquille, O'Neal, and the business savvy that turned the Kardashians into one of the most famous families in the world, stay tuned until he ended the episode for a preview of the story behind the Kardashians rise to fame, and don't forget to subscribe to one plus one that's oh, any space p l u s space o n E ON apple podcasts or wherever you're listening to this right now. Most of the jewelry, and gold Mardian Phyllis. His mother left them was in a safe deposit box at a small Bank in Manhattan, at the time it was near thirty ninth street with my, this office was the faith deposit box had two keys mardi head one and Phyllis had the other Phyllis walked into the Bank and ask to be taken to the ball. She pulled the safe deposit box out of the wall, and unlocked. It, it contained two things mardi stamp collection, and small cardboard box filled with jewelry to grab jewelry. I think I happen to have a prayer book with me that I stuck in so that the. The box itself would have weight. And then she left I didn't even look at it until I was home, what she wasn't done not even close. With the jewelry in New York apartment Phyllis board, a plane to Zoric their father had left the siblings, a joint Swiss Bank account, it had one point five million dollars in it. Close to four million in today's money. And I said, I would like to move the money from this joint account to one in my name. I signed whatever paperwork, I needed to open up a separate account. We transferred the money and I left, I think it was all done in less than two hours last stop martyrs. Apartment Phyllis knew he was out of town from Oriel day. She walked into Marty's apartment building past the doorman and took the elevator to the fifteenth floor, in her hand. She held us barricade. Once inside, she headed straight to the hall closet, which she knew there was a stack of bond sitting on a shelf. These bonds were another part of their inheritance? I knew they were there was no big secret Phyllis picked up the bonds and slip them in her purse, and I left a note that said Marty, I have possession of these please, call we need to talk and I left when he got back from the weekend Marta the bonds were missing and he read the note. Well, I can imagine how you would feel if someone came into your parliament took. Valuable property, and you come back and discover this, and you're not about to call the police because, you know, it's your own sibling who did it. So the police were out of the question, certainly at that point, I was in a state of extreme agitation. It was late at night, but mardi needed advice. He needed to talk to Mike. I was in Philadelphia visiting his in-laws but he'd given mardi the phone number this way before cell phones at two in the morning. Marty finally got his therapist on the phone. I remember calling like. And unloading all of that on him. And he said to me, relax, we'll take care of it. We have an appointment on Monday. And we'll talk about it then at their next session. I calm mardi down. He said we have to find out the extensive is thing mardi went to the Bank to the safe deposit box. He saw the jewelry was gone. He checked the Swiss Bank account that was cleaned out to this was Martin's worst nightmare denies what Marty says happen next, but Marty says he remembers it vividly. He says, I could warned him that people out to take advantage of him for his money, and here, not only with someone taking advantage of him. But it was his own sister. He was saying to me, very simply look at this, all she wants is your money, period. She wants your money, and we're going to put a stop to that right now you're going to break off. Relationship with her. And we're going to do it in the following way, we're going to write a letter to Phyllis and write a letter to her daughter. I was called to the principal's office Laney, clearly remembers June second nineteen eighty three it was her thirteenth birthday. She was entered Jewish middle school. And so, of course I thought I was in trouble 'cause I was called downstairs. You don't get called to the rabbis office for no reason, and I arrived downstairs, and. The rabbi handed me a letter, and it had my name on the on bloop. The letter had been hand delivered by a messenger service, Laney opened the envelope inside was a two page letter. Handwritten in cursive, script. She recognized her uncle stationary. I read it. I don't remember reading it in the office. But I do remember thinking and need to call my mom Laney walked out into the empty hallway, there was a payphone. I said, I got a letter from Marty. She said, oh, and I said, I said, I need to read it to the letter began writing, this letter hurts be more than anything I've ever done. Unfortunately, I have no choice your mother has chosen to betray me. She is deliberately lied to me and stolen from me as much as I once loved her. And as much as I still love you. She is left me no choice. But to tone. Really terminate my relationship with her and dust of necessity with the three of you the phrase that stuck out to me. And like, you know. You know, I can see in my head is, and therefore, you are no longer benefactors of my estate, and I knew that was important. I didn't know what it meant. But I knew it was important. I realized that ineffective you're paying for your mother's crime. And I am sincerely sorry for that. But I hope you realize I had no choice like I didn't understand the words. But maybe I did understand the words because it was one of those moments when you like something big happens, and you kinda shut down. Laney read the last sentence to her mother, despite the fact that we will never speak again, and no matter what your reaction be to these tragic events. You will always have my best wishes and my love your uncle Marty. My mom on the other end like there's a long pause. And she just said to me, do you wanna come home? And I said no, like that. I'm fine. And I put the letter away. I mean, I guess. I was in a state of shock when I look back at how I we acted to it. Like I knew what the words meant. But, like I couldn't process how it made me feel. I love you. I love you. I love you. And I'm disowning you and I love you. That's the message and it's your mother's fault. If Laney was shocked Phyllis was furious. I think it wanted to chop his head off. I, I really it said my sister, betrayed me. I wanted to say no, the betrayal, was the other way like you you've got this situation backwards Marty. And anyway. Why are you taking it out on my children? What the F is going on here. Like you wanna be mad at me. You be mad at me. You don't do this to my children like I, I'm not sure I was going to ever be ready to forgive him. In the letter, I wrote to me in two thousand twelve he said that what mardi wrote to his sister was poignant, painful, and deeply personal any added that he had, obviously played no part in this document of all the things Marty says he did at his psychiatrist suggestion. This was the first one he knew truly knew in his heart of hearts was wrong. But he wouldn't allow that thought to linger he couldn't I felt I had no choice. And the one person I could turn to for advice was Ike. And this was his, his advice was to sever break off the relationship, and I just stopped, I wouldn't allow myself the luxury of thinking about what was morally right. What was morally wrong? I just accepted my psychiatrist word that this was the way to deal with the situation mardi says that I suggest. Did he start bringing photographs of him in Phyllis to his therapy appointments there were a lot of photos? Black and white one's going all the way back to their childhood in one picture. Mardian Phyllis, or about seven years old, and they're an ice skates. The two kids are standing next to each other wearing nearly identical smiles. Mardi showed the photo to like. Then Marty says I can't at him up here of scissors. The idea was to cut my sister out of my life. And to cut her totally out of my life. We literally could have picture away and sent it to her. I opened up the envelope and there were these pictures while they weren't pictures. They were half pictures. There was a picture of me standing up against some kind of a wall when I was about three there was a picture of me at about eight years old on ice, skates, and on the person in the picture, and the other half the picture wasn't there. It was clear that he had taken a scissor in cut cut. He cut himself out. He cut me out. You got himself. He cut me out. But here Marty says he didn't quite follow his psychiatrist's advice to them out. I kept them secretly kept them. Marti's world was shrinking. His sister and her children were out of his life and session after session. Marty says I Cameron home some harsh truce. He also told me, I wasn't lovable. You're not a lovable person. That's why nobody loves you. Your sister doesn't love you. You nephews? Nobody loves you. I says he never spoke those words, but what we do know, for sure. Is that Marty became more and more isolated leaving behind fraternity brothers old colleagues people, he'd known from his synagogue, until he only had one friend left eye Hirsch? Con. From blue Mergen Wandry. This is part two of six of the shrink next door, a story about power control, and turning to the wrong person for health, if you'd like to help us spread the word. Please give us a five star review and tell your friends to subscribe were available on apple podcasts and every major listening app as well as wondering dot com. Visit Bloomberg dot com slash shrink next door for more on this story, including images and extended content. If you're listening on a smartphone tap, or swipe over the cover art of this podcast, you'll find the episode notes, including some details, you may have missed you'll also find some offers from our sponsors when you support our sponsors, you help us bring you our shows for free and thank you the streak next door. It was written and reported by me. Joe Nocera senior producer is Krista ripple. Bloomberg's head of podcast is Francesca, Levy fact, checking by Molly Nugent sound design by Jeff Smith. Executive produced by George lavender, marshal Louis and her non Lopez for wondering. Imagine you have a dream, an ambition. But you always feel like you're missing something. A piece of the puzzle. You just can't put your finger on. And then you meet someone a collaborator partner a kindred spirit. Or even arrival a person that there's you drives you to create something. Truly inspiring that chemistry of two people in a singular pursuit allows you to achieve the success and fame. You never could have on your own together. You make a Mark on the world. I'm faith daily and I'm Rico go Yana, and we are the host of the new series from wondering one plus one from the people behind business. Moore's and dirty. John comes weekly series about what happens when two insanely gifted people come together in conflict, and then collaboration to create something truly transformative people like let it in McCartney. With working with Joan go into literature without main into Google's Larry page, and Sergei Brin like each other. In the beginning it. But you tolerated each other, I think, you know, Larry's kind of noxious very easy going when you get down to it really every great collaboration as a sort of love story, sometimes for real like Jay z and beyond. And with each six episode series, we're going to take you through some of these amazing stories will realize what about these power couples these farsighted geniuses. These creative soulmates made them so great. And maybe what we can all learn from them, one, plus one premiers on February nineteenth with a series about John Lennon, Paul McCartney subscribed today on apple podcasts, Spotify or wherever you're listening right now. Are we going to touch greatness as co host of this podcast? I'm not sure we'll achieve Lennon McCartney level status. But hey, we can try right, right.
Bloomberg presents Foundering
"Hi It's Joe Nocera. This week the award winning team at Bloomberg, technology launched a new series that I wanNA. Tell you about. It's called foundering. Each season will take you inside a different high stakes drama from silicon. Valley. The first season is about the office rental startup we work. This is a company that perfectly captured the excesses of the Tech Boom of the twenty tens. And we work spectacular bus mark the end of that era. We work was led by a charismatic eccentric founder Adam Newman. Who many people still blame for the company's fall? Here's a sneak peek at the first episode. Listen and if you like, it subscribed to foundering on apple, spotify or wherever you get your podcasts. Let me, take you back to spring two thousand nineteen. It was a time in Silicon Valley. When the world's most valuable startups seemed poised to make big Uber, lift and Pinterest were all going public and next in line. Was We work? We work with valued at forty seven billion dollars and investment banks were saying that the price tag could go even higher during the APO. That meant that on paper. We works CO founder, and CEO at Newman could be worth as much as ten billion dollars. Company was the most valuable startup in America. Another tech, Unicorn has filed to go public this time it is, we work now known as the week. Company has announced that it has confidentially submitted its paperwork to the SEC four, an IPO we work has revolutionized the leasing of office space, Co founder and CEO Adam new minutes well strategic partner Wellesz, but accurate Ashton, Kutcher ten billion dollars invested in this company. It's the second largest venture capital investment of all time. These may have been some of the best times of atoms adult life he was getting photographed for magazine covers grinning at the camera, imposing on office, furniture and bounding flights of stairs in TV interviews. He talked about how we work had made billions in revenue was doubling in size every year. They were helping fortune. Five hundred companies make their employees happier by building them better, beautiful and inspiring offices. If the I feel went off as planned Adam, we works employees and we bankers would become rich very rich. First Startup going public the ultimate milestone. Very. Few companies make it, and it can take years to get there. An IPO means you're established. You've arrived in the halls of global business. That August, it looked like Adam. Newman was about to make it very soon. But then in the span of one month, everything changed. The scrutiny that followed in the lead up to we works IPO quickly turned the company into a laughing-stock exhibit a of the over hyped money, losing conflict of interest ridden stereotype of tech startups. Suddenly. Few investors were willing to buy its stock, and we were had no choice but to cancel its IPO office space startup we work has officially postponed plan to go public. We work as having trouble finding investor demand at one third of the forty seven billion dollar price tag that Softbank assigned in its latest funding round that big mark down could spell big trouble for soft bank's timeworn, a potential investor in in. This thing is an absolute mess. I don't want. We work I wish they would just go away. The real concern is Adam Newman. The CEO everything is on him, his performance will determine this. It was a disaster, and almost everyone was blaming it on atom. People started saying that his biggest investors wanted him gone, and we're meeting without him to plan his exit. And in the midst of all this chaos, someone snap a photo of atom walking down the street in Manhattan we know this because it was posted on, read it. In the photo he's outside on the sidewalk. He's wearing a gray t shirt and black jeans. He's tall, six foot five. His Long Brown hair is blowing in the wind. Bizarrely he's barefoot and remember he's walking on a sidewalk in Manhattan it. All looks a little unhinged. But I guess you could also say it's on brand with his unconventional ways more on that later. Anyway in the photo, he's mid stride holding a cell phone up to his ear. It's hard to tell if he's angry or smiling. was he trying to sweet talk and investor into letting him keep his job was eventing. According to someone who spoke to him the day that photo was taken Adam found the prospect of leaving. We work unimaginable. He was determined to stay on at the company. He had spent the last decade building into a global empire. Your the rest of this episode. Subscribe to foundering. You can subscribe and listen wherever you get your podcasts.
