david: and if andrew carnegie came back, what would you like to ask him about his program?ld you tell him he did a pretty good job, or you'd tell him you made some improvements on it? thasunda: i would tell him we are not done yet. i would tell him, thank you. my mother is a retired educator. i would tell him that his ability to see an educator educating the world's greatest minds retire in poverty and not in dignity is exactly what we are still here to do and will do for the next 100 years. and there is a quote by andrew carnegie that says, and i don't want to misquote, but something like, you are not rich until you enrich others, the lives of others. and i would say, andrew carnegie, you absolutely enriched the lives of others and it is our accountability and responsibility to make sure that we continue to do that. ♪ manus: welcome to "bloomberg power players," the series that talks to the most influential figures in the world of sports,

david: all right, so andrew carnegie came up with this idea 100-plus years ago. is that because college professors at the time were retiring and they have no money, i assume? and what about people who are not college professors? let's suppose they are high school teachers. were they covered as well? thasunda: yeah, so over time -- we started with professors. but over time, our mission expanded to not just professors on campus but also the janitors, the staff, k-12, hospitals, other nonprofits, and most recently having our product travel into the 401(k) market. and really, when you think about our mission to make sure that people can retire with dignity, we think having access to guaranteed income is part of one's retirement portfolio is absolutely critical. david: so, when people retire now if they have a tiaa program, they get a guaranteed income, or do they get just whatever you can return on their investments? thasunda: clearly, our participants have choice and it depends on the university or the organization. but what makes tiaa special is that within their i

david: andrew carnegie came back, what would you ask him about this program?you tell him you have made some improvements -- would you tell him you have made some improvements? thasunda: i would tell him thank you, i would tell him that his ability to see and educate -- an educator retire in poverty and not in dignity is what we are here to do and will do. there is a quote by andrew carnegie that says, i do not want to miss coppola something like you are not rich until you enrich others. -- i do not want to mis-quote something, you are not rich until you enrich others. it is our responsibility to do that. ♪ >> the following is a paid program. the opinions and views do not reflect those of bloomberg lp, its affiliates, or its employees. >> ready to learn? good.

i'm going to use that same chart, but i want to talk about andrew carnegie and steel. so just transport yourself. make this steel instead of oil. because carnegie is a great example of vertical integration. carnegie is going to own land outside of up in michigan where there's a great the mesabi range and an iron ore will be found. he will own a railroad that will take that iron over from michigan down to his steel mills in pittsburgh. he owns the mills. then he owns those railroads that will take that finished product out to sale to the consumer. so carnegie owns every step of that process, from raw material to finished product. and that's still a monopoly. he has no competition. if you own the land, you own the transportation system. you own the factories. i mean, he's got complete control. both of those horizontal or vertical ends up being a monopoly, complete control. when people want it to go away, they will have to go to rockefeller because he owns 90% of it. will they ever go to the person who owns like a small portion of it? the question is, what happens if you j

back in 1904, andrew carnegie sensed what science has now confirmed -- heroes, he said, cannot be created act on an impulse, a mysterious gift to the few. >>> the psychological cost for some heroes. >> it's toek say, look, i should talk to somebody. >> at 60minutesovertime.com, sponsored by pfizer. otoek say, should talk to somebody. >> at 60minutesovertime.com, sponsored by pfizer. katoek say, should talk to somebody. >> at 60minutesovertime.com, sponsored by pfizer. ytoek say, should talk to somebody. >> at 60minutesovertime.com, sponsored by pfizer. toek say, should talk to somebody. >> at 60minutesovertime.com, sponsored by pfizer. toek say, li should talk to somebody. >> at 60minutesovertime.com, sponsored by pfizer. say, look, should talk to somebody. >> at 60minutesovertime.com, sponsored by pfizer. omicron variants. [slice] got it? i remember when i first started flying, and we would experience turbulence. i would watch the flight attendants. if they're not nervous, then i'm not going to be nervous. financially, i'm the flight attendant in that situation. the relief that comes ove

chairman of the water steel he built to the number two spot in his mentor was a famous industrial, andrew carnegieieved if you gave workers a recreation, they would work a lot better so he built this tremendous athletic program. if you work at the steel, you could do archery, golf, soccer, virtually everything was available. bethlehem steel you may know, for famous -- bethlehem steel's soccer team and the teens and 20s, they ended up winning six world championships. immigrants from all over the world the ringers and the coach of the team of many of the games the guy named billy sheridan and was the manager of athletics and ended up being the famous wrestling coach. he may know he's famous for wrestling in the sheridan was a pivotal character in here. charles schwab, 1917 before america joined the war effort, he would join the effort and have the ability to inform an amateur steelworkers only baseball game, once again healthcare workers, more productive workers. by 1918 rolls around in america's war effort is really intense, if you can believe it or not, back then it produced what he% emissions and

his mentor was the famous industrial titan andrew carnegie. schwab believed that if you gave workers proper recreation, then they would work a lot better. so he built this tremendous athletic program at the steel. if you worked at the steel, you could do archery, golf, soccer. virtually everything was available. bob bethlehem steel you may know much more famous in the bathroom, steel leg arm was bethlehem steel team and team's 19 tens and 1920s. they ended up winning six world championships that immigrants from all the were playing for the ringers and the the coach of that team of many of those teams was a guy named billy sheridan. now billy sheridan was a the manager of athletic for bethlehem steel. he also ended up being leo's famous coach. you may know that lehigh over the years has been famous for wrestling. so billy sheridan, a very pivotal character here, charles schwab. 1917, before america joined, though, the war effort, he knew that america would join the war effort. so he had a billy sheridan form an amateur steelworkers only basebal

thank you andrew carnegie. conversion to steel rails people to use larger that could haul heavier loads. so that's the factor the development of the rail network. second factor was new building styles. the styles that caught on across the united states featured steeper roofs and they worked better with slate shingles. they were also more visible, the street and so because they were visible from the street design experts, began to praise slate as a roofing material. they liked how it looked. some builders like the builder of this vermont constructed in 1885, even began to arrange slate shingles into multicolored, ornate patterns. the third factor was welsh immigration. welsh immigrants from slate quarrying regions of wales began to move in large numbers. the united states. dozens them moved to monson. and welsh immigrants. dramatically improved american quarries. so the growth of madsen's quarries was part of a much larger developed a larger in which americans fought their way into an established market. in doin

andrew carnegie, a new york times notable book of the year and recipient of the new york historical society's american history book prize and a 27 pulitzer prize finalist biography. and the chief. the life of william randolph hearst, which was awarded the bancroft prize for history and the j. anthony lucas book prize for nonfiction. he is the past president of the society of american historians. and until 2019, he served as as the arthur schlesinger jr of history at the suny graduate center, where he is now distinguish as professor emeritus. please me in welcoming our special guests. thank you. it is a delight to be back here. i spent many, many, many hours upstairs doing my research, as i'm sure you did as well. and it's great place to do research. i mean, wonderful archivists, librarians. i've been in many library days, and this is one of my favorite. i've got to find another kennedy to do a book about. let me begin briefly by saying that this is an extraordinary book. it is. you know, historians are not judges. they're not god. it's not our job to say thumbs up thumbs down to, say angel de