Everything Is Rigged: The Biggest Price-Fixing Scandal Ever

What the Libor and ISDAfix scandals reveal about manipulation of the global economy by banks:

“All of these stories collectively pointed to the same thing: These banks, which already possess enormous power just by virtue of their financial holdings – in the United States, the top six banks, many of them the same names you see on the Libor and ISDAfix panels, own assets equivalent to 60 percent of the nation’s GDP – are beginning to realize the awesome possibilities for increased profit and political might that would come with colluding instead of competing. Moreover, it’s increasingly clear that both the criminal justice system and the civil courts may be impotent to stop them, even when they do get caught working together to game the system.”

Source: Rolling Stone
Published: Apr 26, 2013
Length: 15 minutes (3,927 words)

Billy Joel Pays Tribute to Phil Ramone: ‘He Was the King’

A personal reflection on the relationship between a musician and his producer. Ramone, who produced for Joel, Paul Simon, Barbra Streisand and others, died March 30 at age 79:

“Phil perceived that recording hadn’t been fun for me for a very long time. The process was like pulling teeth. I don’t want to do 15 to 20 takes. I start to hate the song. If I gotta do more than a half a dozen takes, I’m ready to leave. I don’t wanna beat something to death. I just want to be as spontaneous and improvisational and free-wheeling and then I can walk away. I don’t think it’s a matter of laziness, it’s a matter of being in love. You gotta love what you’re doing. If you love what you’re doing, you’re gonna do a great job. If you’re starting to dislike the process, you’re gonna hear it on the recording.”

Author: Billy Joel
Source: Rolling Stone
Published: Apr 3, 2013
Length: 17 minutes (4,361 words)

Cruel and Unusual Punishment: The Shame of Three Strikes Laws

How a get-tough law in California led to life sentences for petty thieves and drug offenders—and how support for its repeal came more from Republicans than Democrats:

“Like wars, forest fires and bad marriages, really stupid laws are much easier to begin than they are to end. As the years passed and word of great masses of nonviolent inmates serving insanely disproportionate terms began to spread in the legal community, it became clear that any attempt to repair the damage done by Three Strikes would be a painstaking, ungainly process at best. The fear of being tabbed ‘soft on crime’ left politicians and prosecutors everywhere reluctant to lift their foot off the gas pedal for even a moment, and before long the Three Strikes punishment machine evolved into something that hurtled forward at light speed, but moved backward only with great effort, fractions of a millimeter at a time.”

Source: Rolling Stone
Published: Mar 27, 2013
Length: 25 minutes (6,444 words)

Longreads Member Exclusive: Baghdad Follies, by Janet Reitman

This week, we’re excited to feature Janet Reitman, a contributing editor for Rolling Stone and the author of Inside Scientology: The Story of America’s Most Secretive Religion. “Baghdad Follies” is Reitman’s 2004 story on what it was like to be a war correspondent in Iraq. As we approach the 10-year anniversary of the war, Reitman reflects on her early fears about traveling to Baghdad.

Support Longreads—and get more stories like this—by becoming a member for just $3 per month.

Source: Rolling Stone
Published: Jan 1, 2004
Length: 21 minutes (5,354 words)

The Rape of Petty Officer Blumer

A Navy intelligence analyst reports a rape and finds herself ostracized. She’s not the only one, and the U.S. military still has not taken serious steps to address a culture that condones sex abuse:

“The scandal of rape in the U.S. Armed Forces, across all of its uniformed ser­vices, has become inescapable. Last year saw the military’s biggest sex-abuse scandal in a decade, when an investigation at Lackland Air Force Base in San Antonio revealed that 32 basic-training instructors preyed on at least 59 recruits. In Fort Bragg, North Carolina, Army Brig. Gen. Jeffrey Sinclair is currently facing court-martial for sex-crimes charges, including forcible sodomy, for alleged misconduct against five women. In October, an Air Force technical sergeant filed an administrative complaint describing a work environment of comprehensive harassment – in which all women are ‘bitches’; and claimed that during a routine meeting in a commander’s office, she was instructed to take off her blouse and ‘relax’ – edged with menace and punctuated by violent assaults. In December, a Department of Defense report revealed that rape is rampant at the nation’s military academies, where 12 percent of female cadets experienced ‘unwanted sexual contact.’ And an explosive series of federal lawsuits filed against top DOD brass on behalf of 59 ­service members (including Rebecca Blumer) allege that the leadership has done nothing to stop the cycle of rape and ­impunity – and that by failing to condemn sexual assault, the military has created a predators’ playground.”

Source: Rolling Stone
Published: Feb 27, 2013
Length: 28 minutes (7,041 words)

The NRA vs. America

How the NRA changed its focus from gun owners to gun makers:

“Of the top 15 gun manufacturers, 11 now manufacture assault weapons, many of them variants of the AR-15 – derived from a military rifle designed to kill enemy soldiers at close-to-medium range with little marksmanship. The industry loves these ‘modern sporting rifles’ because they can be tricked out with expensive scopes, loaders, lights and lasers. ‘Most of the money is in accessories,’ says Feldman.

“As one gun rep recently boasted to an industry publication: ‘The AR platform is like Legos for grown men.’ And a 2012 report from Bushmaster’s parent company boasted that the industry’s embrace of these guns has led to ‘increased long-term growth in the long-gun market while attracting a younger generation of shooters.’ The campaign certainly seems to be working. Twenty-year-old Adam Lanza used a Bushmaster. Twenty-five-year-old James Holmes, the Aurora shooter, was in many ways the dream customer of the surging industry. He bought an AR-15 .233-caliberSmith & Wesson assault rifle – a category the company’s CEO bragged was ‘extremely hot’—tricked it out with a 100-round ultrahigh-capacity magazine and then purchased thousands of rounds from BulkAmmo.com, spending nearly $15,000 on his greater arsenal.”

Source: Rolling Stone
Published: Jan 31, 2013
Length: 22 minutes (5,700 words)

Longreads Member Exclusive: ‘Cormac McCarthy’s Apocalypse’

This week, we're excited to feature a Longreads Exclusive from David Kushner (@DavidKushner), a contributing editor to Rolling Stone whose work has also appeared in The New Yorker, Vanity Fair, GQ and Wired. He's been featured many times on Longreads, and he's the author of Jacked: The Outlaw Story of Grand Theft Auto

“Cormac McCarthy’s Apocalypse” is Kushner's 2007 Rolling Stone profile of the Pulitzer Prize-winning author of The Road, No Country for Old Men and All the Pretty Horses. Kushner explains how he first met the reclusive writer:

"I owe my Cormac McCarthy story to two people: Harvard physicist Lisa Randall, and my dad. My dad urged me to read Cormac's books when I began writing for my college newspaper. The sentences are amazing, he said. He was right, and I read every one of them. Years later, I was interviewing Randall for Rolling Stone when she told me that Cormac had done an edit of her most recent book on theoretical physics. Come again? I said. Cormac hangs out at the Sante Fe Institute, she explained, a science research center in the foothills of New Mexico. After meeting him there, he offered to read her book—and surprised her by sending back an edited copy of the manuscript. Hmm, I said. Can I interview him about you for the story?

"Randall laughed, and I knew why. Cormac had a reputation for being reclusive, and had only done a couple interviews over his career. It's a long shot, she said, but she'd give it a try. A few minutes later my phone rang. You're not going to believe this, she said, but he'll talk with you.”

Source: Rolling Stone
Published: Dec 1, 2007
Length: 16 minutes (4,196 words)

The Plot Against Occupy

Did the feds break up a dangerous terror plot in Cleveland—or did they manufacture a threat from a group of impressionable Occupy followers?