The Familia | 4
"Back in the spring of nineteen eighty-seven, Sam Sampson received an unusual invitation from I cars cough, he sent out a beautiful invitation to everyone Sam knew from when they were kids, he could see the invitation was in ice handwriting. Small deliberate printing with a unique flourished on the Leonard g the invitation was written in the form of a Q and a question I you never. Right. Why are you writing to me answer so you can save the date question? Can you tell me where answer? Yes question, will you tell me where answer? No, it's a surprise. Remember the party was for ex wife's thirtieth birthday, but the location of the party was left a mystery the talk of the neighborhood was where is, is it going to take us on a cruise is taking somewhere special the? Tation promised a full day swimming sunbathing continuous food drink, and champagne even free professional massages. Finally got a notification that, that he rented a boss Sam in the other guests waited in Manhattan near the United Nations building. They boarded the bus, which was nice air conditioned, comfortable seats. The bus took off rolling through the mid town tunnel and onto the Long Island expressway queens, row houses gave way to trees and then woods as the bus approached the ham. Finally, the bus rolled onto a gravel driveway in front of a large house was a huge party and everyone was most impressed. But the house walking up the front driveway, Sam notice, the mailbox in the front. It said Isaac Stevens. It was, of course Marty Markowitz his house. I played host at several parties here before, but those had been different. Those had been people mardi new this time it was ice party. So somebody asked him, why do you not have? Doctor is occur shop. And I believe he said, well in case he out of the patients coming by he didn't want. He didn't want patients to know that he had a house, something like that. But with Sam didn't know was that there were patients who already knew about the house. In fact, they were on the guest list. The shrink next door is pleased to have Brooke linen. As it's presenting sponsor, my Brooklyn and sheets of the best most comfortable sheets I've ever slept on and I feel great about seeing their praises not just because I love my sheets. But because this is a company that is built itself intentionally every step of the way making their manufacturing process, less wasteful, and saving me a ton of money. I mean most betting marked up as much as three hundred percent. Ouch. Brooke linen was the first direct to consumer bedding company, which means they work directly with manufacturers and directly with customers without the middlemen. All you're left with is a great product and great service. Get ten percent off your first order and free shipping when use promo code the shrink at Brooklyn dot com Brooklyn and is so confident in their product that all their sheets comforters and towels come with a lifetime warranty. The only way to get ten percent off your first order and free shipping is to use promo code the shrink at Brooklyn dot com. That's B. R. O. K. L. I. N E, N dot com, promo code the shrink. From wondering and Bloomberg. I'm Joe Nocera. And this is the shrink next door. This is episode four the familia. I Assyrian to host a party for his wife's birthday at mardi summer. House seem normal enough. Both mardian. I prepared for the event together. I can mmediately began to work on the guest list. It was long more than seventy guests. There were Becky Hirsch cov friends, of course, but also many people connected to some like Sam Samson who had grown up with him, but also from medical school and current colleagues, Marty was impressed. I knew how to party, I will tell you that Ainu had hire the best caterer, he knew how to have the setup. Just exactly right. And he was basically showing off. He loved to show off mardi rolled up his sleeves and got to work. He would basically, then enlist me to help them with the invitations and to help them get the whole house ready for the for the function. The party was made twenty fourth a Sunday that morning. Marty busied himself setting up a drink station near the gazebo and laying out the buffet. Just before noon, the bus for Manhattan pulled up outside Sam Sampson piled out with the other guests and looked around a lot of people from the upper side from the synagogue. I think that he was trying to impress Sam was certainly impressed. He and I could grown up together in Washington heights, which at the time was a Jewish working class neighborhood between Harlem and the Bronx. Now here was his childhood friend hosting an extravagant party in the Hamptons, we didn't get back probably very late that evening at night, and everyone was impressed. Well, I did. Well, yeah, Sam was pretty sure he was on the guest list, because I could just set him up with a new job. Just an you know, I'm about the fire somebody might company. Would you be interested? I think yeah. The company was associated fabrics Marty's company. He had. AFC catalogs associated fabrics corporation catalogs. Like on a copy table that everyone saw so people would ask him. I remember asking him. I what you have to do with the societas apposite. Yeah. That's my company. The house was full of signs of just how far I could come since. They've been kids together. It's something hang on the wall, with like three or four different business. Cards is Kirsch Cup psychiatrist something a business consultant something president associated fabrics. And maybe another one or two. So everyone believed. Yeah, I join a lot of different things not only acting psychiatry. Mickey's birthday party marked the moment when everything changed at the house in the Hamptons, six years after mardi started therapy, with the psychiatrist was now the public face of Marty's house. I mean that set the president for the family functions. I wouldn't agree to an interview. But in one of the emails, he sent us, he said that this change was at Marty's request. It helped him void confrontations with friends and acquaintances who would ask to spend time there, he says his role at Southampton was much like his role at AFC a figurehead without any real authority, but the invitations came from like on them. I called the property south Kampen any christened. The bus that brought guests from the city. The south can't mobile, one invitation, read, our deluxe restroom equipped air, conditioned, south canton. Bill will leave near the United Nations at first avenue and fortieth street at ten thirty AM sharp, it will return there at approximately ten pm there will be a different full length movie on each trip. Please reserve your seats at least two weeks in advance it became Marty's job to compile the guest list, and send out the invitations to ice friends to the celebrities, and also to people like Judith, it was like to be invited to the party was, like you getting bestowed an honor by king at the time Judas was in her late twenties. A short brunette she'd recently married, and had a young child. She didn't know I from childhood or from med school. And her name isn't really Judith. She asked us not to use her real name. She was one of patience to be invited to hikes party. That means he in the inner circle. Means he learned just this patient to pay them and saw him every week. You will part of the familia familiar Judah thinner. Family, usually rode out from the city in the south can't mobile Judith, felt special to be invited to her psychiatrist parties, but she also felt that she was walking on a tightrope that doing the wrong thing would make angry with her. Even so you were there to have a good time who is nerve wracking, because if he if he slipped up you couldn't, maybe not be invited again. So it was like scary and fund, it was like it's like, when, if you're with a relationship with someone who's in our sec- can never really let your guard down. That's what the parties for like the guests sat around the pool joking drinking soaking up the sun. There are a number of home videos, filmed at Southampton mardi still has the time. That's I- behind the camera roaming around talking to guests he approaches to women lounging deck. Cheers bikinis. Let's hear a discussion of robotics. What exercise programs respectively recommend? And what do you have to show? Both women are expatiates. The other patient laughs and says that she never has anything to say about anything. She looks at Aiken says except maybe your body say about that. We'll censor this. Later in the same video, I plays matchmaking hosts between one of the patients and another guest. Mark is one of the orthopedic surgeons here. Have you choice of three different orthopedic surgeons here? Yes, I great party coming three times a year. I told my for now on eight o'clock at night, the party ended to bus would come, and we would leave, sometimes Becky or bec in the girls are just the girls would go home on the bus with us hike. Never did. I was like a celebrity for Judith. The parties became incredibly important as long as she got an invitation. She knew she was still an inner circle, I'm guessing I went to at least thirty parties over the years. Yeah, it was a big deal. Would you look forward to them? That's my producer. Krista ripple. Yeah, my God. It was like so exciting. It was like being granted like into part of his life. You claim that the fact that clients of mine on rare occasions. Tended the Southampton gatherings makes me guilty of quote boundary violations. I strongly disagree in his emails. I refers to his patients as clients. We're having an actor read all of ice responses in this episode here. The facts one over ninety five percent of the attendees at these gatherings were not clients of any type to over ninety five percent of my clients over the past forty years have never attended three, a disproportionate percentage of the relatively small number of clients, who did attend was, in fact business clients for the clients, who did attend where often there, because of a commonality I e they were staying with friends who were invited. They had children who went to school with ours. It's cetera. But Judith had no business relationship with I, he was her therapist, and she found him captivating. Followed him we drank the koolade it felt good while it was good. Tila, didn't. A pastor in his wife scamming addicts at a millions there. Degenerate, son, locking them up so he can steal it all, and a dangerous con man and a runaway ice cream truck. Don't miss the new epix original series perpetual, grace limited from executive producers of the claim series patriot. Comes the surprising new are thriller that will become your next binge worthy drama. Starring in alias cast, including Academy Award winner, Ben Kingsley EMMY nominee, Jimmy Simpson and two time Academy Award nominee Jackie Weaver. Get ready for plot. Twists. You never see coming and characters. You can't trust. Or can you all is not what it seems when Griffin sets out to steal four million dollars from an elderly couple who run the local church that helps troubled souls, a divine plan quickly goes to hell. When it turns out that they aren't just a couple of old people from rattlesnakes and convicted killers to astronauts the Mexican cartel in high school in wrong. Discover the series peop-. We'll be talking about it all starts on Sunday, June second at ten nine central. Perpetual grace limited. Watch the season. Premiere only on epochs get the channel or get the app epics. Have we got a story for you? Yes, whenever I called one of ice patience. I never knew how they were going to react, some were upset to hear from a total stranger a stranger who wanted to ask about their therapy sessions. Others felt I could help them and said, so many simply didn't wanna talk but Judith started talking the minute. I got her on the phone. So we learned a lot of things about I. I used to I live next door to Marty Markowitz in the Hamptons and the for the first year I lived there. I was under the assumption that it was ice house, brain elevate. It's not. It's Marty's house. That's typical. A few weeks later, we met in person, and Judas picked up right where she left off. He was like he knew everything like the grade is not only did I seem smart and well-connected. He seemed nice. He told her that he could help her make peace with her traumatic childhood, he was very kind. And very helpful in promising me that he could help me access the memories and put them to rest, and I felt held not physically, but I felt held in his assurance that he would be able to help me. He seemed pretty sure of himself and I trusted him. Did he help? Yes, he did help he helped me on earth. Everything from my pass, he helped me. Bring up memories. He helped me deal with my fears of inadequacy as a parent, having had terrible parenting by my own parents, I was terrified that I could repeat those very mistakes. That's how would usually is that the become your parents, and he reassured me that I could be different. I didn't just listen to Jewish talk about her life. He also talked about his own life. So I knew history into his present life. He shared everything. Judas mother had survived. The holocaust. So at X parents and stepsister, I remember him telling me how much he didn't get along with his father. That is five. There had another family from before the holocaust that he found out about later on that is five had nightmares woke up screaming during the night hearing talk about his own experiences made him relatable. He wasn't one of those therapists, who just listened and nodded, while uncovering, my story was almost as if he's shared and uncovered his Ike helped in smaller ways to Judas had been afraid of dogs. All our life had been bitten by a dog when I was a child and. Was afraid to tell my mother because we weren't allowed to touch dogs, partly because of how survivors for chased by dogs. So you we would not allowed to touch dog because dog and I did. And I got bitten. So I had from then a fear of dogs, and I helped me get over it by taking me to a dog run, and eventually giving me inside the dog run and get him used to dogs and once Judy had gotten over her fear of dogs. I suggested she spent some more time with one dog in particular his and then, like the ward was to watch his dog when he went on vacation. But shoot it was more than happy to help. I felt honored and she began to rely on more and more. I didn't make a move without speaking to him. I wouldn't choose a doctor without consulting him. I wouldn't pursue a friendship without discussing it with him. My didn't make any decision. In my marriage or in my mother ring without checking with Ike any decision. When did that start happening? I don't know. It was pretty organic. It became that. But I don't know how, and when it happened, it just progressed into that, naturally. I couldn't move without him. There were times. I was seeing him twice a week. Believe me, we could ill afford it. But I believe that he was keeping me from having a nervous breakdown of falling apart or something terrible. He tends to loom large in your life and make himself very necessary. And you're afraid to loosen, then the do then husband know how dependent you were on. He did. I think he was the frayed to mess with it. It was like I had a husband and I and. My husband was afraid of I why because he knew how to hold. I can't on me. And I think I convinced me and then convince him there without I would fall apart into million pieces. You are. He is starting to feel better to feeling bad for a long time. And it's not perfectly don't wanna mess with that and go back to feeling really bad. And that person has believing that they're the way out. And if you leave them you'll go back to that when you're not giving that up. You know, and you will do things. In order not to mess with relationship with that person in your life, you will let other people go, and he will behave in a certain way because. He he. So addicted. To having that them appeal relationship that is not that there appear to getting more, but you don't know. By the mid nineteen ninety s Judas remembers that she was paying two hundred dollars for each of her twice a week sessions to now is the ninety s so they were ridiculously expensive. But he kind of, like, you know, you getting champagne coming up with four hundred dollars week wasn't always easy, but she kept seeing him, we could go without eating, but I can go without see him. And so we can week out Judas would be an ice Manhattan office in their sessions. One of the main topics of conversation was her relationship with her mother, I was having flashbacks and remembering very abusive childhood at the hands of my mother and I couldn't deal with my that was remembering high swarm twice a week. So I would speak to him when I saw him and call him when I had anything that I had to deal with some of it was really heavy because I was uncovering a lot of memories and. It was a scary time 'cause I was falling apart, what he slowly did, which felt powerful at the time was allow me to remember things. My mother had done, and that allow me to hate her. And he almost. Nurtured that hatred and non forgiving this, when we sent, I Judas allegations about her treatment, his response was brief. He told us that Judith had never blamed him for any of the decisions she made about her parents while she was in therapy. He suggested that I had encouraged her to blame him Dudas told me that her relationship with her mother was complicated and something, she's still dealing with was the higher -able relationship, and eventually, she crossed the line that in my therapy was deemed on crystal and just like mardi had done with his sister. Judith broke off contact with her mother had X urging I finally had the courage to tell my mother that I would never speak to her again. And I cut off. My relationship with my mother. Which was applauded by. Because it's what he wanted. It was literally letting evil go. It was the good thing to do. The two of them didn't speak birthdays, New Year's Passover. They all came and went without Judith. And her mother exchanging a single word, even at her daughter's bought mitzvah, learn speaking terms, but it was still expected that for the appearances, I would invite her. He didn't think it was would be a good idea for me to invite my parents to the but mitzvah. So I didn't her parents didn't come but I did I sit in the back of the women had me make eye contact with him. While I was speaking, he spoke at the meal, we had in our house after hearing that our parents weren't coming, many other family members decided to skip the ceremony to it caused a huge rift in my family, which resulted in me, losing aunts, uncles, cousins, my brother, wouldn't come. My sister went to come because everyone was. Like how can you not invite your parents to your daughters, but mitzvah? So everyone hated me. I became the most hated person in the world. That felt like. Was so hated. I lost my entire family at the time. She didn't care oil. I'm doing the right thing and taking care of me because that's what I was told. By I, I. Way to go. Then one day Judas heard from one of the few family members, she was still in contact with that her mother was dying from a rare disease, and it's a horrible way to die. And in my therapy, we discussed that she deserved to die that way, and that she didn't deserve forgiveness because she was dying, and I was not to let it go. Drew says, I told her to write a letter to her father listing all the abuse she had suffered at the hands of her mother. They would like a ten page letter. About every abuse that had been done to me and saying that when she died, I soon. So go someplace where they'll play video everything she had done, and she will pay for her since. So there was. A total lack of moss, our forgiveness or kindness. And no resolution for me as far as my mother dying and no peace for me because of his never solved the explain to you, why he thought it would help you he thought it would be good for me to get it off my chest. But it didn't do anything. When you were in his therapy, and you're talking about your mother, as she's dying. Did you ever say to him? I think I should go. See my mother. Now, I can't say that. I did. I I just listened. I would have never I don't think I would have dared to. I not I gave him all my power. And I, I don't feel anger towards but I think he took advantage, a, my vulnerability. It was easy. To own me in my life. At one of x parties Judas had met another patient. Sarah, also, not her real name, Sarah was also a young mom with small children, and she and Judas became close friends. We were family was the father. She was my sister, and I'll families became friends, and we were in the to this homes for holidays. Sarah was also part of the familia IQ's to invite her and her husband to the charity dinners, he loved, and the three ran the New York marathon together. But then then she had a falling out with hike, and I was very explicit that I had to choose between him and her because I. Have be have both of them in my life. And my mother was near death. And I didn't know that I could go through her death without hike. So he. Had me write a letter that he basically dictated to this friend of mine ending off. Friendship. Which was a great loss. The choice was agonizing for Judas and remember saying to myself, I can't be without him when my mother's gonna die because. I can't be without a therapist, let alone the person who ran my life, Jim member how he made it clear that you had to pick. I think you just told me. I don't think he was vague. It wasn't like that. I just remember was her him. I think. The lead of we will just was saying that I had and the friendship because. God, I'm trying to remember, it's so long ago and it was so bad. And so painful that, you know, you block things out. I just remember the only thing I remember saying to myself my mother's going to die in by lose now who will help me throw it. I think of my mother wasn't going to die. I might have chosen. Because I seen enough of ice flaws. He was not the deity that I thought he was. But I just know I wouldn't get through that. She wasn't deserving of me ending the friendship that way. It was around this time, Judas heard that her mother's condition had worsened, who has an hospice, and I got calls from hospice workers and MAB, ice. The mother is dying make your peace with her, and what was going through your head when you would when you would hear those messages that I had to be strong in my resolve. So you are wavering. Well, I felt some guilt, but I had to be strong in my not forgiving. That was like the position that I was playing. And I had a lot of anger towards her. I it's funny, you would think three therapy would reach forgiveness. Would I reached no forgiveness, lack of forgiveness was the opposite? My mother died, and I never spoke to her and. That hatred and resentment and guilt followed me for many, many, many years. Then came the funeral Judith says I guided her through that as well. He didn't think it would be healthy for me to go to my mother's funeral. He said, if I really felt I had ago I should put on headphones and listen to music and cover it with the kerchief. So I don't hear anything being said, but recommended thing to do would be not to go. So I didn't go to my mother's funeral. Didn't sit Shiva for her this last recommendation to skip the traditional week, long mourning period was extreme. Judas neighbors were all religious, too, and she knew should be noticed if she didn't sit Shiva. So she says, I helped her come up with a plan. I spent a week in the city with my husband got outta my neighborhood. What was the idea behind that? I had relatives within the neighborhoods word could give out. So my ex-husband told people that I was sitting Shiva in private in the city because if. People thought that I wasn't sitting at all. Like I'd be like a month. That you did. And I didn't. It's a big. I didn't I didn't see the big picture then. I was just feeding off that anger, and hate, and resentment. So I couldn't really see. 