<ul><li>The process of creating election manifestos and guiding public policy has become more formal and a dynamic process.</li><li>An increasing number of youngsters are taking part but not all of them are fully ready for the grind.</li><li>Public policy schools in India should aim to produce practitioners and not just focus on theories.</li><li>To have a successful career in public policy, one must account for many factors ranging from domain expertise and on-ground experience to personality traits.</li></ul>There seems to be a surge in the number of youngsters wanting to participate actively in the big public debates of our time. To cater to the demand, many public policy schools have mushroomed offering degrees and certification programmes. Existing institutions such as IIT Delhi, Ashoka University and Xavier University Bhubaneswar and new ones such as Indian Institute of Democratic Leadership, Rishihood University, Indian School of Democracy have jumped into the space. There has been an exponential growth in the involvement of young graduates and professionals in election campaigns. If war rooms of the 2009 election campaign resembled “petty shops”, those in 2019 were “hypermarkets”. Also what was hitherto an unorganised set-up saw “formalisation” with many election management agencies coming to the fore, employing youngsters in private company-like set-ups. The government is keen to rope in young professionals with interest in public policy Not only that, the first term of Modi can be considered a watershed in offering opportunities to young professionals in government. In the ministries, or through agencies such as NITI Aayog, Invest India, the government opened up spaces for youngsters to play a part in nation-building. Concurrent developments in state governments should also not be forgotten. Apart from election campaigns and government, students wishing to pursue careers in media, think tanks, non-profits, international agencies, social sector consulting firms, communication firms etc. are seeking insights into the policy world. Some people sign up for these courses just to make sense of the conversations on social media. 
 
 
 
 
 
 
 
 
 
 <div type="image" title="BJP social media war room" msid="72251717" hostid="261" caption="&amp;lt;p&amp;gt;Girls operate computer at social media war room at BJP office in Patna ahead of Lok Sabha election. Pic by Pramod Sharma.&amp;lt;/p&amp;gt;&amp;lt;p&amp;gt;&amp;lt;button&amp;gt;&amp;lt;i&amp;gt;&amp;lt;/i&amp;gt;&amp;lt;/button&amp;gt;&amp;lt;/p&amp;gt;"></div>





















 But there seems to be general vagueness about the KSAs (Knowledge, Skills and Abilities) demanded for performing these roles. The lack of clarity is quite understandable as there is a great diversity of roles within the policy space. For instance, in political campaigns, the KSAs required for preparation of manifestos are quite different from that for creating media campaigns or on-ground coordination. In the government too, media management is different from policy research or programme management. 
 
 
 
 
 
 
 
 
 
 <div type="Article" hostid="261" msid="72001598" title="On National Education Day, here’s a look at the recent reforms in India" mstype="2" mssubtype="0"></div>





















 Given this width of the policy spectrum and the fact that generalised knowledge in today’s world available for free, it is imperative to mould public policy institutions as schools of practice. Policy schools should sensitise students to the “arts and crafts” of policy making than teaching the “hard knowledge” of drafting policies. Public policy formation needs domain expertise A fundamental flaw in designing curriculums of policy schools will be to see them as extended economics or political science departments. Recently, Harvard professor Ricardo Hausmann articulated this with quite a flair on the differences between the “science” of economics and “practice” of policy (“Don’t Blame Economics, Blame Public Policy”, Project Syndicate). Public policy programmes should, in many ways, be thought of as generalist finishing schools for students that bring with them domain knowledge and ambition to contribute. 
 
 
 
 
 
 
 
 
 
 <div type="image" title="New Delhi: President, Microsoft India, Anant Maheshwari and NITI Aayog Chief Exe..." msid="72251883" hostid="261" caption="&amp;lt;p&amp;gt;President, Microsoft India, Anant Maheshwari and NITI Aayog Chief Executive Officer Amitabh Kant at the Digital Governance Tech Summit, to announce the launch of a national skilling initiative, in New Delhi.Photo) (&amp;lt;/p&amp;gt;"></div>





















 It is important for policy schools to focus on understanding of Indian political systems and bureaucracy and on how to deliver within those frameworks. Answering a simple question such as, “How to build a ring road around a city?” would necessitate knowing the ecosystem beyond just the technical and financial feasibility studies of the proposed project. 
 
 
 
 
 
 
 
 
 
 <div type="ExtQuote" text="The understanding of various bureaucratic and political actors, fund flow, motivations, organisational structure, political economy of the day etc. is required to even completely comprehend the challenge." auname="Banuchandar Nagarajan, Public Policy Advisor"></div>





















 Train, train ⁠— it never goes in vain Looked that way, it is obvious that most policy jobs are apprenticeships. Like an aspiring Bollywood actor or a carpenter, the skills are learned on the job over a period of time. Internships can provide a much-required orientation to such roles. Also success in such a whimsical field of work, with so many uncontrollable factors, calls for deep and constant self-inquiry. Whether philosophical and psychological resilience could be taught in schools through leadership curses has always been the stuff of debates. But mentoring can definitely help. Find the right fit for you — even if it is through trial and error Students should be guided to figure out their place in the policy world based on their affinities and personality traits. At the risk of stereotyping, someone who can handle sharp elbows can find politics amenable, while some who is happy leading niche causes can find smaller non-profit organisations attractive. Exposure to newsrooms, non-profit fieldwork or think-tanks or communication firms will help students find where they fit best. Above all of these, policy practitioners should understand the society they want to serve better. No amount of training will help if there is no immersive experience of working in a village or with the urban poor for a reasonably long period of time. 
 
 
 
 
 
 
 
 
 
 <div type="image" title="Patna: Volunteers of an NGO rescue residents from flood-affected area of Rajendr..." msid="72251787" hostid="261" caption="&amp;lt;p&amp;gt;Volunteers of an NGO rescue residents from flood-affected area of Rajendra Nagar, in Patna.Photo) (&amp;lt;/p&amp;gt;"></div>





















 Since policy education itself is a burgeoning field, entrepreneurs will keep fine-tuning offerings. Some schools may endeavour to produce policy wonks, some may focus on soft-skills, while others on field work, etc. A bouquet of programme offerings perhaps might help cater to diversity of demand from students. Basic understanding of working of our politics, government and society will have to compliment strong domain knowledge to be effective in the policy world. Policy schools should coach our compassionate and idealistic youngsters to be psychologically resilient so that they are able to withstand the storms and serve the society over long periods. Banuchandar Nagarajan is a public policy Adviser. SEE ALSO: <a href="https://www.businessinsider.in/careers/news/cognizant-and-capgemini-are-taking-steps-to-reskill-over-60000-employees/articleshow/72154055.cms" data-type="tilCustomLink" target="_blank">Learn or leave — tech majors are either reskilling employees or slashing jobs</a> <a href="https://www.businessinsider.in/business/startups/news/upgrad-has-almost-half-of-its-online-learner-base-in-tier-2-and-tier-3-cities/articleshow/72036958.cms" data-type="tilCustomLink" target="_blank">This Indian startup gains as students from Tier 2 and 3 cities opt for online digital courses</a>

Election war rooms in India have become “hypermarkets” offering careers in public policy⁠— but just interest is not enough

<a href="http://www.businessinsider.in/searchresult.cms?query=IT+companies&amp;sortorder=effectivedate">IT companies</a> have become careful after US President <a href="http://www.businessinsider.in/searchresult.cms?query=donald+trump&amp;sortorder=effectivedate">Donald Trump</a>’s protectionist stance. 
 
The Trump effect has shadowed hiring in B-schools and IT companies, which are generally largest <a href="http://www.businessinsider.in/searchresult.cms?query=recruitment&amp;sortorder=effectivedate">recruiters</a> in management schools, have slashed hiring. 
 
This placement season saw a considerable drop in IT recruitment, especially in tier I and II cities. The drop has been reported by 20-40%. 
 
For instance, IT hiring slid down by 26% at Management Development Institute (MDI), Gurgaon. 
 
"Consulting remains relatively stable but it's the back-end roles that have been hit hard. Infosys and Accenture are among those that have cut numbers at MDI, while IBM did not come for final placements," MDI placements chairperson Kanwal Kapil told ET. 
 
As per reports, <a href="http://www.businessinsider.in/searchresult.cms?query=infosys&amp;sortorder=effectivedate">Infosys</a> took just 13 people from one business schools as compared with 40 last year. Even Dell hired three against five and Wipro recruited five compared with nine last time. 
 
"We are expecting at least 30 per cent less hiring in IT as compared with last year," Saveeta Mohanty, associate dean for career advisory services at Xavier Institute of Management, Bhubaneswar (XIMB), told ET. 
 
