SPECIAL ADVERTISING SECTION 図 A LTA Readyt0 shake up the 〇旧 c 〇 ntlnent Malta EU Presidency benefit economically by show- casing that the EU's larger promises international competitors have a different agenda aimed t0 refocus growth cycle compared t0 the the European Project and smaller member states and showcase economic growth suggesting more flexibility in reg し llation tO stimulate Other The smallest member state economies as well. 0f the EU began its six-month term as president 0f the Union Finance and Economy this January, faced with chal- The Bank of Valletta is the lenges they plan t0 combat largest banl< in MaIta and is with their recent economic and led by CEO Mario Mallia, who policy-driven improvements. says that the current ICT infra- MaIta is the second-best per- structure iS mal<ing more OP- forming economy amongst itS portunities for 、、 businesses at larger peers and an advocate every stage 0f their life cycle. " 0f the EU, having received Mr. MaIIia explains that, 。 75 % funding and achieved SLlCCeSS 0f households are connected at applying EU directives. The ing the United l<ingdom's exit full membership. One cannot t0 the internet" and the "good nation iS comprised Of almost from the organization. 、、 Brexit' have access tO the single mar- competition in the communi- 500,000 inhabitants, and is has given a name and a face tO ket without having freedom 0f cations sector" contributes tO described as the essence of the rising anti-EU sentiment the improvement Of services. movement," Mr,. Borg says. Mediterranean culture, due to amongst many European citi- Given its location, Malta Apart from the tax mea- its location and rich history zens and caused doubt about has experience with migration sures and attractive Mediter- that has made it an e 幵 ective the future success of the orga- issues and iS an advocate for ranean lifestyle that the island participant in the region over nization without its strongest providing asylum legally and offers, Mr. Mallia says that the the years. member. Globalization assures progressively SO that economic team at BOV want to be seen 、、 We want to send the that the U. l<. will have to ne- benefits can be seen for both as 、、 business enablers," hop- right message tO our citizens, gotiate terms with the 0ther member states and refugees. ing t0 draw the right serious we want to address the defi- member states, but the poten- MaIta's number one priority on investors intO their economy. cit of the citizens' faith in the tial for dispute will come if the the agenda is migration. lt will This is an outlook adopted by European pro 」 ect and explain country is granted t00 much SO fOCLlS on security, SOCial many in the financial realm tO them why remaining in the access without having t0 f01- inclusion, the Single Market, under the belief that progres- Union, why re-launching this IOW the rest Of the require- the neighborhood policy, and sive business regulations will project is the future Of our ments. the maritime sector. continue tO aid growth. continent. " says lan Borg, Par- Malta could perhaps be Prime Minister Joseph Other institutions, like Fi- liamentary Secretary for the best suited t0 begin these Muscat has said that while nanceMalta, have a 0 worked EU Presidency 2017 and EU talks since their relationship MaIta leads, what is important t0 make that dream a reality. Funds. with the U.I<. has flourished is that "a great deal Of energy FinanceMaIta was set up to Malta will be forced to due to historicalties and the must be put not only on listen- help promote the island as an struggle with media cover- English language. 、℃ f course, ing tO people, but a 0 acting lnternational Financial Centre age 0f their agenda due tO the the negotiations will not give on people's concerns. " Malta's and according tO chairman looming negotiations involv- the U.I<. a better dealthan the leadership could position it tO l<enneth Farrugia. Malta has Joseph Muscat, Prirne Minister 0f MaIta (Credit: Partit Laburista MaIta) your financial services provider in MaIta ー At Bank of VaIletta we aspire to exceed you 「ーーー り y ー O 賃 0 ng a trusted genuine and truly caring service. your success iS 0 リ「 goal CORPORATE FINANCE WEALTH MANAGEMENT —PAYMENT-SOLU Bank Of \/alletta p 」 . c. is licensed tO conduct investment services Services Authority. lssued by Bank Of Vafletta p. l.c. , 5 TriqSan2akkarija, ll-BeltVallettaVLT 118 BOV BankofValletta + 356 2131 2020 ー bov.com