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That's played it. P L, A, T E, D dot com slash podcast. I've needed new luggage for a while. But I was putting so much pressure on myself to find the perfect bag that I was paralyzed. And then I found a way away was founded by two friends from New York who found themselves at JFK with dead phones. Delayed flights and bright idea luggage with power and the away. Carry-on was born the idea of carry on that. I can plug my phone into was, too. Great to pass up. I ordered, they're bigger carry on in navy, and it's gorgeous. All of the ways suitcases are strong and lightweight. You can choose from a variety of colors and four sizes. The carry on the bigger carry on the medium, or the large both sides of the carry on are able to charge all cell phones, tablets e-readers anything else, that's powered by a USB cord. A single charge of the awake carry on charge, your phone five times. Plus also cases come with a no strings attached. One hundred day trial, as a listener of the shrink next door, you can get twenty dollars off in a way suitcase. Visit away travel dot com slash the shrink and use promo code the shrink during checkout. That's twenty dollars office suitcase when you go away travel dot com slash the shrink and use promo code the shrink at checkout. There's a framed photo that hung in mortars guesthouse for years. It was taken at one of the many summer parties is posed on the edge of a bed. He's wearing only bathing suit and a wide smile surrounding him are three young women. They're all in bathing suits to two of them are sitting on either side of him each with a hand resting on one of his thighs. The third woman is behind her arms or grape down over his bare chest. Her hands arresting low on his body and her fingers appear to be grazing, his waistband, all three women are patients, vikes and the woman in the middle. The one with her arms around. She held a unique place in the familiar. Multiple people told me she was favorite. I is a brilliant. Man, I'll referring to this patient, as Emily a that's not her real name. That's also not her real voice were having an actor read the responses. She gave me an interview I like that. He had a practical approach to therapy, and that he was smart about people really helped me learn how to read and understand the people I was dealing with in my life. When I spoke to her Emily asked me, not to reveal identifying details, but I can't tell you that she's a wealthy businesswoman was an extravagant lifestyle her house in the Hamptons is the kind of mansion that celebrities and billionaires own. She was a regular dykes parties, of course, but he also went to hers like many of the other patients, I spoke to Emily decided to find a therapist at a low point in her life. The more in crisis, you are the more vulnerable. You are. I like she that way is treating you to make you better. But also keeping you tied to him. The arc of Emily's relationship with I was very similar to what mardi and Judas had experienced at first Emily felt like I had helter he guided her through her divorce, and he gave her advice us to get back on her feet financially he taught me how to control my emotions so I could make better decisions. There is a period when nobody in my industry would talk to me. And he's hot me how to get through that in some ways he taught me how to protect myself. But she says I moved the boundaries of the relationship. Little by little Emily says he pushed her to several close relationships in her life, including her mother. They also started to hold sessions outside X office. They would have sessions over dinner and not just any dinner the fanciest and most expensive restaurants in Manhattan. Danielle the four seasons. Cirque, Emily, always picked up the check on top of paying fee for the session. Emily didn't release, I talk about her treatment, and he didn't comment on their relationship for this series. But back in twenty twelve when I first started reporting on this story, he said these were business dinners over the years. Emily says, I seem to start to expect her to treat them in the summertime. They used to occasionally have sessions at restaurants in the Hamptons, he would want me to pick him up Achim, and drop him off, I told him once all call a taxi, and meet them at the restaurant, the taxi never came, but he wouldn't just get in his car and drive there. It was like it was beneath him. This is his stick is the guy. God. And there is nothing. You don't do for the God. She also gave him expensive gifts for one of ice birthdays, she gave him a ten thousand dollar watch. She says he accepted it. I didn't respond to a question about the watch as part of the familiar, Emily new many of other patients, including mardi they would spend time together at the summer parties. She also felt sorry for mardi had no friends is whole life was an expand. And I wanted to keep it that way mardi used to exercise by running up the stairs in his apartment building. I like to keep him isolated if he went to a gym he might meet someone. I didn't just introduce patients, several of them told me he would also gossip about them to each other. He spoke to the patients about each other and not in a positive way. He was like a mother who would divide and conquer then. Then he would try to pit them against each other, and then five or six years into her relationship with. Mike, Emily decided to make a change in her will, she went to see a lawyer, the same one, Marty had seen several years earlier when he changed his will Emily says that the new will left a substantial amount of money two daughters at that point. I had nobody else to give it to. She remembers the lawyer asking her to write a memo spelling out why she was putting her psychiatrist daughters into her will, but Emily says, I never actually uttered, the words, change your will. I very smart very manipulative. He does it in such a way that the words will come out of your mouth instead of his. If you come to the conclusion yourself, it will be much more powerful. So he leads you right up to it. And then you come to the conclusion, he's been leading you to I could never responded to my questions about Emily's will, but in two thousand twelve he did say in an Email, that he had never plotted to inherit her fortune. Why would I want to increase my children's inheritance? When I am an outspoken advocate that children's inheritance should be severely circumscribed in order to maintain their work ethic their social conscience, and as an antidote against gold digging suitors during my reporting, I did talk to some patients who had good experiences with hike. They described him as an insightful therapist, who helped him improve their lives. One woman even told me. Mike was the first person who made her face. Her drinking problem that is honesty had helps starter on the road to recovery. I also talked to some of ice, friends and colleagues, I met him playing basketball to Vanderbilt YMCA. So this was like nineteen seventy three seventy four. So that's like forty five years. Right. I mean it's so it's almost half a century. This berko a former New York Times, sports columnist and friend of ice. And I has been helpful to me, for example, when my brother at cancer was essentially dying in Chicago, and I quit speak to him. Ira would go to parties. He remembers Marnie there, and he saw mardi nyc together in Manhattan to I would take patients and walk in the neighborhood. He wouldn't just sit in his office. So one of the things to relax. I guess a patient he would walk and I. The fire from him. Read it that him Markowitz as I run at the several other of ice patience as he's walking with them. The various has some of these patients where 'cause you'd see them in the. Yeah. I would see on occasion. I mean, maybe there were three or four of them that I've met along the way couple couple months ago. I think that went on first avenue, the only one that I knew that he had a problem with was was Marty Markowitz. My name is Brody via road, the I E. And I'm Merida's professors tree. At the NYU school. Like iraq. John met Ike in a pickup game. They were both in med school at NYU I, I met I on the basketball court. Right next to behind the dorms at NYU, John stayed friends with after med school. And I even gave them office space when he was starting a private practice. I'm not a Hampton fan. I would go out there for his party's he would throw these big. Like it couldn't be Suare because it was during the day, but bring the kids bring me up, bring family. Come on. We'll have a good time leave with all before games. Were you aware that he had patients at some of those parties? No. How does that strike you? You know there's two ways of thinking about it. One can talk about it in very rigid, way and say, that's a that's abound, re bridge. The other way of looking at this to say, you know, a patient before a person's patient, they're human being. Patient, just defines a particular relationship, and they particular context. And if you're outside, but context. Then why the person isn't really a patient. The person is a person. I think there's some people would take them much harsher view than I do of. I've spoken to a number of psychiatrists for this story, and I can say a lot of them do take a harsher view of ice behavior than John does the American psychiatric association says it clearly in two thousand fifteen paper all interaction with a patient should be for the benefit of the patient and all interaction that could potentially cause harm or misunderstanding should be avoided when I asked about this, he wrote that the AP as ethics guidelines looked quite different in nineteen Eighty-one. He pointed out that there's no discussion of boundaries in that document. And that it's only six and a half pages long back in two thousand twelve I asked I how justified socializing with his patients at his party's while there was socializing that occurred at these gatherings. None of it was by me. This is an actor again reading from his response. I spent the entire time, greeting people when they arrived taking them on tours of the. Property explaining the facilities and amenities bringing the food platters up from the basement, making sure they remained filled replacing them when necessary, and then removing them when it was time for the barbecue for the first decade, I barbecued myself, but eventually a friend offered to replace me. I rarely if ever sat down except for the occasional photo, one year I wore no dominant, which registered that I had walked over twelve miles over the course of the day, experts say in psychiatry, a good doctor patient relationship is just that a doctor patient relationship and nothing else in the easiest way to do. No harm to a patient is to be strict about boundaries. I found an old letter from I to his patients, Sarah, curious, former friend, I quoted during his falling out with her, and it reveals something important about how I saw his role as you point out. I did not take the orthodox analytic approach refusing any contact whatsoever. I have generally preferred the medical model attending weddings funerals, etc. To the analytic model, but I hear to for have been successful in my selection process. This time I was not this was a failed experiment. Today. Judith says she's sorry she ever met. I she believes exit vice made her life worse. I think it would have been hailing from me. To forgive my mother not to forget to forgive so that I could have had my piece, and I think my life might have gone differently if I wasn't so full of resentments and hatred and anger, and all those unresolved feelings, I think I would have made different choices. It does feel like your relationship with hike in, in retrospect had created has created a tremendous amount of guilt for you. It has guilt end. Left the mess that I then had a clean up, and it wasn't until years later till the last few years that I've started to clean up the mess that I was left with. I'm happy to say. I'm different person today. I don't hate anyone including Ike. I am no patriot or anger towards anyone because I've learned that it doesn't serve me to feel that way. I'm not a fool. I know who's done right in who's done wrong. I would never. Ended a friendship would so in who I loved, I would never let a parent die. Remember let my mother died without making peace for both our sakes that would have been that would have been high would have done. After I left, I was worried seriously considered getting him an expensive gift to make him feel better. That's how brainwashed I was Emily told me that she had wanted to leave years earlier than she did. What held her back was her sense that he would be hurt? She told me that after they split, I quit show up at dinners and parties were, he knew she would be, but he eventually stopped. Emily also decided to call some of ice other patients mostly people had referred to him. She urged them to leave as well. Marty was one of the people she called he listened, but he didn't say much, and he didn't follow Emily out the door. It was clear. Emily told me that he wasn't ready not yet. From bloomberg. And wondering this is part four of six of the shrink next door. A story about power control and turning to the wrong person for help, if you'd like to help us spread the word. Please give us a five star review and tell you friends to subscribe were available on apple podcasts Spotify Cass box and every major listening as well as wondering dot com and Bloomberg dot com. If you feel you've been exploited by a psychotherapist there is help the therapy exploitation, link line helps victims fine resources to understand what has happened to them to take action and to heal. You can find a link to their website in the episode. If you're listening on a smartphone tap, or swipe over the cover art of this podcast, you'll find the episode notes, including some details, you may have missed. You'll also find some offers from our sponsors when you support our sponsors, you help us bring you our shows for free and thank you. The shrink next door was written and reported by me. Joe Nocera senior producer is Krista ripple. Bloomberg head of podcast is Francesca. Levy fact, checking by Molly Nugent Sanders by Jeff Schmidt executive produced by George lavender, marshal Louis and her non Lopez for wondering.
Easy Mark Markowitz | 3
"Tell you. I am holding in my hand and envelope posted to me on the front of the envelope is the nickname, Dr Isaac Hirsch, cough, used for his new patient easy, Mark Markowitz, easy, Mark Markowitz, that is way he used to call me here and easy, Mark, and all these people if they smell any kind of wealth, they're gonna just come at you and you're not going to be able to defend yourself because you don't know how to handle it confrontation. Marty Markowitz was rich. His fabric company alone was worth somewhere around ten million dollars between money in the stock market assets from his father's estate and real estate holdings. He was a multimillionaire still, you'd never know it mardi wasn't the kind of person to flaunt his wealth, quite the opposite. Actually, he drove the same car an Acura for over twenty years. He didn't eat expensive restaurants or buy expensive clothes. He could not have been more. Unassuming and yet Marty says, I somehow convinced him that is wealth made him a target. And he said to me, everyone wants a piece of you, everyone, you can't show the money you can't show, your wealth at that point, I had a house in Southampton, as well as a co op apartment in New York City, and he said, you can't show this anybody because they'll be jealous your passive aggressive, and they will take advantage of you one after another after another. Mardi remembers that I could repeatedly. Remind him that both his sister and his ex girlfriend had been after his money now, three years into their relationship. Mardi says, I told him it was time to get serious about protecting his wealth. He said, we need a will, and we need a foundation was his idea. Marty says I had a solution he would shield Marty from people who only wanted his money, and I will basically be the face of your wealth easy. Mark Marcowitz said, yes, the question is this no moment here where you're thinking to yourself, this isn't right? Or what's going on? Why is he doing this or why really want to have this guy has hooks into my money like this? There's no moment when you thought that there is no moment that, I thought that my main goal during that period was. To please, my psychiatrist. That was my goal. He was suggesting things that a lot, a lot of them were working and he totally had me under his spell. I mean, I once thought that maybe I was hypnotized because I responded to whatever you had to suggest with such enthusiasm. The shrink next door is pleased to have Brooklyn as it's presenting sponsor, my Brooklyn and sheets are already one of my most prized possessions. They look and feel like a million bucks. What makes Brooklyn and she's so great for one thing they only use long, staple cotton, because it produces the longest strongest and finest cotton fibers in the world. Putting these sheets on my bed has been an upgrade of epic proportions from thread count to weave the team at Brooklyn and have thought of everything. So all you have to think about is, is it bedtime yet? My Brooklyn and sheets are the best most comfortable sheets I've ever slept on now. It's time for your upgrade Brooklyn dot com has an exclusive offer just for listeners of the shrink next door. Get ten percent off your first order and free shipping when you use promo code the shrink at Brooklyn dot com Brooklyn and is so confident in their product that all their sheets comforters towels come with a lifetime warranty. The only way to get ten percent off your first order. Her and free shipping is to use promo code the shrink at Brooklyn dot com. That's B R O, K L, I N E, N dot com, promo code the shrink. From wondering in Bloomberg. I'm Joe Nocera. And this is the shrink next door. This is episode three easy. Mark markowitz. Business was booming at Marty's company associated fabrics. The company was very much a family affair. Nobody my wife literally was for the wealth. We've always had a close relationship. My dad had the highest respect his father had the highest respect for morning, Bruce. No Sarah had worked with Mari and Phyllis and watch their relationship fall apart things at quieted down since then at the warehouse until one day, Marnie showed up at the office with a man who was wearing a yarmulke, which made Bruce think he must be from mardi synagogue. Bruce, watched them walk around the warehouse floor looking at how everything was organized. The man took notes. No introductions were made both went into mornings office at four thirty gave knock on the door. Just morning. I'm gonna I'm gonna hit the road unless you've got something you wanna go all the before leave? This is no take it easy goes, just like the elevators nobody can come up. Bruce, didn't give the other man a second thought and he didn't wonder what was going on when he saw him in the office. Second time Morty can be incredibly private. So I didn't press on it. I, I didn't even ask them about the man kept coming to the warehouse so much. So the Bruce eventually decided that he couldn't be someone from mardi temple and said, okay, this guy must be consultant. A business consultant of some sort the business consultant was at the warehouse. The day Bruce had a massive fight with another employee. The to nearly came to blows. I said, take your shot, and if you're not gonna take the shot get the hell out of his office, and don't ever come back in without knocking some dumb, we had it the other employees was BRUCE'S, uncle Armand, while Martin calmed, Armand, down, Bruce waded outside his office, with the business consultant, and finally learned his name introduced himself, as Isaac Stevens after that, Bruce began seeing a lot more. More of Isaac Stevens over a period of months. I'm going to say it was the Stevens would say to me, how's everything business, what's happening. The everything adds we discuss business matters and everybody, you know, willing to marry way, Mr Stevens then start at the Cumbrae Gill, Mr Stevens had a lot of new ideas about the business, he hired a designer to come up with new stationary and new title. For employee's Bruce became director of sales, his uncle became director of operations. He also brought on a new employee. Marshall felt hammer they were