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The Top 5 Longreads of the Week—featuring Rolling Stone, Los Angeles Magazine, The Atlantic, The Kenyon Review, Bloomberg Businessweek, fiction from Electric Literature, plus a guest pick from Moses Hawk.

Libor Lies Revealed in Rigging of $300 Trillion Benchmark

Longreads Pick

On the biggest financial fraud in history:

“For years, traders at Deutsche Bank AG, UBS AG, Barclays, RBS and other banks colluded with colleagues responsible for setting the benchmark and their counterparts at other firms to rig the price of money, according to documents obtained by Bloomberg and interviews with two dozen current and former traders, lawyers and regulators. UBS traders went as far as offering bribes to brokers to persuade others to make favorable submissions on their behalf, regulatory filings show.

“Members of the close-knit group of traders knew each other from working at the same firms or going on trips organized by interdealer brokers, which line up buyers and sellers of securities, to French ski resort Chamonix and the Monaco Grand Prix. The manipulation flourished for years, even after bank supervisors were made aware of the system’s flaws.”

Source: Bloomberg
Published: Jan 28, 2013
Length: 18 minutes (4,502 words)

Longreads Best of 2012: Inc. Magazine's Burt Helm

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Burt Helm is Senior Writer for Inc. Magazine. His stories, “The Forgotten Founder,” “Turntable.fm: Where Did Our Love Go?” and “Hard Lessons in Modern Lending,” were featured on Longreads in 2012.

Best Takedown of an Old, Established Writer by a Young, Hungry Writer in an Awkward Press Junket Setting

Sarah Nicole Prickett, “How to Get Under Aaron Sorkin’s Skin (and also, how to high-five properly),” Toronto Globe and Mail

“Aaron Sorkin knows the weight of last words, and his last words to me, as we walk-and-talk out of the HBO press room, are: ‘Write something nice.’ He says this in the ‘Smile, honey’ tone of much less successful jerks.”

Those words launch Prickett into a funny, cutting attack on the pretentions and assumptions of screenwriter Aaron Sorkin. Through her eyes, the creator of A Few Good Men and The Social Network is guilty of an insufferable nostalgia for white male power, and she uses a press junket interview for Sorkin’s HBO show The Newsroom to diss the iconic writer in a way that’s both entertaining and thought-provoking.

Liveliest Profile of a Sprawling Corporation and its Straight-Laced Chief Executive

Jennifer Reingold, “Bob Iger: Disney’s Fun King,” Fortune

Big companies and their CEOs are tough to report on. Disney, led by the profoundly un-flamboyant Bob Iger and guarded by its disciplined phalanx of PR professionals, may be one of the toughest. That’s why Reingold’s story is so masterful—it explains Iger in way that’s vivid, thoughtful, and rigorous, giving us a sophisticated picture of him and his plans for the company. I wish Reingold would profile News Corp., Viacom, and every other American company, for that matter.

Investigative Story Responsible for Spurring Most Unintended “Holy Shit!” Uttterances

David Barstow, “Vast Mexico Bribery Case Hushed Up by Wal-Mart After Top-Level Struggle,” The New York Times

For me, this story’s surprises came in waves. First, there was the shock at how systematically and rampantly Wal-Mart bribed its way into Mexican retail. Next, there was awe at how Barstow nailed every crucial aspects of the ensuing cover-up. This is investigative reporting at its best—even-handed and rigorous, with no room for perpetrators’ excuses or squirming.

Best Confirmation that Super PACS and Karl Rove are Just as Creepy as We Thought They Were

Sheelah Kolhatkar, “Inside Karl Rove’s Billionaire Fundraiser,” Bloomberg Businessweek

You probably remember the media firestorm that followed this story, which quoted Karl Rove joking about killing Todd Akin (“If he’s found mysteriously murdered, don’t look for my whereabouts!”). The glimpse of the inner workings of Super PACs that follows in Kolhatkar’s fly-on-the-wall account is fascinating reading, even months after the election.

Best Confirmation of, Admit It, What We All Were Kind of Wondering While Watching the Olympic Opening Ceremony

Sam Alipour, “Will You Still Medal in the Morning?” ESPN Magazine

Those hot-bodied Olympians are having lots and lots of sex! Alipour illustrates hook-up culture in the Olympic Village with kickass reporting (big-name athletes go on the record, and are surprisingly candid) and just the right tone: The story is lighthearted and detailed without being prurient or icky, a tough order for a gossipy sex piece.

Clearest Portrait of a Misunderstood and Deadly American Subculture

Jeanne Marie Laskas, “Guns R’ Us,” GQ

Following the Tucson, Arizona shooting, Laskas set out to understand gun culture by working at a gun store in Yuma and profiling its clerks—the last line of defense between us and mass murderers. I love the way she leaves politics aside and zeroes in on her subjects’ humanity. The story appears in Laskas’s new book, Hidden America, a collection of her GQ stories about the many professional subcultures that make the U.S. work, from oil drillers to coal miners to migrant fruit pickers. Read it, read it, read it.

Read more guest picks from Longreads Best of 2012

Longreads List: Guns in America

Longreads Pick

From The Daily Beast’s David Sessions, a collection of stories on gun violence and policy in the U.S., featuring The Atlantic, Washington Post, Bloomberg Businessweek and Mother Jones.

