Etsy crafts a $267 million IPO

Etsy is now the largest certified socially-responsible company, or B Corporation, to go public in the U.S. It will begin trading Thursday on the Nasdaq under the ticker symbol "ETSY." The online marketplace is a place for people to buy and sell crafts and other handmade and vintage items.

So far, investors don't seem overly worried that Etsy's focus on long-term sustainability will clash with Wall Street's focus on short-term profitability.

Etsy priced its initial public offering at $16 a share on Wednesday evening -- the high end of its expected range. The deal raised a total of $267 million. Based in Brooklyn, the company is now worth nearly $1.8 billion.

Can it scale? The biggest question facing Etsy is how the e-commerce company can ramp up in size while maintaining its identity as a place where customers can find unique goods that are not mass produced. Losing that niche identity could do real harm to Etsy's business, which has thrived thanks in part to its fiercely loyal base of buyers and sellers.

Investors need to assess "the confidence that this company can scale without going to the dark side of full commercialism," said Kathleen Smith, a principal at Renaissance Capital, which is a manager of IPO exchange-traded funds, or ETFs.

Related: Can a do-good company jive with Wall Street?

Competing interests? In its IPO prospectus, Etsy acknowledged a key risk facing potential investors is that the company's "focus on long-term sustainability may negatively influence our short-or medium-term financial performance."

In other words, Etsy may want to do things that won't please investors who mostly care about the stock price. For example, Etsy said it could invest in alternative forms of shipping that reduce the impact on the environment but are most expensive.

"We investors want sustainable results," said Smith.

Etsy's ability to manage these competing interests will be key.

"Public companies are held to a different standard, and Etsy needs to be prepared for public market scrutiny, regardless of how artisanal they are," said James Gellert, CEO of Rapid Ratings.

Related: Starbucks should join Etsy as a B Corporation

Crafting a profit would be a start: That scrutiny will eventually call for a path to profitability, something that's been missing from the online marketplace. Etsy has posted net losses in each of the past three years.

"Considering the company's lack of profitability and capital structure inefficiency, Etsy has a long way to go before they're a long-term sustainable business," said Gellert.

Related: GoDaddy races onto Wall Street with IPO

Is Etsy a bargain? However, its revenue has been on the rise amid the site's growing popularity. Sales jumped 56% last year to $195.6 million.

Smith said Etsy's IPO range doesn't look expensive, at least compared with the sales multiples placed on other fast-growing e-commerce companies that have commission models such as eBay (EBAY, Tech30), Alibaba (BABA, Tech30), GrubHub (GRUB) and Yelp (YELP).

"It's possible this (stock) could have a real cult following. They already have a cult following as a community," said Smith.

Etsy has already shown a willingness to do things differently than Wall Street is used to. It created a program that gives vendors and other mom-and-pop investors the chance to buy as much as $2,500 in stock before its public debut. Normally those early purchases are exclusive to rich investors.

"That's caused some angst among institutional investors," said Smith.

It probably won't be the last thing Etsy does that makes Wall Street nervous.

Related: Get the balloons ready for Party City's IPO

CNNMoney (New York) April 15, 2015: 6:48 PM ET

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GM shielded from ignition lawsuits by bankruptcy rule

The decision by Federal Bankruptcy Court Judge Robert Gerber upholds GM's so-called bankruptcy shield. GM acquired the shield as part of its bankruptcy reorganization when a new company was created in 2009, referred to in court as "New GM."

"Judge Gerber properly concluded that claims based on Old GM's conduct are barred," the automaker said in a statement.

The shield had been challenged both by some personal injury attorneys as well as lawyers suing on behalf of owners of the recalled cars to recover damages for the diminished value of the recalled cars.

The decision could prevent lawsuits that would have cost "New GM" billions of dollars.

"This ruling padlocks the courthouse doors," said Robert Hilliard, one of the attorneys suing GM. "Hundreds of victims and their families will go to bed tonight forever deprived of justice. GM, bathing in billions may now turn its back on the dead and injured, worry free."

The decision left the possibility for some suits to proceed if the plaintiffs can prove misdeeds by the company after the 2009 bankruptcy, "so long as those plaintiffs' claims do not in any way rely on any acts or conduct by old GM."

The old and new version of the tiny part that is at the center of the GM recall.

GM (GM) shares were up about 1% in after-hours trading following the decision.

Problems with millions of cars with faulty ignition switches, most of them built before the bankruptcy, have been tied to at least 84 deaths. It is not immediately clear how many of the accidents occurred after the bankruptcy. Accidents that occurred in the years following 2009 were not protected by the shield.

GM has admitted that its employees were wrong not to order a recall of the cars about a decade before the 2014 recall.

The decision will not stop GM from paying an estimated $400 million to victims and their family members. But GM set up a compensation fund voluntarily without waiving the legal protections it acquired as part of the bankruptcy process on pre-2009 accidents.

Related: Recall victim - GM shouldn't get a tax break from settlement

Related: Barra's recall apology not enough, families say

Related: GM settles second suit with recall whistle-blower

CNNMoney (New York) April 15, 2015: 7:03 PM ET

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Bubble trouble: China's stock market looks too hot

Chinese equities are officially on fire. The Shanghai Composite has skyrocketed 78% since just before Halloween. It recently crested the 4,000 level for the first time since the financial crisis.

Yet stocks in China have achieved red-hot status just as the country's economy is going through a cooling off period. Growth slowed to the weakest pace since 2009.

In other words, exuberance for Chinese stocks isn't being backed up by fundamentals. Instead, the market is being carried higher by various forms of government stimulus and investor frenzy.

All of this raises the question: Is China in the midst of a bubble? And if it is, what should American investors do?

"Certainly a bubble exists," said Ankur Patel, chief investment officer at R-Squared Macro Management.

Rather than enjoy the ride up or try to profit from its eventual popping, Patel said the prudent move for U.S. retail investors is to stay away from the Chinese market altogether.

"The problem with any bubble is if you try to bet against it, bubbles can become even more irrational. The herd mentality can essentially run investors over," he said.

Related: China stocks are on an incredible mystery run

Equity euphoria hits China: There are growing signs of speculative fervor in China.

In recent years, people in China -- who tend to save significantly more than their Western counterparts -- sunk their excess savings into the real estate market.

Now that the bubble in housing is deflating, they are latching onto the skyrocketing stock market. Investors opened 4.8 million new stock trading accounts in March and then another million more in early April, according to the Financial Times.

"There's no question there's a lot of domestic euphoria about equities within China," said Albert Brenner, director of asset allocation strategy at People's United Wealth Management.

Several Chinese retail investors polled by CNNMoney said they trade stocks frequently -- up to several times a day -- in part to have fun. One Shanghai woman, who didn't give her full name, said she's not worried about trading expenses hurting performance because "fees tend to drop during bullish markets anyway."

Non-Chinese investors are also taking notice. Exchange-traded funds that track China -- the best way for U.S. investors to play China -- have soared. The iShares MSCI China ETF (MCHI) and SPDR S&P China ETF (GXC) are both up over 20% so far this year.

Related: China's stock market finally opens up to foreigners. Now what?

Liquidity-fueled bubble? Hoping to avoid a so-called "hard landing," China's central bank is pumping liquidity into the market by cutting rates. That's good for risky assets like stocks, but liquidity-driven moves are susceptible to bubbles.

Liquidity is also being pumped by the Hong-Kong Shanghai Stock Connect Program, which allows investors to buy Shanghai stocks through Hong Kong -- and vice versa. Not only is fresh foreign capital flowing onto Mainland China for the first time, but excess liquidity inside China is flooding into Hong Kong.

Related: Chinese investors trade way more than Americans

Goldman Sachs isn't worried: Of course, not everyone believes it's time to call China's rapid rise a bubble.

Timothy Moe, co-head of macro research in Asia at Goldman Sachs, told CNBC the market "certainly is getting frothy" amid "very frenetic retail activity."

"Is that a bubble that will crash the system? The answer is not yet," Moe said.

In other words, just because Chinese stocks look very speculative doesn't mean the party has to end today.

One possibility, Patel said, is for the bubble to end "benignly" if China's growth regains momentum, justifying current valuations. He said that looks unlikely and there's a better chance the opposite will occur.

Another possible outcome is the stock market keeps roaring ahead before imploding, like it did the last time.

"To be clear, what's underway in China is an out-and-out bubble, but there's plenty of money to be made riding bubbles up a bit," Bespoke Investment Group wrote in a note to clients. The firm said it "may be worthwhile to consider a small position" in Chinese ETFs like the SPDR S&P China ETF (GXC).

Just remember: Bubbles are notoriously difficult to time, even for sophisticated investors.

Related: This man bet $100K there's a startup bubble

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Related: How to invest $1,00

CNNMoney (New York) April 15, 2015: 10:10 PM ET

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The surprising backstory of Tinder for pot smokers

That's what co-founder Todd Mitchem hopes to create with High There -- "a social connection app for cannabis consumers."

Users can look for dates or simply other like-minded people. But for those used to dating apps like Tinder or OkCupid, the questions will probably be a bit unfamiliar.

Instead of asking for your hobbies or education, High There asks if you prefer smoking or edibles and if you're high energy or low energy. While these personality traits might seem frivolous, Mitchem said they're important for finding other users that you're compatible with.

Related: 10 alternatives to Tinder

When it launched in February, the free app was only available to users in states where marijuana use was medicinally or recreationally permitted. Now, however, it's been approved by the iOS and Android app stores to become the first global social network dedicated to cannabis enthusiasts. Mitchem said he's about to close the first round of funding for an undisclosed amount.

"We're trying to build a community of people that feel connected to each other with a common bond," he said.