introduced sort of under the radar. In other words, when we had a problem occur that we needed some technical analysis on, how do you deal with it? So the next thing I know is Marshall filled. Hammer is director of quality control. Marshall f felt hammer. Piece of work. Marshall felt hammer took a tougher line with customers in the past the company would do things like wave the odd fee. Now, though, there'd be no breaks. No matter how loyal customer, if a customer complained about say damage fabric. It was felt hammer on the case will if that point toilet will Marshall, Feldheim would take he would say that our labs in conjunction with independent outside lips conducted the tests, and at the tests, showed a fee, tail numbers in pages reports spoke to them. And we send these back to the customer, that'll be a science to understand for the put it said. Findings proximity fortify, yards of one or intimately soiled, the swimming severe equally space conforming to the concentric circles of a role conclusion. This is classic example of dragging damage. And then it signed by signed by Marshall, f Dr Marshall filled Hammett director of Corey control CC director. He was a master at crafting those letters master at it, right? The mountain perfect penmanship online pap-. He can put more in a handwritten letter. You can put on typewritten page single space. It was amazing amazing and affective. Another example, bombs, Inc bombs was a longtime customer of AFC's. They will use to the place being run like a mom and pop company, but recently, they had gotten one of Marshall felt hammers letters refusing to waive AFI bomb CEO, personally wrote to mardi he wrote this very long letter pulling on all of the heartstrings about how he had been a loyal customer for decades, and how you father would have done this, and what have you the letter read, I'm calling on you for help, if you were the person, I think you are you'll. Come to our rescue. I know how devoted you are to Judaism and God the letter that he got back from mardi contained. Some bombshell news. What a treat it was to get your letter exclamation point. In the time since I left associated fabrics, often getting the Saudi about the many close friends that I had in the business such as yourself Marty went on to explain that he had left associated fabrics and wasn't stead exploring his Judaism, the letter even went, so far as to invite the bomb executive to join him in the study of the town, would I really hope that you could join me for one of these bible classes. Let me know when it would be convenient for you. And I'll find something in English for beginners. I look forward to hearing from you and starting a new non business phase to our wonderful relationship. Bam's bought it. He stopped the guts except mardi hadn't left the company at it worked. It really worked. It was a complete lie. And it wasn't the only one there is no doctor felt him it was not see Bruce. No Sarah, never actually met Marshall, felt hammer and the flash because he didn't exist. Felt hammer was actually Isaac Stevens mardi started using a fake name to if he had something unpleasant to deal with the client or supplier, mardi would sometimes respond to them as Mr. Norman Horowitz. You didn't think it was weird that Marty was going under an assumed name in the office could kill us. I really couldn't get yo it, it was. So over the top. That you had to want to see that. Crazy. Here and Isaac Stevens. Well, his name in fact was I curse cough, Isaac? Steven Hirsch cough. Mardi psychiatrist. By nineteen Eighty-six. Isaac Stevens was no longer just a consultant. He was the company's president, he prided himself that he was the president of the company had business cards made up with president. Okay. So for him, it was a stature involved in being the president of an international textile company. He he enjoyed that I can't begin to tell you enjoyed that. So that is Stevens have his own stationary that it could write it out on you betcha. Isaac stevens. We develop stationary for him. His name was on the telephone when you called up the company, you had a choice you could dial one for sales to for operations three for accounting for for customer service and five for our President, Mr Isaac h Stevens. I confirms that he used the name is Stevens at AFC, and that he was the president. He describes his role as purely titular. It was still legally Marty's company, but he does it knowledge that is titled carried weight in one of his responses from two thousand twelve he wrote my role at AFC was to be the authority figure. And when necessary the bad cop he says that Marty wanted to avoid confrontation with customers. And that's why he and Marty created the alter egos of felt hammer and Horowitz from BRUCE'S point of view. The changes were bewildering in the space of a few years he'd seen mardi split from his sister, turn his company upside down and now here over the title of president to this guy. A consultant was one thing, but president of the Markowitz family company, red flick. Because as I said, I know the family and the DNA that MAURICE for the imparted on them would have made his hand cramp before he could have signed over those kind of rights it just and I knew it. I knew it. I just Bruce could see that Isaac Stevens had total influence over his boss. I mean it was obvious. It was physically obvious. The way more his physical demeanor with subservient to physically subservient to. And I saw that. I never understood I never understood. But I knew it was wrong. Let's call it that Reuss was concerned by what he was seeing of the new president. I says he's strongly disagrees with Bruce. No Sarah's recollections of these decades old incidents. But Bruce told me about one particular phone call. I quiz on AFC. It took place after one of the employee's had been fired. She wanted to talk about her severance. They were corresponding the phone. So Stephen system, e come into the office so that, you know what's being said. So in case something comes back, okay? Got gonna tape recorder going. Everything was tape recorder all the time anytime you speak to him tape recorders and process tip record. It was on foams on speaker. I was sitting there cogos. Through two and they're going back and forth and back and forth, Bruce listened quietly, and the substantive part of this story is she turns around and says to him, I know that you're recording this, and I know that Bruce mortar in the office with you listening to it. Well, I almost with my tongue. Holy shit. She pulled them out straight, and she's right all counts. Right. His is didn't even. Blink. With city says Suli nutty goes with the two terms of it's just you and me on the phone. That's it. There's no one here. I'm that recording anything. There wasn't an inflection. He just the livid outline dead on with no anything other than I am telling you stone cultural Bruce was shot, and he admits that he was cautious around Aiken the office and because he was cautious because he kept his distance. He didn't know where Marty went on the weekends or that Isaac Stevens. Sometimes went there, too. And if Marty was giving up control at work, it was nothing compared to what he was signing away and. What were you doing about six months ago? Think about it that amount of time passes in the blink of an eye. What if you gain a lifetime of confidence in those six months now you can with smile direct club? All you have to do is go online and book an appointment for a free three d image at one of their smile shops. Or if you wanna use at home impression kit, you can get a twenty five dollars rebate. They'll Email you a preview of your new smile. 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Cov Marty was completely isolated with no family or close friends by nineteen Eighty-four. He was alone in the world and that presented a new problem. A financial problem, very simply I explained to me, you have no family. There is nobody that you can leave your money to is just going to go, you know, intestate to the state basically. So let's do something to resolve that issue I had a solution your own. So conclusion was we need to start a charitable foundation. We're going to call it the Arom foundation YARD when the your own foundation would provide away from Marty's money to be donated to worthy causes, I and Marty would run the foundation together, he basically said, we're going to do that. And he said, I have the perfect lawyer Feuer from, from the synagogue that I'm very friendly with he's going to take care of. Everything. The lawyer had worked for for ex wife and even sister-in-law. And so in early nineteen Eighty-four Mardian Ike filed into his office near Wall Street and signed the paperwork to set up a foundation Marez first contributions added up to one hundred sixty five thousand dollars. I first contribution was five thousand dollars. The foundation was up and running now, mardi made your own the beneficiary of his will now on the board of the foundation with three people. I his wife and myself. Anything should have happened to me. God forbid during that period, I can his wife would have controlled all of the assets of the foundation, which meant everything everything I owned, including the company, everything went to the foundation. I confirm that he was a board member. Indeed. He was your own president. But he didn't answer any of our other questions about the foundation mardi says he trusted to do right by your own. And by him, I thought that he would spend my money in a way that would gore find me. That's when he told me he would spend the money and give it an away the honor me. Pretty soon. The Iran foundation made its first donations is within Dacian started. I have every checked ever that the foundation ever did Marez current office is piled high with file cabinets and banker's boxes holding documents that go back to the early eighties. Marnie. Did you throw anything away? Morty admits he's a pack rat, and all of the documents he saved have been critical to verifying. His claims mardi has kept every check stub of every donation made by the Iran foundation. And between the three board members, there was one who was more shall we say generous with the foundations money, he kept the checkbook, he wrote the cheques without consultation with me, and I would get the Bank statements because I had a reconcile everything. So I knew what was going on. And I really object to it. Strenuously mardi may have been the one putting most of the money into the foundation. But he says he wasn't the one making the decisions about where the money would go. Yeah. Literally, I check I told her fifth nineteen eighty four and you can look at the signatures on the bottom so song on the bottom of that. I check I could read some familiar letters. I s h I. Initials, one of the first checks was donation to mardi synagogue, and then. Yeah NYU school of medicine. I would never give them any money, young Israel, far sills. No chance no relationship there. This again is Lincoln square, the next one we've consulted on these now. I, he signed the Iran foundations checks, but he denies that they were posted without Martin. Okay. You can see I signature on check after check after check, many of them made out to organizations that I had selected check number one zero two four made payable to Ramaz. That's his kids school dated November twenty two nineteen eighty five here NYU school of medicine, December nineteen eighty-five two thousand five hundred dollars by the end of nineteen eighty five. Marty had up his contributions to one hundred ninety five thousand dollars. I could up his to fifteen thousand dollars, but the donations were almost all to charities with a connection to I was not of a mode to challenge. I when he decided to spend money on this particular charity, or that particular charity, even though it was above and beyond what he was contributing, which I was aware of notes the two of your own biggest beneficiaries, the Ramaz school, and the Lincoln square, synagogue were institutions, where both he and Marty had connections. It's true, mardi was an active member of the synagogue, and even paid his nieces tuition, it Ramaz for time, but he says that I was the engine for your own donations, especially to Ramaz where I three children, went to school, and he was a trustee. It was an okay thing, I'm gonna charitable kind of guy, but nothing like this nothing like this one of the things. That's most surprising about the checks is how many of them were for tiny amounts three dollars to the national Alzheimer's research project three dollars. Three dollars to the concerns of police survivors. Two thirty because he wanted to list them as one of the organizations that report of the this grand your own foundation. Of course, there were also much larger donations ten thousand dollars like it was nothing because it wasn't his money. A little bit of it was maybe a little bit was. It was mostly my money, but Marty says, I favor it way to spend the foundations money was to buy a table at a charity gala to help sell tickets, some of these charities list celebrities to sit at each table. I could buy a table for five or ten thousand dollars and then right to friends or people. He wanted to be friends with inviting them to join him at the event, I didn't respond, when we asked him for comment about this, but mardi saved many of these letters, dear nor Ephron, dear gay talese, dear Mia. Farrow was away of currying favor of all of these people. You don't have to give penny. I bought a table. You're coming, my guest, I quit. Also put aside one seat for mardi and give him a job. My goal would be to get like in a photograph with a celebrity. That was my goal. And that's what I focused on. That's where all those photos on the wall of the Southampton house came from. You have a cocktail hour and then you called into the main room for dinner. And some point they have a program that they wanna run, generally, they're honoring somebody at the event was a big thing to mingle at these at these dinners, and I would get up and mingle. He was very good at all of that stuff. And, and I would basically follow him around with the camera. There's one photo in particular that mardi remember shooting. It's a photo that hung in the kitchen and Southampton for years, it was taking one of these galas, an evening where I spotted the actress and supermodel Brooke Shields. She was seated the next fable, she would stand up he would stand up, and he would walk over to her and say something he would sort of give me a hand signal, you know, like take a picture of this mardi was envious. I was a master at mingling, mardi himself would never have been able to work up the nerve to talk to someone like Brooke Shields. But the. Like it seemed to come naturally yet away. He was a very look. I was a charming guy. And I can remember he had never run into Brooke Shields ever. I mean she was so warm to him. And the picture was so friendly, it was just remarkable that he'd never seen before. But I got used to that because he was that kind of a guy that had a way of. Saying the right thing, always saying the right that's part of his Sean. There was one asset that Marty didn't leave to the your own foundation. His Swiss Bank account, even though Mari and Phyllis weren't speaking, a rabbi was finally able to help them, settle their father's estate, and they split the Swiss account, Marnie took his share and put it in a new Swiss Bank account, it came to about seven hundred fifty thousand dollars mardi brought the cash back to the US years ago. But back in the nineteen eighties, it was still a secret from the IRS. In fact, the only other person who knew it existed was I, he said, why don't I become the joint cosigner? I'll meet with the Swiss banker which he did this was spanker would come to America every year or two and we made an ice office, and we range to do the whole setting up a joint account. And what was the purpose of having joined the purpose of timing? Join a candidate it wouldn't be. Locked into some dispute, we needed all kinds of legal action to, to get get access to the money by having a joint account meant if either one of us passed that money immediately was available to the other one. I says that money, begged them to become the joint, owner of the account that money was worried about what would happen to the money if he died. I promised it would all go to the foundation, if mardi passed away either way, I became a cosigner tomorrow's account. Now that money was just as much his as it was. Marez. Really didn't think it's through. I really didn't think it's had nobody I could bounce any of these notions off of am I doing the right thing doing the wrong thing. So I said fine seem reasonable and you didn't think psychiatrists shouldn't be doing this. I may have I may not have, but I had no with attorney for advice. And that was my fault. I'll, I'll accept the responsibility for that. If Marty who's eight years older than I died, I, I could be able to claim the money in the Swiss Bank account, no questions asked. Is easy to forget, but podcasts are businesses to at wonder we do all kinds of business. He stuff accounting payroll marketing, but sometimes that business, he stuff takes a lot of time like shipping they used to be so time consuming filling out labels looking packages to the shipping place. Then we discovered ship station since the early days at one degree. We've used ship station to ship, all our stuff ship station is ridiculously easy to use. The only company we rely on to get our packages where they need to go locally or globally. 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Morty hit purchased a house in south Hampton back in the early eighties, I can courage mardi to use that home to expand his social circle, and then he said, now we're gonna have a party until Hampton and going to invite the people, some people out that, you know, I think that for Sparty was mostly people that I knew from Lincoln Swiss and ago and did I attend that party. Oh, yeah. They threw the party close to Father's Day, nineteen Eighty-four, and they made it nice catering invitations in the mail, the whole works. It was a proper party. I think we've made even shorter the bus for that. I it was a huge success. Mardi spent the afternoon hosting people from his synagogue and manning. The grill he was happy when a few of his favourite rabbis made the trip it was the first time that I his wife Becky and their two young daughters had visited Marty's home in Southampton. And they enjoyed it. They return later that summer and, again the following year, I Clint, mardi know that he didn't want him to think of the Hearst coughs as guests. And he said to me, you know, my family will be your family. To his delight mardi got to play uncle again. I- starters were young, and they love seeing mardi when they would visit they even celebrated their six birthday in the Hamptons. Old home videos of the twin standing over a plate of cupcakes. Mardi was generous, uncle to ice kids, just like he'd once been with his own nieces and nephew. Yeah. I used to give them presents for their birth and nice presence, one, one year, I gave them each two thousand dollar computer birthday, nice and Martin didn't just see them in the Hamptons, he would occasionally see them in the city. I made it clear that he trusted Marty I once went to a parent's day because he and Becky were busies, and I came as a surrogate parent for one of the twins. It was a few years after that. I father day party that Marty says, I encouraged him to buy another piece of property, the lot that boarded the back of Marty's house. The second house was bigger with a bigger pool. And even a tennis court at the first house, I could been a guest, but at this new home, I took a more active interest in the property. He says this was at Martin's insistence mardi sees it differently. I mean, he took over the house of mmediately. Well, he said you, you, you're going to stay in the back, and I'm Becky. And either gonna take over the master bedroom master bath in that whole wing of the house. So he basically just gave you roomba room. That's right. No, no. Absolutely. It's exactly the way it happened. I'm going to sleep in the master bedroom, and immediately with that came the AFC is Stevens on the mailbox. Is stevens. His name was also on the plaque on the front door. And in the phone book. I says this was all at Martin request. He wrote to us that Marty wanted to make the home look like a company house. He says, mardi wanted to avoid uncomfortable conversations with people who would ask to spend a weekend there, I estimates that he and his family spent about twenty days a year in Southampton. There were the summer parties, of course, but the family also sometimes spent the holidays there when that happened. I quit tell Marty to make himself scares and go to the Catskills very simple. I think I'm gonna go out to the house over thanksgiving, one or two to the concord very matter-of-fact done most weekends. Marty was at the house alone. I always made sure he had a long list of chores to tackle, Monte still has these letters, letters were would write out instructions. I even included little draw. Knowing's to illustrate what he wanted. One letter mardi showed me begins, dear Mook, he used to call me move from, like Mookie Wilson, right? It was very popular. Back in the day, it was met, she's the call me Mook and right. And give me detailed instructions what to do in Southampton me, busy keeping trouble. You've crossed things off lift guys. I did them. That's right. I was very methodical on that list is in a letter mardi showed me from August nineteen eighty nine I numbered, each item and wrote instructions for mardi the Arbor is wonderful. Congratulations. What can we do to retain the color before it fades? Let's not make the same mistake. We I e you made with the other Arbor, this is an actor reading, X letter, I construction were incredibly detailed, he tell Marty weird to hang new photos as mardi picked up each new frame, his specifications were exacting. The three horizontal montages and the new vertical one goes side by side. On wall forming to wool montage. It should fit perfectly bottom should be approx three and a half inches below where it is now to allow for another row