Search Results for: business

Dirty Business: Raj Rajaratnam, Preet Bharara and the Galleon Trial

Longreads Pick

Rajaratnam’s view of human nature was not so different from that of Willie Stark, in “All the King’s Men”: “Man is conceived in sin and born in corruption and he passeth from the stink of the didie to the stench of the shroud.” … Once, his brash younger brother, Rengan, put out a feeler for inside information to a friend from Stanford’s business school who had become Kumar’s protégé at McKinsey. Rengan gleefully relayed to his brother that the young associate was “a little dirty.” When Rajaratnam shared this assessment with Kumar, Kumar asked him to lay off the associate, not wanting his protégé to be sucked into Galleon’s corruption. Later, Rajaratnam laughed with his brother over the episode. “I just wanted to show how your friend is—” “Scumbag!” Rengan said. “Everybody is a scumbag!”

Source: The New Yorker
Published: Jun 20, 2011
Length: 43 minutes (10,851 words)

Doing Business in Argentina: A Constant Feeling of Crisis

Longreads Pick

On the day his country exploded, Santiago Bilinkis stayed at home and watched the riots on television with his wife and infant son. It was painful. In Buenos Aires, one of the world’s great cities, looters were attacking grocery stores. Bilinkis’s bank account—along with every other account in the country—had been frozen by executive decree three weeks earlier. Argentina was out of money. This was December 20, 2001, a Thursday. That afternoon, several people were killed by police in front of the executive office building, known as the Pink House, and President Fernando de la Rúa resigned and fled the capital in a helicopter. In the days that followed, Argentina would cycle through four more presidents and default on debts totaling $155 billion. Unemployment would soar to 25 percent, and local governments, unable to pay their workers, would simply invent and print their own currencies.

Source: Inc.
Published: May 31, 2011
Length: 21 minutes (5,298 words)

Unfinished Business

Longreads Pick

If “The Pale King” isn’t a finished work, it is, at the very least, a remarkable document, by no means a stunt or an attempt to cash in on David Foster Wallace’s posthumous fame. Despite its shattered state and its unpromising subject matter, or possibly because of them, “The Pale King” represents Wallace’s finest work as a novelist.

Source: Time
Published: Mar 31, 2011
Length: 12 minutes (3,139 words)

Tales from the Essay Test-Scoring Business

Tales from the Essay Test-Scoring Business

Inside the Multimillion-Dollar Essay Test-Scoring Business

Longreads Pick

Then came the question from hell out of Louisiana: “What are the qualities of a good leader?” One student wrote, “Martin Luther King Jr. was a good leader.” With artfulness far beyond the student’s age, the essay delved into King’s history with the civil rights movement, pointing out the key moments that had shown his leadership. There was just one problem: It didn’t fit the rubric. The rubric liked a longer essay, with multiple sentences lauding key qualities of leadership such as “honesty” and “inspires people.” This essay was incredibly concise, but got its point across. Nevertheless, the rubric said it was a 2. Puthoff knew it was a 2.

Source: City Pages
Published: Feb 22, 2011
Length: 12 minutes (3,189 words)

My Top 10 Business #Longreads of 2010

My Top 10 Business #Longreads of 2010

The Cuomo Family Business

Longreads Pick

Andrew Cuomo was his father’s id, aggressive where Mario was cerebral—the muscle that helped win Mario three terms as governor of New York. Now he looks like he’s about to take over his father’s old job. Has he learned enough from both of their mistakes?

Published: Aug 1, 2010
Length: 25 minutes (6,364 words)

A Friendly Chat: Greg Karais, Yukon Enthusiast and Publisher of Four Profitable Magazines with Wily Business Models–and a 20-Hour Workweek

Longreads Pick

“Yukon, North of Ordinary was based as an in-flight magazine. So what we did, the first two years, we put a lot of locals in the magazine, to build loyalty with the locals. And there is also a huge loyalty to Air North, because they broke Canadian Air, or Air Canada’s prices. Air Canada used to have outrageous prices, and with Air North, the fares got a lot cheaper. So there’s a lot of loyalty to them. So we put a lot of people in the magazine, so people would go, oh I know that person. It literally feels like everybody in the Yukon knows someone that’s been in the magazine.”

Source: The Awl
Published: Jul 28, 2009
Length: 11 minutes (2,890 words)

The Top 5 Longreads of the Week

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Here are five stories that moved us this week, and the reasons why.

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1. Has Witch City Lost Its Way?