But for Mitchem, High There is more than just a social network -- it's personal. He was inspired by his own life experience.

In 2009, Todd's mother was diagnosed with cancer for the second time. After treatment, her doctors told her she only had six months to live. It wasn't legal where she lived (Mitchem chose not to disclose specifics), one of her nurses recommended she get her hands on some marijuana to help with her lack of appetite and to ease her pain.

She did, and she began to grow small amounts of marijuana in her attic for personal use. When she told her neighbor, it ended their relationship.

"That's not OK," says Mitchem. He hopes High There can be a place for people to share their stories and help eliminate the stigma around the drug.

Six years later, Todd's mother is still alive. And while she isn't on High There yet, he said she plans to join.

Related: Pot startups cash in on wave of legalization

CNNMoney (New York) April 14, 2015: 10:02 PM ET

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How Grumpy Cat makes her millions

Grumpy Cat is part of an elite group of furry animals around the globe who have shot to Internet fame in recent years. These fuzzy creatures sign book and movie deals, do photo shoots, and act as "spokesanimals" for ad campaigns -- netting piles of cash for their owners.

Experts say the phenomenon is made possible by the rise of social media, which is changing how we interact with lovably fuzzy creatures.

Social media "adds a personal connection, so if you're interested in a character like Grumpy Cat, then either people will send you more anecdotes or videos, or you can go and seek it out," said Karen North, a social media expert and professor at the University of Southern California.

It's "a way of getting entertainment in the hands of audience members who become evangelists of the content, and spread it wider than the originator ever dreamed," North said.

Related: China spends $1.5 billion pampering pets

Owners can monetize their pets via multiple sources -- product endorsements, licensing agreements and even original merchandise.

It all starts with building a massive following online. Viral pet owners can also consider registering a trademark, whether it's a name or a distinctive feature, to help protect against any copycats, said Marty Brochstein of the International Licensing Industry Merchandisers' Association.

"Is there some specific recognizable aspect to it that makes it other than just a cat?" Brochstein said. "In terms of bringing in business, it's just like any other celebrity -- you have an agent who is either fielding offers or ferreting out business opportunities."

Grumpy Cat, for example, has an easily identifiable sourpuss face -- the product of an underbite and feline dwarfism, a genetic condition. The look has entranced millions of web followers, leading to Grumpy Cat designer apparel, a New York Times best-selling book, a movie and a coffee brand -- Grumppuccino.

The licensing and merchandising deals have translated to buckets of cash for Grumpy Cat's owner, Tabatha Bundesen.

"Grumpy Cat is making millions!," said North. "It's shocking!" Bundesen didn't respond to requests for comment.

And yes, Grumpy Cat has a manager, as does Hong Kong's own celebrity cat, Brother Cream, a chubby white and tan feline who lives in a local convenience store. Brother Cream has thousands of social media followers, and fans who visit from around the globe want to know about everything from his bowel movements to public appearance schedule, owner Ko Chee-Shing said.

Like Grumpy Cat, Brother Cream has done commercials or promotions for major brands such as L'Occitane, Shu Uemura, Microsoft (MSFT, Tech30) Xbox and Nikon (NINOY). Ads featuring his image are plastered across the city's public buses, airport baggage carts and subway stations. Groupies can buy handbags, stickers, books and folders with his image.

Related: Big dogs suffer as Hong Kong status symbols

Brother Cream has been paid hundreds of thousands of dollars for his work, padding out a stellar five-page resume. So much money has flooded in that Ko started a non-profit to dole funds out for charitable purposes, including animal rescue and food aid programs.

His fame has even helped bring more customers to Ko's shop, one of the few remaining independent convenience stores in a market dominated by international chains 7-Eleven and Circle K.

Brother Cream, who initially did nuzzle a hello to this reporter, later declined to answer any questions in favor of a nap -- in true celebrity fashion.

Related: Doggie dates have come to Tinder!

CNNMoney (Hong Kong) April 14, 2015: 8:54 PM ET

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China's economic growth drops to slowest pace since 2009

Gross domestic product expanded by 7% in the first three months of 2015, compared to the same period last year, according to China's National Bureau of Statistics.

While that matches the expectations of economists surveyed by CNNMoney, it is quite a decline from the final quarter of 2014, when growth came in at 7.3%.

Moderate economic expansion isn't all bad news, said Andrew Colquhoun of Fitch Ratings. "It means the economy is adjusting to a more sustainable path -- we'd expect the economy to slow as it re-balances."

The strength of China's economy is often difficult to judge at the beginning of the year because of the Lunar New Year holiday. But recent data on manufacturing activity and exports have disappointed, and analysts expect slower growth going forward.

The downturn is putting additional pressure on the central government as it works to transition China to a consumption-led economy. Policymakers are also trying to avoid a sudden slowdown in economic growth, which could cause unemployment to surge and consumption to lag.

Experts say a downturn in China's real estate sector is the single biggest risk to the economy, which relies on the industry to boost growth and for new jobs. Other challenges include ballooning government and corporate debt.

Related: Economists are really worried about China's massive property sector

China's foreign exchange reserves have also fallen, a sign that speculative capital is leaving the country as growth concerns intensify.

Colquhoun said the People's Bank of China will need to respond to weakening growth with further monetary easing. The central bank already cut interest rates twice since late last year in an attempt to boost investment and shore up the economy.

GDP growth in China remains the most comprehensive gauge of the country's economic health. China averaged economic expansion of around 10% a year over the past three decades, making it the world's second-largest economy.

Economists forecast 6.8% GDP growth for this year, and even slower expansion at 6.5% in 2016, according to the CNNMoney survey. China recorded GDP growth of 7.4% in 2014, the worst in 24 years.

Despite economic stability concerns, Chinese stock markets have continued to surge to astonishing highs. While stocks swung between gains and losses on Wednesday, the benchmark Shanghai Composite is still up 28% this year. The Shenzhen Composite has spiked over 50% year to date, making it the world's top-performing stock market.

Related: China's factories slump amid growth concerns

CNNMoney (Hong Kong) April 14, 2015: 11:18 PM ET

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Hillary channels Elizabeth Warren in campaign bid

In her video campaign announcement Sunday, Hillary Clinton unveiled what's expected to be the central theme of her presidential bid: Serving as a champion for "Everyday Americans."

"Americans have fought their way back from tough economic times, but the deck is still stacked in favor of those at the top," she said in the short video. "Everyday Americans need a champion and I want to be that champion. So you can do more than just get by. You can get ahead and stay ahead."

Long considered a centrist, Clinton sounded strikingly similar to Warren, the outspoken darling of the left wing, which has been pushing the Massachusetts senator to run for the 2016 nomination. (So far, she has declined.) Warren's main talking point: Give every American a fighting chance.

"America's middle class is under attack. It's in trouble because the game is deliberately rigged," Warren wrote in her memoir, A Fighting Chance. "I am determined -- fiercely determined -- to do everything I can to help us once again be the America that creates opportunities for anyone who works hard and plays by the rules."

Related: Elizabeth Warren: 8 ways to restore the middle class

Warren's proposals to boost middle class prosperity include: Raising the minimum wage, supporting bargaining rights for workers, ensuring workers get overtime pay and creating good paying jobs through investments in roads, bridges, power grids, education and research, among other things.

In an election where every candidate is focused on the middle class, Clinton may have to shift left to appeal to the Democratic base. She and her advisers have been speaking to income inequality and economic mobility gurus, including Joseph Stiglitz of Columbia University and Raj Chetty of Harvard, according to media reports.

Stiglitz, a Nobel-prize winning economist, has argued that income inequality has exploded over the past 30 years. The widening gap endangers economic growth and makes it harder for people to achieve the American Dream.

Related: Stiglitz on how to fix the income gap

Chetty, on the other hand, focuses on economic mobility. His work has found that residents in communities with higher rates of segregation and income inequality, as well as fewer two-parent families, are less likely to climb the economic ladder.

Clinton's new top talking point is increasing opportunity for all Americans. She reiterated this in a new epilogue to the paperback versions of her book, Hard Choices, excerpted on Huffington Post on Friday. In it, she noted the advantages that her first grandchild, Charlotte, will have.

"Too few of the children born in the United States and around the world today will grow up with the same opportunities as Charlotte," she wrote. "I'm more convinced than ever that our future in the 21st century depends on our ability to ensure that a child born in the hills of Appalachia or the Mississippi Delta or the Rio Grande Valley grows up with the same shot at success that Charlotte will."

But some diehard liberal Democrats, including Warren, want to hear more on how Clinton plans to reduce inequality. So far, they say Clinton's message is long on rhetoric and short on specific policies.

A Clinton spokesman did not respond to a request for comment.

Related: NYC's Bill de Blasio not ready to endorse Hillary Clinton yet

New York City Mayor Bill de Blasio, who managed Clinton's Senate campaign in 2000, made waves when he said Sunday that he is holding off on endorsing Clinton until he learns more about her vision.

Warren, meanwhile, is also waiting for more details.

Asked in February by the Reverend Al Sharpton on MSNBC whether Clinton would be a "progressive warrior," Warren said "that's what we've got to see."

"I want to hear what she wants to run on and what she says she wants to do," Warren said.

Related: Republican? Or Elizabeth Warren? Who said it?

CNNMoney (New York) April 13, 2015: 6:18 PM ET

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Will.i.am is selling sheets made from old Coke bottles

Will.i.am is partnering with Coke and W Hotels on a line of bed sheets partially made from old plastic bottles.

It's not that he's fallen on hard times in the music biz, it's more that he's into recycling. So the Black Eyed Peas frontman has partnered with Coke (KO) and W Hotels on a line of bedding made with at least 30% recycled plastic.