above after giving mardi a half a dozen more tasks. I added a PS where the towels wash him, I says, he paid for many things around the house sculptures bikes, even a massage table. But Marty says he paid for the lion share. I also says he paid for the summer parties. Catering alcohol and cleanup crews. When I as mardi about a cleanup crew. He said, I may have hired a maid once or twice. But for the most part, he says he did it all. Oh, yeah. I did all of that my life revolved around him the doctor and whatever he wanted me to do. So we go to his office and say, here, look at this, get this, get this, get this, get this, and, and I would do it mardi also begin to emulate. I I could see it. And some of the old photos he showed me and you have a beard there. Yeah. Well, I grew beer tomorrow to nearer his beard. It is. Yeah. By nineteen ninety one the value of martyrs property. In the Hamptons, had skyrocketed, the first house was, I had purchased for one hundred eighty thousand dollars and I really did not put any significant improvements into that house. The second house I bought for four hundred and fifty thousand dollars when you combine those who houses and then with the additions that we put in, you know, I have no idea. But I just know it was exponentially worth more than the first house. I really don't know what the number would be. But it would certainly be in the millions of dollars. Which perhaps explains why seven years after that, I will mardi drafted a new will this one gave most of his estate to the foundation, but not all of it. I think he started to smell that the house was becoming increasingly worth a lot of money. And he had he had the power over me to say, okay, you know what Becky loves the house? It's the way described it to me, Becky loves this house. And I think we're going to you should leave it to her outright. As Marty recalls, it, I raise the subject of a new will sometime in the summer of nineteen Ninety-one. Yeah, he wasn't very subtle, and with a new will came a new lawyer someone I knew. This new lawyer, drew up the will is mardi instructed and Marty signed in August. In his office one afternoon, money dug up that second will from me. And it says article I leaves the Southampton real estate to Becky or if she does not survive to or if he does not survive to their descendants. That's girls. That's right. Article third leaves the balance of your state to the your own foundation, ARCO, fourth creates trust for anyone under twenty five who becomes entitled to a share of your state, this would cover and becky's children. I doesn't deny that Marty Wilders house to ex wife, but he has a different recollection of how it happened. He says, mardi begged him to inherit the house and that he I refused. Becky finally, caved to Marty's wishes and agreed to be the beneficiary and so Margie psychiatrist's wife became the one who would inherit his house, we reached out to Becky for comment, and I declined on her behalf in addition to the second will Ma. Marty also signed over his healthcare proxy, and his power of attorney to that meant that there was now no aspect of Marty's life that I was not in a position to control. And if this didn't ring alarm bells for mardi did for someone else, the lawyer, who drew up the will to years after he'd helped set up this new will he sent mardi a letter junine nineteen Ninety-three March showed me, this document to written. I'm legal letterhead. It gets right to the point. You're will leave the Southampton home and its contents to Becky Hirsch cough. Or if she does not survive to the balance of your state is left to your own foundation, as we discussed on the phone. The quest doctors lawyers clergy and others. A fiduciary relationship are subject to special scrutiny. I am concerned about a possible challenge to your will based on the medical relationship with Mike. Would you be willing to write a letter to me detailing the history of your relationship with Aiken, Becky plainly life? So something got the lawyers attention. He seemed concerned about mardi leaving his. Home to his psychiatrist wife explained that the Southampton in your own bequest, or totally voluntary, and not subject to any suggestion by related to your medical association with him such a letter will help up hold your will against any challenge. The lawyer got a quick response, mardi still has that letter. But he says he didn't write it. I don't write for page responses to anything. So my style those four pages contain a detailed description of how mardi I went to like, and how I helped him through his split with his sister. I can still remember calling her scoff at two AM on Memorial Day weekend at his brother-in-law's house. And Philadelphia then as always he was there for me. He shepherded me through what had seemed insoluble crisis. His personal support allowed me to weather overwhelming. Emotional storm is strategic advice allowed me to regain a large amount of money that I had a Sumed had been irreversibly. Tolan his business advice allowed my company to continue operating until that time I had known of Dr her scarfs business acumen and expertise, I had known that he maintained the separate successful practice in business. Consultations ID, any of this stuff. I gotta tell you this is not me speaking at all the letter explains that I stopped being mardi psychiatrists as early as nineteen eighty three I would never within two years. My psycho therapy was drawing so successful kind of nonsense that and the doctor hers cough suggestion, we started to discuss termination. Never when I reached out to I for this story, he said, he told Marnie to stop writing checks to is her scoff. The psychiatrist and start writing them to his other identity at that point, I says, mardi stopping his patient and became his business client in order to avoid any possible. Confusion of this type I deliberately had business clients pay a separate business account accordingly where previously EMS checks were made out to quote Dr Hirsch, cough, subsequently. They were made out to quote Isaac Stevens. Previously, he used his own personal checks subsequently. He paid with corporate checks from quote associated fabrics, corporation AFC, if he thought he was still in therapy. He was cheating the government taking a personal expense as a business. One. Denies he wrote the letter to the lawyer, he points out that Marty was a capable adult a successful businessman with an Ivy league education and a law degree. And he says, mardi typed out this letter himself signed it, and had it notarized, Marnie doesn't dispute that he signed it, or even typed it, I was solely oblivious, which is why probably sign the bottom of this letter. But all this is just not true. There were no discussions about termination of my relationship with him. Reforming it as a business consultation, e you know, just none of that happened. While some of his behavior was unusual with regard to the parties and the, like this is another former patient, vikes when I later learned that he had actually orchestrated scenarios of writing himself into people's wills with patients who didn't have strong relationships outside of their relationship with I did, you know, of any other patients who did that or is murder the. And the way that might have happened. Another from stances. It turns out mardi wasn't the only one. From bloomberg. And wondering this is part three of six of the shrink next door. A story about power control, and turning to the wrong person for help the fourth episode will be out in a few days. But if you'd like to listen to it now, as well as your favorite wondering originals ad free subscribe to wonder plus, go to one read dot com slash plus that's wondering dot com slash P. L US, you'll find a link on the episode notes if you'd like to help us spread the word. Please give us a five star review and tell your friends to subscribe, we're available on apple podcasts and every major listening app as well as wondering dot com. Visit Bloomberg dot com slash shrink next door. For more on this story, including images extended content. If you're listening on a smartphone tap. Or swipe over the cover art of this podcast, you'll find the episode notes, including some details, you may have missed. You also find some offers from our sponsors. When you support our sponsors, you help us bring you our shows for free and thank you the streak next door was written and reported by me. Joe Nocera senior producer is Krista ripple. Bloomberg's head of podcast is Francesca, Levy fact, checking Molly Nugent sound design by Jeff Schmidt, executive produced by George lavender, marshal Louis, and her non Lopez for wondering. Netflixing beats estimates once again, adding five million subscribers in the quarter, rains Nike poaching, its top three designers in the battle of the rideshare services lip strikes. Uber where it hurts every day business war. Chips versus disruptors American giants versus Chinese competition, founders versus corporate raiders. Sometimes the prize is your wallet. Sometimes it's your attention. And sometimes, well, it's just the fun of beating the other guy corporate raider. Carl icon sets his sights on blockbuster. I'm David Brown. Former host of marketplace, and I'm hosting a brand new podcast about business. 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Update | 7
"On this special update episode of the shrink next door. Really the damage done to the patient is during this grooming phase. And that is where the therapist gains most of the control over the patient and the patient, idolizes this person, my main goal during that period was to, please, my psychiatrist. That was my goal. I'll be taking a deeper, look at Marty Markowitz experience with Kirsch cough and also what can happen when a psychiatrist any psychiatrists crosses the line. You know, you're, you're mother's. No good. Stay away from her. She's bad for you. Your siblings are going to really take all your family money. So you'd better stay away from them at X, urging finally had the courage to tell my mother that I would never speak to her again. Your friends, or no good for you. They don't even interest you. I'm all you need in your life. The idea was to cut my sister out of my life. And that is. Soleil shin leaves you even more powerless than what you went to therapy for the first place, and I'll be sharing never heard before interviews from my reporting from voices who can give us a deeper understanding of the psychiatrist patient relationship, this all kinds of different kinds of exploitation that go on. So it may be physical. It may be financial. It's all of these things that decrease the power of the victim and increase the power of the therapist. I'll also be talking with Laura Beale, the host of another wonder podcast. Dr death her investigation looked into a different area of medicine neurology. And the case of Dr Christopher dunk, who was convicted of aggravated assault from maiming a patient during surgery. It's a story that raises serious questions about how system designed to protect patients. Failed plus will answer some listener questions. That's all after the break. The shrink next door is pleased to have Brooke linen as it's presenting sponsor. Let's crunch. 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Dot com Brooklyn and is so confident in their product that all their sheets comforters and towels come with a lifetime warranty. So don't wait. The only way to get ten percent off your first order and free. Shipping is to use promo code the shrink at Brooklyn dot com. That's B R O, K L. I N E N dot com, promo code the shrink. From wondering and Bloomberg. I'm Joe Nocera. And this is the shrink next door. For this bonus episode. I'll be talking with Laura Beale, she's the host of another one repod cast, Dr death about the case of neurosurgeon. Christopher dunk, Laura. Thanks for joining me, Hijo. I'm so happy to be talking with you, because, you know, we're both did podcast about doctors, and while the store is a really different. They really get to core issues about trust in the medical system. Yeah. But I have to tell you, I have never quite heard a story like this one before, and the fact that, you know, my story was already in the news, I had heard about it. I'd read about it before even started reporting, and you came to the story literally, because it was next door to you. That's pretty incredible. When you first heard about this from mardi Markowitz, like what did you think? Well, you know, I'm a journalist. So when a guy comes over to your house with a woman, and says Hijo, I'd like you to meet my sister Phyllis. I haven't talked to her and twenty seven years. You think I knew I wanted to know more. I wanted to see if there was a story there, and then it turned out that Marty had so much documentary evidence that backed up his claims. So I walked away from this show thinking that what happened to Marty was wrong. Was it the first rule for any doctor patient relationship is do no harm? And that's true. It was I kayaked as it is for any any other doctor. And so do no harm for psychiatrist is a little bit different from others in that it means keeping some distance from the patient. So you can have a good therapeutic relationship and these days, it's not wasn't quite, so too. Thirty years ago. But these days they even have the view that once a patient, always the patient. So that, even if the patient leaves your practice, you're still supposed to treat that person as a patient, so but as we know in, in life and probably in doctor patient relationships. There are gray areas that come up. Can you tell me about those? Yeah. In the profession, these days, they make a distinction between boundary crossings and boundary violations. So a typical boundary crossing might be you've had a patient for twenty years. She invited to her wedding. And you say, okay, I can do that. You know as a one off or it's raining outside and the patient doesn't have a raincoat or an umbrella. And so you say, okay, I'll give the patient a ride home. That, that kind of thing is okay. We talked to one of the preeminent ethicists in psychiatry, Dr Glen, Gabbard of Houston, and a let me note that he was speaking about psychiatry in general. And not talking specifically about Ike. The patient can do whatever they want to do, but it's the therapist's responsibility just to stop any kind of boundary violation. I always say my lectures on this the patient has no ethics code. They can say whatever they want to say or they can try to hug therapist or, you know, whatever they want to do, but the therapists, that's abound. Re's doctor Gabbard, also outlined. How 'bout dri violations can happen, what we have learned from many years of study is, there is a phenomenon cold the slippery slope all sexual boundary violations begin with non-sexual violations, which are creating slippery slope. Give you an example. The therapist stands up at the end of a session. The patient says to the thera. Purpose. I love you the therapist without thinking says I love you too now. That's not a total disaster, probably poor judgment. But if it stopped there, the they might be able to discuss it. So the nothing untoward arose from it now in the slippery slope scenario the next time the patient comes back, he or she might say, you said you love me, and then the therapist might say, yes, I just can't help being honest with you. You do something to me, and I can't resist you. And then he says, I know we can't act on this, of course then when the patient leaves she hugs therapist, and he hugs back, and they kiss, and the therapists, we can't have any more of this physical contact. And it goes on down from there to more and more physical contact and maybe he loans her money. Maybe. They go meet for lunch so that all kinds of things would lead to eventually sexual boundary violation. And the idea is to have all practitioners of the mental health field, constantly observe, these small breaks in the usual frame of what there is. So they can prevent harming a patient. Nobody's accused of sexual impropriety, but the big point Dr gabbage trying to make is that these violations start with small things. And then over time the psychiatrists keeps moving the goal posts. And eventually that completely warps the patient sense of what's okay? And his own, I was struck by I own understanding of this barrier. He kept saying, well, I I've never crossed boundaries because I never had sex with any, my patients, am I wrong, but he keeps coming back to that. Do that terrible things. So therefore anything else I did is fine. He says three things one. I never had sex with patient to never charged more than a professional fee and three by the way, mardi wasn't my patient. Anyway. He was my business client now. Marty says, of course that he was his patient, the whole time. It's hard to ignore in all of this Marty's role. And I think that's the one thing that I also kept wondering through this. I mean, your wife's comment that it takes two to Tango, or even his sister's reaction and episode six, you know, like, well, he might have told you what to say, but you still did it at some level. He would he not have had control just, just say, no, you, would you would have thought for sure. And, and one thing I keep saying as martyrs. Sophisticated man who is well educated and he runs a company and you know, obviously he should. He always decisions he made himself, and I think he had this vulnerability and once mardi left to sister, and cut himself off with his friends and, and really only had to rely on. He felt like he had no choice but to do what I said, because he had no one else in his life. At least that's my impression from everything. He told me over the course of my reporting on this, I was just going to say, that's, that's also something that you saw at least from the glimpse that I got in the podcast, a of a way of trying to control people as you systematically, prune away, everyone else, who the person might turn to. You know, there's a very famous case about this kind of thing, Brian Wilson of the beach boys, whose life was taken over by his psychologist, Eugene Landy in the late seventies. And in the eighties. None of the other beach boys could could talk to them. Or see him. He had really had no one else in his life except Landy, and he just did whatever Landi said, ultimately, he broke free and lands license at least in California was taken away. And, and you've known Marnie for while now been talking with him about this. Have you seen any Evelyn in his thinking about why this happened any new insights are reflections as he has the benefit of time to be able to look back on it? When you ask them about it, he can sound as perplex today as the day he kicked out of the house in the Hamptons back in two thousand ten really. In fact, now, that hasn't dista-. It almost sounds like like he's talking about a different person or is talking about a dream or something that happened to someone else as we described an episode six, can you talk a little bit more about the different reactions between Phyllis and Marty? I inner she lost a lot too. I mean that's very clear. He he lost his thirty years. But she, she was also denied thirty years of a relationship, that's right there. And, and up until then, it had been the single most important relationship in her life outside her children, and which is the whole thing is very sad. And the crazy thing is they lived in the same neighborhood for all those years. I remember that during one of our interviews, Phillis described this kind of dance she would do check in on Marty while at the same time keeping her distance. He lives on eighty sixth street. I live on eighty second street that was still doormen at his building. Who knew me, who my parents who knew my kids, so one, especially I would go by and say, how's my brother? And so I got I did not go by that frequently. I didn't make it habit of walking by saying, Hello. But whenever this particular doorman was on. I would stop by to say. Hi anyway, I would have done that regardless. And, but it was, you know, house, my brother and he would say, oh, he walks in with his head things on looks down. Looks up doesn't you know, talk to anybody one point. I think he said that. I don't know if they told me something was wrong, I, but in all of those years, I actually saw him only twice on the street. He did not see me. And I think once it was, I was walking down eighty six twenty stand. And I know this walk and his stance. And I remember thinking in my head stand up. 'cause I could Hugh, my father, almost saying, those be prayer book proud like why, why are you won't hunched over and looking down? And so he went into the building, and I waited a couple of seconds, and I think I went up to the dorm, and said it was the brother who just came in. We said, yes, I said, how he so he's okay. And, but that was an only twice in all of us because I really avoid eighty six I didn't wanna bump into him. There was no need. I could walk on a different street her her efforts to reach out to her brother over the years from time to time were met either with total silence. The one time mardi responded was when, when he she sent him a sixtieth birthday card, and he responded by saying, if you ever send me anything again, you know, I will I will, I will have a restraining order against, so she suffered her. She she was hurt a lot. Over the years. And she really Mr. brother. They were very, very, very close before all of this happened. 