Kathryn Miles | Boston Magazine | October 22, 2021 | 3,758 words

Modern-day witchcraft is big business, and Salem, Massachusetts, is its epicenter. Witch-themed boutiques along Essex Street sell everything a 21st-century witch needs, from tarot card decks and spell kits to $300 custom wands. Stores like these cater not only to self-identifying witches and warlocks, but also Halloween tourists making their pilgrimage to the city each October and people claiming ancestral ties to Colonial settlers (or those accused as heretics in the 1692 trials). Kathryn Miles captures a festive, bustling local scene, but are shop owners simply commodifying a spiritual practice? And is there a better way for Salem to address and educate people about its ugly past? Miles’ own ancestral history is marked with a dark moment in 1660 — one that has left generations of her family to make sense of their legacy. She examines present-day Salem from this perspective, and asks: “Is a witch-based tourism economy the best way to honor the legacy of executed individuals who weren’t even witches in the first place?” With Halloween just days away, this Boston magazine story is a fitting read, and offers a glimpse into Salem’s lively community — as well as the past that it grapples with. —CLR

2. Aftermath

Briohny Doyle | The Griffith Review | October 24, 2021 | 3,500 words

“Aftermath” begins and ends with scenes set on water — an oyster farm on a lake, a rental house on a bay. These fluid bookends are apt for an essay that ruminates on the illusion of before and after that we all lean on to cope with uncertainty. Whether we’re responding to COVID-19, climate change, or personal grief — all of which come to bear in Briohny Doyle’s gorgeous essay — humans tend to yearn for the way things were or the way they might be, for an idealized past or dreamed-of future, for “fixed points” and “the simplicity of distance.” Doyle challenges readers, and herself, to instead bear witness to accrual and to care for ourselves in the context of the ongoing. “Fragile life,” Doyle writes. “All we have to work with. At least as precious as it is unimportant.” We must protect ourselves, she continues, from becoming “food for bad ideas.” I couldn’t help but think of a line in King Lear: “Ripeness is all.” When you’re reminded of Shakespeare, you know you’re reading something special. —SD

3. Shadow City, Invisible City: Walking Through an Ever-Changing Kabul

Taran Khan | LitHub | October 21, 2021 | 2,667 words

Taran Khan writes of friends and acquaintances betrayed by the donor agencies and NGOs who ghosted longtime Afghan employees pleading for help to flee Taliban rule after the U.S. pulled out of Afghanistan in August. Many Afghans now fear the Taliban’s retribution for collaborating with the agencies who left them behind, texts and email pleas unanswered. “My fellow Americans, the war in Afghanistan is now over,” declared President Biden on television. Those the U.S. government and NGOs abandoned in their hasty retreat now face new and more insidious dangers. Khan writes: “My grandmother, who had grown up in northern India in a home marked by rigid gender segregation, told me how she used to listen to the poets who frequented the male quarters of her house through cracks in the wall. In the days after the Taliban’s takeover, I listened to Kabul through cracks in the silence that descended on the city. In the voices of friends I could reach on the phone, and behind their fear and their laughter, their assurances and their hesitating requests, I heard the streets and the soundtrack of the city’s everyday life, away from the transient media glare.” —KS

4. Under The Influence

Stephen J. Lyons | The Sun Magazine | October 1, 2021 | 1,672 words

A certain swath of people can relate to being a child left in a vehicle while dad drinks beer in the dim, smoky interior of a local pub. (This didn’t happen to me, though my best friend said she taught herself dozens of yo-yo tricks during those long afternoons.) At The Sun Magazine, Stephen J. Lyons recounts waiting for his beloved blue-collar, stogie-smoking grandpa to emerge from the bar. Lyons witnesses his usually quiet grandpa change after a few pub stops. As the truck speeds over ridges and around curves in rural Iowa, grudges and grievances bubble to the surface, sucked out the window of the rusty pick-up truck as his grandpa spits and mutters about wrongs and injustices. The love and loyalty Lyons feels for his grandpa reminded me of my own childhood, times when my dad was not ok to drive but did so anyway after late nights at relatives’ places across town, times when adult hubris (I’m fine!) and the need to blow off steam from another week at a dirty, unsatisfying job outweighed better judgement. This piece reminds me that we all fail one another from time to time, knowingly and unknowingly. And that perhaps because of that failure, we need love and grace all the more. —KS