As per Top Recruiters survey 2016, six of the top 10 recruiters by numbers across 26 B-schools were from the technology space during last placement season. 
 
ET reported on January 17 that Infosys and <a href="http://www.businessinsider.in/searchresult.cms?query=TCS&amp;sortorder=effectivedate">TCS</a> will hire more engineers from campuses in the US as they brace themselves for stringent visa norms under the new administration. Among Trump's top election pledges were restricting immigration and bringing jobs back home. 
 
Apart from Trump, another factor is <a href="http://www.businessinsider.in/searchresult.cms?query=automation&amp;sortorder=effectivedate">automation</a>, which is going to eat up several jobs. 
 
"The Trump effect is definitely there. Adding to that is the fact that expected numbers are also muted for the industry in terms of growth. The focus on automation and increasing productivity per employee are other factors," an analyst tracking the IT sector told ET. 
 
An Infosys spokesperson, however, told ET: "Hiring from US may not have a substantial impact on the recruitment numbers in India." 
 
(Image: Thinkstock)

Donald Trump’s protectionist stance is bad news for India; recruitment is slowing down

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">AP Photo/Pablo Martinez MonsivaisPresident Donald Trump looks down during a joint news conference with Romanian President Klaus Werner Iohannis in the Rose Garden of the White House in Washington, Friday, June 9, 2017.</div></div></div>Welcome to Finance Insider, Business Insider's summary of the top stories of the past 24 hours. Sign up <a href="http://e.businessinsider.com/join/ci/finance-insider-social-first&amp;hash=36afac95fa844948a9f363295d512fca" target="_blank" rel="noopener noreferrer">here to get the best of Business Insider delivered direct to your inbox</a>.The stock market doesn't revolve around <a href="http://www.businessinsider.com/category/donald-trump" target="_blank" rel="noopener noreferrer">Donald Trump</a>, regardless of what the president tries to claim.Sure, politicians and their supporters like to take credit for good news, no matter where it comes from. And it's true that Trump inspired a rally immediately after the election - something Business Insider noted in a <a href="http://www.businessinsider.com/trump-stock-market-news-grading-new-record-claims-2017-10" target="_blank" rel="noopener noreferrer">recent assessment of the president's market proclamations</a> - but for the past several months, other factors have lifted stocks to all-time highs.Business Insider spoke with the managers of three multibillion-dollar funds, and they all say the so-called Trump bump has faded. While they think any tax plan that Congress passes could renew the president's influence on stocks, they credit the records to factors outside the president's control.And interestingly enough, they each provided a different reason, which speaks to the fact that a great deal is going right for the <a href="http://markets.businessinsider.com/index/S&amp;P_500" target="_blank" rel="noopener noreferrer">US market</a> outside Trump. <a href="http://www.businessinsider.com/stock-market-record-even-as-trump-policies-stall-2017-10">Here's what they had to say</a>. Trump has indicated he is <a href="http://www.businessinsider.com/trump-fed-chair-nomination-a-reality-show-2017-9">close to making a decision</a> on arguably his most powerful economic appointee: the next chair of the Federal Reserve. Here's what <a href="http://www.businessinsider.com/trump-fed-candidates-final-5-2017-10">you need to know about his final five candidates</a> for Fed chair. In Wall Street news, a fund chief at $2.6 trillion giant State Street says <a href="http://www.businessinsider.com/state-street-global-advisors-paul-colonna-on-active-investing-2017-10">America's hottest investment product is warping the stock market</a>. And American Express' <a href="http://www.businessinsider.com/american-express-ceo-is-stepping-down-2017-10">CEO is stepping down</a>.In fintech, Betterment, the investing startup that's attracting $12 million a day, <a href="http://www.businessinsider.com/betterment-becomes-the-first-unicorn-roboadviser-2017-10">is now valued at $1 billion in private market trading</a>. Startup Tezos raised $232 million issuing a new digital currency, but <a href="http://www.businessinsider.com/r-special-report-backroom-battle-imperils-230-million-cryptocurrency-venture-2017-10">now key players are fighting</a>. And we asked cryptocurrency experts to respond to Jamie Dimon's bitcoin bashings - <a href="http://www.businessinsider.com/cryptocurrency-experts-on-dimons-critiques-of-bitcoin-2017-10">here's what they said</a>.In deal news, Google's parent company just led a $1 billion investment into Lyft - <a href="http://www.businessinsider.com/lyft-1-billion-investment-google-alphabet-capitalg-2017-10">valuing it at $11 billion</a>. An Alibaba-backed fintech <a href="http://www.businessinsider.com/an-alibaba-backed-fintech-company-founded-by-a-34-year-old-just-had-an-amazing-ipo-2017-10">company founded by a 34-year-old just had an amazing IPO</a>. And <a href="http://markets.businessinsider.com/news/stocks/mongodb-ipo-stock-pops-on-its-first-ever-day-of-trading-2017-10-1004919534">MongoDB skyrocketed 30% on its first day of trading</a>.In London, police are raiding offices <a href="http://www.businessinsider.com/city-of-london-police-raid-binary-options-fraud-2017-10">after people lost £18 million to "boiler room" scams</a>. London Stock Exchange CEO Xavier Rolet - one of the City's loudest voices on Brexit - is <a href="http://www.businessinsider.com/r-update-1-lse-ceo-rolet-to-step-down-by-end-of-2018-2017-10">to step down at the end of 2018</a>. And Goldman Sachs CEO Lloyd Blankfein <a href="http://www.businessinsider.com/goldman-sachs-ceo-lloyd-blankfein-tweets-brexit-2017-10">trolled the UK on Twitter</a>.Thirty years ago, the Dow Jones industrial average plunged by 22.6% - a gut-wrenching 508 points - to 1,738.74 on what is now referred to as <a href="http://www.nytimes.com/1987/10/20/business/stocks-plunge-508-points-a-drop-of-22.6-604-million-volume-nearly-doubles-record.html?pagewanted=all">Black Monday</a>. Here's what you need to know:<ul><li><a href="http://www.businessinsider.com/1987-black-monday-stock-market-crash-remembered-2017-10">A look back at the 1987 stock market crash</a></li><li><a href="http://www.businessinsider.com/black-monday-30th-anniversary-memories-lessons-rosenberg-2017-10">A Wall Streeter who started his career on Black Monday recalls the biggest one-day crash in stock market history</a></li><li><a href="http://www.businessinsider.com/1987-black-monday-stock-market-crash-most-important-lesson-2017-10">Everyone forgets the most important thing about the Black Monday stock-market crash</a></li><li><a href="http://www.businessinsider.com/trump-sold-stocks-before-black-monday-crash-1987-2017-10">Trump claimed that he dumped all of his stocks right before the Black Monday crash in 1987</a></li></ul>And in other markets news and views:<ul><li><a href="http://www.businessinsider.com/stock-market-news-apple-causing-drop-2017-10">The stock market is finally falling - and Apple is to blame</a></li><li><a href="http://www.businessinsider.com/stock-market-news-correction-wall-street-warning-2017-10">Wall Street banks are starting to sound the alarm on a stock market correction</a></li><li><a href="http://www.businessinsider.com/apple-stock-price-impact-iphone-x-launch-2017-10">The most bullish Apple analyst says to "buy into the iPhone 8 gloom and doom ahead of the iPhone X"</a></li><li><a href="http://www.businessinsider.com/apple-watch-lte-wireless-service-not-supported-in-china-2017-10">The most important new Apple Watch feature has been shut down in China</a></li><li><a href="http://www.businessinsider.com/businesses-safe-from-amazon-threat-2017-10">These 8 businesses seem safe from Amazon, according to investors</a></li><li><a href="http://markets.businessinsider.com/news/stocks/blue-apron-stock-price-is-slipping-after-laying-off-hundreds-of-workers-2017-10-1004908261">Blue Apron is slipping after laying off hundreds of workers</a></li><li><a href="http://markets.businessinsider.com/news/stocks/corporate-earnings-season-goldman-sachs-money-making-strategy-2017-10-1004907250">GOLDMAN SACHS: Here's the only strategy you need to crush earnings season</a></li></ul>Lastly, the country's most elite boarding school has an Instagram <a href="http://www.businessinsider.com/philips-exeter-academy-fashion-on-instagram-2017-10">that's like "Humans of New York" crossed with a J.Crew catalog</a>. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/head-of-investment-themes-ubs-on-global-trends-investors-should-know-2017-9">The head of investment themes at UBS explains the big trends every investor should know</a></h3> <div> </div> </div>