The sheets will soon be on all W hotel beds worldwide. They don't look or feel any different than the hotel's current sheets -- the plastic is used to make polyester and simply replaces the virgin polyester currently used in the blended fabric. Each king-sized sheet will contain about 31 plastic bottles.

For W, the move was about being more eco-friendly as well as saving money. The new sheets are more durable and can be washed up to 200 times before wearing out (compared to about 100 washes now).

Related: L.A. to control its street lights with a single laptop

The sheets will also be available for purchase at the W's store, though they aren't cheap -- a set starts at $207.

They'll carry both the W and Ekocycle brand. Ekocycle is a broader partnership between Will.i.am and Coke to use recycled content in more products.

Will.i.am said he got the idea for Ekocycle back in 2008 after attending conferences on corporate social responsibility and hearing about how firms want to cut waste.

"A lot of times the companies say what they want to do, but not how they're going to do it," he said. "Or they do it, but they don't tell anyone."

Related: The activist nun reforming for-profit prisons

So he pitched Coke with an idea to market recycled plastic to other firms that wanted to green their products. Coke bit, and Ekocycle launched in 2012. It now has its name on over 150 products including shoes, luggage, bicycles and chairs. Companies that want to use the Ekocycle brand pay a royalty, which is shared between Coke and Will.i.am.

"Our resources are not forever," Will.i.am said. "Sustainability is going to be something we're all talking about."

If all this sounds like a bunch of people making money while burnishing their green credentials, it is. But it's also important for those with branding experience to create a market for recycled material. This is especially true now that the cost of oil -- which is virgin plastic's main ingredient -- is so low. Cheap virgin plastic puts recycled plastic at a disadvantage.

"Recycling is more than just putting stuff in the right bin," said Darby Hoover, a resource specialist at the Natural Resources Defense Council. "And it's good that Coke is taking responsibility for its bottles."

CNNMoney (New York) April 13, 2015: 6:25 PM ET

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High-skilled visa applications hit record high

These locations saw the most H-1B visa recipients in 2013, the only year for which data is currently available.

But it's getting tougher to "win" a work visa each year.

This year, 233,000 foreigners applied for the H-1B, the most common visa for high-skilled foreign workers. That's up significantly from 2014 (172,500 applications) and nearly double the applicants from two years ago (124,000).

"I'm not surprised by how high the number is," said immigration lawyer Tahmina Watson of Watson Immigration Law. "The world has changed and the law has not kept up with the world."

The U.S. Citizenship and Immigration Services will grant just 85,000 H-1B visas (20,000 of which are reserved for master's degree holders), which it selected on Monday via a lottery process. The unlucky applicants will get the $325 filing fee back.

Watson says the number of applicants is proof that Congress needs to act.

Proposed bills like I-Squared Act would lift the quota to 195,000 visas annually. There is also a proposed bill for a Startup Visa. If passed, this would transfer foreign entrepreneurs currently in the H-1B pool into a separate category.

In the meantime, states like Massachusetts and Colorado have introduced programs to help applicants get around the H-1B cap.

"Businesses really need to fill positions," said Watson, "... and people will not be able to get their dream jobs."

Related: These cities have the most high-skilled foreigners

Related: The next Google is one visa away from leaving the U.S.

CNNMoney (New York) April 13, 2015: 6:28 PM ET

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Donald Trump: I don't want T-Mobile in my hotels

The Donald and the CEO of T-Mobile (TMUS) became embroiled in an epic Twitter battle this weekend, in which Trump said he wanted T-Mobile out of his establishments.

"T-Mobile service is terrible! Why can't you do something to improve it for your customers. I don't want it in my buildings," Trump tweeted Saturday at John Legere, T-Mobile's chief executive and no Twitter slouch himself.

The candid and brash Legere, who frequently drops F-bombs and once crashed (and was thrown out of) an AT&T (T, Tech30) party, fired back at Trump.

"I will serve all customers in the USA openly but I will obviously leave your hotel right away based on this. #checkingout," Legere tweeted.

Oh, if it only stopped there. The Donald, as he typically does, claimed victory.

"T Mobile service sucks and it took a Trump to call him out! @realDonaldTrump for President!"

But Legere didn't give up, firing off a tweetstorm that continued into Sunday morning. Legere, by far, delivered the lowest blows of the Twitter war.

"checked out.. Now I don't have to watch tv with the 1st 9 channels being the Trump family saying how wonderful they are:)"

Legere later added, "I am so happy to wake up in a hotel where every single item isn't labeled 'Trump' and all the books and TV is about him"

Trump also continued tweeting about T-Mobile into Sunday. In case you're wondering which carrier Trump uses, he said he believed Verizon was the best provider, tweeting Verizon's famous coverage map.

Related: This is the fastest cell phone network ever

Related: T-Mobile will pay $650 for you to switch

CNNMoney (New York) April 12, 2015: 12:54 PM ET

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The 'Hillary beat': Who's covering Clinton

The New York Times was particularly early out of the gate. The paper shifted reporter Amy Chozick to its politics team to cover Clinton in the summer of 2013 -- 649 days before Clinton's announcement on Sunday.

By the end of that year, BuzzFeed put reporter Ruby Cramer on the "Hillary beat." CNN promoted White House correspondent Brianna Keilar to serve as its lead Clinton reporter in early 2014. And last spring, the Washington Post assigned the same role to reporter Anne Gearan, who had covered Clinton during her time as secretary of state.

Chozick, who covered Clinton's failed 2008 presidential bid for the Wall Street Journal, told CNNMoney that she has relished her time on the beat ahead of the campaign launch.

Related: Gloria Borger analysis - What is Hillary Clinton thinking?

"I've loved the past 18 months or so when I've mostly written enterprise stories, observed Clinton at low-key events in New York and elsewhere and had the time to study up and get to know the people who will be characters in the narrative that will begin to take shape after Sunday's announcement," Chozick said.

Chozick said she's been to Arkansas, where former President Bill Clinton served as governor for 12 years, at least six times. She said she has read every "credible" book on the Clintons.

"That time was critical because as soon as the daily grind of a presidential campaign starts it's hard to find time to sleep, much less thoroughly study your subject," Chozick said.

The early coverage speaks to Clinton's stature. Unlike other presidential aspirants, the former secretary of state is already a household name and one of the most recognizable people in the world.

Related: Hillary Clinton's economic plans need overhaul

News outlets have devoted far more resources to Clinton than potential general election foes like Jeb Bush or Scott Walker. That has only tightened the competition to break news on Clinton.

Earlier this year, the New York Times poached former Politico writer Maggie Haberman, widely considered to be the best-sourced reporter in Clinton's orbit, to supplement the newspaper's coverage of the Democratic frontrunner.

The Clinton-focused scribes will also face competition from veteran reporters like Glenn Thrush of Politico and Julie Pace of the Associated Press. On Saturday, Pace nabbed a scoop on the Clinton campaign's economic message.

The assignment is a potential career-maker. Campaign reporters have often followed candidates to the White House. Pace covered President Obama's 2008 campaign and continued to report on him throughout his first term. In 2013, the AP promoted her to White House correspondent.

Covering a candidate before she's officially a candidate posed certain difficulties to the reporters.

"It's been challenging and frustrating to know that there was a campaign forming and a message being crafted and people being hired, and really only being able to see and write about a small portion of it," said Gearan, the Washington Post reporter.

Gearan said she has spent much of the last year cultivating sources in Iowa. "I'm certainly ready to get on with it," she added.

Clinton has given regularly scheduled speeches since last summer, and the recent controversy surrounding her use of a private email account at the State Department generated plenty of media attention. But many of the stories on Clinton's assumed presidential ambitions have been previews of her campaign.

"There's been a lot of stage-setting," Politico's Annie Karni said. "One story everybody is writing is what will Bill Clinton's role be. That's an important factor in the race and a big question to answer, but while we're in campaign-in-waiting mode, it is a stage-setting story."

Karni, who left the New York Daily News in March to cover Clinton for Politico, noted a tangible campaign development earlier this month.

Along with her colleague Gabriel Debenedetti, Karni reported that Clinton's team had signed a lease in Brooklyn for a campaign headquarters.

"If you think about it, signing a lease is a small thing," Karni said. "But it was something concrete to show us that it was coming and it took on new significance because there was nothing else official going on."

More news has trickled out since then. On Thursday, a group of reporters gathered at the Washington, D.C. home of Clinton campaign chairman John Podesta for an off-the-record dinner. Clinton's team hosted a similar gathering on Friday night in New York.

The dinners could be seen as an effort by Clinton to improve her complicated relationship with the press. At an awards ceremony last month, Clinton said, at least partly in jest, that she was interested in forging a "new relationship with the press."

"So here it goes. No more secrecy. No more zones of privacy. But first of all, before I go any further. If you look under your chairs, you'll find a simple nondisclosure agreement," she joked.

For reporters on the "Hillary beat," the outreach hasn't gone unnoticed.

"I'd say that everyone is trying to start off on the right foot, just being friendly as human beings and acknowledging that this is our job," Karni said. "There's an effort to start off on a collegial note and to get along."

CNNMoney (New York) April 12, 2015: 8:39 PM ET

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China is poised to report worst growth since the financial crisis

Gross domestic product is forecast to have expanded by 7.0% in the first quarter of 2015, compared to the same period last year, according to the survey's median estimate.

That's quite a drop from the final quarter of 2014, when economic growth came in at 7.3%. Looking ahead, economists expect to see 6.8% annual GDP growth for this year, and even slower expansion at 6.5% in 2016.

