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Top 5 #Longreads of the Week: D Magazine, Fortune Magazine, New England Review, The New Yorker, The New York Times Magazine, #fiction, plus a guest pick from James daSilva.
Top 5 #Longreads of the Week: D Magazine, Fortune Magazine, New England Review, The New Yorker, The New York Times Magazine, #fiction, plus a guest pick from James daSilva.
In investigation into how the federal Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF) became accused of intentionally allowing American firearms to get into the hands of Mexican drug cartels:
Voth grew deeply frustrated. In August 2010, after the ATF in Texas confiscated 80 guns—63 of them purchased in Arizona by the Fast and Furious suspects— Voth got an e-mail from a colleague there: ‘Are you all planning to stop some of these guys any time soon? That’s a lot of guns…Are you just letting these guns walk?’
Voth responded with barely suppressed rage: ‘Have I offended you in some way? Because I am very offended by your e-mail. Define walk? Without Probable Cause and concurrence from the USAO [U.S. Attorney’s Office] it is highway robbery if we take someone’s property.’ He then recounted the situation with the unemployed suspect who had bought the sniper rifle. ‘We conducted a field interview and after calling the AUSA [assistant U.S. Attorney] he said we did not have sufficient PC [probable cause] to take the firearm so our suspect drove home with said firearm in his car…any ideas on how we could not let that firearm “walk”’?
“The Truth About the Fast and the Furious Scandal.” — Katherine Eban, Fortune
Nora Ephron on her uncle Hal, an inheritance, and working on a famous screenplay:
My husband and I had recently bought a house in East Hampton, and the renovation had cost much more than we’d ever dreamed. There was nothing left for landscaping. I went outside and walked around the house. I mentally planted several trees. I ripped out the scraggly lawn and imagined the huge trucks of sod I would now be able to pay for. I considered a trip to the nursery to look at hydrangeas. My heart was racing. I pulled my husband away from his work, and we had a conversation about what kind of trees we wanted. A dogwood, definitely. A great big dogwood. It would cost a small fortune, and now we were about to have one.
I went upstairs and looked at the script I’d been writing. I would never have to work on it again. I was just doing it for the money and, face it, it was never going to get made, and, besides, it was really hard. I switched off the computer. I lay down on the bed to think about other ways to spend Uncle Hal’s money. It crossed my mind that we needed a new headboard.
Thus, in fifteen minutes, did I pass through the first two stages of inherited wealth: Glee and Sloth.
“My Life as an Heiress.” — Nora Ephron, The New Yorker (Oct. 2010)
See also: “My First New York.” New York magazine (March. 2010)
Nora Ephron on her uncle Hal, an inheritance, and working on a famous screenplay:
“My husband and I had recently bought a house in East Hampton, and the renovation had cost much more than we’d ever dreamed. There was nothing left for landscaping. I went outside and walked around the house. I mentally planted several trees. I ripped out the scraggly lawn and imagined the huge trucks of sod I would now be able to pay for. I considered a trip to the nursery to look at hydrangeas. My heart was racing. I pulled my husband away from his work, and we had a conversation about what kind of trees we wanted. A dogwood, definitely. A great big dogwood. It would cost a small fortune, and now we were about to have one.
“I went upstairs and looked at the script I’d been writing. I would never have to work on it again. I was just doing it for the money and, face it, it was never going to get made, and, besides, it was really hard. I switched off the computer. I lay down on the bed to think about other ways to spend Uncle Hal’s money. It crossed my mind that we needed a new headboard.
“Thus, in fifteen minutes, did I pass through the first two stages of inherited wealth: Glee and Sloth.”
Why was New York Times CEO Janet Robinson fired? A look inside the political battles and financial troubles that led Arthur Sulzberger to let Robinson go (with a $24 million exit package):
Interviews with more than 30 people who are intimately familiar with different aspects of the Times’ business (none but a spokesperson would speak for attribution—this is the paper of record, after all) have made it clear that Gonzalez’s rise and Robinson’s fall, and the ensuing leadership vacuum inside the paper, were symptomatic of larger forces at work. Even as a new pay wall was erected on the Times’ website last spring to charge customers for access, the company’s performance, including an alarming dive in print advertising when other media companies were beginning to recover, was faltering, and Sulzberger was under pressure both financial and familial to throw Robinson overboard. “As the paper’s stock price has declined in recent years, there has been increasing unease among the Ochs-Sulzberger clan, who control the paper through a special class of shares. Three years ago, facing huge debt problems, the company suspended the lucrative stock dividend that once flowed quarterly to the family’s 40-plus members, intensifying the need to solve the intractable advertising problems of the newspaper in the digital age and figure out a way to turn the family’s cash spigot back on. Janet Robinson, the company’s advertising brains, found herself caught between her increasingly remote boss and a frustrated family worried over the future of its 116-year-old fortune.