What you need to know on Wall Street today

<div class="image-container float_right" style="width:400px"><div class="image"></div><a href="http://www.gettyimages.com/detail/news-photo/supreme-court-justice-antonin-scalia-takes-part-in-an-news-photo/149480069">Xavier High School/Paul Morigi/Getty Images</a>Justice <keyword id="263261" type="PERSON" weightage="60" keywordseo="Antonin-Scalia">Antonin Scalia</keyword> is shown on the left, in his high school years.</div>New York Magazine recently enlisted famous Big Apple natives to talk about growing up in the city, and it managed to get <a href="http://nymag.com/news/features/childhood/antonin-scalia-2013-4/">Supreme Court Justice Antonin Scalia</a> on board.
Scalia is known for making the <a href="http://www.businessinsider.com/scalia-calls-legal-education-a-failure-2013-3">occasional off-color remark</a>, and his piece in New York Magazine describing his young life at <a href="http://nymag.com/news/features/childhood/antonin-scalia-2013-4/">P.S.13</a> in Elmhurst, Queens is no exception.
Here's what he says when describing a class picture:
"The teacher standing in the back—that was a lady named Consuela Goins, and she was a wonderful teacher. Every cloud has a silver lining, and one of the benefits of the exclusion of women from most professions was that we had wonderful teachers, especially the women who today would probably be CEOs."
In a single sentence, Scalia manages to imply that wonderful teachers are a thing of the past -- and that being a business leader automatically makes somebody an excellent teacher.
Scalia's vivid description of city life back then is fairly redeeming though.
"There were a lot of vacant lots around in those days in Queens and Elmhurst, and we used to have campfires and camped out, if you can imagine that, in pup tents," he writes.
"It was a wonderful place," he added. "You had the subway; the world was your oyster."

Scalia Says There Were Benefits To Excluding Women From Most Jobs

Smriti Irani’s claim of having a degree from the coveted Yale University has created quite a hullabaloo. Once again <keyword id="6419538" type="UNKNOWN" weightage="100" keywordseo="Bollywood-celebrities">Bollywood celebrities</keyword> and their educational background are under scanner. While foreign universities are busy conferring our celebrated stars like <keyword id="6357912" type="PERSON" weightage="100" keywordseo="amitabh-bachchan">Amitabh Bachchan</keyword> and <keyword id="1671" type="PERSON" weightage="100" keywordseo="Shah-Rukh-Khan">Shah Rukh Khan</keyword> with honours, here’s a look at their real qualifications… 
 
Amitabh Bachchan 
The mega star of Bollywood is one of the highly educated actors. He’s a graduate from Sherwood College, Nainital and then went to Delhi’s Kirori Mal College for doing a double major in Science and Arts. Not just that, the powerhouse of talent has been awarded honorary doctorate degrees from Queensland University in Australia. 
 
Shah Rukh Khan 
King Khan graduated in Economics from Delhi University’s Hansraj College and went on to do Master in Mass Communication from Jamia Milia Islamia, New Delhi, which he didn’t complete. 
 
John Abraham 
A perfect example of brains and brawn, John Abraham completed his schooling from Bombay Scottish School, Mumbai and went on to do his graduation in economics from Jai Hind College. He also holds a Management Degree from Narsee Monjee Institute of Management Studies. Before making it big in Bollywood he was a professional media planner. 
 
Salman Khan 
Star of the masses, Salman Khan went to Scindia School in Gwalior for some years before joining Mumai’s St.Stanislaus High School. He went to National College, Bandra but never completed it. 
 
Aamir Khan 
Mr Perfectionist that he is known as in the industry, Aamir was an average student in school. He went to Narsee Monjee College, Mumbai, but never attended classes as he was always hooked up to dramatics. 
 
Ranbir Kapoor 
Bollywood’s latest heartthrob, Ranbir Kapoor went to Bombay Scottish School in Mumbai. For his graduation he went to Mumbai’s HR College, which he quit after 2 years to pursue film-making and method acting at the School of Visual Arts and the Lee Strasberg Theatre and Film Institute, respectively. 
 
<keyword id="8145" type="PERSON" weightage="100" keywordseo="Preity-zinta">Preity Zinta</keyword> 
One of the highest educated actresses in Bollywood, Preity did her Bachelors in English Honours from St. Bede’s College in Shimla. You would be surprised to know that this bubbly beauty is also a graduate in psychology and post graduate in criminal psychology. 
 
Vidya Balan Another actress who put her <keyword id="6355445" type="COMPANY" weightage="100" keywordseo="Education">education</keyword> before acting is Vidya Balan. The Dirty Picture actress is a graduate in sociology from St.Xavier’s College, Mumbai. 
 
Farhan Akhtar 
Multi-talented star Farhan Akhtar went to Manecji Kooper School in Mumbai and graduated in commerce from HR College, Mumbai. 
 
Hrithik Roshan 
Before turning into your fav superhero Krrish, Hrithik Roshan went to Bombay Scottish School. Post school, he went to Sydenham College, where he studied commerce. 
 
Karisma Kapoor 
A look at this poised and sophisticated actress and mommy today and you would never believe that she did her schooling only till sixth grade. Yes, Karishma Kapoor is a school dropout. She had studied at the Cathedral and John Cannon School. But then who needs school when your father is Randhir Kapoor and grand pa is legendary Raj Kapoor. 
 
Ameesha Patel 
She might have played a dumb secretary to Anil Kapoor in Race 2, but in real life Ameesha Patel was the head girl of Cathedral and John Cannon School. She went to US for a degree in Economics from Tuffs University at Medford. That’s not all. She also has a degree in bio genetic engineering from Boston University. 
 
Soha Ali Khan 
Yet another highly educated actress, Soha Ali Khan did her schooling from Delhi’s The British School and then went to Oxford to study geography. She also holds a degree in International Relations from London School of Economics and Political science.

How Educated Are The Bollywood Stars?

