Monday, December 30, 2024

Jimmy Carter, a life in words and pictures

Plus: A Diddy story you might've missed
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Former President Jimmy Carter's death has brought condolences and remembrances from across the political spectrum and around the world. Today we highlight a few. Plus: A story you might have missed about the downfall of Diddy from the business side. Contact the editor of this newsletter here. If this email was forwarded to you, click here to sign up.

The headline on Bloomberg Opinion's editorial today, Jimmy Carter: Good Man, Middling President, encapsulates many of the stories published upon the death of the 39th president on Sunday at age 100.

Carter at a ribbon cutting ceremony in 2017 for a solar panel project on farmland he owned in Plains, Georgia. Photographer: David Goldman/AP Photo

On the "good man" point, here's one example from Bloomberg News' obituary by Laurence Arnold:

Carter made some of his biggest imprints on the world in the years after he left the White House. He "reinvented the post-presidency," observed Julian Zelizer, a professor of history at Princeton University and a Carter biographer.

In four-plus decades as an ex-president—the longest such tenure in American history—Carter waged a worldwide campaign against war, disease and the suppression of human rights through the Atlanta-based Carter Center, which he founded with his wife. The center made particular strides against Guinea worm disease, a parasite spread through contaminated water that can render victims non-functional for months. Worldwide cases dropped to just 14 in 2023 from an estimated 3.5 million in 1986, according to the center.

As for his "middling" presidency:

The signature achievement of the Carter presidency, the Camp David Accords between Israel and Egypt, led to peaceful co-existence between the Middle East neighbors even as it fell short of resolving the conflict between Israel and the Palestinians.

That and other foreign policy breakthroughs, including the establishment of formal ties with China and a treaty granting Panama ownership of the US-built Panama Canal, were overshadowed by the plight of American hostages held in Iran during the last 444 days of his presidency. They were finally released the day Carter turned over the Oval Office to Republican Ronald Reagan.

On the domestic front, the Carter presidency was dogged by economic woes. Inflation reached 13.3% at the end of 1979 compared with 5.2% when he took office in January 1977. The Federal Reserve's actions to stem price increases pushed home-mortgage rates to almost 15%, and Carter had to take emergency action to stem a slide in the dollar. There were energy shortages, and oil prices more than doubled.

You can read the full obituary here: Jimmy Carter, the Longest-Living US President, Has Died at 100.

Flags in Washington were lowered to half-staff on Sunday. Photographer: Andrew Harnik/Getty Images 

President Joe Biden said Carter will receive a state funeral on Jan. 9 and declared that a national day of mourning. The New York Stock Exchange and Nasdaq said on Monday that they will close, as the markets traditionally do for presidential funerals.

You can find a gallery of photos from Carter's extraordinary 100 years here.

"When you look at the full scope of his intellect, interests, commitments, talents and deeds, Carter seems more a man from the dexterously imaginative generation of America's Founders than from the late 20th century reign of specialization," writes Francis Wilkinson, a political columnist for Bloomberg Opinion.

On a more human level, he writes, "Carter's late-inning triumph as a 'model ex-president' is perhaps better appreciated as a template for a model old age. He shared quiet meals with his lifelong partner, Rosalynn Carter, until she died last year. He kept intellectually nimble by thinking, reading, speaking and writing. And he remained passionate about his commitments, which included humans, their dignity and rights, and the planet on which they reside."

In Brief

ICYMI

We're taking a look back at some of Businessweek's most popular stories from 2024. On Sept. 16, Sean "Diddy" Combs was arrested, and he's now awaiting trial on charges of racketeering and sex trafficking. But before all that, back in January, Devin Leonard and Dasha Afanasieva wrote about the hip-hop mogul's crumbling business empire.

Sean "Diddy" Combs. Photo illustration: 731; Photo: Getty Images

Even before four women accused him of sexual assault, Sean "Diddy" Combs was having a bad year. He'd been on the verge of hatching "the largest Black-owned cannabis company in the world," promising he'd help Black people who'd been disproportionately criminalized by harsh drug laws. But by July the $185 million deal to acquire the operations of two large weed companies in several states had fallen through. Around the same time, he explored making an offer for Paramount Global's BET, the first Black-owned cable network, as part of what a confidant told Variety was "his strategy to build a Black-owned global media powerhouse." In August, however, Paramount pulled the network off the market, before reportedly considering a sale to a management group a few months later for almost $2 billion. The following month, Combs dropped The Love Album: Off the Grid, his first solo record in 17 years, featuring Justin Bieber, the Weeknd, John Legend and Mary J. Blige. "It's the Super Bowl of R&B," Combs told the Today show. "One of the greatest combinations of talent put together on an album in history!" But even with the parade of high-profile cameos, Love peaked at No. 19 on the Billboard 200 album chart, making it the worst performer yet by an artist many have long considered a second-tier rapper and mediocre producer. A Guardian reviewer wrote that Combs' album was "oddly dissatisfying" and called his sultry patter with a female protégée on one cut "rather creepy."

Still, if there was one gambit in 2023 that seemed to have the potential to yield a payout worthy of Combs' ambitions, it was the lawsuit he filed last May against the world's largest liquor company, Diageo Plc. After a phenomenally lucrative run for more than a decade and a half as the face of Cîroc vodka, Combs was suing its owner—and his longtime business partner—for being racist. He accused Diageo of failing to devote sufficient resources to DeLeón, a tequila they'd purchased together in 2013 amid their Cîroc success. As proof, he pointed to DeLeón's desultory performance compared with that of Casamigos, a tequila Diageo had acquired four years later from actor George Clooney and his partners in a deal worth as much as $1 billion. The reason, Combs argued, was simple: He was Black, and Clooney was White. Combs said in his lawsuit that he was seeking "billions of dollars in damages due to Diageo's neglect and breaches." But to hear him tell it, he wasn't merely waging a legal battle against the company—he was on a crusade to get big corporations to do more than just pay lip service to diversity and actually treat Black people fairly. "It is time that Diageo's actions match its words," Combs said in his complaint.

Keep reading: The Downfall of Diddy Inc.

BlackRock's Bitcoin Success

$50 billion
That's the amount of assets that poured into BlackRock's iShares Bitcoin Trust (ticker IBIT) in just 11 months. No ETF has ever had a better debut, smashing industry records in 2024.

Starlink and Politics

"Musk now has the ear of the most powerful office in the world, the US president. The transactional value behind that—any kind of quid pro quo—becomes much more attractive."
Alex Capri
Senior lecturer at the National University of Singapore Business School
The global wall of resistance to Elon Musk's satellite internet business Starlink is crumbling because of his political influence.

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