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So I'd like to ask you, some of these because they're really good questions. The first one is is I cough, still practicing. And does he still have a license? The answers are yes in. Yes, as I reported a Marez had a complaint at the department of health for three years now. But after episode six came out last week a department lawyer got in touch with him. And he has since had really his first substantive conversation with the department since he filed the complaint back back in two thousand sixteen. So it looks like there's a movement. So another question from a listener who wanted to know how patients found -ike to begin with I quiz, a pretty high profile member of the NYU, medical school community, on fact for a while. He was the president of the alumni association, so he did get referrals from other doctors for sure he also got referrals. He was pretty well known in several synagogues in New York City, and he got referrals from the rabbis, any also got referrals from counselors for students who were having trouble at number of the high end Jewish schools. So he had all these different kind of referrals. But the patients that I wound up speaking to and interviewing almost all of them came through a rabbi referral, but even Courtney love. Well, that's. Actually, now that you mention it. So he had this other sideline. I don't know quite how he got it, but he had this thing where he was. He, he did a lot of business with hydra hard rock musicians. One of whom actually gave him a platinum record that used to be hanging on the house in Southampton. And I think I think Courtney love came in through that route. So I love origin stories. Tell me what we know about. I curse puff. He was always growing up, the smartest guy in the room or the smartest kid in the room, I should say every school he ever went to. He was the valedictorian including the NYU school of medicine, where he actually gave the valedictory address not only for the school of medicine, but for all of NYU in nineteen seventy five at Madison Square Garden. And we also spoke to somebody who knew him as child very well. Afternoon. Harvey'll high was looking for civil hers cough, please. Hold on. Hi civil. Yes, my name is Joe Nocera. I'm a writer with Bloomberg. We wanted to find out if you would talk to us about your step, brother. Mike. What about him civil is significantly older than ten years older? She was born in Poland, and she's a survivor of Auschwitz. She was actually four years old when the war ended her parents, both provide Auschwitz as well and soda, uncle and her aren't, and they were Jewish doctor and the Jewish nurse in the camp, and they were able to protect number of people, including ex mother and a stepsister then they came to America. They landed in Washington heights, and I was born a few years later, and you mentioned that this was an important part of ice life. He's written about it a lot. And he talked about his uncle, and his aunt David and SABA, who were the doctor and the nurse. What's the relationship like now between I and his sister. Well, they've never really gotten along, and now they, they definitely don't get along. Him for a long time. How long? Oh. More than. Six years. So did you did you talk to her about the podcast and the subject of it, and what you are working on, we did, we found her in, in, in Brooklyn, and we got her on the phone, and we I mean, we said we told her we were reading doing a podcast about her brother and she said, why? And then she talked about how at a certain point they kind of went their separate ways. She said, well, you know, maybe it was just the age difference, but we really were never close. And we were never really friends and over time we became estranged. And then I asked her, you know, why do you think he became a psychiatrist? He wanted to. That's a good. That's a good answer. But you don't really why he became a psychiatrist and all of that you're not familiar with it. Not really, except that it gives them certain amount of power. Remember? People in general, and just in case you couldn't hear civil there. She said, well, I'm not sure really accepted gives them a certain amount of power over people in general. So if we could just step back from this particular story. Tell me what you've learned about how common psychiatric abuse in general, is let's, let's speak broadly about this. It's impossible to know how communist for several reasons first, although they do surveys from time to time they're asking the psychiatrist. And, and who knows if they're telling the truth of Secondly, and this is at least as important so many of these cases wind up being settled out of court and the documents are sealed, and so other people don't know whether the doctor, abused his position or her position. And finally, the cases that do make their way into the newspaper. Almost always about sex. I talked to a woman named Jan Walberg who actually knows the details of many cases, that have wound up being sealed. She's a patient advocate, and she runs an organization called the therapy exploitation link line. So she hears from lots of patients who are weighing their options, and she frames us all in an interesting way, what we're really looking at in the therapist exploitation, area are not these sort of linear, occasional crossings of Andries, what we're looking at patterns of things that they're AP's has done trance started the group after being a victim of sexual exploitation by our own therapist, and a lot of the experiences. See, here's the link line, are about sexual exploitation. And a lot of it is the grooming period, we hear from people, for example, who the therapist, I starts making comments about the dress, you're wearing today or, you know, that's very attractive, or euro, your skirt would be even nicer on you. If you were a little. Shorter. And by the way, why don't I move you to the end of the day? So we have a little more time together. You're very special to me. I care about you. Let me tell you about some of my other patients who were really crazy. Or let me tell you about my wife, but there's a lot of that personal revelation that goes on. So you look for patterns. You don't take any single event, as the thing that tells you that, if this is about the patient or about the therapist do look for the whole the whole picture. It's gestalt, and we have we see much more damage very often in people where there was never sex where it was simply the therapist took over the life, literally took over the life of the patient, and we see some cases where they don't take over. But they use the patients in various ways they use. We had one Owen, who was a lawyer. And she was doing the therapist tax returns and giving our legal advice, and then the therapist escalated it to the point, which the therapist was having this patient babysit for his elderly grandmother. So he and his wife could she and her her mate female therapist could could go out and do other things. So it was babysitting for the for the elderly grandmother big part of the grooming, the goes on to finally get to being totally in control of the patient, by the, by the exploiter by the abuser has to do with isolating the victim, the potential victim from all of the rest of his or her support services, and that means a very systematic. You know, you're. Your mother's. No good. Stay away from her. She's bad for you. Your siblings are going to really take all your family money, so you'd better stay away from them. Your kids aren't being good to you. You should cut them off your friends, or no good for you. They don't even interest you. I'm all you need in your life. And that I Sulaiman leaves you even more powerless. Then what you went to therapy for the first place that, that rendu in some part, less powerful than the therapists classic classic thing. One of the things that some patients do some victims, do is try to recoup those relationships by sending somebody. They care about to their abuser. It's a very common thing to try to send a friend neighbor or some other way of trying. To bring some of this people who are in your support circle back into your support circle. And it's guaranteed way of making sure that, that person is never in your support circle, again, we've had therapists we've had abusers who have actually taken those sort of gifts that they're that they're victims have given them and use them against the victim turned the, the friend and the victim against one another saying, you know, you know what, so and so said about you, you know, you send so and so to me, so there's a fairy toward way of treating that support circle. Most of it is pushing it away. And some of it is using it against the the victim. So a personal question after just diving into this story has this changed your own view about psychiatry and the practice of psychiatry, not at all, not at all. You may know this but a year and a half ago, I wrote about my own struggles with depression for Bloomberg. And you know, I made the point that, you know, I have had I've been lucky to have a really good psychologist to talk to. And I've been lucky to have a really good Sekaia tryst to prescribe medication and they're really important people in my life. And they say me on several occasions, the shrink next door is brought to you by chase. So you're ready to downsize. I chase. They get it. You've had the garage sale. You ship the last kid off to college. Even sold house. Wait, you sold your house, or you're gonna live, relax? Chase has your back as a chase customer. You're guaranteed to close on your next home quickly. Or you get a thousand dollars so you can skip the storage unit and crashing on your son's time. Chase gets you in your next home faster. Learn more at chase dot com slash the shrink chase. Make more of what yours all home. Lending products are subject to credit in property approval rates program. Terms and conditions are subject to change without notice, not all products, are available in all states or for all amounts. Other restrictions and limitations apply. Home lending products by J P Morgan Chase Bank, an equal housing lender. Well, thank you so much, Joe for a great conversation and a really interesting, interesting story, and then podcast I, I really enjoyed talking with you about it will. Thank you, Laura. I was a pleasure. From bloomberg. And wondering this is a special episode of the shrink next door, a story about power control and turning to the wrong person for help to see some of the photos letters and documents we've talked about in this series. Go to Bloomberg dot com slash shrink next door. If you'd like this series subscribe to the show, you'll be the first to hear updates if you'd like to help us spread the word. Please give us a five star review and tell your friends to subscribe available on apple podcasts, Spotify Cass box and every major listening app as well as wondering dot com and Bloomberg dot com. If you're listening on a smartphone tap, or swipe over the cover art of this podcast. You'll find the episode notes, including some details, you may have missed. You'll also find some offers from our sponsors when you support our sponsors, you help us bring you our shows for free. Another way to support us is to answer a short survey at one dot com slash survey. And if you have a story for us to look into Email us at tips at one hundred dot com. And thank you. The shrink next door was written and reported by me. Joe Nocera senior producer is Krista ripple. Bloomberg's head of podcast is Francesca. Levy fact, checking by Molly Nugent sound design by Jeff Schmidt, Maya Kaufman, and Monica Cadarache, Sancho, contributed. Reporting the Bloomberg podcast team includes Tofa, four has Magnus Henriksson, and Laura Carlson special episodes, producer is Lea Hernandez executive produced by George lavender, marshal Louis, and her non Lopez for wondering. I Chris Hijo after we finish recurring this episode, I just wanted to check in with you, because I know there are some additional updates I know there's something from NYU, so for many years, I curse office been listed as a clinical professor of psychology on the school's website school co me a few weeks ago that that was a voluntary position. It means he doesn't get paid for it. So few days ago, I noticed that if you click through to what should have been his faculty member page his name no longer popped up, and it just said, page not found. So I contacted the school and a spokesperson told me that he had resigned from the faculty like nothing else. We don't know anything else that's, that's all we were told. And then there is something else that happened, much more recently. Right. What is it called? It's called the the fellowship. It's called the fellowship at Auschwitz for the study of professional ethics. It's an organization that. Brings in young people early in their career gives them these short-term fellowships, and they actually go to Auschwitz and take a courses in ethics and for number of years, I has been on the board of this organization. Okay. Right. And that was that was the thing that we talked about in pursuit six because he was literally, the master of ceremonies for some of their events. That's, that's correct. So. Just mid afternoon on Monday. We got wind of a letter that was written by the chairman of the organization, David Coleman, he sent out an Email and let me just read you the entire thing, just before you who is the sent to exactly it appears been sent to people who are so c eight with fast be. And, and maybe yes, there's almost yes, almost like a newsletter. And this is what it said in recent weeks. A Bloomberg opinion, columnist has to series of podcasts, letting unethical professional behavior by fast, people Ord member doctor is occurs costs. There are no allegations of any wrongdoing by or on behalf of fast P, as, you know, our organization is dedicated to the task of helping professionals, particularly those just beginning their careers to uphold the highest standards of ethical conduct and personal. Ability, we hope and expect that are fellows are bored, and our staff will meet those standards. Dr hers cough has toll fast be that he disputes, many elements and the conclusions of the report. Fast be is not in a position to investigate the allegations made in the report or the reporting underlying the podcast, doctors cough, has advised fast beat that he wishes to resign from the board to focus on his work and to ensure that Fassi's mission is not questioned. The board has accepted his resignation and deeply appreciates Dr hers costs efforts on behalf of our organization have we heard from? Has he come into done either of those resignations? No. We haven't heard from yet we reached out to him for comment close to deadline on this, and we'll provide an update if we hear back from him, gotta, Thanks, Joe.
Introducing The Shrink Next Door
"By any measure, Marty Markowitz was a success. He had an Ivy league diploma. A law degree his own business and plenty of money. But when he hit thirty eight he found himself feeling seriously overwhelmed, his rabbi recommended a therapist, he knew who had an office. I'm in 'hattan Z side, why go into his office, which was a modestly furnished office with a desk and chair and a couch, the therapist's name was Dr is her sh- cough. But he told Marty to call him. He was a young handsome man with a round face a close cropped beard and curly, black hair. He was dressed casually in an open collar shirt and shorts. I sat down right across from him. And we looked at each other. And he said, okay. Why are you here? Marty had seen a therapist before the kind who would listen. While you lay down on the couch and talk about your dreams, this therapist was different. His motives, operandi was, basically. I'm your pal. Tell me what's bothering in, and let's take it from there. Mardi spent the whole session, laying out his problems. He told his father and mother had recently died, how he didn't herited the family business, how he was having a hard time dealing with his new responsibilities. When he'd finished. Marty says, I looked at him and said, I'm going to take you on a patient. And I said, okay. Nice not only was I taking him on patient, but he made Marnie a promise. He said, don't worry, I'll take care of everything. I was overwhelmed and to have someone say to me, don't worry calm down. This is nothing to get upset about. We're going to straighten everything out, and we're going to do it fast, very comforting to me. Martin. Wrote a check, I think it was for one hundred sixty dollars, something like that back back in the day. It was June nineteen Eighty-one mardi had come to because he needed help. But if he'd known what is new therapist had in store for him? He probably would have walked out the door and never come back. From and Bloomberg. I'm Joe Nocera a columnist with Bloomberg opinion. And this is the shrink next week. This is episode one. Welcome to the neighborhood. Every neighborhood has its share of mysteries. We can live our entire lives and barely know the people just one door down. I have a summer house in Southampton. A couple of hours outside of New York. This part of the Hamptons is called the bayside. It's quiet peaceful, a place to escape from the city in the hot summer months. Samson and Jackie Kiat have a house on the same street as me. My name is Jacqueline Ghia, and we're married. Thirty five years. Remarried fifty two years. They've been coming here since the eighties most of the houses on our street are single story with wooden Clapper fronts Sampson, Jackie's house is no different, so lovely home, really. But this one house on the street that stands out for starters. It's just bigger than most of the other houses. It's two stories instead of one and it's the only one on the street with a separate guest house out back, and then there's the way it looks, the houses spectacular with windows and windows, windows, everything about it is over the top. There's upon with goldfish. Lots of fish and waterfall to the pond to. It's bigger bolder Brasher that anything else on. On the street. In two thousand ten my wife don't I bought the house next door? It wasn't long before. Man. Popped over to our house to introduce himself. He was dressed like a maintenance man, green khaki pants along sleep worker and faded baseball cap. He welcomed us to the neighborhood, and then he handed us a folder of press clippings. I literally just took them said, thank you. And but he wanted us to have them. You know, he really wanted Joe to have him. There were articles that a psychiatrist, Dr Isaac Hirsch, cough, had written and articles that had been written about him in mid August and invitation arrived to a summer barbecue next door hosted by Dr Hearst cough. I this would be the last of three big summer parties. He threw every year, I went on to reach the front door. I had to cross a bridge over a fish pond. There were maybe forty or so guests hanging out in the backyard. I roamed about stopping here and there to chat. I spotted the actor Richard kind. Just in time to see him do a belly flop into the pool. There were a handful of other people to people, I recognised as prominent New Yorkers like, Dr Ruth, the TV personality and sex expert. It was a warm afternoon. I chatted with a few people sipped on my glass of wine and began to wander around. At some point I found myself in the living room. There was a fake draft bust Venetian masks, plastic parrots hanging from the ceiling, even a giant gong. But what struck me most with photographs, lots and lots of photographs and in nearly every one of them, there was Hirsch cough, with a different celebrity Ike with Henry Kissinger, Ike with Elliot's L, I with Brooke Shields. I with Quin Paltrow even with OJ Simpson. It was like one of those Diner's with the walls or covered with pictures of celebrity patrons, at that moment, the man himself appeared, he greeted me. Like a long lost friend and said that my wife and I should come over soon for a drink. And then he was gone. Sure enough a few days after the summer party, the same maintenance, man, we'd met before showed up at our door. Again, this time he brought an invitation for drinks. It was very formal as if he was reading from a script doctor Hirsch cough wants you to come over. At such such a time on such and such day. The formality of it, blew me away, and he was very, very exacting about how it had to go. So we went one of the strangest evenings I've ever had in the Hamptons or anywhere else for that matter. But definitely Hamptons. It was pouring rain. We headed over Brel is in hand to get to the front door. We crossed the bridge. We could see Koi circling in the water below I can his wife Becky welcomed us in and ushered us to around kitchen table. They were snacks, laid out carrots, and celery, I served white wine. So what I remember is him talking incessantly about being a sex therapist, and a celebrity therapist. I can't remember the details. But that just really sticks in my mind that he kept going on. And on about that. It was more like a monologue than a dialogue. That's what I remember. What do you remember? I just remember thinking these people are I felt suffocated. I talked about his work. I've never standing like it, but I remembered thinking who's very brazen about the details of his life considering we restrain Gers. And also considering what he does he did talk about an MBA sports guys. And somebody a Yankees player, I just thought he lacked discretion Kevin is field. We listen politely as he went on and on, I just, remember looking towards the door finally after about an hour. I said we needed to get home and we got up to leave, and it was very clear that I wanted a photograph. A photograph of me, I think he came out and said, what would like to get a picture of you and it was just Joe? It wasn't Joan. I so I take my picture. To his wall. And then we left as fast as we could. I remember getting her home collapsing on the couch or something. Dorn told me she never wanted to go back. There was no sign of the maintenance man. The night don't and I went over but I knew he was still around. Sometimes we'd be on our deck, and we'd see him outside working in the yard when I returned to the Hamptons, the following summer. I noticed something strange at the house next door. I would see the maintenance man out on the property, doing his usual work in the backyard. But I cursed cough was gone. I would never see him or as wife Becky in the Hamptons, again, there were no more summer parties. It was as, if they had simply disappeared. And that's when I learned that everything I had thought I'd known about my neighbor was wrong. It's, it's a wild story. That's the maintenance man, the guy who came to our door with the press clippings, the guy, we saw working around the yard, that was Marty Markowitz the same guy would I gone to see Dr Isaac I cough as a patient, nearly thirty years earlier. That was just a preview of this rink next door to listen to the rest subscribe to the next door on apple podcasts over wherever you're listening right now.