<div class="KonaFilter image-container display-table"><div><div class="image on-image">Visual China Group/GettyDavid Schwimmer, CEO of the London Stock Exchange, speaks in Shanghai.</div></div></div><ul class="summary-list"><li>As CEO of the London Stock Exchange, David Schwimmer has agreed to pay $27 billion for Refinitiv, the financial data company behind Eikon terminals that's owned by Blackstone and Thomson Reuters.</li><li>The chief executive, who's been in the job for less than a year, is taking a bold step, betting the deal can survive a shareholder vote and a thicket of regulatory reviews to get approved.</li><li>Schwimmer joined LSE after a 20-year career as a Goldman Sachs investment banker, where he helped advise global exchanges.</li><li><a href="https://www.businessinsider.com/varo-files-application-bank-charter-2019-7">Click here for more BI Prime stories.</a></li></ul>As a Goldman Sachs banker in 2005, David Schwimmer offered some prescient advice: he helped the New York Stock Exchange buy electronic-trading platform Archipelago Holdings, ending NYSE's 200 years of mutual ownership and moving it beyond the realm of human traders.Fourteen years later, Schwimmer is still focused on trading's shift into the digital world, this time as CEO of the London Stock Exchange. The chief executive, who's been in the job for less than a year, <a href="https://www.businessinsider.com/london-stock-exchange-in-talks-to-combine-with-refinitiv-ft-2019-7">has agreed to pay $27 billion for Refinitiv</a>, the financial data company behind Eikon terminals that's owned by Blackstone and Thomson Reuters. Schwimmer is taking a bold step, assuming the $12 billion in debt that the Blackstone-led investors piled on the company and betting he can navigate a shareholder vote and a thicket of regulatory reviews to get it approved. To succeed will mean <a href="https://www.businessinsider.com/exchanges-profit-margins-and-revenue-breakdown-2019-4">diversifying the LSE away from its focus on equity trading and establishing it as one of the biggest global purveyors of financial data</a>. To fail will mean following in the footsteps of a predecessor who met an embarrassing end. Schwimmer has the qualities he will need to get the deal done, equal parts foresight, execution talent, and clarity of thought, according to interviews with four former colleagues or clients, and a review of Schwimmer's 25-year career. Read more: <a href="https://www.businessinsider.com/exchanges-profit-margins-and-revenue-breakdown-2019-4">Large exchanges had a staggering 60% profit margin. We break down how they made their money.</a>Schwimmer was a little known Goldman Sachs partner when he joined the LSE in August 2018, a replacement for Xavier Rolet after the CEO failed to convince regulators to approve a bid to buy his continental competitor, Deutsche Borse. During the course of his 20-year banking career, Schwimmer had advised clients including the Intercontinental Exchange, Chicago Board Options Exchange, and KCG Holdings. "They wanted an expert on board who knew how to push these deals across the finish line," said Octavio Morenzi, a consultant at Opimas. Read more: <a href="https://markets.businessinsider.com/news/stocks/lse-refinitiv-merger-outshines-failed-deutsche-borse-merger-2019-7-1028393455">The London Stock Exchange has a graveyard of past merger attempts. Here's why the $27 billion Refinitiv deal may be a winning bet.</a>In making a bid for Refinitiv, Schwimmer is looking to diversify the exchange's revenue away from a reliance on the sale of its own data and the money it makes selling licenses for indexes such as the FTSE and Russell. Refinitiv brings a huge data business, as well as analytics and other tools to help traders make sense of the information. Schwimmer will have to win over some of the same regulators who nixed his predecessor's deal. European Commission officials, for example, are likely to question whether the deal gives LSE more market power to raise prices on the financial data it sells to investment banks and investors. The commission is under considerable pressure from investment banks to take a closer look at the cost of financial data, according to Morenzi.In the US, the issue reached a boiling point earlier this year when <a href="https://www.businessinsider.com/nasdaq-and-nyse-file-lawsuits-against-sec-2019-2">Nasdaq, NYSE and Cboe Group all filed lawsuits</a> against the Securities and Exchange Commission over a proposed pilot that would analyze their pricing models for transaction fees and rebates. Since buying Archipelago, the now ICE-owned NYSE has reaped more and more revenue from selling its data. <h2>Truffle risotto and big deals </h2>Schwimmer has by many accounts been training for this his whole career.Early in his Goldman tenure, which began in 1998, he helped build a business around a small technology platform that looked to disrupt the voice-brokered commodity options market. A client bought the tech and a Goldman team, including Schwimmer, helped put together a consortium behind it.That client was Jeff Sprecher, and the platform would eventually become the financial behemoth now known as Intercontinental Exchange. Schwimmer counted as one of Sprecher's consigliere as he <a href="https://www.businessinsider.com/ices-ceo-says-markets-are-ripe-for-disruption-2019-3">continued building ICE through acquisitions,</a> according to a person familiar with the relationship. An ICE spokesman declined to comment.When the CBOE was thinking about going public, William Brodsky, the CEO and chairman at the time, decided that of all the bankers he could choose, he wanted Schwimmer. He'd heard the banker talk on how to value exchanges not as mutual organizations but public companies and was impressed by his articulate explanation, Brodsky said in an interview. When the IPO took years longer than expected, and the Goldman banker moved into different roles, including one that took him to Moscow, he kept CBOE as a client. "What was significant was the length of the journey we had and the consistency we got from David," Brodsky, now the chairman of Cedar Street Asset Management, said in an interview. "I was impressed by his combination of intellect, humility, and good common sense. Not only did we lean on him very strongly but he and I have kept in touch." Schwimmer sought out Brodsky when he was considering the LSE role, and the two men had dinner together in London just a couple months ago. Schwimmer's old Goldman headshot shows a man with a steely gaze and a straight mouth. He's an outdoor enthusiast, known for hiking and cycling, and a long-suffering fan of the New York Mets baseball team. Read more: <a href="https://www.businessinsider.com/factset-data-provider-lse-refinitiv-exchanges-2019-7">LSE's $27 billion bid for Refinitiv highlights how hungry exchanges are for data. Industry insiders say FactSet could be the next target.</a>Described by former colleagues as collegial but decisive, Schwimmer hasn't shied from controversy. When he advised John Thain, NYSE's then CEO and a former Goldman partner, on its purchase of Archipelago, he had to navigate a tricky situation: Goldman owned a 15% stake in the electronic platform and was acting as its adviser. Emails unearthed by <a href="https://nypost.com/2005/10/25/fools-goldman-firms-bankers-shocked-at-nyse-arca-conflicts/">Roddy Boyd at the New York Post</a> in 2005 seemed to suggest that Schwimmer pushed hard in 2005 to bring the two sides together. He arranged for the CFOs of the two firms to meet over truffle risotto at Primavera, an Upper East Side Italian restaurant, <a href="https://www.nytimes.com/2005/04/21/business/goldman-seals-a-deal-and-its-status.html">according to the New York Times</a>. Both had doubts but agreed to take the idea to their bosses, the newspaper reported."We have to help both sides think about pro formas, synergies and ultimately value," Schwimmer wrote in an email, according to the NY Post. A week after the CFO dinner, Thain and Archipelago's chief met at Goldman's then-headquarters on Broad Street. Talks progressed. The proposed transaction <a href="https://www.nytimes.com/2005/11/16/business/big-board-settles-with-dissidents-opposed-to-planned-merger.html">triggered a court case</a>, brought by traders who held seats on the exchange and thought the NYSE should have gotten a bigger percentage of the combined entity. At it's heart were questions around Goldman's role advising both sides of the deal and the valuation. Schwimmer testified in court over Goldman's role. When <a href="https://www.nytimes.com/2006/03/09/business/worldbusiness/09iht-nyse.html">the deal was finally closed</a> and the combined company's stock debuted on the exchange, Schwimmer was on the NYSE floor for the ringing of the bell.Read more: <a href="https://www.businessinsider.com/traders-say-nyse-nasdaq-cboe-market-data-fees-are-unfair-2019-2">The Wall Street battle over skyrocketing market data fees could reach a boiling point in 2019</a><h2>Blankfein's guy moves to Moscow </h2>His role in the NYSE deal is just one sign of how well Schwimmer, described by a former colleague as "very strategic," understands the exchange business. His view on where markets are going came in handy when LSE's board went looking for a successor to Rolet. Directors reportedly considered as many as a dozen candidates for the job, <a href="https://www.telegraph.co.uk/business/2018/04/13/one-london-stock-exchange-hired-another-goldman-man/">according to the Telegraph</a>. Tim O'Neill, co-head of Goldman's consumer and investment management division, who worked with him closely over the years, said the role and this deal is a natural fit for Schwimmer."All the years that I have known David, he has been very interested in the digitization of workflow," O'Neill said. "He's always playing it forward, looking for where the model will evolve. And that's not just execution, it's data flow too. "When he got to the LSE, Schwimmer took time to really understand the business inside and out, according to two people familiar with his approach. He held meetings and solicited employee feedback with a low key but direct style, one of the people said. When he'd heard enough, he moved quickly to enact change, making two key personnel decisions just months after arriving, the person said. And he's detail oriented. The 2005 emails published by the NY Post show Schwimmer engaged in minutiae that could get the deal done: he suggested connecting the head of human resources for the NYSE with a peer in Goldman's HR department to talk about employee-stock plans. In putting together the Refinitiv deal, Schwimmer commissioned analysis, ingested the information and moved forward deliberately, one of the people said. A lawyer by training, he joined Goldman's investment banking division in 1998. After completing the NYSE deal, he was tapped by Lloyd Blankfein, then the firm's president, to be his chief of staff. In June 2007, Schwimmer accepted a role co-heading Goldman's Russia business and moved to Moscow. He's fluent in Russian and has an international affairs degree from The Fletcher School of Law and Diplomacy in addition to an undergrad degree from Yale University and a law degree from Harvard.He moved back to New York in 2010 to run metals and mining investment banking in the Americas, according to <a href="https://www.cnas.org/people/david-schwimmer">a bio on the website</a> of the Center for New American Security, the largely Democrat-funded centrist think tank that specializes in US national security issues where he serves on the board. (Schwimmer gave to Hillary Clinton's 2016 presidential campaign).In 2011, Schwimmer took over the global metals and mining business, which he would continue until his exit for LSE. Schwimmer made partner in 2012, and added oversight of the market structure investment banking team in 2017, the bio shows. That year, he helped advise KCG Holdings in its $1.4 billion sale to Virtu Financial. The price represented a more than 10% premium. Talks with Refinitiv initially progressed around the idea of signing partnerships or doing asset swaps, <a href="https://www.bloomberg.com/news/articles/2019-07-30/the-goldman-alums-arranged-the-27-billion-lse-refinitiv-deal">according to Bloomberg</a>. But before long, Schwimmer turned the talk to an all out acquisition. The exchange presented "an informal deal blueprint" in May, the wire service reported. Internally, the exchange used the code words "Project Artist." Africa was another code word used for the deal, one of the people said. When Schwimmer took the job, much of the talk among analysts and the media suggested that he might end up selling the exchange to an overseas buyer, with his old client ICE among the likely candidates.But if he's successful in navigating what may be an 18-month long regulatory process, Schwimmer will have figured out how to go from a seller to the master of his own destiny.<a href="http://newsletter.businessinsider.com/join/4np/wall-st-insider&amp;hash=f4e91136c13f3c40c496d77bc7347502">Sign up here</a> for our weekly newsletter Wall Street Insider, a behind-the-scenes look at the stories dominating banking, business, and big deals. Get the latest Goldman Sachs stock price<a href="http://markets.businessinsider.com/stock/GS-Quote"> here.</a> <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/hidden-benefits-amazon-prime-power-user-2017-7">7 lesser-known benefits of Amazon Prime</a></h3> <div> </div> </div>