日 A ロ FOR WORK MR. MONOPOLY, that mustachioed fat cat, was and for his peers ()r men the famously insecure about as close as most Amencans got tO a New Trump WIShes t0 call peers). His Cabinet is the York City billionaire until candidate Donald richest in American history. These men have been Trump started flying his jet to their villages last sold to the public as men who will help Trump run the country 。 like a business," in which the public year. Now they are practically an everyday sight, because President Trump has coaxed a pack of iS the consumer. After careers in WhiCh they put them out Of their penthouses and private Jets tO growing their colossal bank accounts ahead 0f either jOin his Cabinet or sit on his councils and the inte re sts Of small towns, working stiffs and advisory boards. Trump voters know they've had the C01 mon weal, there iS no reason tO believe a government 、 0 billionalres—that's one reason they will worry about how predatory lending or they're so mad—but t0 have one り billionaires letting Obamacare explode " affects real people. Trump 's billionaires are not government-hating means the Mighty Oz is now setting the nation s agenda, and there iS no curtain. ideologues like the Koch brothers or mega-do- SO what can Trump give tO these men whO have nor RObert Mercer. They are more like what everything? And what can they d0 for him, and t0 Trump used t0 be—unaffliated centrists. And America? The answer may be found in a line from their agenda—and now the country s agenda—is the ltalian movie The んビ叩 4 , about the decaying defined by those matters that affect their wallets. Sicilian anstocracy: Everything must change SO PITY THE POOR, MISUNDERSTOOD that everything can remain the same. " The best BILLIONAIRE gift Trump can give his rich friends is to appe ar to 'The rich aren t rich anymore, says societywriter be shaking up the system while leaving their myr- iad tactics for amassing capital unaffected. Less David patrick Columbia. "My friend inherited than three months into his presidency, Trump is hundreds ofmillions. She said to me, l'm not rich anymore. ' They didn't lose their money, but these well into that agenda—qmetly deregulating the financial industry, stripping Barack Obama's cli- other people make billions—some ofthem make a mate change rules from fossil fuel producers and billion dollars a year. And that's all they really care pronusing tO lower taxes on the very rich. about. AII those guys love talking about how much A billionaires' takeover of the U. S. govern- money they have. lt's what they like to do. ment was not one ofTrump S SIgnature campalgn Most of the billionaires Trump lured to D. C. promises, but he has set up a government 0 by are, like him, from the 1980S generation 0f lev- NEWSWEEK 26 APRlL14, 2017

ー P A G E 0 N E / P A N A M A A しし THE PRESIDENT'S STRONGMEN Some 20 years later, the war in Panama is a cautionary tale about an American president whO misled the country for political purposes "DID YOU SEND cocaine tO the United States? ” / 4 襯 4 ノ 4 4 ノ 4 襯イ” the man in the orange Jumpst11t said. Never, never, never! lt was 1995 , and I was inside a federal prison in Miami, interviewmg General Manuel Antonio Noriega in a claustrophobic cell. The Panama- man strongman was smaller than I had remem- bered from when I had tried—and failed—to speak tO him years earlier in Panama. He didn't resemble the machete-wielding murderer the し S. had made him out to be. I thought 0f this encounter in March when I learned Noriega was a coma after brain sur- gery in a hospital in Panama City ()e remains on a ventilator and in critical condition). After our prison lnterview, Random House hired me to gather his memoirs for a book. What emerged was less a story about Noriega than a cautionary tale about an American president who misled the country for political purposes. F0110wing about a year 0f Miami jailhouse