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The New Cover of Bloomberg Businessweek Reminds Us: Businesses Can’t Thrive Amid Chaos

The reason the U.S. is a good place to do business is that, for the past two centuries, it’s built a firm foundation on the rule of law. President Trump almost undid that in a weekend. That’s bad for business.

-From a scathing short column by Matt Levine about businesses waking up to a harsh reality under President Trump.

 

Businessweek's Sheelah Kolhatkar: My Top 5 Longreads of 2011

Sheelah Kolhatkar is features editor at Bloomberg Businessweek.

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Some of my favorite non-Businessweek features that were published this year:

“Lost at Sea,” Jon Ronson, The Guardian

This piece combines a genre I love—the gritty crime story—with the utter weirdness of the cruise ship industry. Apparently people disappear from cruise ships all the time, but you usually don’t hear about it because the cruise lines keep it quiet. Ronson goes deep into the bizarre cruise culture as he tries to figure out what happened to Rebecca Coriam, who vanished from the Disney Wonder last March.

“All The Angry People,” George Packer, The New Yorker

This story accomplished what seemed almost impossible, at least from an editor’s perspective: it made a compelling narrative out of the Occupy Wall Street encampment in lower Manhattan. Even though OWS was being covered to death, this story—along with Bloomberg Businessweek’s own fine contribution, Drake Bennett’s profile of David Graeber—found a new angle on it and made it fresh and compelling.

“The Girl from Trails End,” Kathy Dobie, GQ

This devastating story just really stayed with me.

“California and Bust,” Michael Lewis, Vanity Fair

His piece about Iceland (“Wall Street on the Tundra”) is my favorite one he’s done about the global financial crisis, but Michael Lewis’s breakdown of the fiscal disaster that is California was his best in 2011. It really makes you think about the scary place we might be headed as a country, and the scene with Arnold Schwarzenegger is priceless.

“Lady, Where’s My Magazine**?” Ann Friedman

This is a parody, and it isn’t terribly long, so I’m not sure that it qualifies. But it is hilarious, and perfectly illustrates much of what is wrong with the publishing business.

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See more lists from our Top 5 Longreads of 2011 >

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The Top 5 Longreads of the Week

This week we’re sharing stories by Jason Fagone, Betty Ann Adam, Christian H. Cooper, Clarissa Wei, and Robert Kolker.

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“It’s like, how much more black could this be? And the answer is none. None more black.”

At Bloomberg Businessweek, Robert Kolker walks us through the confusing, byzantine, and downright shady world of Hollywood profits and payouts, as part of an exploration of the $400 billion lawsuit brought by the creators of the ancestor of all mockumentaries, This Is Spinal Tap. The lawsuit details are interesting enough (according to the film’s current owner Vivendi, the creative partners’ share of worldwide merchandising over a 32 year period was… $81), but Spinal Tap fans will also love the insider tidbits about the creation of the film, which started with a 20-minute demo version.

“I was amazed when I last looked at it,” says Shearer, who plays Derek Smalls, the band’s bare-chested, mutton-chopped, pipe-smoking bassist. “We had this little pittance”—a $60,000 screenplay fee from a company that eventually rejected the idea—“to shoot characters and performances.” He remembers his long black wig costing about $5, and that it took an hour and a half to remove once the shoot was over (the costumer had used super glue). Shearer, Reiner (who plays Marty DiBergi, the fake documentarian), Guest (as lead guitarist Nigel Tufnel), and McKean (as vocalist David St. Hubbins) had been nursing and developing the idea since 1978. They first performed as the band in a 1979 variety show called The T.V. Show. Then they wrote seven new songs, played a few gigs in costume in Los Angeles, and worked out a complete band history to ensure that their improvisations had a narrative spine they all could rely on. “Michael McKean, I believe, still has the napkin on which the possible names and the possible misspellings were outlined,” Shearer recalls, “because I think at one point we thought maybe S-p-y-n-a-l?”