How an ex-Goldman Sachs partner and long-suffering Mets fan found himself at the helm of the London Stock Exchange making a huge bet on the future of financial data

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"></div></div></div>France's digital minister Axelle Lemaire is on a crusade at the moment, travelling around the world trying to encourage startups and established technology companies to relocate or expand to France.Lemaire is in Las Vegas this week for CES, and she spoke last year at TechCrunch Disrupt London. Her appearance in London was especially interesting as a number of startups are considering moving out of the <keyword id="6354868" type="COUNTRY" weightage="60" keywordseo="UK">UK</keyword> after the result of the EU referendum.The tech world overwhelmingly supported remaining in the EU.&#xa0;One poll <a href="https://www.theguardian.com/technology/2016/mar/04/britains-tech-sector-overwhelmingly-opposed-to-brexit">found that 87% of respondents</a> who work in tech wanted to remain.Business Insider interviewed Lemaire about the outcome of the EU referendum, and why she feels that France is the perfect place for technology companies.This interview has been lightly edited for clarity.Business Insider: How many British startups have made enquiries about moving to France? Axelle Lemaire: Many companies have already been in touch although I think many more will come in the forthcoming months when the timetable for Brexit becomes clearer.In any case, whether they plan to leave now or have yet to decide, I've noticed an increased interest in the French ecosystem from British fintech companies. Whatever happens with Brexit, many startups find and continue to find France an attractive place to do business. If and when the UK leaves the single market, British startups will want to keep open access to the EU market: They will either leave the UK or at least develop their activities on both sides of the channel.Altogether, what strikes me is the renewed interest that international investors show for France, partly but not only linked to the uncertainties created by Brexit. While investments in British startups plummeted in 2016, amounts invested in French tech have soared, increasing by 71% in January through&#xa0;September in 2016. In the third&#xa0;quarter of 2016 alone, funding obtained by French startups reached €857 million (£729 million), double the amount invested in Germany and almost equaling the €919 million (£781 million) invested in the UK.This attention surrounding French tech is not trivial. We're now harvesting the fruit of our longterm efforts to create a business-friendly framework and to promote worldwide the quality and versatility of our startup ecosystems, especially with "La French tech" initiative. BI: Is France changing any of its regulations around hiring and firing to make it easier for startups to exist? AL: In the last years this government has been implementing many regulatory reforms to promote a business-friendly environment. New labour laws and fiscal regulations have significantly lowered the burden on businesses. In the 2017 budget, we've cut taxes for companies who employ staff in France, cut taxes on shares distributed by startups to their employees, and enabled business angels to make tax-free investments in French startups.Our labour law reform, six months ago, gives more flexibility and legal security to firms while creating a new framework for a more effective and constructive relationship between work unions and companies' management. In particular, the new law generalises the primacy of firms' agreements over branch agreements. It also makes redundancies for economic reasons more straightforward. BI: What does the French government view as its strengths and weaknesses in the tech scene compared to Germany? AL: I am not very keen on these comparisons which I find counter-intuitive as ecosystems in the larger European countries like Germany and France are increasingly interconnected. EU tech companies face massive global competitors from Silicon Valley and&#xa0;China. Our goal should be to create real European champions and not to focus on a narrow competition between European states. I strongly believe the European Union can help a lot there by promoting a homogeneous and startup-friendly framework that could help European digital champions to become truly global. BI: Many French VCs that I've talked to are conscious of previous decisions by the French government which were seen as being harmful to businesses (such as the Dailymotion saga). What would you say to entrepreneurs who have seen previous work by the French government and are worried about coming to the country? AL: Have you heard of retinal persistence? Our eyes continue to see for a few nanoseconds an image that is not there anymore, which helps the brain to make sense of the flow of information it catches. Maybe that's what's happening to some entrepreneurs and VCs who have not yet grasped all the essential changes that have been happening in the French environment, and are seeing it as it used to be rather than as it is now!<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"></div></div></div>Actually, it's not the case for all of them! Many understand that today's France is business-friendly. In the coming months, we will welcome 180 new entrepreneurs from abroad, who have applied for the special package called the "French Tech Ticket." We created the "French Tech Ticket" specifically to facilitate entrepreneuralism. It includes a €45,000 (£38,000) grant, visa facilities, and a fast track for all administrative procedures. Consider this: In 2016, the number of foreign entrepreneurs who settled in France tripled the 2015 number. Interestingly, the first nationality among entrepreneurs selected through this program was … American! I really think entrepreneurs stuck in the past should keep up with the times or they might miss great opportunities. By the way, I'm not alone in this view. Take John Chambers from Cisco for instance, who decided to double his investment in France this year, saying "France is the next big thing…" BI: Station F is obviously a big boost for the French tech scene. How much participation is the French government having there? AL: Station F will be the biggest startup incubator in the world with 30,000 square meters of space and will host no fewer than 1,000 startups. This private project is led by our successful entrepreneur Xavier Niel. It symbolises the maturity of our ecosystems and the will of our entrepreneurs to reinvest to support the ecosystem. It has full support from the French government. Our national deposit and consignment fund will have a minority shareholding in it.<div class="KonaFilter image-container display-table"><div><div class="image on-image"></div></div></div>BI: You spoke recently at TechCrunch Disrupt in London, and you're now going to CES in Las Vegas. How do you see the division between working domestically to support French companies and doing international outreach? Is there a danger of spending too much time abroad? AL: Startups think globally so as minister for digital affairs and innovation I do so to and strive to show the entire world how strong French tech is. That's why I try to attend major events like TechCrunch Disrupt London or CES. But be assured I still spend most of my time working directly with the French innovative ecosystems in Paris and in our 13 French tech metropoles. BI: Is there a danger of creating a single tech hub in Paris and ignoring the rest of the country? That's something that the UK has struggled with - how is France avoiding that? AL: I'm glad you asked this question. This is a very important issue to me. Since the start, we've conceived French tech as a network of versatile local ecosystems spread all around the country, rather than a Paris-only business. One of the first programs I launched was to support 13 French tech metropoles, which included cities with robust local innovative ecosystems throughout the country like Montpellier, Bordeaux, Grenoble, and Lille. Startups from all of these 13 "Métropoles" will actually attend CES this year. We want our entrepreneurs to know that they can create a startup and make it grow in the place where they come from.<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"></div></div></div>We've been investing a lot in hardware too in order to make this vision a reality. In 2013 we launched a €20 billion (£17 billion) investment program to spread ultra-fast optic fiber internet broadband all around the country. It's being rolled out&#xa0;now and by 2024 every city or village in France will be connected to high-speed internet. BI: France has traditionally been seen as a hub for media companies and video games, but something that it isn't known for as much is fintech. How is France suited to fintech companies? AL: France is very well-positioned in the fintech market for several reasons. First, the size of the payment market, with around 65 million payment cards circulating in France. Second, some historical players in this field, like Gemalto or Ingenico, were founded in France. Third, our engineers are arguably the best in the world, a key point for this sector, particularly hungry for talents and technical competences. This is one of the reasons why blockchain technology is developing so rapidly in France with numerous applications, chiefly in the financial field.A fourth key support mechanism for French fintech is smart regulation. A series of new laws have boosted the development of fintech in France. For instance, my government has allowed transactions of non-listed securities to rely on blockchain technology; the Digital Republic law that I led through Parliament set a threshold under which no authorisation is needed from the regulators to start a business in this field. Last but not least, our regulatory authorities are well-known for being very meticulous, which results in quality authorisations that are valued everywhere in Europe. And they have set up a one-stop shop, which streamlines and speeds up authorisation procedures for those who want to settle in France, whether it is due or not to Brexit.All this context enables fintech innovators to thrive in this ecosystem and to rapidly scale to a critical size.BI: You've said multiple times that you don't need to pay for buses with adverts in London (or anywhere else). You may not need that now, but would you consider that in the future if you felt your current outreach wasn't having the impact you want? AL: I have no reason to think this kind of communications trick will be necessary to shed light on the quality of the French innovative environment. As minister for digital affairs, I've been meeting lots of entrepreneurs and investors around the world. When it comes to where to put their money, they don't rely on promotion but on facts. Is the fiscal and social environment business-friendly? Is the ecosystem dynamic and mature? Is it easy to find staff with excellent skills there? Just consider the latest investment rates in France, you'll see we've been quite convincing … without having to resort to renting any buses.BI: France has traditionally been seen as risk-averse in its approach to business. Is that changing now, do you think? AL: Yes, it has really changed. I see it every day. According to a recent study, one in every three French people under 30 would like to create a startup within the next two years, and 52% of French people believe that startups can save the economy. More and more new graduates want to create a startup rather than work for a big firm. We were a country of engineers and we are becoming a country of entrepreneurs. I believe that La French Tech initiative played a great role in this cultural revolution. BI: Is it correct that coding isn't currently on the curriculum in France, but is an optional course in schools at a certain age? Isn't that a barrier towards creating a new generation of tech works? How is the French school system geared towards technology? AL: Things are changing fast as far as education is concerned. Now all French kids in all schools are taught to read, count, write, and code. The ministry for education launched a digital plan which is promoting the use of digital tools by both children and teachers from primary school to high school. It will still take time to bring the education community up to speed with the digital challenges but the journey has started for good.In order to develop digital skills and fill the needs of our companies, we also created in 2016 the "Grande Ecole du Numérique" - one could translate it as the great digital college - which is a network of 255 labelled digital courses throughout France, open to everyone. Roughly 10,000 people fully trained in web development, graphic design etc. will have completed one of these courses by 2017.<div></div> <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/plastic-surgery-double-eyelid-south-korea-explained-2016-12">Why Korean parents are paying for their kids to get plastic surgery</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="N3anZreDpn-2nQvRx1Ucqnt93GqH8mTZ" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