The strength of China's economy is often difficult to judge at the beginning of the year because of the Lunar New Year holiday. But many recent data points have been so disappointing that experts are bracing for the worst.

Although survey estimates remain in line with the government's target of 7%, economists expect Beijing to take stimulus action if the economy slows much further, according to the survey. One of the biggest risks facing the Chinese economy continues to be a waning property sector.

"While we do not expect a dramatic slowdown, we think downward pressures on growth stemming from the weakness in real estate will remain in the coming months," wrote Louis Kuijs of RBS in a research note. "Against this backdrop, we think more macroeconomic easing steps will follow in the coming months to ensure that GDP growth will not fall too much below the target of 7% in 2015."

So far this year, the government has already tried to shore up the real estate sector, putting in place measures to boost property sales and battle slowing construction. But UBS economists Harrison Hsu and Wang Tao said the measures won't be enough to reverse the overall slowdown.

Related: China's factories slump amid growth concerns

Other risks continue to loom, including capital outflow and massive local government debt.

Overall, analysts expect Beijing to consider interest rate cuts, a lower reserve requirement ratio, and further monetary easing to support the economy.

GDP growth in China remains the most comprehensive gauge of the country's economic health -- an important number to watch as the government tries to steer the country towards consumption-driven growth.

China averaged economic expansion of around 10% a year over the past three decades, making it the world's second-largest economy and boosting household wealth. But now, the pace of growth is languishing -- China recorded GDP growth of 7.4% last year, the worst in 24 years, a significant slowdown from double-digit growth in 2010.

The National Bureau of Statistics will announce first quarter GDP numbers on April 15.

Related: The world's hottest stock market is in China

CNNMoney (Hong Kong) April 12, 2015: 10:01 PM ET

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HBO still hasn't heard from Scientology lawyers for 'Going Clear'

"Facts are stubborn things," HBO CEO Richard Plepler said in an interview with CNNMoney this week.

"Everybody's entitled to their own opinion, but they're not entitled to their own facts," he added. "I think the documentary bears up very well to any kind of scrutiny."

Sheila Nevins, the president of HBO's documentary division, had a similar comment -- "facts are facts" -- when asked about the film at a party on Wednesday held by The Hollywood Reporter.

The March 29 premiere of "Going Clear" scored the highest overnight viewership for an HBO documentary in nine years. Nevins and Plepler pointed out that the documentary is still reaching new viewers every day thanks to repeats and HBO's various on-demand services.

John Travolta isn't interested in watching HBO's Scientology documentary 'Going Clear.'

"Going Clear" was back in the news this week when John Travolta, a member of the church, said he was uninterested in seeing it.

The documentary, by well-known filmmaker Alex Gibney, is based on the book of the same name by Lawrence Wright.

In an interview before the premiere, Gibney said he was well aware of the possibility that Scientology might try to strike back with lawsuits.

But, he said, "we were very rigorous in terms of how we checked our story, how we had it scrutinized extensively by lawyers -- not only my own lawyers but by HBO's lawyers," Gibney said.

Nevins once commented that there were "probably 160 lawyers" involved, but she meant that hyperbolically.

HBO's other recent documentary success was "The Jinx," a six-part series about the troubled multi-millionaire Robert Durst, a suspect in several murders.

There have been questions about the extent of filmmaker Andrew Jarecki's communication with law enforcement, particularly due to the recording of Durst apparently saying to himself he "killed them all."

"I can tell you unequivocally we did not withhold any evidence," Plepler said, calling Jarecki "very scrupulous."

"I think what's important to remember is that a 30-year -- 30-year -- murder mystery was essentially opened up" by Jarecki and his colleagues, Plepler added.

HBO and the parent of this web site, CNN, are both owned by Time Warner.

CNNMoney (New York) April 10, 2015: 6:34 PM ET

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The Obamas paid $93,362 in federal income taxes

President Obama and First Lady Michelle Obama reported about the same amount of income in 2014 as they did in 2013.

President Obama and First Lady Michelle Obama reported $495,964 in gross income last year, according to their 2014 tax returns released by the White House on Friday afternoon.

The president's salary accounted for nearly $395,000 of that, while their net business income came to $88,181 from Random House and literary management company Dystel & Goderich. They also earned about $16,000 in taxable interest.

After accounting for $17,400 in tax-deferred retirement savings and a $1,181 deduction for the self-employment payroll taxes they paid, their adjusted gross income came to $477,383, just a little less than they earned the year before.

Related: Top 400 taxpayers' average income jumps to $336 million

So how much of all that went to Uncle Sam? The Obamas' federal income tax bite came to $93,362, or 19.6% of their AGI.

A piece of that tax burden -- $2,035 -- was attributable to the Medicare surtax on high earners that was created to help fund Obamacare.

The Obamas donated $70,712, or about 15% of their AGI, to more than 30 charities.

They also paid $22,640 in income taxes to their home state of Illinois.

CNNMoney (New York) April 10, 2015: 6:33 PM ET

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Hillary Clinton's economic plans need an overhaul

Clinton is expected to begin her presidential campaign this weekend, yet she's stayed mum on the economy -- something she hammered on during the 2008 campaign.

"She's a blank check at this point," says Dean Baker, co-director for the Center for Economic and Policy Research. "She'll be pressed to take positions."

America's economy has come a long way from 2008. Back then, the country was headed toward a recession. The unemployment rate was climbing -- eventually on its way to 10% -- while America's housing market was collapsing. The divide between Wall Street and Main Street was just beginning to widen, some argue.

Now, unemployment is down to 5.5% -- not far from its target level. Last year was America's best year of job growth since 1999. However, some big issues remain. Inequality is worsening and most people's wages have barely grown.

How Hillary approaches inequality, as well as her relationships with Wall Street and Main Street, will be key to her success in this campaign.

Here's how Hillary may shift her approach for 2016:

Related: 'Hillary' websites going for up to $295k

1. How will she tackle Inequality?

Then: Clinton heavily criticized President George W. Bush for his handling of the economy in 2008. She zeroed in on jobs losses, rising inequality and no wage growth.

While the economy hadn't fallen off a cliff yet -- unemployment was 5.6% when she lost the primary race -- her inequality rhetoric resonated with many Americans.

A Republican president ineligible for another election presented an easy punching bag for Clinton on inequality.

"President Bush had one final chance tonight to acknowledge what the American people have known for years: that the economy is not working for middle class families," Clinton said of Bush's State of the Union address in January 2008.

Now: Those problems haven't changed much under President Obama, but Clinton is unlikely to throw the same darts at her former boss.

Inequality is arguably worse now, and wage growth remains the economy's sore spot. In 2008, median weekly wages were $796 -- the exact same amount at the end of 2014, adjusted for inflation, according to the Labor Department.

Clinton must carefully calculate an inequality message without distancing herself from Obama's economic achievements, experts say.

"It s a very different world" from 2008, says Gary Burtless, an economist at the Brookings Institution. "There's more anger out there about the economy and inequality. She'll modify the rhetoric she uses."

Related: The tough task of going through Hillary's emails

2. Too cozy with Wall Street?

Then: The stock market boomed during Bill Clinton's time in office. Hillary liked to remind Wall Street of that in 2008. The tech boom, free trade agreements and bull market were all hallmarks of President Clinton's economy.

Bill had cemented a relationship with Wall Street that Hillary benefited from in 2008, says Larry Sabato, a politics professor at the University of Virginia.

"She was the candidate of Wall Street" in 2008, says Sabato.

Now: Wall Street is still expected to doll out millions to Hillary's campaign, but she must tip-toe more carefully around that support, experts say. The recession generated a scathing image of the bankers who helped finance Hillary's run in '08.

Most recently, democratic senator Elizabeth Warren is hammering big banks for more reforms and could press Hillary and others to take stance as well.

Hillary will have to find the balance between appealing to the Warren democrats that want greater financial change and Clinton's loyal Wall Street donor base, experts say.

"She'll want the populist rhetoric but also the money," says Sabato. With the Clintons, "the money comes first and it may be completely separate from the rhetoric."

Related: He serves BBQ to Bill & Hillary Clinton

3. Can she connect with Main Street?

Then: Clinton ridiculed President Bush in 2008, telling USA Today that the "moneyed class" had reaped all the benefits of his economy.

As a New York senator -- and former First Lady -- she championed middle class jobs, minimum wage laws and pushed for health care reform.

Several years later, Clinton's relationship with the moneyed class is much more public and perhaps political dynamite for her economic policies during this campaign.

Now: Average Americans are still struggling. Inequality is a much bigger issue than it was eight years ago, propelling Thomas Piketty's 700-page book "Capital in the 21st Century" to bestseller status last year.

Experts say Clinton's problem will be connecting with typical Americans. Since leaving the State Department, Hillary has made a fortune on speeches and her book, on top of Bill's well-known wealth.

Knowing this perception, Clinton plans to hold small campaign events this week geared at giving face time to average folks. How Clinton tries to relate to Americans on hot topics like inequality, middle class jobs and the federal minimum wage could be key early on.

Clinton has already tried once to convince Americans she had it hard. One political slip-up came when she wrote in her book, "Hard Choices" that she and Bill were "dead broke" when they left the White House in 2001. The comment was widely viewed as out-of-touch with Main Street realities.

"It was just bizarre," says Baker. The Clinton's wealth "is not anyone's idea of flat broke."

Related: 'President' Hillary Clinton: Good for stocks?

CNNMoney (New York) April 11, 2015: 9:05 AM ET

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BuzzFeed reposts deleted Dove article

BuzzFeed reposted a story about Dove soap after questions arose over why it had been deleted.

