Eight private jets are probably too many private jets

[Bloomberg]( Today’s Agenda - [Emerson Electric]( and [WeWork]( show bad corporate habits know no age. - Puerto Rico’s [debt-restructuring plan]( leaves it in need of [more federal help](. - “Inessential” [government workers aren’t so inessential](. - China-U.S. trade will [never be the same again](. Bad Corporate Habits Are Hard to Break It’s pop quiz time! Let’s say you are in charge of a $40 billion industrial company whose stock price has gone nowhere for a couple of years. How many private jets would you say your company needs? Is it: A — One private jet B — Two private jets, so one can [follow]( the other around. C — Four private jets. D — Eight private jets and one helicopter. If you answered D, then congratulations, I guess?: You may be running Emerson Electric Co. The company currently has that many private jets, which is more even than General Electric Co. had a couple of years ago, when then-CEO Jeff Immelt was justifiably mocked for having an empty jet follow his jet around, parking far away on the tarmac, because of the shame of so many private jets. This is just one of many [examples of old-school corporate bloat at Emerson](, writes Brooke Sutherland. Activist D.E. Shaw Group is agitating for change, including a breakup, and it has a point. But costly sprawl and hilarious bad habits are of course not the exclusive domain of 129-year-old companies such as Emerson. Also in dire need of change is The We Co., aka WeWork, aka the Trojan Unicorn that sneaks into investor camps and sets all their money on fire. Its IPO dreams shattered, it’s now fighting for cash just to keep the lights on. We [reportedly]( wants a $5 billion debt package led by JPMorgan Chase & Co., with nosebleed interest rates, to avoid being essentially taken over by SoftBank. Masayoshi Son’s investment vehicle is the biggest investor to have lost money on We, but [JPMorgan has had a rough ride too](, notes Shuli Ren. Nevertheless, it’s probably the party best suited to handle the risk of throwing more cash at We. Fortunately, We is already [selling]( its one (very [fancy]() jet. Further Corporate Reading: - Here are four ways [Macy’s Inc. can turn itself]( around. — Sarah Halzack - With volatility and issuance high, [bond traders were the stars]( of the latest quarter for banks. — Brian Chappatta - Johnson & Johnson and UnitedHealth Group Inc. just reported great quarters, guys, but [their political and legal risks are building](. — Max Nisen Puerto Rico Gets Financial Paper Towels In the two years since Hurricane Maria devastated it and President Donald Trump threw paper-towel rolls at it, Puerto Rico’s struggles have quietly continued. Its economy has been in recession for most of 15 years, storm recovery has been slow, and it has a massive debt burden. It now has has a restructuring plan for the third problem. But that [plan will still leave the island dangerously in debt](, warn Desmond Lachman, Brad Setser and Antonio Weiss. And the first two problems will make digging out of its hole even more difficult. What Puerto Rico needs is a lot more help from the federal government, Bloomberg’s editorial board writes. Congress has allocated just $43 billion to it (not the $92 billion Trump [claims](), of which just $14 billion has been spent. [Much more is needed to simply restore Puerto Rico’s economy]( to its normal sub-par functioning, much less expand the economy and brace for future storms. Maybe if Puerto Rico had statehood it might get more love. Bonus Editorials: - America’s Syrian pullout is causing an humanitarian disaster. The [U.S. must join a strong international response](, distance itself from Turkey and reverse Trump’s reckless decision. - Trump’s mooted trade truce (which grew [less likely]( today) won’t help the economy. [What’s needed is a comprehensive deal](, which the Chinese are in no hurry to make, and better trading relationships around the world, which Trump is in no hurry to foster. What to Expect When You Expect to Be Inessential If I were a federal employee, I would fully expect to be sent home as an “inessential” worker during a government shutdown. Newsletter-writing is, after all, the essence of “inessential.” But my expectations might be somewhat different if I were, say, a Coast Guard oceanographer with a knack for finding people lost in the ocean. I don’t know, that seems kind of essential. But in the latest shutdown, the federal government determined it was not. In a new chapter for the paperback version of his book “The Fifth Risk,” Michael Lewis profiles Art Allen, a master of Coast Guard search and rescue, who earlier this year [learned just how highly the government thought of his work]( (spoiler alert: not very). Telltale Charts Even in the best-case 2020 election outcome for China — a Joe Biden victory — the [U.S.-China trading relationship will be forever altered]( by this trade war and China’s changing role in the world, writes Noah Smith. Warren Buffett is [getting a huge yield from Occidental]( Petroleum Corp., and you can too, writes Liam Denning. Just don’t bank on higher oil prices anytime soon. Further Reading Brexiters dream of (and the EU fears) a [thriving Singapore-on-the-Thames](, but it’s not politically feasible. — Therese Raphael Trump’s Ukraine scandal has [THIS ONE WEIRD THING in common]( with Watergate and Iran-Contra. — Jonathan Bernstein Jamie Dimon complains regulations [keep JPMorgan from helping the repo]( market, but the Fed seems fine with that. — Brian Chappatta Trump just signed [executive orders on regulation]( that even liberals can endorse. — Cass Sunstein While Washington is dysfunctional, [midsize cities take steps]( to fight inequality. — Conor Sen Neil Woodford’s woes are the latest harbingers of [the end of active asset management](. — Mark Gilbert ICYMI British and EU negotiators [closed in on a Brexit deal](. Regrets, [Hunter Biden has a few](. Human guinea pigs are about to [test a 20-hour flight](. Kickers Ominous [methane fountains are bubbling]( in the East Siberian Sea. (h/t James Greiff) Melting glaciers are spitting up [thousands of ancient artifacts](. A Dutch family spent [nine years living in a basement]( awaiting the apocalypse. A reporter lived [Adam Neumann’s perfect life]( for a day. It was terrible. Note: Please send artifacts and complaints to Mark Gongloff at mgongloff1@bloomberg.net. New to Bloomberg Opinion Today? [Sign up here]( and follow us on [Twitter]( and [Facebook](. [FOLLOW US [Facebook Share]]( [Twitter Share]( SEND TO A FRIEND [Share with a friend] You received this message because you are subscribed to Bloomberg's Bloomberg Opinion Today newsletter. [Unsubscribe]( | [Bloomberg.com]( | [Contact Us]( Bloomberg L.P. 731 Lexington, New York, NY, 10022