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When Innovation Fails: Doing Hard Time in the Offender-Monitoring Business

In Bloomberg Businessweek, Lauren Etter explores another problem with the privatization of law enforcement: technology. From scrambled signals and dead batteries to false violations, the electronic ankle bracelets 3M created failed to protect wearers’ civil liberties even though the process used to design them reflected the company’s way of thinking about innovation and experimentation. Unfortunately, creating monitors for human beings involves higher stakes than yellow stickies.

The sheer amount of data generated by GPS-tracking devices creates problems across the industry and in every state, but the number of alerts in Massachusetts has far exceeded the norm, experts say. Documents reviewed by Bloomberg show that in the 12 months ended in October 2015, 3M bracelets produced 612,492 violation alerts in Massachusetts—more than 50,000 per month, from about 2,800 individuals wearing the devices. Almost 40 percent of the alerts were due to a device not being able to connect to the network or the GPS not being detected. Roughly 1 percent of alerts resulted in an arrest warrant being issued. Tom Pasquarello, former director of the electronic monitoring program for Massachusetts, estimates that half those warrants were potentially based on faulty or incomplete data. That would be roughly 3,000 warrants. “There were people that were pulled from their house in the middle of the night, that lost their kids, people that lost their job,” he says.

The problem of glitchy ankle monitors became so pronounced that the Massachusetts probation department set up an after-hours office in the lobby of a Boston police station so offenders could bring in their bracelets when problems occurred or batteries died. In August 2015, Massachusetts Superior Court Judge Heidi Brieger became so frustrated with the devices that she vowed to stop sentencing anybody to them. “It is simply administratively improper to run a system in this fashion,” she said, according to a court transcript. “We don’t lose liberty in this country because somebody’s software is not working. It just isn’t right.”

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Are Regular Russians Ready to Take On Vladimir Putin?

The Russian presidential election is a year away, but protests have already begun. Last week, images of Russians being carried and even dragged from Moscow’s Red Square spread throughout the Western media. Then came the crackdown—blocked access to web pages and social media showing the photos, and a criminal case against the protesters. Earlier this week, the square was nearly empty despite another planned action.

The protests demanded the resignation of Prime Minister Dmitri Medvedev and objected to widespread corruption, but they also served as a rare moment of rebellion in a country that rarely dares defy its leader, President Vladimir Putin.

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Why ESPN Still Can’t Quit Cable

As a casual sports fan, I periodically check in with myself: Do I enjoy watching live sports enough to pay for cable?

The answer for the last few years has been: No thanks, I’ll just check out these GIFs on Twitter.

ESPN is having the exact opposite problem, as Ira Boudway and Max Chafkin explain in their latest Bloomberg Businessweek cover story. No matter how innovative or cutting-edge the sports giant makes itself, the cable money is just too lucrative, and the costs of licensing live sports are just too great, to finally cut the cord and offer itself as a standalone internet subscription service the way HBO did with HBO NOW. Boudway and Chafkin do the math:

Other media companies, most notably HBO, have confronted cord cutting by offering their programming “over the top,” which is TV-speak for “on the internet.” More than 2 million people pay $15 a month for access to the HBO Now app, but that strategy doesn’t translate to ESPN. The network’s programming costs are far greater than those of HBO—the budget for an entire season of Game of Thrones costs around $100 million, or less than what ESPN pays for the rights to air a single Monday Night Football game—and ESPN’s customers are accustomed to getting the network at no additional charge as part of their cable package. If ESPN were to charge $15 a month for a standalone streaming channel, it would need more than 43 million subscribers to match the money it collects from cable carriers. HBO has about 35 million total subscribers in the U.S., including cable and over the top.

Now, I’m obviously just one person, but I’m pretty sure I would subscribe to a service that just offers an endless loop of Ezra Edelman’s O.J.: Made in America. Just a thought for the folks over in Bristol.

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The Top 5 Longreads of the Week

This week, we’re sharing stories from Peter Waldman, Garrett M. Graff, Rachel Aviv, Catrin Einhorn, Jodi Kantor, andd Eric Boodman.

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