"I blew it," Editor-in-Chief Ben Smith wrote in a memo that he tweeted Friday. "Twice in the last couple of months, I've asked editors -- over their better judgment and without any respect to our standards or process -- to delete recently published posts from the site."

Smith added that he "reacted impulsively when I saw the posts and I was wrong to do that" and that both posts would be reinstated with a brief note.

One of the deleted then reinstated stories was posted in February and concerned the game of Monopoly. The other was posted to the site's "Life" page on Wednesday and was critical of a Dove advertising campaign.

"This post was inappropriately deleted amid an ongoing conversation about how and when to publish personal opinion pieces on BuzzFeed," an update read on the reinstated story. "The deletion was in violation of our editorial standards and the post has been reinstated."

Gawker noticed the deletion on Thursday and raised the question whether the article was taken down due to the BuzzFeed's relationship to Unilever, Dove's owner, and a BuzzFeed advertiser.

Hasbro, the makers of Monopoly, is also an advertiser.

Smith denied that advertiser pressure was behind the Dove story deletion.

"You also have a right to ask about whether we did this because of advertiser pressure, as Gawker suggested," Smith wrote to the BuzzFeed staff on Friday. "The answer is no."

Soon after Gawker's story on Thursday, Smith posted a memo on Twitter written by BuzzFeed Life editorial director Peggy Wang and BuzzFeed Food editor Emily Fleischaker.

The memo said that the piece was pulled due to the article's voice and not its content.

"When we approach charged topics like body image and feminism, we need to show not tell," the memo read. "Using our own voices (and hence, BuzzFeed's voice) to advance a personal opinion often isn't in line with BuzzFeed Life's tone and editorial mission."

Or as Smith said in the tweet attached to the Thursday memo: "We are trying not to do hot takes."

On Friday, Smith made it clear that advertiser pressure is something he tries to shield his staff from.

"I field complaints all the time from companies and individuals, including advertisers, and I see it as my job to shield you from that pressure," he wrote.

Related: BuzzFeed wants to expand its content empire.

CNNMoney (New York) April 10, 2015: 6:14 PM ET

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HBO still hasn't heard from Scientology lawyers for 'Going Clear'

"Facts are stubborn things," HBO CEO Richard Plepler said in an interview with CNNMoney this week.

"Everybody's entitled to their own opinion, but they're not entitled to their own facts," he added. "I think the documentary bears up very well to any kind of scrutiny."

Sheila Nevins, the president of HBO's documentary division, had a similar comment -- "facts are facts" -- when asked about the film at a party on Wednesday held by The Hollywood Reporter.

The March 29 premiere of "Going Clear" scored the highest overnight viewership for an HBO documentary in nine years. Nevins and Plepler pointed out that the documentary is still reaching new viewers every day thanks to repeats and HBO's various on-demand services.

John Travolta isn't interested in watching HBO's Scientology documentary 'Going Clear.'

"Going Clear" was back in the news this week when John Travolta, a member of the church, said he was uninterested in seeing it.

The documentary, by well-known filmmaker Alex Gibney, is based on the book of the same name by Lawrence Wright.

In an interview before the premiere, Gibney said he was well aware of the possibility that Scientology might try to strike back with lawsuits.

But, he said, "we were very rigorous in terms of how we checked our story, how we had it scrutinized extensively by lawyers -- not only my own lawyers but by HBO's lawyers," Gibney said.

Nevins once commented that there were "probably 160 lawyers" involved, but she meant that hyperbolically.

HBO's other recent documentary success was "The Jinx," a six-part series about the troubled multi-millionaire Robert Durst, a suspect in several murders.

There have been questions about the extent of filmmaker Andrew Jarecki's communication with law enforcement, particularly due to the recording of Durst apparently saying to himself he "killed them all."

"I can tell you unequivocally we did not withhold any evidence," Plepler said, calling Jarecki "very scrupulous."

"I think what's important to remember is that a 30-year -- 30-year -- murder mystery was essentially opened up" by Jarecki and his colleagues, Plepler added.

HBO and the parent of this web site, CNN, are both owned by Time Warner.

CNNMoney (New York) April 10, 2015: 6:34 PM ET

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The Obamas paid $93,362 in federal income taxes

President Obama and First Lady Michelle Obama reported about the same amount of income in 2014 as they did in 2013.

President Obama and First Lady Michelle Obama reported $495,964 in gross income last year, according to their 2014 tax returns released by the White House on Friday afternoon.

The president's salary accounted for nearly $395,000 of that, while their net business income came to $88,181 from Random House and literary management company Dystel & Goderich. They also earned about $16,000 in taxable interest.

After accounting for $17,400 in tax-deferred retirement savings and a $1,181 deduction for the self-employment payroll taxes they paid, their adjusted gross income came to $477,383, just a little less than they earned the year before.

Related: Top 400 taxpayers' average income jumps to $336 million

So how much of all that went to Uncle Sam? The Obamas' federal income tax bite came to $93,362, or 19.6% of their AGI.

A piece of that tax burden -- $2,035 -- was attributable to the Medicare surtax on high earners that was created to help fund Obamacare.

The Obamas donated $70,712, or about 15% of their AGI, to more than 30 charities.

They also paid $22,640 in income taxes to their home state of Illinois.

CNNMoney (New York) April 10, 2015: 6:33 PM ET

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Norah O'Donnell seen as Bob Schieffer's possible successor

CBS is not commenting. That's partly because no concrete decision about Schieffer's successor has been made, according to people with direct knowledge of the process.

But speculation immediately centered around Norah O'Donnell, Schieffer's primary substitute. Other names include CBS's chief White House correspondent Major Garrett and political director John Dickerson.

Related: Legendary CBS anchor Bob Schieffer to retire this summer

O'Donnell, who The Hollywood Reporter just this week called "a rising star" at CBS, has been in line for "Face the Nation" for years.

There is one obvious hurdle, however, and that's her current job: co-host of "CBS This Morning" Mondays through Fridays. The morning show makes a lot more money than Sunday's "Face the Nation," and lately it's been on a growth spurt, though it remains in third place behind "Good Morning America" and "Today."

O'Donnell could theoretically have both jobs -- the way ABC's George Stephanopoulos co-hosts "GMA" on the weekdays and competes with Schieffer on the weekends as the moderator of "This Week."

She would be the only woman among the hosts of the major Sunday morning public affairs programs that hold a special place in the nation's capital.

"I think Sunday mornings are a gem," she said last year when asked by The Washington Post whether she'd like to take over for Schieffer someday.

She said she didn't think the opportunity would come open anytime soon: "Do I love filling in for Bob? Yes. Do I think he's going to do that show for a long time? Yes. You don't leave something that you're number one at."

Indeed, Schieffer's timing surprised some observers, since "Face the Nation" has solid ratings -- #1 by some rankings, ahead of ABC's "This Week" and NBC's "Meet the Press" -- and since the 2016 presidential election is coming up.

He said on Wednesday night that he'll sign off sometime this summer. The timing will let the new host settle into the job before the primary season officially gets underway.

O'Donnell is certainly not the only option. Garrett is also a sub for Schieffer, and he doesn't have a morning show complication like O'Donnell does. Garrett joined CBS in 2012 after working at Fox News and National Journal.

Dickerson, "CBS This Morning" co-host Charlie Rose and CBS Congressional correspondent Nancy Cordes have all also been mentioned, too.

With Schieffer stepping down, there are now two openings among the lineup of Sunday morning political talk shows.

The other opening is at CNN, where "State of the Union" anchor Candy Crowley stepped down last December. The cable channel (which owns this web site) has been having guest anchors fill in, and has not named a permanent replacement.

Related: NBC News has a new boss. What's on his to-do list

Related: ABC's David Muir on Brian Williams' woes: 'I wouldn't wish it on anyone'

CNNMoney (New York) April 9, 2015: 6:35 PM ET

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Cosmopolitan magazine secures first Chelsea Manning interview

Chelsea Manning seen in a photo she sent to a military supervisor in 2010.

The article marks the first time Manning has spoken "as an army private who leaked classified documents, went to military prison, and sued for the right to transition into living as a woman in jail," according to the story, which is in the magazine's May issue and online.

Manning was convicted of violations of the Espionage Act in 2013 for turning over a trove of classified data to the website WikiLeaks. Since the conviction as Private Bradley Manning, the soldier has transitioned, in prison and aided by federal funding, into a transgender woman.

"I'm fascinated by the character of Chelsea Manning; I'm fascinated by the fact that Julian Assange was played by Benedict Cumberbatch, the hottest thing in town, in a big Hollywood movie and yet Chelsea Manning disappeared from view," Cosmopolitan editor-in-chief Joanna Coles said in an interview with CNN.

She pointedly added that without Manning, there would be no WikiLeaks as it's known to the public today.

Manning has penned opinion pieces for The New York Times and The Guardian from prison. With Cosmopolitan, she shared a more personal side, detailing her experience as a transitioning woman in prison.

Writer Abigail Pesta, an investigative journalist and contributor to the magazine, communicated with Manning through letters since the military does not allow prisoners to speak to the press by phone.

Coles estimated that the piece was in the works for about a year. Pesta brought the idea to Coles.

We "were very interested in the transition to Chelsea and the idea of transitioning to being a women in a men's prison. I couldn't get my head around it," she said.

Coles called it an idea that was "hiding in plain sight," but no doubt a huge get for the women's magazine.

"As an editor I like to have something unexpected and a surprise in each issue. I imagine our readers will be as fascinated as I am by this story," she said.

Though Manning declined to comment on the WikiLeaks reveal, she talked about life behind bars: studying in the prison library, working out in the gym, and visits from friends and family.