intervlews, Random House published the mem- 0ir, A 襯な 4 ' 5 pr い 0 r. The publisher paid a flat fee for my work, and I had no financial connec- tion to Noriega. Separately and independently, I evaluated what he had tO say and provided more than 70 pages 0f analysis Of し S. policy leading up tO the invasion. TO sum up his view Of what had happened to him, Noriega said simply, "You have tO create a problem in order tO SOlve it. The Panamanian general had spent part ofhis military career on the CIA'S payroll. As a student, he was apaid informant onleftist activities. Later, as intelligence chief in the 1970S for his mentor, General Omar TorriJos, Noriega earned the trust ofthe CIA and its onetime director, George H. 、 \7. Bush. And as Panama s supreme leader in 1983 , Noriega helped the United States avert a maJ0r conflict with Cuba during President RonaId Rea- gan s gunboat invaslon Of Grenada, by acting as a go-between with Fidel Castro. Noriega's friendship with the United states wavered, then collapsed, as Reagan and Bush pursue d an anti- communist policy in Central America, glVlng military and financial aid tO right-wing governments and "freedom fight- ers" against leftist guerrillas in El Salvador and Guatemala and the leftist Sandinistas in Nica- ragua. The general refused t0 help. Those were the years 0f Marine Lieutenant Colonel Oliver North's abortive camp aign to fund Nic araguan insurgents—the Contras—with money raised by selling weapons tO lran. The scandal, known as the Iran-Contra affair, almost brought down the Reagan presidency. By the late 1980S , near the end ofthe Cold War Reaganwas well intO his second term. He was alSO confrontmg the rise Of South America S cocame BY PETER EISNER 当 @PeterEisner NEWSWEEK 16 APR 比 14. 2017

announced plans t0 roll back the work ofthe し S. downfall, in the world he and his billionaire po sse consumer Financial protection Bure au, WhiCh inhabit, national borders are much less important lawmakers passed tO protect consumers from than the relationships between multinational fief- predatory lendin - 記 tié言代 he ー ' 6 まを h. He doms and the banks that back them. alSO signed an executive order that set the stage The Trump Organization does deals all over the for rescinding the fiduciary rule , ultimately allow- world, 仕 om Dubai tO lstanbul to Moscow, but the ing financial advisers tO again sell plans tO clients president's g10bal branding operation is capital- that benefit the advisers themselves. ism lite compared with, say, ROSS'S multinational Trump's billionaire boys club is theoretically empire. Before his confirmation hearing, Ross on board with his anti-globalist stand. Com- agreed t0 divest hundreds millions 0f dollars ⅲ assets, including his piece of the Bank 0f Cyprus, merce Secretary ROSS announced ⅲ March that the formal process 0f renegotiating the North which the Russian mob has reportedly used for money laundering. He is keeping his stake in a Amencan Free Trade Agreement was mminent. He has announced plans t0 collect billions 0f transoceanic tanker giant called Diamond S Ship- dollars, mainly 仕 om China, in fines for breaking ping Group lnc. The Ce nter for Public lntegrity U. S. sancfions and other global trade rule s. But looked at that company s operations and found nationalism iS only a billionalre S concern in the its vessels sail under Chinese flags, and one Ofits limited ways his holdings are affecte d by interna- ships has traveled t0 an lranian port—which Dia- tional affairs or glob al trade wars. While Trump s mond S has said was 厄 gal. Ten percent ofits busi- alleged ties to Russians could prove his political ness comes 仕 0n1 a SWiSS company With stakes in "lfanyone at Cerberus has his picture in the paper and a picture 0fh1S a artment, we will dO more than fire t at person. We will kill him. Russian national 0i1 giant Rosneft. ROSS'S mterna- tionalism is hardly unique. Feinberg's DynCorp has reportedlytrained Afghan police and has con- tracts ⅲ Saudi Arabia. R0th is building a New York apartment tower for the über-wealthy financed by nearly a billion dollars in Bank 0fChina loans. lfthere's one issue that binds almost all New York billionaires—even