Why was New York Times CEO Janet Robinson fired? A look inside the political battles and financial troubles that led Arthur Sulzberger to let Robinson go (with a $24 million exit package):
“Interviews with more than 30 people who are intimately familiar with different aspects of the Times’ business (none but a spokesperson would speak for attribution—this is the paper of record, after all) have made it clear that Gonzalez’s rise and Robinson’s fall, and the ensuing leadership vacuum inside the paper, were symptomatic of larger forces at work. Even as a new pay wall was erected on the Times’ website last spring to charge customers for access, the company’s performance, including an alarming dive in print advertising when other media companies were beginning to recover, was faltering, and Sulzberger was under pressure both financial and familial to throw Robinson overboard.
“As the paper’s stock price has declined in recent years, there has been increasing unease among the Ochs-Sulzberger clan, who control the paper through a special class of shares. Three years ago, facing huge debt problems, the company suspended the lucrative stock dividend that once flowed quarterly to the family’s 40-plus members, intensifying the need to solve the intractable advertising problems of the newspaper in the digital age and figure out a way to turn the family’s cash spigot back on. Janet Robinson, the company’s advertising brains, found herself caught between her increasingly remote boss and a frustrated family worried over the future of its 116-year-old fortune.”
Nearly one year after taking over for Steve Jobs, a report card for the new CEO. The company has never been more efficient, or fun, but some are wondering about the future of the products:
The ultimate ‘tell’ of tectonic changes at Apple will be the quality of its products. Those looking for deficiencies have found them in Siri, a less-than-perfect product that Apple released with the rare beta label in late 2011, a signal that the service shouldn’t be viewed as fully baked. Siri’s response time has been slow, meaning the servers and software powering it are inadequate. ‘People are embarrassed by Siri,’ says one former insider. ‘Steve would have lost his mind over Siri.’
Obviously, no one can say for sure how Steve Jobs would have reacted to anything that’s going on at Apple, and Cook seems increasingly comfortable leading the company where he thinks it should be going. Jobs was opposed to dividends and stock buybacks, for example. Yet Cook repeatedly prepared investors for a coming dividend by stating publicly that he had no ‘religious’ opinion about them. Apple announced on March 19 that it would begin paying a quarterly dividend of $2.65 a share and buy back $10 billion worth of stock.
Inside the boardroom battles that led to the hiring (and firing) of CEO Léo Apotheker, formerly of SAP. Meg Whitman is now in charge of finding ways to fix the legendary tech company:
A few months after she took over as the CEO of Hewlett-Packard last September, Meg Whitman held one in a series of get-to-know-you meetings with employees. To say the audience, a group of software engineers and managers, was sullen would be an understatement. As Whitman spoke, many of them glared at her. Others weren’t making eye contact with their new boss. Their heads were down, and they were tapping furiously on handheld devices.
‘Your comments are being live-blogged,’ one employee told her defiantly. Whitman challenged the man. ‘You all have taken leaking to a new art form,’ she said. ‘It’s a sign of an unhappy company. You wish HP ill.’ The tapping suddenly stopped, and as the room fell silent, the mobile devices were lowered.
“How Hewlett-Packard Lost Its Way.” — James Bandler, Doris Burke, Fortune magazine
Macau’s rise as the new global gambling capital leads to complications for the Las Vegas casinos that have flocked to China for a piece of the action. Its differences are illustrated in the God of Gamblers case, in which a former barber named Siu Yun Ping won $13 million, setting off a chain of events, including a murder plot:
The files of the God of Gamblers case can be read as a string of accidents, good and bad: Siu’s run at the baccarat table; Wong’s luck to be assigned an assassin with a conscience; Adelson’s misfortune that reporters noticed an obscure murder plot involving his casino. But the tale, viewed another way, depends as little on luck as a casino does. It is, rather, about the fierce collision of self-interests. If Las Vegas is a burlesque of America—the ‘ethos of our time run amok,’ as Hal Rothman, the historian, put it—then Macau is a caricature of China’s boom, its opportunities and rackets, its erratic sorting of winners and losers.
“The God of Gamblers.” — Evan Osnos, The New Yorker
See also: “Online Poker’s Big Winner.” — Jay Caspian Kang, New York Times, March 25, 2011
Macau’s rise as the new global gambling capital leads to complications for the Las Vegas casinos that have flocked to China for a piece of the action. Its differences are illustrated in the God of Gamblers case, in which a former barber named Siu Yun Ping won $13 million, setting off a chain of events, including a murder plot:
“The files of the God of Gamblers case can be read as a string of accidents, good and bad: Siu’s run at the baccarat table; Wong’s luck to be assigned an assassin with a conscience; Adelson’s misfortune that reporters noticed an obscure murder plot involving his casino. But the tale, viewed another way, depends as little on luck as a casino does. It is, rather, about the fierce collision of self-interests. If Las Vegas is a burlesque of America—the ‘ethos of our time run amok,’ as Hal Rothman, the historian, put it—then Macau is a caricature of China’s boom, its opportunities and rackets, its erratic sorting of winners and losers.”
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