Thus far, she said, there has been no harassment from other inmates regarding her transition.

"The guys here are adults ... There are some very smart and sophisticated people in prisons all across America — I don't think television and the media give them credit," she says to Pesta.

Manning said she receives fan-mail from around the world, including from celebrities and even Edward Snowden.

The Cosmopolitan article is reflective of the way gender identity is increasingly receiving mainstream media attention.

Coles pointed out that Netflix's "Orange Is The New Black" is a "huge show" among Cosmo readers.

More broadly speaking, "transgender people are having a moment in our culture right now," she said, illustrated by the success of Amazon's TV series "Transparent" and Bruce Jenner's rumored -- but not confirmed -- gender transition.

As for Cosmo getting the Manning scoop, well, it might be an example of how Coles has given the Hearst brand a 21st century face-lift. She took the helm in 2012.

Earlier this year a New York magazine profile connected Coles to a new ("4th -- or Is It 5th?") wave of feminism.

Coles shrugged off this definition in an interview, though, and insists she's pragmatic.

"I come from this point of view of being an editor," she said. "I never have an agenda; my only agenda is finding interesting stories, and people have interpreted that as being political."

Last June, Cosmopolitan snagged an exclusive interview with ousted New York Times executive editor Jill Abramson. The magazine has beefed up original reporting with hires like Jill Filipovic, an attorney and senior political writer for the magazine.

"Women's magazines get patronized," Coles said. "And that's unfair."

But as news organizations continue to chase Cosmo's reports like the Manning profile, or Elle's recent profile of Ruth Bader Ginsburg, that will likely change.

Chelsea J. Carter, Ashley Fantz, Jethro Mullen, and Larry Shaughnessy contributed to this report.

CNNMoney (New York) April 9, 2015: 4:23 PM ET

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Google doesn't care where you went to college

Not really, according to Laszlo Bock, Google's Head of People Operations.

When the company was small, Google cared a lot about getting kids from Harvard, Stanford, and MIT. But Bock said it was the "wrong" hiring strategy. Experience has taught him there are exceptional kids at many other places, from state schools in California to New York.

"What we find is the best people from places like that are just as good if not better as anybody you can get from any Ivy League school," said Bock, who just authored a book titled "Work Rules!" and stopped by CNNMoney to share his smarts.

Every year, 2 million people apply to get a job at Google (GOOG). Bock himself has seen some 25,000 résumés.

So what else does Google not care about:

Grades: Google's data shows that grades predict performance for the first two years of a career, but do not matter after that.

Brainteasers: Gone are interview questions such as: Why are manhole covers round? or How many golf balls can fit in a school bus? "Our research tells us those questions are a waste of time," Bock said. "They're a really coachable skill. The more you practice, you get better at it."

A shoe: "Somebody sent me a shoe once with a résumé tucked inside because they wanted to get their foot in the door." That one didn't work.

Or a robot: Especially when it arrived broken, with exposed wires and a "press here" button. Call in the bomb squad.

Here's what Google does care about:

Problem solvers: Your cognitive ability, or how well you solve problems.

Leaders: The idea is not whether you were president of the student body or vice president of the bank, rather: "When you see a problem do you step in, help solve it," and then critically, "Are you willing to step out and let somebody else take over, and make room for somebody else? Are you willing to give up power?"

Googleyness: That's what Google calls its cultural fit. It's not "Are you like us?" Bock said. "We actually look for people who are different, because diversity gives us great ideas."

What's most important is that people are intellectually humble, willing to admit when they're wrong, and care about the environment around them ..."because we want people who think like owners not employees," Bock said.

The least important thing? Knowing how to do the job.

"We figure if you get the first three right you'll figure it out most of the time."

Inside Google's office in the Netherlands.

CNNMoney (New York) April 9, 2015: 8:30 PM ET

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Zynga founder Mark Pincus is back as CEO

Zynga (ZNGA), maker of games like Words with Friends and FarmVille, announced the leadership change, effective immediately, on Wednesday.

Pincus replaces Don Mattrick, a former Microsoft and Electronic Arts executive, who was brought on a little under two years ago to resurrect Zynga. His efforts have not produced the expected turnaround.

Zynga's stock price and user base slipped under his leadership. At the end of the fourth quarter, despite the fact that revenues were up year-over-year, its number of monthly users dropped 3%.

Mark Pincus, Chief Executive Officer, Zynga

BTIG research analyst Richard Greenfield had called for Mattrick to resign.

"We have been highly skeptical of Zynga's prospects over the past two and a half years," Greenfield wrote in a report, noting the time when BTIG downgraded its rating on Zynga.

After-hour shares of Zynga were trading down 10%.

Related: Zynga founder went from FarmVille to the pot business

-- Additional reporting by CNNMoney's Patrick Gillespie

CNNMoney (New York) April 8, 2015: 7:03 PM ET

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Forget GDP. These nations are doing better than the U.S.

The U.S. ranks 16th in the Social Progress Index, which is based on dozens of criteria measuring well-being, opportunities and basic human needs.

The ranking, released on Wednesday, puts Norway on top, followed by Sweden and Switzerland. It was designed to complement traditional economic indicators -- such as GDP.

"GDP tells us quite a lot about a country's progress, but it's definitely not the whole story. Together with the social progress index, it can give us all-around picture of a country's inclusive growth," said Steve Almond, one of the authors.

Related: How much do you need to be happy?

The U.S., the world's biggest economy, scores poorly across many criteria and ranks behind countries with lower GDP per capita -- including Canada and the U.K.

It is leading the way in only a handful of measures, including people's satisfaction with affordable housing, freedom of speech, and access to advanced education.

But the U.S. is failing in all health and wellness indicators, which include life expectancy, obesity, suicide rates, and personal safety.

The index considers 52 indicators that have impact on the quality of people's lives and their position in society.

Among them are access to water and shelter, well-being indicators like obesity and literacy rates, as well as criteria measuring opportunities, tolerance, and the degree of personal freedoms.

The authors say countries with higher scores are building more prosperous societies and are likely to be better off in the long term.

And while important, the overall economic wealth is not crucial for countries' social progress.

Almond cites Costa Rica as an example. Ranked 28th, it achieves a higher level of social progress than both South Korea and Italy, which have more than twice Costa Rica's GDP per head.

Related: Should happiness, more than GDP, define a nation's success?

CNNMoney (London) April 8, 2015: 9:58 PM ET

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Legendary CBS anchor Bob Schieffer to retire this summer

Schieffer, 78, has been with CBS News for 46 years, and has moderated the network's Sunday morning public affairs talk show for the past 24 years.

In addition to his role at "Face the Nation," Schieffer is also the chief Washington correspondent for CBS News.

In a telephone interview, CBS News president David Rhodes called Schieffer a "reporter's reporter," and said stepping aside was "entirely Bob's decision."

The anchorman has been contemplating retirement for months. He "feels the broadcast is in a really good place right now," Rhodes said, noting its recent ratings success. By some measures "Face the Nation" is reaching 20-year heights in the ratings.

Schieffer announced that he would be moving on during the annual "Schieffer Symposium" at Texas Christian University, his alma mater.

"Because [this was] where it all started for me ... I wanted you all to be the first to know that this summer I'm going to retire," he said, according to CBS.

"It's been a great adventure," Schieffer added. "I'm one of the luckiest people in the world, because as a little boy, as a young reporter, I always wanted to be a journalist, and I got to do that."

Sandy Livingston, who attends the symposium every year, said the announcement "was a stunner to the audience. There were some gasps; I heard some 'Oh nos.' "

Livingston praised the newsman's "humanity" and professionalism. "I'm talking like I know him," he remarked, a testament to Schieffer's broadcasting abilities and longevity.

Rhodes, who was also present for the announcement, said it was an emotional moment.

Twitter was abuzz with congratulatory messages for the "Face the Nation" host.

"Bob Schieffer represents the very best of CBS. Such an amazing career, a great journalist and a wonderful man," tweeted "60 Minutes" Executive Producer Jeff Fager.

".@bobschieffer is a legend; can't imagine a news world without him -- his wit, his sage, his BS detector and even his purple socks -- in it," CNN's Jake Tapper added on Twitter.

Schieffer is one of the most revered reporters in CBS history. He has won multiple awards, including eight Emmys, and interviewed every president since Richard Nixon. Most recently he interviewed President Obama in November.

Praise for the anchor extended even to political figures. Sen. John McCain, a frequent guest, lamented Schieffer's departure.

"Sunday mornings won't be the same w/out @bobschieffer on @FaceTheNation," McCain tweeted. "Look [forward] to sitting across from best in business a few more times!"

"Face the Nation" celebrated its 60th anniversary last year. Speculation will immediately start about potential successors to Schieffer. His primary substitute on "Face the Nation" is Norah O'Donnell, who is also a co-host of "CBS This Morning."

Rhodes declined to comment on succession plans, but referred to the note he sent CBS staffers shortly after Schieffer made the announcement.

"We'll have more to report soon about the plans for this important broadcast and for the Washington bureau as a whole," he wrote. "An important 2016 campaign season is beginning. But this is Bob's night and I hope we can all celebrate with him the remarkable achievement which is his career here at CBS."

Related: ABC's evening news ends five-year winning streak for NBC

Related: Rand Paul says he needs to 'hold my temper' after clashes with press

CNNMoney (New York) April 8, 2015: 10:45 PM ET

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Psychiatrist wants patients to see his name in the New York Times

Is this narcissistic?

"Please print this letter so that when my patients Google me they will see that their psychiatrist and psychoanalyst has been published in The New York Times," wrote Levin, who lives in the Philadelphia area and has had a practice for about 30 years.