France's digital minister: There's 'increased interest' in France from British fintech startups after Brexit

<div class="KonaFilter image-container display-table"><div><div class="image on-image">Marvel</div></div></div><ul><li>Captain America (Chris Evans) and Iron Man (Robert Downey, Jr.) will reunite in "Avengers: Infinity War" for the first time since they fought in "Captain America: Civil War."</li><li>The two disagreed about whether superhumans should be forced to register with the government, with Cap anti-registration and Iron Man pro.</li><li>Business Insider's Carrie Wittmer and Travis Clark argue their cases for who is right in this debate.</li></ul>Marvel's "Avengers: Infinity War" comes to theaters April 27, and it's the first time some major characters in the Marvel Cinematic Universe will be reunited since they butted heads in 2016's "Captain America: Civil War."Most importantly, the "Big Two" of the MCU - Steve Rogers/Captain America (played by Chris Evans), and Tony Stark/Iron Man (played by Robert Downey, Jr.) - will join forces against Thanos after their "Civil War" disagreement, which ended with half of the Avengers escaping an underwater prison. The last time the two leading Avengers were on screen together, they were trading punches over the registration of superhumans, which would essentially make the Avengers government employees. This initiative, called the Sokovia Accords, was started by the Secretary of State and Tony Stark after the devastating events in "Age of Ultron" and an incident early on in "Civil War" in which Scarlet Witch (Elizabeth Olsen), who is still learning to control her powers, accidentally destroys a building with innocent people in it. Rogers is against the Sokovia Accords because of his mistrust of the government that essentially made him ("The safest hands are still our own"), while Stark is pro-registration ("If we don't do this now, it's going to be done to us later").Both heroes have fair arguments.It's the kind of debate that even rages on in our own real-world politics, which is what made "Civil War" so powerful. Rogers argued that the superhumans' right to choose would be stripped away by the Sokovia Accords, while Stark argued that their powers needed to be put in check in order to prevent the destruction of cities like New York ("The Avengers") and Sokovia ("Age of Ultron"). The debate between Cap and Tony sparked heated debates between the biggest MCU fans on Business Insider's entertainment team. Here, Business Insider's Carrie Wittmer and Travis Clark make their cases below - Carrie for Captain America, and Travis for Iron Man.<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">Marvel</div></div></div>Iron Man (Travis Clark)If you compare the superhuman registration debate in "Captain America: Civil War" to the real-world debate of gun control in the U.S., then the answer - at least in my eyes - is clear: Tony Stark is right. I'm going to get this out of the way early: I admittedly admire Captain America more than Iron Man. I think Cap's heart is always in the right place, whereas Stark's decision-making is consistently questionable.In fact, Stark is partly responsible for why the government proposes the superhuman registration in the first place. The destruction of the country Sokovia came during the battle with Ultron in "Avengers: Age of Ultron," and Ultron was created by Stark. But if you focus on the debate itself more than the personalities or history of either of them, I can't deny Stark is on the right side of this one. The Avengers have proven to be national security threats just as much as they may save the world from destruction. The Marvel Cinematic Universe is not grounded in reality, but the conflict of "Captain America: Civil War" reflects a very real debate raging in America. If we compare super powers to guns, it becomes clear the Avengers have powers that need to be controlled. That's evidenced by the beginning of the film, when Scarlet Witch accidentally kills a group of Wakandan diplomats. A main argument against gun control is that it is a slippery slope to the government banning guns entirely. That's where Captain America's head seems to be at: He doesn't want to see his friends, like Scarlet Witch, at the government's mercy. He thinks he can better handle her than the government can.But Captain America, as good as his intentions may be, isn't thinking logically. At the end of the day, people like Scarlet Witch, the Hulk, and any other superhumans with both unimaginable power (and a lack of control) need to be controlled for the public's own good.Stark thinks it will happen eventually no matter what, and if he can get ahead of it, he can manage it. Stark is thinking logically, whereas Cap is thinking with his emotions. That's the biggest difference between them, and while Cap is admirable, this isn't a debate settled by emotion.Cap also wants to protect his friend Bucky Barnes, who is framed for an explosion at a United Nations conference in the movie. As noble and well-intentioned as this may be, at the end of the day Cap is putting the safety of one man over that of the public.So, as questionable as Tony's actions have been in the past, he's the one trying to do the right thing in "Captain America: Civil War."Your move, Carrie.Captain America (Carrie Wittmer)<div class="KonaFilter image-container display-table float_left float_right"><div><div class="image on-image">Marvel</div></div></div>OK. You really got me on the gun control thing. I absolutely believe that purchasing a gun should be more regulated. But this is different because these are human beings. I understand the point you're trying to make, but I don't think it's fair to compare these people, whether they chose to be superhuman (Stark) or not (Bruce Banner/Hulk) to gun control. Before I continue my rant, I will also admit my bias: Although I absolutely love "Iron Man" and "Iron Man 3" (a Christmas movie!), I hate Tony Stark. I get that being an alcoholic jerk who wears tinted sunglasses is his thing, but his character hasn't evolved since 2008. The only thing that seems to change is his ego - which only gets bigger - and his relationship status with Pepper Potts, which if we're being honest is completely dependent on Gwyneth Paltrow's availability. You say that the Avengers are a security threat. This is true, but they're a threat when there is already a more dangerous threat out there. This is Cap's point, which is clouded in "Civil War" by his bond with Bucky Barnes and by his distrust of the government. But Cap's distrust of the government is fair: while S.H.I.E.L.D. is not a government entity, it might as well be, and it was literally run by HYDRA in the past. Remember Robert Redford in "The Winter Soldier?" He told Cap what to do, and he was the enemy the whole time. How can Cap and other heroes trust and fight for an entity that is so vulnerable?And what about the cases when one or more of our heroes see a threat, but the government either doesn't see it as essential, or they straight up don't believe them? If the UN, for example, doesn't see a worthy threat in the pink-headed man named Thanos who wants a bunch of stones so he can destroy half of the universe (very specifically not the whole universe), what are the Avengers going to do? Just let it happen? They most certainly will not. Cap is thinking logically because he's applying the limitations of the Sokovia Accords to his own experiences, like the mishap with Robert Redford that I already mentioned in "The Winter Soldier." And in "Captain America: The First Avenger," he goes on an unapproved mission in Germany to save Bucky Barnes, planned with the help of the late Agent Peggy Carter and Howard Stark.Stark is the one thinking with his emotions. His approach is completely rooted in ego, not a concern for humanity. Minutes into "Civil War," Stark meets a woman whose son was killed in Sokovia, and is so threatened by the idea that someone out there hates him that he goes straight to the Secretary of State behind his friends' backs, writes legislation, and simply throws it onto a table in front of them. Do superheroes need to be controlled? Yes! But the Sokovia Accords is not the right way. My solution: There is a lovely bald man named Xavier who has a very nice school in upstate New York, and Disney bought Fox so this can be in the MCU canon now. CLOSING STATEMENTS<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">Marvel Studios</div></div></div>Travis Clark: You make fair points, Carrie, but I don't think it's fair to assume that Stark is only pro-registration because of his ego. It shows progression in his character that he would be pushed by the pain he sees in that mom who confronts him. It would be natural for anyone with a conscience. Are we supposed to condemn him for having a conscience? Stark has power and influence, and ever since the first "Iron Man" after he escaped captivity, he's been using that power and influence to better not only himself, but the world. He doesn't always make the best choices, but he at least learns from his mistakes. Captain America is so stubborn and rooted in his ways that he will stand by Bucky out of pure emotion. There's no place for such blind loyalty when national security is at stake. Stark's entire point is to get in front of registration and handle it on his terms before the government handles it on its - things would have been much worse if he hadn't.Carrie Wittmer: I'm not assuming that Stark is pro-registration because of his ego. I know he is. I understand that Stark's reasoning stretches beyond his own interests, but his ego is where it started, and it's the only reason he took any action in the first place. If the government initiated the Sokovia Accords on its own, "Civil War" would've been a completely different movie, more boring than any MCU villain, because I have a feeling everyone would be on Cap's side. Your points are great, but have not changed my mind because I disagree on Cap's motivations. Yes, he's trying to protect Bucky, but it's bigger than that. He knows the government has made the wrong calls before, and he's fairly anticipating that it will again.Can we still be friends?More on Marvel:<ul><li><a href="http://www.businessinsider.com/marvel-cinematic-universe-recap-before-avengers-infinity-war-2018-4">All the MCU details you should know before seeing 'Avengers: Infinity War'</a></li><li><a href="http://www.businessinsider.com/comics-to-read-if-you-love-the-marvel-cinematic-universe-movies-2018-3">12 comics to read if you love the Marvel Cinematic Universe movies</a></li><li><a href="http://www.businessinsider.com/zoe-saldana-slams-elitists-who-look-down-on-marvel-movies-2018-4">Zoe Saldana slams 'elitists' who look down on Marvel movies</a></li><li><a href="http://www.businessinsider.com/marvels-netflix-series-are-boring-but-compelling-2018-3">Marvel TV shows are both compelling and boring at the same time</a></li><li><a href="http://www.businessinsider.com/marvels-netflix-series-are-boring-but-compelling-2018-3">The 'Avengers: Infinity War' directors changed their Twitter profile pictures, and fans think it's a clue to Captain America's fate</a></li></ul> <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/how-all-you-can-eat-restaurants-make-money-2018-3">How all-you-can-eat restaurants don't go bankrupt</a></h3> <div> </div> </div>