“The crux of the Cleveland Five’s defense will likely rest on whether Azir’s aggressive role in the crime constituted entrapment – a strategy which Baxter’s defense attorney John Pyle foreshadowed at an early court appearance. ‘They couldn’t blow their noses, let alone blow up a bridge,’ he said of his clients, ‘were it not for what this provocateur did.’ Yet the government has had no problem overcoming the entrapment defense to win convictions in similar cases. The legal definition of entrapment is actually rather narrow: Even though enticing people into committing crimes might seem unjust, that doesn’t make it unlawful. Prosecutors typically argue that defendants’ histories show they were predisposed to commit the crime. And juries frightened by the magnitude of the foiled plots are inclined to bring down the hammer.

“In the case of the Cleveland Five, defense attorneys have also signaled their intention to reveal Azir’s extensive criminal history, which could undermine his credibility. Azir has been causing prosecutors plenty of headaches since the arrests. After his identity was outed by the Smoking Gun, the FBI scuttled him into the ­witness-protection program, reportedly in response to a threat. But living life under federal protection hasn’t kept him out of trouble. In May, Azir – who still faces two outstanding bad-check cases he picked up during his time with Occupy – was arrested in Cuyahoga County for theft. He’s out on $5,000 bail.”

Source: Rolling Stone
Published: Oct 2, 2012
Length: 27 minutes (6,799 words)

The Gangster Princess of Beverly Hills

How Lisette Lee, a privileged young woman with ties to the Samsung fortune, turned to drug trafficking:

“Lee would go on to tell federal authorities a lot of things about herself: that she was a famous Korean pop star as well as the heiress to the Samsung electronics fortune; she was so emphatic on this last point that on police paperwork agents listed ‘heiress’ as her occupation. Back at home in L.A., Lee called herself the ‘Korean Paris Hilton’ and played the part of the spoiled socialite, with two Bentleys, a purse-size lap dog and, especially, her commanding, petulant personality that kept her posse of sycophants in check. It was as though Lisette Lee had studied some Beverly Hills heiress’s handbook: how to dress, how to behave, how to run hot and cold to keep people in her thrall – in short, how to be a modern celebrity. But all of that would begin to unravel – amid the crowd and confusion on the Columbus tarmac that June 2010 evening – once a drug-sniffing German shepherd padded over to the van and sat down, signaling a hit.

“Agents threw open the van doors. Inside the suitcases were more than 500 pounds of marijuana in shrink-wrapped bricks. In Lee’s crocodile purse were three cellphones, $6,500 in cash, a baggie of cocaine and a hotel notepad scrawled with weights and purchase prices totaling $300,000: a drug ledger.”

Source: Rolling Stone
Published: Aug 31, 2012
Length: 32 minutes (8,007 words)

Greed and Debt: The True Story of Mitt Romney and Bain Capital

A look at Mitt Romney’s time at Bain Capital:

“Marc Wolpow, a former Bain colleague of Romney’s, told reporters during Mitt’s first Senate run that Romney erred in trying to sell his business as good for everyone. ‘I believed he was making a mistake by framing himself as a job creator,’ said Wolpow. ‘That was not his or Bain’s or the industry’s primary objective. The objective of the LBO business is maximizing returns for investors.’ When it comes to private equity, American workers – not to mention their families and communities – simply don’t enter into the equation.

“Take a typical Bain transaction involving an Indiana-based company called American Pad and Paper. Bain bought Ampad in 1992 for just $5 million, financing the rest of the deal with borrowed cash. Within three years, Ampad was paying $60 million in annual debt payments, plus an additional $7 million in management fees. A year later, Bain led Ampad to go public, cashed out about $50 million in stock for itself and its investors, charged the firm $2 million for arranging the IPO and pocketed another $5 million in “management” fees. Ampad wound up going bankrupt, and hundreds of workers lost their jobs, but Bain and Romney weren’t crying: They’d made more than $100 million on a $5 million investment.”

Source: Rolling Stone
Published: Aug 29, 2012
Length: 30 minutes (7,745 words)