The letter, which was published in the Times on Tuesday, made an immediate splash on Twitter, where it was applauded by journalists like New York Daily News columnist Harry Siegel.

"Well played, Bruce J. Levin," Siegel tweeted.

Levin was inspired to write in after reading a story published in the Times on Sunday. The story, titled "Do You Google Your Shrink?," explored how the psychiatric community has adjusted to exposure of personal information in the online age. Levin was not the only psychotherapist who responded to the story.

One reader from Queens argued that "patients always knew a great deal about the person they were talking to" -- even before the advent of the Internet. Another reader from Indiana said that she would turn away any patient who arrived at her office with a trove of information retrieved from the Internet.

Levin opted for levity.

"I just read the article, and it struck me, 'What would Stephen Colbert or Larry David say about something like this?'" he told CNNMoney.

Levin grew up in New York, and he said he's been reading the paper of record since he was a kid.

"I've had some letters in the Times," he said, a modest reference to his more than half-a-dozen missives that the Times has published.

His first published letter came in response to a column by Maureen Dowd. In the letter, Levin applauded Dowd's "depiction of the sweeping cultural and social drug revolution that has shamelessly affected our country." He said Dowd emailed him to express her gratitude.

"A couple people were very hostile to her point of view, and she felt like I understood what she was talking about," Levin recalled.

Levin has relished the response this week to his cheeky letter. He received a phone call from an old high school friend who he hadn't spoken to in years. His son, a college student, told him about the reaction on social media.

"This is the first time I've ever looked at anything on Twitter," Levin said.

He also received an email from a fellow psychiatrist who got a kick out of the letter.

And how did the colleague retrieve Levin's contact information? By Googling him, of course.

Related: Google under fire for Youtube Kids app

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Related: IBM's Watson has published a cookbook

CNNMoney (New York) April 7, 2015: 6:30 PM ET

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What Rand Paul's flat tax plan would look like

He also wants to simplify the tax code, eliminate the estate and gift taxes and wipe out investment taxes too.

And he wants to do it by way of a "flat tax."

"As President, I would promote a Fair and Flat Tax plan, known as the 'EZ Tax.' My tax plan would be the largest tax cut in American history, reforming individual, business, and worker taxes," the Libertarian-leaning senator from Kentucky wrote on his new 2016 campaign Web site.

Related: Rand Paul: 'I am running for president'

The big idea behind a flat tax: Move from an income tax system with many rates to one single rate. Kill all but a few tax breaks. And make all investment income tax free. Generally, the goal is to only tax money once: either when it's earned or when it's withdrawn after being deposited or invested.

Not all flat-tax proposals are alike, however. They can differ in how high they set the rate; how big of an income tax exemption they allow for all filers based on family size; how many other tax breaks they include; and whether they eliminate payroll and estate taxes.

Related: Rand Paul-onomics: 4 things to know

Here are the few details we know about how Paul would structure his flat tax:

Single, flat tax rate: 17%

Paychecks: Individuals would pay 17% tax on wages and salaries. The net effective rate they pay would almost certainly be lower assuming they're allowed to take an exemption, which is typical under a flat tax. For example, say you gross $100 in income and get to exempt $20. You'd only pay 17% on the $80 that remains. That works out to be $13.60, or just 13.6% of your gross income.

Business income: Businesses would be subject to the same 17% rate.

Investment income: Capital gains, dividends and interest would be tax free.

Payroll tax: Low- and middle-income workers would get an exemption from the Social Security tax. How much isn't clear.

Estate and gift tax: Eliminated.

Alternative Minimum Tax (AMT): Eliminated.

It's not clear how Paul's campaign proposal for a flat tax differs from the flat-tax proposal he's made in the past two years.

Under that earlier proposal, Paul said he would preserve and increase both the personal exemption and standard deduction. He would also keep tax-free fringe benefits to employees, such as employer contributions to help pay for workers' health insurance. And all capital gains made on the sale of one's primary residence also would be tax-free.

Related: Why the middle class is still getting snared by the 'wealth tax'

A frequent criticism of the flat tax is that it may disproportionately benefit the very rich, since they have so much investment income, which would be tax-free. But given how few details there are about Paul's proposal, it's too early to say what the distributional effects would be.

What can be said is that his flat tax proposals would bring in far less revenue than the current system. Why? If he wanted to maintain the current amount of revenue, that would require a flat rate of at least 25%, said Joseph Rosenberg, a senior research associate of the Tax Policy Center.

Paul's proposal outlined Tuesday would, by the candidate's own estimate, bring in $700 billion less revenue every year than the current income tax system.

At the same time, Paul stressed his disdain for the country's debt when announcing his bid for the presidency. "Stop spending money you don't have," he said.

That goal will be much harder to reach under his flat tax plan.

Paul's campaign did not immediately respond to a request for more details about his proposal.

CNNMoney (New York) April 7, 2015: 5:05 PM ET

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China's taxman is coming for Alibaba

Two of the company's "lock up" agreements have now expired, releasing an additional 437 million shares for trading. Another 1.6 billion shares -- owned by co-founders Jack Ma and Joe Tsai and investors Yahoo and Softbank -- will be eligible to hit the market in September. Alibaba sold 320 million shares, or about 13% of the company, in its IPO.

During an IPO, companies can "lock-up" shares from trading for a certain amount of time to prevent major shareholders -- typically insiders like executives or venture capitalists -- from flooding the market in the initial trading period. Share prices sometimes drop before a "lock-up" ends, as investors worry about more stock hitting the market, thought it remains unclear what Alibaba's biggest stakeholders will do.

Together, these chunks of Alibaba stock represent 80% of the company. If they were sold at current prices, Alibaba (BABA, Tech30) insiders would be in line for a whopping $165 billion payday.

Experts say Beijing will definitely be looking to collect tax on that windfall.

"The size in terms of dollar amount is massive, and in terms of the number of people that benefited within the company is also very significant," said China tax specialist Clifford Ng, a partner at law firm Zhong Lun. "Obviously, the more high profile the company, the more likely that the government will have to make sure that taxes are collected properly."

China taxes its citizens on worldwide income, no matter where they live or work -- just like the U.S. The country has a progressive tax rate on employment-based income that ranges from 3% to 45%, and a capital gains tax that tops out at 20%.

But authorities have long failed to collect billions in taxes from rich Chinese who launder money overseas, find creative ways to hide income or move abroad.

Related: Beijing loses billions as rich skip taxes

Beijing is now cracking down on tax evasion as government debt continues to balloon. Last year, authorities recovered 172.2 billion yuan ($28 billion) from individuals engaged in criminal tax evasion, or roughly 1.7% of the government's total income tax revenue, according to the State Administration of Tax.

The government is also requiring firms like Alibaba that offer employee share incentive plans to register with the State Administration of Foreign Exchange (SAFE), a bureau that controls how much money flows in and out of China. Beijing even asks companies to report and withhold tax dollars based on those stock incentive schemes.

This helps the government keep tabs on Chinese firms that list overseas, because company ownership is essentially moving offshore, Ng said.

Alibaba spokesman Bob Christie confirmed that the company was complying, saying the firm "withholds capital gain tax on the capital from share sales [that] can be repatriated back to China through a channel stipulated by SAFE."

Employees who participated in a share incentive plan were also required to register with SAFE once the company went public, according to Alibaba's IPO prospectus.

"Through public filings by the listed companies, and the reporting required ... the State Administration for Tax has a pretty good handle on who should pay what," Ng said. "Perhaps more so than any other country, because so many Chinese companies list overseas."

Read next: Who the heck is Jack Ma? Meet the man who built Alibaba

CNNMoney (Hong Kong) April 7, 2015: 10:47 PM ET

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Phone wars: Samsung earnings show signs of life

Samsung said Tuesday that it anticipates an operating profit of 5.9 trillion won ($5.4 billion) for January to March -- a 31% decline from the previous year, but the strongest number in three quarters.

First quarter sales are also expected to be lower, falling 12% to around 47 trillion won ($43.1 billion), compared to the same period last year.

While the sales figure was weaker than analysts had expected, profit topped forecasts, pushing Samsung shares trading in Seoul up by 0.7%.

The figures are a preliminary forecast, and Samsung will release an official report in the coming weeks.

Related: An iPhone for people who hate Apple

For years, Samsung has relied on its smartphone division to deliver major profits. The company had a iron grip on major markets including China, and huge margins helped turn the firm into one of the world's largest and most recognizable tech brands.

But intense competition at both the high and low ends of the smartphone market have reversed the company's fortunes. Samsung has lost ground to Apple and Xiaomi (a company that is only five years old). Analysts hold little hope for a return to dominance.

In response, Samsung is working to pare down its crowded smartphone lineup. It's also making a major move into India to capture more of the low-cost phone market. It recently released the Galaxy S6, its new flagship phone, which is expected to be a hot item in coming quarters.

To help bolster sales, Samsung is relying on growth in other parts of the company, including semiconductors and other technology. The company has been tipped, for example, to produce Apple's next-generation smartphone chip.

Samsung did not provide a profit breakdown by business in Tuesday's profit forecast.

Related: Samsung live-streamed a virtual reality birth

Related: Apple's iPad sales keep falling

CNNMoney (Hong Kong) April 6, 2015: 9:28 PM ET

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Indian companies in mad rush to find women board members

Hundreds of Indian companies have failed to comply. At other firms, management have appointed daughters, wives and other close family members to the board -- a move that complies with the letter of the new regulation, but not the spirit.

Out of the 1,456 companies listed at India's National Stock Exchange (NSE), as many as 180 -- or 12% -- failed to appoint a single woman director, even after the government's initial deadline was extended by six months, according to PRIME Database, a firm that compiles capital market data.