5. Sci-Fi Icon Neal Stephenson Finally Takes on Global Warming

Adam Rogers | Wired | October 26, 2021 | 4,348 words

Neal Stephenson isn’t the sort of writer you profile. He’s the sort of writer you think about profiling, sure, but he’s not going to invite you into his life or discuss the vagaries of craft or unburden himself of his deep-seated fears. What he’s going to do, instead, is write. That’s what he’s done since 1984 — big ol’ books that tend to huddle together under the “science fiction” umbrella but are as urgent as they are speculative. His latest, Terminal Shock, might be the most urgent yet, attempting to envision what would happen if people actually tried a theoretical process called solar geoengineering to cool off the planet. So if you’re going to profile Neal Stephenson, you’re going to need to figure out his whys and his hows, not his whos and his whats. Good thing, then, that the person doing the profiling happens to be one of the few journalists around as well-versed in genre fiction as they are in climate change. Rogers, an accomplished science journalist, aims his entire arsenal at making this a piece about the science of imagination — about how not to give up on the (admittedly bleak) future, how to turn real science into real hope, and what it means for someone as lauded and prolific as Stephenson to continue pushing us to team up and just figure this damn thing out already. —PR

A New Leaf: A Post-Legalization Cannabis Reading List

neon marijuana symbol with the word "legal" below

By Peter Rubin

If you were a pot-smoking teenager in the ’90s, chances are you heard the same urban legend I did. Marlboro’s just waiting for weed to be legalized, man. They’ve got the tobacco fields ready to repurpose; they’ll even use their green menthol pack when they start selling joints. Someone’s sister knew a guy whose college professor had seen the mockups! What’s weird about this particular wish-fulfillment conversation isn’t how dumb it was; it’s that even a stoned 16-year-old could grok the conflict brewing in the fantasy. Sure, the idea of walking into a store to buy a spliff seemed so far-fetched that imagining it was akin to arguing about who would win a fight between Batman and Boba Fett. But if that day ever did come, we sensed, it would become a commercial battlefield.

Surprise: that’s exactly what happened. After California allowed medicinal use of marijuana in 1996 — and then truly after 2012, when Colorado and Washington became the first states to legalize cannabis for recreational use — a new industry sprouted. The “green rush,” as it immediately became known, wasn’t just a financial opportunity; it nurtured the best and worst that U.S. capitalism had to offer. For every underdog, a huckster; for every scrappy botanist, a shadowy billion-dollar concern; for every newly minted entrepreneur, a stinging reminder that even legal cannabis has a way of perpetuating inequities. Whether or not the devil’s lettuce ever becomes legalized at a federal level (and Marlboro finally gets involved), the journalism compiled below makes clear that the stories of post-legalization America are in many ways the stories of the nation itself.

1) The Great Pot Monopoly Mystery (Amanda Chicago Lewis, GQ, August 2017)

Few journalists have been covering the weed beat longer or better than Lewis; she’s knowledgeable, well-sourced, and has reported on everything from how Black entrepreneurs have been shut out of the cannabis boom to how the company Weedmaps has cultivated a booming business with a selective attention to legality. But my favorite work of hers might just be this feverish jaunt down the rabbit hole of BioTech Institute, a company that reportedly struck fear into the heart of the industry by trying to issue utility patents on the cannabis plant itself. Sounds dry? Not when it feels like the plot of a noir movie, with Lewis as the dogged detective:

Outside of these patents, BioTech Institute barely exists. The company has no website, manufactures no products, and owns no pot shops. Public records for BioTech Institute turned up two Los Angeles addresses—a leafy office park an hour northwest of downtown and a suite in a Westside skyscraper—both of which led to lawyers who didn’t want to talk.

A source familiar with BioTech Institute’s patenting process estimated that the company had spent at least $250,000 in research and legal fees on each of its patents. I knew that if I could figure out who was paying for the patents, I might learn who held the keys to the future of the marijuana industry. But I hardly knew where to start.

There’s no definitive aha twist in this movie — no moment that the camera skews to a Dutch angle and the violins screech in the score — but its shagginess is kind of the point. Watching a reporter follow bum leads, spool out her own thinking, and otherwise externalize her shoeleather fact-finding turns this from a Shadowy Conspiracy saga to something somehow far more satisfying: a process story.

2) Half Baked: How a Would-Be Cannabis Empire Went up in Smoke (Michael Rubino, Julia Spalding & Derek Robertson, Indianapolis Monthly, August 2021)

In November 2020, Indianapolis Monthly ran a small item on Rebecca Raffle, a woman who had moved to town and opened two CBD bakeries in the city. A few fact-checking bumps aside, the piece was uneventful, the kind of local-business profile that pops up in two dozen city magazines every month of the year. But as 2020 turned into 2021, those fact-checking bumps turned out to be the first in a long saga of upheaval and deception, exhaustively recounted here by a team of journalists that would expose Raffle’s business talk for what it truly was: talk. 

None of this seemed in line with the chill entrepreneur with the bubbly personality and perpetual ear-to-ear smile. A gay, Jewish, California-transplanted working mom, Raffle conveyed an endearing underdog quality and a compelling girl-boss backstory. A lot of people bought right into it.