Captain America versus Iron Man: We debate who's right in 'Civil War'

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">REUTERS/Edgard GarridoA doctor speaks on his cell phone as he walks past graffiti on a wall along a street in Mexico City January 15, 2013.</div></div></div>Several of Latin America's key economies are <a href="http://www.ticotimes.net/2015/07/29/latin-american-economic-growth-just-0-5-percent-this-year-says-un">sputtering</a>.And now, partly because of these economic doldrums, countries in the region are losing some of their brightest and most capable minds. <h2>Mexico's academic diaspora</h2>Mexicans moving to the US (illegally or not) to work menial jobs have long been lighting rods for political and social controversy. But another group has ventured north as well: academics and intellectuals.A 2014 <a href="http://www.americasquarterly.org/content/academic-brain-drain" target="_blank">report from Americans Quarterly</a> noted that one of every 19 Mexicans with a bachelor's degree or higher was living in the US. The report cited data from Mexico's National Council of Science and Technology indicating that 1,271 of the 4,559 Mexicans (28%) working on master's degrees or Ph.D. abroad in 2012 were doing so in the US.More recently, <a href="http://www.mcclatchydc.com/news/nation-world/world/latin-america/article31302689.html" target="_blank">estimates have shown</a> that 27% of Mexicans with doctorates work in the US.The reasons for their departures are not surprising: money, politics, and safety.The <a href="http://www.americasquarterly.org/content/academic-brain-drain" target="_blank">pay gap between Mexican and </a> universities is drastic. In 2012, the average entry salaries for some professors at the University of Texas at Austin were nearly four times that of their counterparts teaching the same subjects at prestigious Mexican institutions. Funds for study are also scarce. In 2014, scholarships for master's and Ph.D. programs made up <a href="http://www.americasquarterly.org/content/academic-brain-drain" target="_blank">less than one-quarter</a> of the national budget for science technology and innovation. <div class="KonaFilter image-container display-table"><div><div class="image on-image">REUTERS/Edgard GarridoStudents gesture during a meeting in support of missing Ayotzinapa Teacher Training College Raul Isidro Burgos students, inside the National Autonomous University of Mexico (UNAM) in Mexico City, October 15, 2014.</div></div></div>Whatever funding and resources do arrive are <a href="http://www.americasquarterly.org/content/academic-brain-drain" target="_blank">subject to the demands</a> of unions, government pressure on research initiatives, and the whims of political appointees at universities.Before any of those hurdles can be overcome, though, academics in Mexico must secure a job.Often, working professors avoid retiring, and the lack of new or increased funding means professors and researchers cannot be hired or continue working."The year I went on the job market, very few positions became available," Gabriela Sánchez, a demographer at the University of Texas at San Antonio, <a href="http://www.americasquarterly.org/content/academic-brain-drain" target="_blank">told</a> Americas Quarterly in 2014."I was only able to apply to two jobs in Mexico, compared to almost 50 in the United States and Canada."In some institutions in Mexico, the most important criterion is who, not what, you know.<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">REUTERS/Mexico Presidency HandoutMexico's President Enrique Pena Nieto takes a selfie picture with students of the School of Bachelors of the State of Michoacan (COBAEM) in Coalcoman, Feburary 24, 2015.</div></div></div>"If something has had a negative effect on Mexico's science, it is nepotism," Carlos Martínez, a professor in the University of Wyoming's Department of Zoology and Physiology, <a href="http://www.americasquarterly.org/content/academic-brain-drain" target="_blank">said</a> to Americas Quarterly."Nepotism has created a horrible intellectual endogamy."Other Mexican academics, while not necessarily desirous of jobs abroad, pursue them to avoid their country's enduring insecurity. Jesús Velasco, a political scientist at Tarleton State University in Texas, is one.Kidnappers attempted to take his former wife; she escaped and they pursued her with a pistol, he <a href="http://www.mcclatchydc.com/news/nation-world/world/latin-america/article31302689.html" target="_blank">told</a> McClatchy's."The next day, I started looking for a job in the United States," he added.According to a study from Mexico's National Autonomous University, <a href="http://www.americasquarterly.org/content/academic-brain-drain" target="_blank">cited last year</a>, 76% of highly skilled Mexican workers surveyed said violence was a direct or indirect reason for their move abroad."Young scholars spend years abroad listening to stories about violence in Mexico. They are happy to start their families out of this environment," <a href="http://www.americasquarterly.org/content/academic-brain-drain" target="_blank">said</a> Xavier Soberón, the general director of the National Institute of Genomic Medicine. "They are not nostalgic about their country."<h2>Venezuela's professional exodus</h2>Venezuela's withering economy has slowed hiring and diminished earnings, which, coupled with widespread violence, has driven many skilled professionals out of the country."I couldn't raise a child there. Venezuela was bad, and it's only got worse," <a href="http://www.businessinsider.com/r-economic-crisis-political-strife-drive-venezuela-brain-drain-2014-10" target="_blank">said</a> Veronika Leniz, who left the country for Miami after becoming pregnant."It's an incredible difference, living here. I miss Venezuela so much, but I wouldn't go back," Leniz, 26, <a href="http://www.businessinsider.com/r-economic-crisis-political-strife-drive-venezuela-brain-drain-2014-10" target="_blank">told</a> Reuters.<div class="KonaFilter image-container display-table"><div><div class="image on-image">REUTERS/Carlos Eduardo RamirezAn opposition student is carried away after being injured during a protest against President Nicolas Maduro's government in the western city of San Cristobal, February 12, 2015.</div></div></div>About 5% of Venezuela's roughly 30 million people <a href="http://www.businessinsider.com/headhunters-are-taking-advantage-of-venezuelas-decaying-economy-2015-8" target="_blank">have already left</a> the country, according to Tomas Paez, a sociologist at the Central University of Venezuela. Many of those who have left are medical professionals, IT experts, and oil and gas engineers."These are educated people. People who want to invest, build businesses, create jobs," Paez <a href="http://www.businessinsider.com/r-economic-crisis-political-strife-drive-venezuela-brain-drain-2014-10" target="_blank">told</a> Reuters late last year.Global headhunter firms have <a href="http://www.businessinsider.com/headhunters-are-taking-advantage-of-venezuelas-decaying-economy-2015-8" target="_blank">drawn many</a> of those professionals to more lucrative positions outside of Venezuela."If we're looking to fill a special position, such as geologist or a specialization in oil or gas, Venezuela is a strong option for us," Claudio Fernaud, a managing director for recruiter Stanton Chase, <a href="http://www.businessinsider.com/headhunters-are-taking-advantage-of-venezuelas-decaying-economy-2015-8" target="_blank">told</a> Reuters.The departure of energy specialists is troubling, as the oil and gas industry is the backbone of Venezuela's economy: The oil and gas sector is about <a href="http://www.opec.org/opec_web/en/about_us/171.htm" target="_blank">25% of GDP</a>, and oil sales bring in about 95% of the country's <a href="http://www.opec.org/opec_web/en/about_us/171.htm" target="_blank">export earnings</a>.