Source: The Daily Beast
Published: Dec 15, 2012

“The Post-Apocalypse Survival Machine Nerd Farm.” — Ashlee Vance, Bloomberg Businessweek

More by Vance

Longreads Member Exclusive: The Miracle Man

Our latest Exclusive comes from Andrew Rice, a contributing editor to New York magazine whose work has also appeared in The New York Times Magazine, The New Republic and Bloomberg Businessweek. He’s been featured on Longreads many times in the past, and we’re excited to feature “The Miracle Man,” a story that Andrew wrote in Uganda as a fellow of the Institute of Current World Affairs, about a pastor accused of working for the devil. See an excerpt here.

p.s. You can support Longreads—and get more exclusives like this—by becoming a member.

Member Exclusive: The Miracle Man

Longreads Pick

Our latest Member Exclusive (sign up here to join) comes from Andrew Rice, a contributing editor to New York magazine whose work has also appeared in The New York Times Magazine, The New Republic and Bloomberg Businessweek. He’s been featured on Longreads many times in the past, and we’re excited to feature “The Miracle Man,” a story that Andrew wrote in Uganda as a fellow of the Institute of Current World Affairs. He explains:

“This piece, ‘The Miracle Man,’ is one my all-time favorite articles. On one level, it’s a small tale of scandal—the sort of colorful story that you only pick up on if you actually live in a place, and one you’d have a hard time selling to a New York editor. But I think it speaks volumes about an enormous transformation of African society: the rise of a new brand of evangelical Christianity, which doesn’t always conform to American expectations.”

Published: May 1, 2003
Length: 39 minutes (9,750 words)

The billionaire oilman had the perfect plan to help his alma mater Oklahoma State University raise money—by taking out $10 million life insurance policies on him and 27 other people:

Unfortunately for Oklahoma State, Pickens, and the other men and women who thought their demise would benefit their favorite university, Gift of a Lifetime has turned into the Present from Hell. First it fell apart. Then came the lawsuits. And this past March came a decision from a federal judge who declared that not only was the university not entitled to a refund of $33 million in premium payments, it was also responsible for the court costs incurred by the people it had sued.

So how did a sure bet turn into a lost cause? Pickens and the school aren’t talking, as they’ve since appealed the judge’s decision. Neither are the insurance brokers and agency that sold the policies. Yet because it’s a matter of interest in federal court, the arc of Gift of a Lifetime’s downfall can be traced in the thousands of pages of internal e-mails and deposition testimony that are now a part of the public record. Those documents reveal a plan sunk by impatience, hubris, and a belief that the hour of death could be predicted. One that all began when Pickens took his shirt off.

“If Only T. Boone Pickens Had Died.” — Caleb Hannan, Bloomberg Businessweek

More from Businessweek

What it’s like for an actor to become a TV commercial megastar—forever associated with a brand, for better and worse:

On the day of the audition, roughly 30 actors showed up. When it was Olcott’s turn, he flashed his big, ecstatic smile. The director loved it, and Olcott got the job. In February, on a bare-bones budget of roughly $100,000, a first commercial was shot touting the herbal product Enzyte. It boiled down to 30 seconds of campy innuendo. Olcott was shown breezing through life flashing his blissed-out smile at breakfast, at work, and while waving happily to his neighbor, a guy holding a sagging hose. ‘This is Bob,’ went the voice-over. ‘Bob is doing well. Very well indeed. That’s because not long ago, with just a quick phone call, Bob realized that he could have something better in his life. And what did he get? Why, a big boost of confidence, a little more self-esteem, and a very happy Mrs. at home.’ Toward the end of the commercial, viewers were given a telephone number for Enzyte.

A couple months later, Olcott got a phone call from the advertising team in Los Angeles. The commercial was a huge hit in the U.S. The phones at Berkeley Premium Nutraceuticals, the Cincinnati-based maker of Enzyte, were ringing like crazy. They wanted more ads, more Bob, more smiles. Spear rushed back to Vancouver. By the time they stopped shooting in 2005, Olcott had starred as Smiling Bob in 18 different Enzyte commercials. Ultimately, Berkeley Premium Nutraceuticals spent more than $125 million on airtime, the company’s founder would later tell GQ. Smiling Bob was famous.

“Branded for Life.” — Felix Gillette, Bloomberg Businessweek

More by Gillette

How much blame for the financial crisis should be placed on people like Robert Rubin, former Clinton Treasury Secretary and Citigroup chairman? A fresh look at the decisions he made:

Like many Rubin defenders, Sheryl Sandberg suspects that her mentor has become a scapegoat for events beyond comprehension.’My own view is that, look, these have been hard times, and people need people to blame,’ she says. ‘It doesn’t mean they blame the right people.’

Nassim Nicholas Taleb doesn’t know Rubin personally. He admits that his antipathy, like that of so many Rubin critics, is fueled by symbolism. ‘He represents everything that’s bad in America,’ he says. ‘The evil in one person represented. When we write the history, he will be seen as the John Gotti of our era. He’s the Teflon Don of Wall Street.’ Taleb wants systemic change to prevent what he terms the ‘Bob Rubin Problem”—the commingling of Wall Street interests and the public trust—“so people like him don’t exist.’

“Rethinking Robert Rubin.” — William D. Cohan, Bloomberg Businessweek