Another 770 listed companies have appointed directors that cannot be considered independent -- meaning they are management's close family members or have another vested interest -- according to Prime Database.

Related: Wall Street still hires mostly white men

Pranav Haldea, managing director of PRIME Database, said that appointing next-of-kin directors creates a corporate governance problem, and does nothing to solve gender inequality.

"If the female appointee, a family member, is qualified enough then there shouldn't be a problem," he said. "However, we can see that that is not the case. Compliance is being done only on paper, which is absolutely wrong."

The argument for more women on corporate boards -- aside from basic issues of equality -- is that companies make better decisions when a variety of views are considered. There is even some evidence to suggest that firms with diverse boards outperform their more homogenous rivals.

Related: Best and worst countries for women on corporate boards

India, in particular, has struggled with the issue. In a society that has been regularly branded as patriarchal, little has been done to address the widening gap between men and women in the corporate world.

The International Labour Organization ranked India at a dismal 120 out of 131 countries for female labor participation in 2013. Roughly 25% of women in India are active in the workforce, a lower rate than that of Cuba, Bangladesh and Somalia. Female literacy stands at 54% in India, more than 21 percentage points behind that of males.

Arundhati Bhattacharya, the only woman to lead the State Bank of India in its 208-year history, warned earlier this year that companies need to do more to help women.

"In India, women are still the primary caregivers," she told CNN. "Whether it be for children, whether it be for old people or sick people, you are the primary caregiver. No matter what position you are in."

"I think we need to do more in order to get [women] to stay [in the workforce]," she said. "There are still too few people staying put for them to have a good shot at the top jobs."

Related: Missing from Asia's boardrooms? Women

CNNMoney (New Delhi) April 6, 2015: 10:24 PM ET

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China declares war on 'forbidden game' of golf

On March 30, Chinese authorities announced the closure of 66 "illegal" golf courses -- roughly 10% of all courses in the country -- in an apparent attempt to start enforcing a long-ignored ban on golf-related construction.

The following day, the Commerce Ministry announced that one of its senior officials was under investigation for "participating in a company's golf event," thus putting him on the wrong side of President Xi Jinping's "eight rules" against extravagance among government officials.

In Xi's China, being put "under investigation" is tantamount to being found guilty. Since embarking on his seemingly ceaseless anti-corruption campaign more than two years ago, hundreds of thousands of officials at all levels of government have been put in the crosshairs.

The biggest names caught in the web are called "tigers." That's not a golf reference, but China's current crackdown on the sport does show how pervasive and unpredictable Xi's crusade has become.

As I wrote in my book on the topic, China has long had a complicated relationship with golf. Mao Zedong banned it, denouncing golf as the "sport for millionaires." Even after China opened up and golf re-emerged in the mid-1980s, largely as a way to attract foreign investment, the sport was saddled with serious image problems.

It's not hard to see why.

The construction and maintenance of golf courses is particularly resource intensive. China is home to 20% of the world's population, yet just 7% of its fresh water and 9% of its arable land, one-fifth of which is polluted.

Golf also remains prohibitively expensive in China (this was one thing about which Mao was right) and it has earned a reputation as a self-indulgent, elitist pursuit. In a nation of 700 million peasant farmers, only a small sliver of the population can afford to play the game.

That small sliver should not include anyone living off the salary of a public official, but it often has over the years. At best, the public would view these backswinging bureaucrats as out of touch. At worst, they are thought to be totally corrupt.

In Guangdong province, the birthplace of golf in modern China, an investigative team has been formed to crack down on officials who took part in any of nine golf-related activities. There's even a public hotline for reporting suspected golf violations.

Related: How California golf courses are surviving the drought

Over the past decade, however, not much seemed like it could get in the way of golf's meteoric growth in China. While it's been illegal to build new golf courses in China since at least 2004, no other country has built more of them over the past decade -- not even close.

Beijing would say new construction is banned, while at the same time local governments would line their pockets with the proceeds from the boom. There didn't seem to be too many rules in all of this, but one was especially important: When building a golf course in China, don't call it a golf course. One massive project of note was known as "ecological restoration."

There were crackdowns. But most were regional and temporary. And at the end of the year, you could always count on two things: a dramatic increase in the number of golf courses in China, and rumors that the Chinese government was about to legitimize and regulate the industry. Just wait and see how many golf courses get built then, people would say.

This past year, however, things changed dramatically. This current crackdown actually seems to be one of the rare times that industry rumors ended up becoming reality. Last fall, everyone was abuzz with unofficial word of up to 100 courses being shut down in the coming year. Construction had already almost come to a complete halt, and scrutiny seemed to be shifting to existing courses.

Major money: golf's biggest winners

Bill Haas plays from the bunker at the 15th hole during the WGC-HSBC Champions tournament held in China.

This crackdown is indeed real and serious -- over dinner recently in Hong Kong, I was shown photos of fairways with thousands of newly planted trees on them -- and it appears to be far-reaching. Courses on the tropical island of Hainan, where golf seemingly had the green light, have been impacted, as have well-connected developers who most assumed would be untouchable.

The focus of the crackdown appears to be not just a golf course's mere existence, but its impact on land and water supplies.

These are valid concerns, especially in China, but who knows if the closures will really address those serious issues or just provide fodder for headlines. It will be interesting to see how many of the 66 courses on the government's list close, and stay closed. And it will be even more interesting to see what that land is being used for five years from now.

Caddies: PGA treats us like second-class citizens

This is a weird time in China. Xi's campaign against corruption has created a very tense and uncertain business and political climate. And yet, in some ways, things seem to be China as usual.

Just days before the latest golf crackdown was announced, it was widely reported that Tiger Woods had signed a $16.5 million deal to redesign two courses in China. The week after The Masters, Bubba Watson, the No. 3 golfer in the world, is scheduled to compete in the $2.5 million Shenzhen Invitational, the latest international golf tournament to land on China's shores.

Meanwhile, the Chinese government quietly continues to funnel an unprecedented amount of money into its national golf team, all in pursuit of those all-important Olympic medals.

So what does this all mean? And what does the future hold for golf in China? Every time I am asked that, I am reminded of a new take on an old joke: If you want to make China laugh, tell it about your predictions.

Dan Washburn is Chief Content Officer at the Asia Society and author of The Forbidden Game: Golf and the Chinese Dream.

CNNMoney (New York) April 6, 2015: 10:48 PM ET

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Three fatal failures in Rolling Stone's UVA rape story

In its three-month review, Columbia Journalism School identified multiple instances where Rolling Stone's Sabrina Rubin Erdely and her editors could have avoided the calamities that ultimately forced the magazine to retract "A Rape on Campus," a story about a woman identified only as "Jackie" who claimed to have been gang raped at UVA's Phi Kappa Psi frat house.

Time after time, the review found, Erdely and her colleagues neglected to take steps that might have led the magazine to reconsider the story altogether. Here are three of those failures.

1) Erdely fails to corroborate the story with Jackie's friends: In Erdely's story, which was published on November 19, Jackie recalled reaching out to three friends after the alleged rape occurred.

But Erdely did not do enough to track them down.

"It should have been possible for Erdely to identify the trio independently," the review concluded.

Most damningly, Columbia Journalism School found that all "three friends would have spoken to Erdely, they said, if they had been contacted." The friends would also "have denied saying any of the words Jackie attributed to them."

Erdely expressed surprise that her editors didn't push her harder to reach out to the three friends.

Rolling Stone deputy managing editor Sean Woods, who edited Erdely's story, had a different recollection. Woods said he asked Erdely to reach out to the friends, but she said that she couldn't. When Woods asked "repeatedly" if they were reachable, Erdely said no. Woods said he stood down at that point because he "felt we had enough."

"That was the reporting path, if taken, that would have almost certainly led the magazine's editors to change plans," according to the Columbia report.

2) Erdely was vague and withholding when she reached out to the fraternity: The review found that Erdely fell short in her efforts to get Phi Kappa Psi's side of the story.

If Rolling Stone "had given the fraternity a chance to review the allegations in detail," the review said, Erdely and her editors might have attempted to "verify Jackie's account more thoroughly."

Although Erdely might have had reason to fear the fraternity preempting her story, the review said it is "risky for a journalist to withhold detailed derogatory information from any subject before publication."

After the story was published, the fraternity reviewed its records, and found that it did not host an official function the night Jackie said she was raped.

3) Erdely and her editors abandoned their pursuit of the alleged assailants: Jackie, the review found, "proved to be a challenging source," and she was particularly evasive when Erdely tried to find out more about the lifeguard who allegedly organized the frat house assault. When Erdely asked for his name, Jackie refused, saying she still lived in fear of him.

In subsequent interviews after the story was published, Erdely herself would cite this as a reason for why she didn't contact the alleged assailants.

But while Jackie refused to divulge the last name of the alleged ringleader, she did suggest that Erdely find him through the fraternity's roster. After Jackie went incommunicado for two weeks, Erdely and her editors hatched a "solution."

The reporter left a message for Jackie, assuring her that the magazine would not contact the lifeguard after all. Instead, he would be identified by a pseudonym, Drew. Jackie "called back quickly" and Erdely recalled that she suddenly "chatted freely about the lifeguard, still without using his last name."

In December, the Washington Post delivered a massive blow to Erdely's story when it found that a UVA student matching Drew's description was not a member of Phi Psi and denied ever having met Jackie in person.

Related: Major failures found in Rolling Stone's 'A Rape on Campus'

Related: Author of botched Rolling Stone rape story apologizes

CNNMoney (New York) April 5, 2015: 10:11 PM ET

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