<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">REUTERS/Miraflores Palace HandoutVenezuelan President Hugo Chavez speaks next to Vice President Nicolas Maduro during a national broadcast at Miraflores Palace in Caracas, December 8, 2012.</div></div></div>Moreover, petrodollars have buoyed the socialist government of late President Hugo Chavez and his successor, Nicolas Maduro.Perhaps more worrying: Shrinking salaries and a lack of funds for equipment and training has put pressure on Venezuela's medical workers, many of whom leave the country to finish their schooling.At Venezuela's School of Chemistry (UCV), a highly rated institution in Caracas, 63% of instructors earn <a href="http://www.buzzfeed.com/karlazabludovsky/the-brain-drain-from-venezuela#.ey6ddQX0m">less than minimum wage</a>. Students at the dentistry school often have to work outside jobs in order to <a href="http://www.buzzfeed.com/karlazabludovsky/the-brain-drain-from-venezuela#.ey6ddQX0m">afford basic supplies</a> like gauze and gloves.According to Ivan de la Vega, a sociologist and expert on Venezuelan migration, 60% to 80% of students surveyed at four universities in the capital <a href="http://www.buzzfeed.com/karlazabludovsky/the-brain-drain-from-venezuela#.ey6ddQX0m">said</a> they wanted to leave the country and wouldn't return to the present conditions."Venezuela is on the road to the total underdevelopment of the country," he told Buzzfeed. More than half of the Venezuelans who have settled in the US have bachelor's degrees or higher, De la Vega <a href="http://www.buzzfeed.com/karlazabludovsky/the-brain-drain-from-venezuela#.ey6ddQX0m">added</a>, and their median age is just 32. The exit of trained professionals in their prime working years drains Venezuela of important members of its work force; it is a cohort that the country, and its socialist policies, can <a href="http://latinamericagoesglobal.org/2015/08/crisis-in-venezuela-the-revolution-will-not-be-demographic/">ill afford to lose</a>.Moreover, the pressure on and scarcity confronting the medical community has had life-threatening consequences for many of the country's <a href="http://www.reuters.com/article/2015/07/23/us-venezuela-mothers-idUSKCN0PX1JW20150723">most vulnerable</a> people.<div class="KonaFilter image-container display-table"><div><div class="image on-image">REUTERS/Isaac UrrutiaA pregnant woman lays on a bed without sheets as she recovers after labour at a maternity hospital in Maracaibo, Venezuela June 19, 2015. Picture taken on June 19, 2015.</div></div></div><h2>Cuban outcalls</h2>Cuban doctors have long shored up Venezuela's medical system.The Barrio Adentro program, established in 2003, set up free clinics throughout underserved portions of the country. Cubans staff the clinics, and in exchange for their work Venezuela sends oil and cash back to Cuba. Now, those Cuban medical workers are fleeing Venezuela to neighboring Colombia, looking to take advantage of the US' Cuban Medical Professional Parole Program, which allows them passage to the US.(Observers have criticized the program for <a href="http://www.nytimes.com/2014/11/17/opinion/a-cuban-brain-drain-courtesy-of-us.html?_r=0">subverting Cuba's efforts</a> to address international health crises; the US government has said it <a href="http://www.miamiherald.com/news/nation-world/world/americas/article31327064.html">doesn't recruit</a> Cuba's doctors.)Some <a href="http://www.miamiherald.com/news/nation-world/world/americas/article31327064.html">planned</a> to escape Cuba by way of a medical post in Venezuela; others say they are <a href="http://www.havanatimes.org/?p=112919">fleeing abuses</a> they suffered in Venezuela. <div class="KonaFilter image-container display-table"><div><div class="image on-image">REUTERS/Jorge SilvaWomen walk next to a health center or 'Barrio Adentro' (inside the slums) clinic in Caracas, October 27, 2009.</div></div></div>Discel Rodriguez, a nurse, <a href="http://www.miamiherald.com/news/nation-world/world/americas/article31327064.html">said</a> he was forced to live in confined lodging with five other doctors. "At least in Cuba you could live in a house with the people that you cared about," Rodriquez, 42, said. "But Venezuela was punishment - it was a prison."The number of Cuban medical workers in Bogota, Colombia, awaiting permission to enter the US ranges from <a href="http://www.miamiherald.com/news/nation-world/world/americas/article31327064.html">250</a> to <a href="http://www.havanatimes.org/?p=112919">1,500</a>."I personally know more than 30 doctors, but I know that there are more than a hundred of us waiting for visas," Iraida, a 25-year-old Cuban dentist, <a href="http://www.havanatimes.org/?p=112919">told</a> the Havana Times."Specialists, dentists, anesthesiologists, nurses, laboratory technicians, occupational therapists … there's a little of everything," she added.Many of the Cubans traveled great distances to reach the Colombian capital. Along the way, they endured robberies, assaults, and <a href="http://www.miamiherald.com/news/nation-world/world/americas/article31327064.html">shakedowns</a> by corrupt Venezuelan officials. Most financed their trips with their meager savings and by <a href="http://www.havanatimes.org/?p=112919">selling goods</a> that are scarce in Venezuela, such as condoms.After that hardship, the goal of settling in the US has not come to fruition for many. The visa-issuance process <a href="http://www.havanatimes.org/?p=112919">previously took</a> between one and two months. But, as of this summer, many of the Cubans have been waiting for <a href="http://www.miamiherald.com/news/nation-world/world/americas/article31327064.html">five months</a> or longer.According to the Miami Herald, the US State Department has <a href="http://www.miamiherald.com/news/nation-world/world/americas/article31327064.html">not been forthcoming</a> about the delays, despite inquiries from officials, including Rep. Ileana Ros-Lehtinen (R-Florida).<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">REUTERS/Jorge SilvaVenezuelan President Hugo Chavez, right, and his Cuban counterpart Raul Castro attend a military parade to commemorate the 20th anniversary of Chavez's failed coup attempt in Caracas, February 4, 2012.</div></div></div>Some of the Cubans <a href="http://www.miamiherald.com/news/nation-world/world/americas/article31327064.html">suspect</a> the recent thaw in US-Cuban relations is part of the holdup. Cuba reportedly sees the visa program as a source of brain drain, and, during bilateral talks with the US, Cuban representatives <a href="http://www.havanatimes.org/?p=112919">asserted</a> that it was an obstacle to the normalization of relations.The visa delay and Colombian restrictions on immigration have left the Cuban doctors in a "<a href="http://www.havanatimes.org/?p=112919">migratory limbo</a>" that could see them turned away from the US to return to Cuba and likely punishment for their attempts to flee.Unable to work, many of the Cuban medical professionals hoping to reach the US can only contemplate their fates."It's an exhausting situation; no one gives us an answer," <a href="http://www.havanatimes.org/?p=112919">said</a> Iraida. "At this stage, my greatest fear is that they won't give me a visa. I wouldn't know what to do next." <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/fast-food-workers-earnings-state-2014-9">2 Million Fast Food Workers In The US Aren't Making A Living Wage - Here's Where They Live</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="Z1bG5zcDrNlxPfeGS9-7Q-nvO8j7secP" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

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