Recent Results on Active Galactic Nuclei

There is now little doubt that the nuclei of most galaxies contain massive black holes with 10⁶M_⊙< M < 10¹⁰M_⊙and that these are ultimately responsible for most nuclear activity when they are supplied with gas. Parallel observations of Galactic X-ray sources are providing small scale counterparts that have similar properties except that they vary far more rapidly. As we can now determine the masses of these black holes in several instances, we can ask much more quantitative questions about the mode of accretion and the origin and collimation of outflows. In this contribution, I will emphasize the importance of magnetic field for extracting the angular momentum from the flow and explain how the radiative efficiency is controlled by the mass accretion rate and the actual properties of magnetized, plasma. This revised version was published online in July 2006 with corrections to the Cover Date.