those who don't support Trump—it's a loathing of federal regulations, especially on the financial industry but also on commercial developments and industry. While not as historically active fighting regulations as, say, the KOCh brothers, lcahn can't wait for Trump to deregulate 卲ビワⅲ g. He hailed his friend's inaugural speech as a sign that "our dangerous slide towards socialism iS over. ln his presidency 's first few months, Trump s signature achievement has been nppmg out regu- lations covenng everything 仕 om Wall Street t0 pollution t0 応 od safety to firearms. His billion- ーー aires know how all this willimprove their bottom lines. what remains tO be seen iS whether average Americans will reap any benefits besides their newly won freedom tO drive cars without mileage or em1SS10ns off-label uses, drill for 0il in national parks and, if mentally ill, buy a handgun. ロ 33 N E W S W E E K A P R に 14 , 2 017

SPECIAL ADVERTISING SECTION Council fo 「 Science and Tech- ity between what we're d0ing nology (MCST), will continue and what the rest Of Eut ℃ pe is tO create innovative partner- dOing. ships with outside countries. MCST has been advising Gaming e g ove rn m e n ce e¯MaltÜG a m i n gA u t h 0 r- ity ・ s (MGA) portfolio includes and technology policy since 280 companies and around 1988 and helps manage aca- demic institutions that take 450 remote gaming licenses and, with innovative and part in multi-nationalresearch transparent policies, it has projects. 、、 We have been, even quicl<ly become an example in the conceptual stages, COI- for other jurisdictions. Ex- laborating with the Ministry for Education to ensure that ecutive chairman, Joseph what we are d0ing is still rel- Cuschieri says that opera- evant tO what the kids are tors, "come here tO oper- being taught at school," adds ate in Other jurisdictions SO stay" which is then intended tunities through an 、、 incubator" Dr. Jeffrey PuIIicino OrIand0, MaIta is basically their place for the 、、 Tourism Zone Foun- that supports entrepreneurial Executive Chairman of MCST of establishment. ” Malta is students on and 0 幵 campus. dation" that will be "managed The Malta College of the 、 'largestjurisdiction g10b- Prof. Alfred VelIa, the 81st Arts, Science and Technol- ally now" and is working t0 by the tax authorities, by the ogy (MCAST) SO offers hun- Rector 0f U M says that al- implement the "second gen- government, their procedures, though the university has 、、 not dreds Of vocational courses, eration 0f our legislation" t0 their systems, but the money formally been called t0 assist" designed tO help students at improve regulatory measures will not go into the govern- different ski 旧 evels. Malta has for the future. with the discussions Malta ment coffers. ″ The funds will no natural resources Other The gaming industry ac- be specifically fO 「 "sustainable will be leading with the EU presidency, there are 、、 in fact a than its people, which is why counts for 10-12 % of Malta's tourism projects," says Mr. number Of our academics ac- investing in education for the GDP and employs about 8,000 Bugeja, further securing the independent development 0f tually involved in discussions workforce iS tantamount tO people directly. The 15 % tax cap on salaries 0f highly quali- with relevant government the development 0f industry this sector. on the island. This concept has fied foreign professionals is agencies. " UM will be striv- ing tO maintain relationships helped with economic growth drawing more talent t0 the Education island as well as the corporate The University Of M ね (UM) With academic institutions in for Malta over the last several tax refu n d syste m th at m akes is the 0 y nationalinstitute in the U. l<. Aside from the conse- years and as Dr. SilviO de Bono, President 0f MCAST, says, the effective tax rate about the country and is dedicated quences 0f Brexit, Other edu- cational groups, like The Malta 、 There ・ s a complete permeabil- 5 % for companies. t0 developing business oppor- Joseph CllSChieri, Ex€2CLltive Chairtnan, MGA Paul Bugeja. CEO MaIta Tourism Authority ProudIy Sponso 「 ed By: mIP maltalndust 「 ial Parks Limited UNIVERSITY 0F MALTA WOSTESERV CREATING R 第 SO リ RC を S FROM WAS すを M CAST F1nanceMaIta Malta College Of Arts, Science & TechnoIogy E f f e c t i v e ー S e c u 「 e ー S k i Ⅱ e d MALTA GAMING Proudly C09 d as 0 wo 日 d - cla 0 課 0 日 ty in te r ms 0 f れ 0V0d6 ; ー 46 朝ト五 a 五 ~ d 。 di 9 e れ ce. T + 3562546 9000 E info.mga@mga.0「g.mt Wwww.mga.0「g.mt