We bought right into it.

Self-mythologizing is nothing new; people often believe what you tell them, and many a business owner has scraped through the lean times by acting as though their aspirations are already reality. But the meta-wrinkle in this particular story — the writers grappling throughout with the role they and their magazine played in elevating this particular mythologist — makes “Half Baked” much more than an exercise in grifter-gets-caught schadenfreude. Whether Raffle’s a Fyre Fest-level charlatan or just a woman whose ambitions outpaced her expertise, you won’t get to the end without a hefty sense of emotional conflict.

3) The Willy Wonka of Pot (Jason Fagone, Grantland, October 2013)

Once upon a time, weed strains were like broadcast TV networks: there weren’t many, and everyone knew all of them. But nothing Acapulco Gold can stay. These days, Maui Wowie and Panama Red have given way to Blueberry Kush, F-13, Azure Haze, and a seemingly infinite repository of other strains — and a great many of them, it turns out, originated with a press-shy breeder from Oregon named DJ Short. In this shining gem of a ridealong feature, Jason Fagone connects with Short at what might just be the apotheosis of his long and accomplished career: the first Seattle Hempfest held after Washington legalized recreational cannabis.

“DJ Short’s here!” said a large man in a tie-dyed tank top. He was sitting next to Short on the dais at Hempfest. His name card said STINKBUD. “I was growin’ his Blueberry back in the ’80s,” Stinkbud said. “One of the most famous guys in the entire world! DJ Short! This guy’s a legend.”

The panel’s moderator, a Canadian researcher, said, “I’ve been moderating this panel for seven or eight years. I’ve never seen Stinkbud so humbled.”

It’s not all stoner sycophancy, though. Fagone portrays Short as a man who knows how much he’s contributed to the current state of the cannabis world — and yet finds himself unable to stop that world from roaring by, leaving him behind in its rush to monetize his lifelong passion. Whimsical headline aside, there’s a real melancholy lurking here, even as Short accepts his laurels. A portrait of the artist as a forgotten craftsman.

4) Is Cannabis Equity Reparations for the War on Drugs? (Donnell Alexander, Capital & Main x Fast Company, April 2018)

A 2020 study by the ACLU found that in the U.S., Black Americans are 3.64 times more likely than white people to be arrested for marijuana possession. That same year, 94% of those arrested for cannabis offenses in New York City were people of color. Clearly, legalization has not alleviated the disproportionate burden that low-level drug enforcement has historically placed on the Black community, nor has it prevented Black entrepreneurs from getting shut out of the space. That’s why, in California, a number of cities have attempted to enact cannabis equity, reserving up to half of their marijuana business permits for those living under the median income line or who have a previous cannabis conviction — and in this piece, Alexander chronicles how Oakland’s equity program can set a model for others.

No state has a relationship dynamic remotely like the one between California and marijuana. We officially consume 2.5 million pounds of the drug each year, more than any other state. California produces more than 13 million pounds annually. This means that, even before dipping its toes into the uncharted waters of restorative justice, the legal weed market must contend with vast market and political forces. 

Those forces culminated in a near-failure for Oakland’s program; while the city had set aside millions in no-interest funding for these startups, it was having a difficult time facilitating the necessary partnerships between white and Black applicants. The solutions — or people, as the best solutions tend to be — don’t provide much in the way of narrative tension, but they do offer a necessary perspective on what it’s really like trying to change the system in a fundamental way.

5)  Inside the Underground Weed Workforce (Lee Hawks, The Walrus, October 2018)

Legal or not, all the cannabis that enters the supply chain starts with the same thing: human labor. Trimmers, those who take scissors to plant to free the psychogenic flower, have long been the backbone of the industry. Yet, as the workforce swells and legalization drives prices down, the livelihood isn’t as dependable as it once was. A blend of reportage and the pseudonymous Hawks’ own experience — numerous trips from Canada to work California’s harvest season — makes his account of “scissor drifter” culture an urgent one. 

In 2017, when Willow last went to work in California, trimmers were expected to buy and cook all their own food. There was one outhouse and an outdoor shower, and she slept in a tent. She was paid $150 (US) per pound. When she checked around, she discovered this was the new status quo. In fact, there were rumours of trimmers being paid as low as $100 per pound. Some trimmers will work in exchange for weed and are just happy to have a place to stay and be fed. Every year, there’s a new crop of trimmigrants with lower and lower expectations. Unfortunately for Willow, the harvest was subpar, and she struggled to finish a pound per day. She left after two weeks, staying just long enough to recuperate her costs. A poor crop can make any situation intolerable.