Bloomberg and Wondery Present: The Shrink Next Door
"Psychiatrists. See us are most vulnerable moments, all of our problems in dysfunctions Lee bear to a stranger. We hope that they keep our secrets, and help us solve our problems. We place our inherent trust in them. But what if they use that knowledge against us for their own benefit in a brand new podcast from one degree and Bloomberg the shrink next door host Jonas, Sarah takes you deep into what it looks like when a psychiatrist becomes something much, much more. You'll hear of extravagant parties attended by movie stars, a lavish home in the Hamptons and the man at the center of it. All you're about to hear a preview of the shrink next door in which you'll meet host Jonas, Sarah and hear about a relationship that would go on to affect to people's lives for twenty nine years, while you're listening go subscribe to the shrink next door on apple podcasts or wherever you're listening, now, there's also a link in the episode. No. Notes that will take you there. By any measure, Marty Markowitz was a success. He had an Ivy league diploma. A law degree his own business and plenty of money. But when he hit thirty eight he found himself feeling seriously overwhelmed. His rabbi recommended a therapist, he knew who had an office. I'm in Hatton Z side. Why go into his office, which was a modestly furnished office with a desk and a chair and a couch, the therapist's name was, Dr Isaac Hirsch cough? But he told Marty to call him. He was a young handsome man with a round face a close cropped beard and curly, black hair. He was dressed casually in an open collared shirt and shorts I sat down right across from him. And we looked at each other. And he said, okay. Why are you here? Marnie it seen the thera. Purpose before the kind who had listened while you lay down on the couch and talk about your dreams, this therapist was different his modus, operandi was, basically. I'm your pal. Tell me what's bothering in, and let's take it from there. Mardi spent the whole session, laying out his problems. He told Ike how is father, and mother had recently died, how he didn't herited the family business, how he was having a hard time dealing with his new responsibilities. When he'd finished Marty says, I looked at him and said. I'm going to take you on a patient. And I said, okay. Nice not only was I taking him on as a patient, but he made Marnie a promise. He said, don't worry, I'll take care of everything. I was overwhelmed. And to have someone say to me, don't worry calmed down. This is nothing to get upset about. We're going to straighten everything out, and we're going to do it fast. Very comforting to me. Mardi wrote them, a check, I think was for one hundred sixty dollars, something like that back back in the day. It was June nineteen Eighty-one Marty had come to because he needed help. But if he'd known what is new therapist had in store for him? He probably would have walked out the door and never come back. From wondering and Bloomberg. I'm Joe Nocera a columnist with Bloomberg opinion. And this is the shrink next. This is episode one. Welcome to the neighborhood. Every neighborhood has its share of mysteries. We can live our entire lives and barely know the people just one door down. I have a summer house in Southampton, a couple of hours outside of New York. This part of the Hamptons is called the bayside, it's quiet peaceful, a place to escape from the city in the hot summer months. Samson and Jackie Gadot. Have a house on the same street as me? My name is Jacqueline Ghia. And we're married thirty five years. We married fifty two years. They've been coming here since the eighties most of the houses on our street are single story with wooden Clapper fronts Sampson, Jackie's house is no different, so lovely home, really. But there's one house on the street that stands out for starters. It's just bigger than most of the other houses. It's two stories instead of one and it's the only one on the street with a separate guest house out back, and then there's the way it looks, the houses spectacular with windows and windows, windows, everything about it is over the top. There's upon with goldfish. Lots of fish and waterfall to the pond to. It's bigger bolder Brasher than anything else on the street. In two thousand ten my wife Donen I bought the house next door. It wasn't long before. Man. Popped over to our house to introduce himself. He was dressed like a maintenance man, green khaki pants along sleep worker and faded baseball cap. He welcomed us to the neighborhood, and then he handed us a folder of press clippings. I literally just took them said, thank you. And but he wanted us to have them. You know, he really wanted Joe to have him. There were articles that a psychiatrist, Dr Isaac Hirsch, cough, had written and articles that had been written about him in mid August an invitation arrive to a summer barbecue next door, hosted by Dr Hirsch cough. I this would be the last of three big summer parties. He's through every year, I went on to reach the front door. I had to cross a bridge over a fish pond. There were maybe forty or so guests hanging out in the backyard. I roamed about stopping here and there to chat. I spotted the actor Richard kind. Just in time to see him do a belly flop into the pool. There were a handful of other people to people, I recognised as prominent New Yorkers like Dr Ruth, TV, personality and sex expert. It was a warm afternoon. I chatted with a few people sipped on my glass of wine and began to wander around. At some point I found myself in the living room. There was a fake draft bust finish masks, plastic parents hanging from the ceiling even a giant gong. But what struck me most with photographs, lots and lots of photographs and nearly every one of them. There was I curse cov with a different celebrity with Henry Kissinger Ike with Elliot's l Ike with Brooke Shields. I with Paltrow even with OJ Simpson. It was like one of those Diner's with the walls are covered with pictures of celebrity patrons, at that moment, the man himself appeared, he greeted me. Like a long lost friend and said that my wife and I should come over soon for a drink. And then he was gone. Sure enough a few days after the summer party, the same maintenance, man, we'd met before showed up at our door. Again, this time he brought an invitation for drinks. It was very formal as if he was reading from a script doctor Hirsch cough wants you to come. All right. At such time on such and such day in the formality of it, blew me away, and he was very, very exacting about how it had to go. So we went one of the strangest evenings I've ever had in the Hamptons or anywhere else for that matter. But definitely Hamptons. It was pouring rain. We headed over umbrellas and hand to get to the front door. We crossed the bridge, we could see Koi circling in the water below, I can his wife Becky welcomed us in and ushered us to around kitchen table. They were snacks, laid out carrots, and celery, I served white wine. So what I remember is him talking incessantly about being a sex, therapist, and celebrity therapist. I can't remember the details. But that just really sticks in my mind that he kept going on. And on about that. More like a monologue than dialogue. That's what I remember. What are you remember? I just remember thinking these people are I felt suffocated. I talked about his work. I've never standing like it, but I remember thinking it was very brazen about the details of his life considering we restrain Gers. And also considering what he does he did talk about an NBA sports guys. And somebody a Yankees player, I just thought he lacked discretion kipness field. We listen politely as he went on and on, I just, remember looking towards the door finally after about an hour. I said we needed to get home and we got up to leave, and it was very clear that I wanted a photograph. A photograph of me, I think he came out and said, we'd like to get a picture of you and it was just Joe it wasn't Joan. I so I, I take my picture. To his wall. And then we left as fast as we could. I remember getting our home collapsing on the couch or something. Dorn told me she never wanted to go back. There was no sign of the maintenance man. The night don't and I went over but I knew he was still around. Sometimes we'd be on our deck, and we'd see him outside working in the yard when I returned to the Hamptons, the following summer. I noticed something strange at the house next door. I would see the maintenance man out on the property, doing his usual work in the backyard. But I cursed cough was gone. I would never see him or as wife Becky in the Hamptons, again, there were no more summer parties. It was as, if they had simply disappeared. And that's when I learned that everything I had thought I'd known about my neighbor was wrong. It's, it's a wild story. That's the maintenance man. The guy who came to our door with the press clippings, the guy, we saw working around the yard, that was Marty Markowitz the same guy would I gone to see Dr Isaac Hirsch cough. As a patient, nearly thirty years earlier. That was just a preview of this rink next door to listen to the rest subscribe to the shrink next door on apple podcasts or wherever you're listening right now.
What Did I Do To You? | 6
"Phillies. Shapiro was in Texas. Visiting her daughter. It was New Year's Eve two thousand ten I was that Laney's house in, in San Antonio. Her cell phone rang when she answered it was hard to make out what the person at the other end of the line was saying something I heard brother Marty, and I said, just a minute, there's a bad connection, and I'm gonna give you a landline. My thought was, I think any better be sitting down. I'm sure someone is calling me to tell me that my brother is dead villas hadn't spoken to her brother, Marty Markowitz twenty seven years from time to time, she would send him cards for his birthday or for the Jewish new year. He never responded except once after she'd sent him a sixty th birthday card. I got back the letter that said MRs Shapiro since I expanded you from my life over twenty years ago. They don't open your mail and erase any messages. And I will take every means possible to stop you from harassing me up until then I had always hit to make his look whatever happens. My brother needs a part of my body. He can have it without letter. I said to them, not even a drop of blood. I said, I don't care if he's bleeding out. He can't have a drop of my blood ever since then she assumed that the next time she heard about her brother, it would be news that he had died all I could think was okay, I've been expecting this. This would be the call was expecting. So I had to kind of prepare myself and it was just going to be okay. I'm resigned to it. Look, I've lived without him for twenty eight years. It'll be a different loss, but it's, it's, it's not going to be a recent loss. I lost him finally the house phone rang and this time Phyllis could hear exactly who was on the other end of the line. I picked up the phone and he says you brother, Marty, my only thought was he's calling me because he needs the kidney. Why would he call me unless? He was desperate for some piece of my body that only I could give him. But that's not why Marty was calling. He was calling because after nearly three decades he wanted a sister again. The shrink next door is pleased to have Brooke, linen as it's presenting sponsor everyone, I know who has Brooklyn and sheets. Can't stop talking about them now that I have some I understand why they're incredibly comfortable. They look great and they get softer with every wash by the way, pretty much, everyone agrees with me on how great these sheets are business insider apartment therapy, and men's health have all raved about Brooklyn and Brooklyn and sheets were named the winner of the best of online betting category by good housekeeping, take it from me. And from over thirty five thousand five star reviews, more than any other online betting company. These really are the best most comfortable sheets you'll ever sleep on. And now you can get ten percent off your first order and free shipping when you use promo code the shrink at Brooklyn dot com Brooklyn and is so confident in their product that all their sheets comforters and towels come with a lifetime warranty. So don't wait. The only way to get. Ten percent off your first order and free. Shipping is to use promo code the shrink at Brooklyn dot com. That's B R O, K L. I N E N dot com, promo code the shrink. From wondering in Bloomberg. I'm Joe Nocera. And this is the shrink next door. This is episode six. What did I do? That day on the phone Phyllis spoke to mardi for a long time. We continue the conversation that day, I'm very wary through all of this is interesting. You've really made something if you like like I was like, how could you think I wouldn't make something of my life? Like, how do you think I would have rolled over and died and not fed? My children Phyllis couldn't understand why he suddenly wanted to know about her life, then mardi asked to see her in person to no, I'm in Texas. I don't get home till next week. A says do you work on Fridays? And. No. Actually, I don't work on Fridays. And you say, we'll great. So maybe on Friday, pick you up, I'll take you out to the house in the Hamptons them. Thinking to me, my first was you think I'm going any place with you? You're out of your mind, were, you really worried for your safety? I couldn't figure out what he would wanna do with me. What was your concept behind? We haven't even seen each other. But let's let's, let's go someplace for the weekend, not me. Phyllis was not going to the Hamptons with mardi, but she did agree to meet him in person when she hung up the phone, and San Antonio, the first person she told was her daughter, Laney. And she said you're never gonna guess who called me, and I might have said Marty. 'cause I know like I'm so aware of how deep of a hole that is for her Laney hadn't heard for mardi since her thirteenth birthday, and now she was an adult with kids of her own. It was hard to imagine what her uncle might be. Like, are you gonna meet him? Like, what are you gonna do? Just like yeah. She said, I invited him to come to services. Laney wasn't about to tell her mother not to go. But she was skeptical. I didn't know what he was going to say to her. What further damage he might do? Like there's only so much you can take. Right. Was worried about her emotionally, he hurt you so badly. You gonna let him in. She was like, yeah. He's my brother without missing. A beat Phyllis other children surprised by her attitude, too. And I just said, you know, he's my brother and I have to a chance, and if he ever does this again, he will not get a second chance. Phyllis Philipson Marty had decided to meet for coffee before going to evening service. And as he walked down the street to me in front of this coffee shop became over, he hugged me. And he said before you say, anything, I have to tell you that I've changed my will, and you will you children are inheriting everything. I really could care less. I mean, that was like the least important thing to me. I want to my brother MAC. They went inside the coffee shop sat down at a table and began to talk and almost immediately, Marnie began to tell her about I and he said, that Dr Hershberg had been behind this whole thing and had dictated him whatever letters, he had written, and I sort of said to I a little distrustful. I said you did it. I mean you wrote them like you know, like you have to take responsibility for your part of this, but as mardi continued to talk Phyllis his attitude softened, and he sort of outlined his story to me that the guy had really dictated what he said, and what he did. And how he didn't really mean anything or whatever, and it was a little easier possibly for me to try to get back together with him, knowing that there was somebody that had kind of orchestrated this, and I sent to what did you come to my apartment take out while the stuff out of my apartment? Why did you go to Switzerland and clean out to Bank account? And she. Said I was just I, I have to laugh. She said, I was just trying to get your attention. Well, yeah, well, you got my attention sister. You got it. You tell her you're sorry, I don't remember if I said, I'm sorry, you know, I don't remember. I don't remember. I just was so blown away by the fact that she was talking to me Martin and Phyllis finished their coffee went to synagogue, and then talk some more, we wound up talking till three o'clock in the morning, and we agreed that we would meet again, pretty soon they were getting together, every few days Laney could see that her mother was thrilled to be talking to her brother again. All I could hear it in her voice on now. Martin are doing this and our doing that. I'm going to the movies with my brother. She was on cloud nine mardi wanted Phyllis to come to the house in the Hamptons with him at first, she was reluctant, but he kept pushing, but I have to see this house and the perfect place to spend time to get to know each other. He said, I have this house with tennis court with. So you would have swimming pool golf course. This estate in Southampton, eventually. Phyllis agreed to go when she arrived at the house, she saw the mailbox with the name Isaac Stevens on it and the doormat that said the Hirsch, coughs mardi letter inside. So I walked into what was the great room. It was lovely, and then I started to look around and I said, what is this doing on the walls Phyllis ice picture everywhere, along with the decorations that cluttered the living room? This was before Marty had started moving things to his basement. This is when Phyllis says she really started to get what had happened to mardi it. Touched my heart that first day when he was trying to say to me, somebody took over my mind. Somebody was dictating what I should do. And I really wanted to say, why didn't you stand up to him like what was wrong with you? Where were you, you weren't brought up to have no mind and to end to be that gullible, and that persuadable and to just take orders from somebody as they spent more time together Phyllis began to seek glimp-? Axes of the life, he'd been living. I think the first day that it was there. I look at my brother and about to cook something, my brother says, oh, wait. I'll get something and he disappears into his bedroom. And he brings out some food and I say to him. Why is your food in your bedroom? He wasn't allowed to keep it in the kitchen. He had to store his own food in his own bedroom. She also saw how I told on mardi hadn't completely disappeared. And my brother was still so entrenched in believing I. That when I said something to him about the picture with him, I think, in book shields. And he said, so we went to that dinner and look at how fun she is of him. I said, Mahdi you paid, what ten thousand dollars to have a table and the stars are meant to sit at the different tables and interact with you and be an picture. I said, of course he puts his arm around pulsar in you take the picture of them close she could have given a damn list who he was. Phyllis was happy spending time with her brother in the Hamptons house, even if she couldn't stand those photos, I was kind of staring at me from all over and that was very uncomfortable. And we immediately actually began to take stuff off the walls said, I can't stay here with us, but did confirm that I could really take over his life. Mortar showed Phyllis around the property, the basketball court tennis court, the mini golf course and I'm looking at what did you need all this for, again, was like, what planet are you living on? Oh, I said something to, to I said, when I even the tennis. No, it's so do you play tennis? He said, we'll know what I play with you. Can't play tennis by yourself. And I said, so, gee us the swimming pool. He said, no, you really shouldn't swim. When you're alone. Like what do you do when you hear? Three decades is a long time, and there was a lot to catch up on mardi had lost touch with his family, and Phyllis had to bring them up to speed on everything he'd missed, birth marriages deaths. Mean they were first cousins that, I really liked a lot, and I'd during this period, and I never had a chance to say goodbye to them Nevada chance to spend any time with them my cousin. Eric in particular. But there are other ones as well. I met Phyllis that first summer after mardi broke with he came by the introducer to me, this is my sister. He told me I haven't seen her in twenty seven years since then we've gotten to know each other better. We're friendly darn. I have had them over for drinks. They've let us use their tennis court and mardi showed me, his latest hobby beekeeping from the outside. It looks like things are back to normal between Phyllis and Marty, but Phyllis says it's different now, mardi has changed. I think he's been by himself or for so many years, he was thirty eight. When I basically took over his mind until he was sixty eight they were really thirty years in there. And at the point at which I got him he regrets him, so he was would be more like a sixteen year old than a sixty eight year old with inappropriate remarks and not. Not knowing what's appropriate and what isn't appropriate. And I don't know when you learn that lesson Phyllis trust that mardi can handle himself now. But there are small things that aren't quite right dated somebody from New Jersey for while and I'm not saying she was the right personal the born person, but at some point he's talked to her about a cellulite I you know, it was a logo by you know like he can be so inappropriate, he doesn't realize it. The biggest thing Phyllis began to notice is that Marty is now very sensitive to any real or perceived attempt to control him. What I see is in his damaged concept of himself, and his damaged concept of his relationship to the world. Is he has this, this need to almost prove that, now he's the boss to fill us? It's like her brother is overcompensating for the years he spent under ice thumb and I try very hard not to make any suggestions. I don't want to ever. Takeover ice role of leading his life. But if I make a suggestion, he immediately says. No, if I sort of ask somebody else to make that suggestion. He'll come back to me later and say, oh, someone had a really great idea. We should okay to me as your next door neighbor. You do still seem very close. We are close. I think we are close. And when the kids come that seems like a really nice thing, I guess, what I think, is that if Marty had never left, he would be like the grandfather. Absolutely. And that's never that's never going to happen because of what happens. Right. There's always a little distance always distance. But the biggest distance wasn't with the grandkids, it was with Laney Phyllis, his daughter in all of this talk. Nobody checked in with me about how I was doing about it. So it wasn't until mardi contacted me. And he was apologizing to me. That I like felt that and cried. I like I didn't even realize that I was it. No, I was sad. I didn't know that. I was hurt for me. I was like. You can abolish is to me, that's fine. I don't like knocking like suddenly invite you to like all my family's stuff, and like, have you have a relationship with my kids to have you potentially disappear on them, like, where's my brother? I think was like open arms. You know, and I think my sister was open arms. And I guess that's because they didn't get the letter the letter that mardi center on her thirteenth birthday the one where he wrote that Phyllis had betrayed him. And that he would never see them again. To me. It's the fact that I was the person who is the recipient of the letter made me like the emotional lightning rod for, for all of this. I wanna read it to my mom, I heard her reaction. I was the one who had to absorb that too. It took time for Laney to trust her. Uncle again, miss far as letting him back in or letting that door open in walking through it. I mean, I guess walked through it sort of cautiously. I don't want to deny my children, an opportunity to. To be with people who love them people. Love in their own ways. And that's okay. More than anything. Laney is thrilled for her mother. I was like, damn like she won the emotional lottery. How many people have that kind of break, and then the person who did the damage comes back and apologizes? How many of us have situations like that with people who've hurt us, and like all we want is a heartfelt apology. And like the doors would be opened again. Right. She got that, that was a rate on the heels of me feeling protective of her meeting with him. I was so happy for her. A pastor and his wife scamming addicts set of millions there. Degenerate, son, locking them up so he can steal it all and dangerous. 