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Most Popular #Longreads, last 7 days: Caravan magazine on India Prime Minister Manmohan Singh, plus Bloomberg Businessweek and Smithsonian Magazine.
A Bloomberg Markets investigation has found that Koch Industries — in addition to being involved in improper payments to win business in Africa, India and the Middle East — has sold millions of dollars of petrochemical equipment to Iran, a country the U.S. identifies as a sponsor of global terrorism. Internal company documents show that the company made those sales through foreign subsidiaries, thwarting a U.S. trade ban. Koch Industries units have also rigged prices with competitors, lied to regulators and repeatedly run afoul of environmental regulations, resulting in five criminal convictions since 1999 in the U.S. and Canada.
Most Popular #Longreads, last 7 days: Caravan magazine on India Prime Minister Manmohan Singh, plus Bloomberg Businessweek and Smithsonian Magazine.
“Bezos claims he doesn’t think defensively. ‘Everything we do is driven by seeing opportunity rather than being worried about defending,’ he says. Given Apple’s inroads into the media business, that’s hard to believe. Bezos is magnanimous toward Jobs. ‘On a personal level we have a tremendous amount of respect for Apple and Steve. I think that’s returned,’ he says. ‘Our cultures start in the same place. Both companies like to invent, both companies like to pioneer, both companies start with the customer and work backwards. There’s a like-mindedness.’ Pause. ‘Are two companies like Amazon and Apple occasionally going to step on each others toes? Yes.’”
Out of Lehman’s Ashes Wall Street Gets Most of What It Wants
“We continue to listen to the same people whose errors in judgment were central to the problem,” said John Reed, 71, a former co-chief executive officer of Citigroup Inc., who estimated only 25 percent of needed changes have been enacted. “I’m astounded because we basically dropped the world’s biggest economy because of an error in bank management.”
By Christine Harper, Bloomberg News
(via rubenfeld)
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