is another profits-over-people legend. He bought a California bank after the 2008 housing crash and rehabilitate d it by evicting tens 0f thousands of people, including many elderly and veterans. The subs e quent protests—the newly homele ss set up camp around hiS LOS Angele S manslon—con- tributed tO the demise ofhis second marnage. Retired Ⅳビル物 20 立 society columnist Liz Smith has known Trump since the 1970S , and she watched New York society at first recoil from him, and then glve in, as the corporate raiders who became Trump's billionaire buddies t00k over Manhattan. "The current importance Of money and big business and no ethiCS iS discour- aging, ' she says. "ln the beginning, the upper crust we re all looking at the fact that [Trump] was a rich man , and they thought they could extract money from him for their charities. They found out fairly quick he was stingier than ヴ were. I think the billionaires are supporting him with trepidation. They are nervous. They depend on the presidency for stability. They are patnots, most ofthem. They can't help it ifthey're rich. WHAT 00 YOU GIVE TO THE MAN WHO TAKES EVERYTHING? Trump's billionaires share his two chief goals: a massive tax overhaul and deregulation, allowmg them tO make even more money. The 99 percent have only the dimmest understanding ofthe strat- egies by which the 1 percent operate and profit. TO most Americans, for example, bankruptcy is a disaster, a catastrophic credit rating hit, a personal failure and e mbarras sment sugge sting sleeping in one s car or moving back home with Mom and Dad. For Trump's billionaires, bankruptcy—or as Trump put it,' the chapter laws"—is just another tool in the box, which include s various legal forms Of stock manipulation, shorting pensions, crafting commercial building exchanges tO avoid taxes and forcing a distressed or targeted company tO buy back its own stOCk tO raise its pnce. Another magic trick of billionaire-dom is not paymg taxes. Buffett has pointed out that he and other billionaires pay lower taxes than a school- teacher. Trump has avoided paying hundreds of millions in taxes over the years—legally—and so "You can be very, very rich [in New York CityI without being terribly important. ' 盞 STEPHEN FEINBERG .2 わ〃〃 provenance Bronx, New York, 1960. B. A. Princeton. Habitat Divides histime between a $50 million Manhattan townhouse (the former Egyptian Embassy, which boasts its own movie theater) and a 2 500-square- foot home in Connecticut. Company Cerberus Capital Man- agement LP,a hedge fund, private equity shop and investment bank with assets of $ 120 billion and stakes in at least 50 compames, including a grocery store chain, Alamo Renta Carand National Car Rental concerns, Burger King andAir Canada, and the $ 1 billion defense contractor DynCorp. Atonetime, italso owned a piece Of General Motors, and it profited from the tax- payer-funded bailout of the auto industry. BigToy He owns a private 800-acre military site outside Memphis, Tennessee, called Tier 1 , which has shoot- ing ranges, on-road and off-road driving COLlrSeS, and a para- chute-drop zone, as well as an "urban.com/ bat compound" designed tO 100k like an Afghan village. He is SO an avid big-game hunter. Famous EviI Deed He named his private equity company after the mythical three-headed dog at the gates 0f Hades, soyou knowthe list is t00 long for this brief entry. To pick but a few, after his Cerberus Capital played a big ro 厄 in gutting Ohi0's Anchor HockingGlass CO. ) , he turned to collecting gun compa- nies, and hiS Freedom Group now controls at least a dozen gun manufacturers, includingcompanies that makethe assault rifle used in the Sandy Hook massacreand other mass shootings. Trump Post An unofficial adviser on the intelligence community. DonaId Trumpatone point suggested he would assign him tO investi- gate intelligence leaks.