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Take the free demo at Rosetta Stone dot com Rosetta Stone built for mobile. Built for real life. Phyllis and Marty gut to work. D- Aiking, the house, and I just said any women to his has to go. And so we took down his sign from the mailbox, but it was a big project more than Martin and Phyllis together could accomplish one weekend. When I finally emptied out the closet in becky's room. There were forty fifty gifts with little tags on them. That would say thank you so much for inviting us to the party. And we hope you can use this, or whatever I said to my brother, look at all these gifts that, that they were getting the guests will coming in bringing gifts to Becky. And I was there party it was their house that, you know, they never even told me that people brought gifts. I said everything that was brought to this house was as the gift to the house on, it's yours. Phyllis also found several closets. Full of Ikin becky's close. I was ready to donate it. But we decided we would return it to them. They will at least five full bags of just their clothing because that was all we were returning three hundred sixty five pounds. That's exactly what they Wade. And I didn't you know, I had them all packed up called I think I sent an Email to Becky. Then she called me back, mardi was careful not to get caught up in a verbal back and forth with, like, so I sent her an Email is anyone going to be home next week to receive. Some artifacts of clothing whatever from Southampton. And she said, well, my made will be here on such and such a date. That's all I needed to. And she said, I'll be happy. She responded by saying I'll be happy to, to pay for it. All be happy to pay the Bill. I looked at that is a way to, you know, engage in conversation. I'm not interested in conversing with you. I'm interested in getting this stuff out of my house, and into your house, then came the phone call the call from Becky I was walking and kosco his cell phone running. And I say my brother turn ashen I really thought he was going to faint, but I kind of thought that it might have been either or Becky. But I heard him then say what your husband did to me was existential evil and I want nothing to do with you, or with him Marto, Phyllis that Becky wanted him to return the rest of her family's things that were still in the house, and I just looked at my brother at that point. And I said, we're not returning anything to them. Nothing nothing. That's in the house is theirs. Phyllis had another reason for holding onto everything I kept insisting that this was the was the proof. I said, I don't care how embarrassed you are what he did was wrong. And you, you need to go public with it. You need to get him, you know, sanctions or something Phyllis wanted Justice and folded Marty. Judith, Emily, and Sarah, the other patients, I spoke to all felt strongly that I could cross the line. But none of them ever took him to court, nor did they report him to the authorities. Why every one of them told me it was because they were afraid that I quit retaliate publicly attacked them or find ways to damage their reputations. So they moved on while I continued to practice psychiatry but mardi was different for starters. He had a paper trail. I really didn't realize the total picture until after two thousand and ten when I went back and reconstructed, what had happened on check by check base mardi had saved everything, and I mean, everything I there were his checks to. Marty says he tallied three point two million dollars of payments during their twenty nine years together. Then there was all the money mardi spent on X parties. Marnie also has every check written by the Iran foundation. The charity he founded with hike, mardi started adding it all up the so the foundation began in nineteen Eighty-four, and I put in within a few years, probably over half a million dollars between nineteen Eighty-four and twenty ten. When I seven my relationship with guy had put in a total of nine hundred and fourteen thousand dollars. My company, also contributed seventy thousand so I treated now total very close to a million dollars I- contribution a hundred ninety thousand dollars. Get almost all the donations your own made to ice causes, many of them, those charity dinners where he hobnobbed with celebrities. And flipping through the Iran checks, mardi found that I could even written three checks to is Stevens that is to himself using his business pseudonym. They total six thousand dollars and Marty has no idea what they were for. I had told me on numerous occasions that one of the hallmarks of the foundation is that whatever came in went out, and there were no administrative expenses that would take him by any executive or officer of the foundation. And when we discovered that they were three checks made out to him that was very shocking while I didn't respond to specific questions about those checks, he stated that he has never taken any money beyond his hourly fee. Even after mardi had gathered all his evidence, he wasn't sure what to do next. But he did know few lawyers from his synagogue, multiple, lawyers told me the same thing. Well, you lead you have any damages there's no points, even thinking about suing anybody because you can't show damages he didn't steal from you. He just got a fee for his services. None of those lawyers specialized in psychiatric malpractice, but I talked to one lawyer who does bring psychiatric malpractice lawsuits in New York state, Audrey dollas told me that she thought mardi did have a good case, but the statute of limitations expired years ago, it may have been too late for mardi to turn to the courts. But maybe there are other ways to make his case I wrote to the New York State Department of health, the health department has the authority to take away a physician's license. Mardi sent them a formal complaint in September two thousand twelve I sent him a very detailed letter and I offered them some preliminary evidence about six weeks later mardi gut response from the health department's office of professional medical conduct the OPM see some nurse practitioner from the department of health wrote back to me. This is all very interesting after he's criminally indicted come back to me. And we'll get his license, but before that we were not interested basically, just fluffed, it right off. The letter concluded OPM c does not have jurisdiction over the issues you have reported. So at that point, I then contacted the New York state psychiatric association actually he sent the next letter to the New York county, psychiatric society, which is the local affiliate of the American. Psychiatric association. I filed a very serious complaint with all of the details and they essentially said, very nice. Thank you very much. We're gonna assign an investigator and vested. The followed up with Marty a few times after that each time requesting more documentation, finally four years later, mardi got a letter from Dr Henry c Weinstein, the chair of the ethics committee of the New York branch of the day, and they said, lo and behold, we're going to have a hearing, the hearing date was in two months, June eight two thousand sixteen. And I worked very hard preparing opening remarks, and I had all of my physical evidence, which they had had and presumably turned over showed to the doctor. We don't actually know if any documentation was provided to, but then a few weeks before the scheduled hearing, I get a letter from them saying that he had resigned from the association and they no longer had jurisdiction. This letter also came from Dr Weinstein, he told Marty that I could allow. Out his APA membership to lapse, he resigned, not only from the New York state branch of the association, but the American psychiatric association as well both branches. Both secretary associations, the hearing was cancelled when I asked I about this, he responded that he had stopped paying dues to the APA back in two thousand eleven a year before mardi submitted. His allegations. He said that his decision to leave the was unrelated comardes complaint. But in Dr Weinstein's letter to mardi, the one he wrote in two thousand sixteen. He said we take psychiatrist decision to leave during an ethics investigation. Seriously? We have made the APA aware of the complaint. And Dr hers cost decision to drop his membership after it was filed. Mardi wasn't giving up with the help of an old law school friend. He had reconnected with he went back to the New York department of health, my friend. Jeffrey helped me craft a letter saying your initial Edita me was completely unacceptable, and I'm going to restate the problem, the complaint, and we expect you to take action, this time mardi outlined. Exactly what he believed to be misconduct, mardi wrote that acting as a sec Haya tryst had convinced him to set up a foundation, where I can carte blanche to spend the funds he wrote that I could persuaded him to leave valuable real estate to Becky end that I could become a co signatory on his Swiss Bank account. We have a joint Bank account with your doctor absurd mardi pointed to one specific type of malpractice the law that forbids doctors from exercising. Due influence on their patients. I then filed all the documentation that I had sent to the psychiatric association to New York state health department. They in turn said, thank you very much. We're going to sign an investigator to this thing and another year goes by before that was back in twenty sixteen. Mardi has contacted the opium see at least five times in the three years. Since then their response is always the same. It's under investigation. They just would disappear. And I would write to them year or so later, what's going on? And they would say, well, it's under investigation, this whole process, the letters, the complaints the follow ups. It's just to have a hearing a committee would then hear both sides of the case and decide on a course of action, it can include anything from a reprimand taking away, doctor's license, but to have. Hearing, the department of health has to complete their investigation, and so far Marty's case is still open the OPM see publishes an annual report that includes the average length of an investigation last year. It was three hundred and twenty one days Marty's investigation has run more than a thousand days. So why does it take investigator so long to decide if this case is worthy of a hearing, especially considering all documentation, mardi has provided? One recent afternoon mardi called Jason warn, the assistant director of investigations, I love Jason. Hi, Mr. Warren is Martin Markowitz, calling, as you know, we filed the complaints twenty sixteen about my former psychiatrist, Dr Hirsch golf, and now two years later, and the last communication, I was dated July of last year, just want you to know that there's a journalist listening in and I've given information to do so as well. So I need to know what the status of the investigation is. Okay. There. I can't discuss any of our things where the journalist. I if, if he would like to contact the public affairs group he can do. So what can you tell me, basically, what was in that letter? A. Investigation has been initiated. But I, I have no idea what the status is at this point. No one has contacted me for an interview. And, you know, I'm a bit at a loss, because the last communication was July of last year. It's now April of twenty nineteen. And this, this complaint has been kicking around now for multiple years, three years. I understand sir, I and I'll contact you later a another time or we can discuss. All right. I'll speak to you in this user. Okay. I. I. Disguise done nothing. He's done nothing. Sweetened for me to die go away. A week or so, after that phone, call mardi sent the health department yet another letter asking for an update this time. There was one small bit of new information. The department says that Mars case is now being reviewed by psychiatry expert. It's still awaiting. The shrink next door is brought to you by chase. So you're ready to downsize. I chase. They get it if had the garage sale, you ship the last kid off to college even sold house. Wait, you sold your house, or you're gonna live, relax? Chase has your back as a chase customer. You're guaranteed to close on your next home quickly. Or you get a thousand dollars so you can skip the storage unit and crashing on your son's Putin. Chase gets you in your next home faster. Learn more at chase dot com slash the shrink chase. Make more of what yours all home lending products are subject to credit and property approval rates program. Terms and conditions are subject to change without notice, not all products, are available in all states or for all amounts. Other restrictions and limitations apply. Home lending products over by JP Morgan. Chase Bank NA an equal housing lender. As for Dr is occurs himself. I am trying to reach a curse Koss. Speaking, I is still practicing psychiatry last fall as we were beginning reporting, my producer reached him at home, doctors Kopf. And my name is Christopher full. I'm a producer working for wondering and Bloomberg media. And I've been trying to get in touch with you, because I've been talking to Marty Markowitz, and I'd love to just talk to you. If you have a few minutes. Fortunately, as he can probably understand that allowed to. What does that mean? Humbly evidence from someone to Batum. Sure, just, you know, I'm, I'm recording this audio producer, but, you know, I understand that mardi was a patient of yours. But I also understand that you had a business relationship and friendship like relationship outside of outside of that therapy relationship. Talk to you. So I can say I know that Murray has given his consent. We have our released that I'd be happy to provide for you. I'm not allowed to talk to you, but I learned you were friends for a long time. Like. Hello. Federal law prohibits any doctor, including psychiatrists from divulging information about a patient without permission, but Marty and several other former patients sent letters, specifically giving him permission to talk to me. I couldn't agree to an interview, but he did respond in writing when I was first working on the story in two thousand twelve and again, as we were getting ready to release the series in several lengthy emails. He denied martyrs accusations while heaping on accusations of his own against his former patient and also against me. At one point he claimed I was motivated by jealousy, because the house next door had a tennis court and mini golf course and all kinds of things things my little tract house, as he called it, lacked, you can only imagine how that went over with my wife dawn, but I digress. The core of ice defense. Is that he never violated the ethics of his profession? I have never slept with any patient or client. I have never dated any patient or client. I have never stolen from any patient or client. I have never attempted to steal from any patient or client. I have never violated any boundaries. This is an actor reading from ice letters. He'll be reading the rest of ice writing in this episode. I also rejected the idea that he had any sort of influence over mardi allow me to point out many inconsistencies, and contradictions in his claim that I was this unscrupulous omnipotence van golly, who completely controlled him in order to steal his fortune. Why did I limit myself to three percent of his fortune? I e his country home when I could've had all twenty million dollars. Why did I continually urge him to maintain a rigorous healthy diet to exercise aerobically every day and to take vitamins and nutritional supplements? If it was in my interest for him to die sooner so that I could inherit his fortune. If I controlled him, why was I unable to prevent him from ingesting his nightly pint of Haagen, Dazs, which led to his cardiac surgery Eitan, is that he instructed Marty to do anything and is relationship with Phyllis right important documents or even leave the Hamptons property to Becky? But I made defense to the allegation that he abused his position as mardi psychiatrist was that he wasn't mardi psychiatrist. I says that most of their years together mardi wasn't a patient. He was a business client mardi adamantly denies this. There were no discussions about termination of my relationship with him. Reforming it as a business consultation. He you know, just none of that happened. And anyway, I was Marty psychiatrist when he co-signed mardi Swiss Bank account and set up the your own foundation as to why mardi would say all these things about him, if they weren't true, I offered this explanation is MLM's current obsession with punishing me after we amicably parted ways strike you as normal or healthy. Which do you imagine is more likely that he would scrupulously stick to the truth in his allegations, or that he would embellish distort and falsify allegations to hurt me in any way possible, although I regret and resent this ordeal, even now I only wish m m well, I would love nothing better than for him to spend the rest of his life, healthy and happy. And there is no reason for. That not to happen. I still seized patients in the same office where mardi I met him almost forty years ago. He's still active in his alumni association, and he's still listed on the website of the NYU med school, as a clinical professor in the department of psychiatry. I've seen some recent pictures of them on the internet. He's shaved his beard. One photograph was taken in may of last year. I speaking from a podium, wearing a blue blazer with a yellow pocket square his arm raised as if to emphasize the point, he is making the group that had gathered that evening to hear him was the fellowship Auschwitz for the study of professional ethics. They were giving out their annual awards for ethical leadership. I was the master of ceremonies. And marty. He's never gone back to therapy, when he talks about his time with I it's like he's talking about something that happened to someone else. He's never been able to explain why it took him. Almost thirty years to walk away from curse cough. Now he just wants to move on. He's still running AFC, there was longtime employee. Salmon, Bruce have retired. He travels now, something he'd stopped doing during his years with, like any as something else back in his life, holidays mardi Phyllis spent holidays together, now like Passover this year Phyllis hosted a Sater for her whole family. Mrs Jeff have you met this friend Shansi is friends? Have you bumped into my brother? No, I have not. It's not in the sixty eight years that we've act together. After twenty seven years. Yeah. I'm gonna sit down here Marez back at the table. Along with two Phyllis, three children, Laney, brought her family and Nancy broader boyfriend Phyllis, his longtime friend and joined too. I think those runs to say from the chair. I'm not sure I told her it's your show. I'm not saying word. Have you been talking to her again? She calls after reading, the who gutter the story of the exodus. Everyone gathered around the dining room table. Not kidding us law. It would have been sufficient. If Kanda given us the law and not let us into the land of Israel. It would have been sufficient, if God had led us into the land of Israel and not built the temple. It would have been sufficient. Right. Mardi has his family back. Nothing makes him happier. If I could have everyone's attention for a second. I just like to say a couple of words before we start our meal. Thank you mom, for creating this extraordinary table and having us all here and we'll communities all into your home and Marty. It's always just such. You know, it's still feels special having you. Instrument. So it's, it's special, and it's not special it's like becoming non special which is really nice like for while it was like who you're included in things, and it's like you know, he's going to be there, you know, here. That's really special. Yeah, I just wanted to acknowledge you mom. Thank you. Thank you. Would've spell. Things you do. From bloomberg. And wondering this is the sixth and final episode of the shrink next door, a story about power control, and turning to the wrong person for help, if you've liked this series, please subscribe to the show, and you'll be the first to hear updates including an episode next week where I'll speak with a fellow journalist, and share stories about my reporting to see some of the photos letters and documents we've talked about in this series. Go to Bloomberg dot com slash shrink next door. If you'd like to help us spread the word, please give us a five star review and tell your friends to subscribe were available on apple podcasts, Spotify cast box and every major listening app as well as wondering dot com and Bloomberg dot com. If you're listening on a smartphone tap, or swipe over the cover art of this podcast, you'll find the episode. Notes, including some details, you may have missed. He'll also find some offers from our sponsors when you support our sponsors, you help us bring you our shows for free. Another way to support us is to answer a short survey at wondering dot com slash survey. And if you have a story for us to look into Email us at tips at wondering dot com and thank you. The next door was written and reported by me. Joe Nocera senior. Producer is Krista ripple. Bloomberg's have podcast is Francesca, Levy fact, checking by Molly Newton sound design by Jeff Schmidt, Maya Kaufman, and Monica Cordeiro, Sancho, contributed. Reporting the Bloomberg podcast team includes Tofa, four has Magnus Henriksson, and Laura Carlson. Thanks to Dr Glen Gabbard, Audrey, Dohlus, Jan, Walberg, chedda, Sandberg, Randy Shapiro, Jennifer. Santai Jeff Grocott. Katie boys. Thomas Houston Eugene Resnick. Stephanie Davidson, Emily angelman Mike Frazier, Liz Smith. Mickey Jane chill, and Alex James show executive produced by George lavender, marshal Louis and her non Lopez for wondering.