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Directions: Study the picture above carefully and write an essay entitled "On the Interpersonal Rel...
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Directions: Studythepictureabovecarefullyandwrite
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Oneofthecomicalmomentsintheearlyhistoryofprintingoccurredin1631whentheEnglishprinterRobertBarkerproducedaneditionofthescriptureswhichbecameknownastheWickedBible.Thiseditioncontainedamisprintoftheseventhcommandmem.OnethousandcopieswereprintedandreadyforpublicationbeforesomeonenoticedthatthecommandmenthadbeenchangedtoThoushaltcommitadultery.Nothingmuchcameofit.Theprinterwasfinedthecopiesdestroyedandthemoralfiberofthenationremainedintact.Butwhathappenswhentheverseatissueisnotmerelyaprinter’serrorbutanancientinterpolationintoanevenmoreancienttextSuchwasthecasewith1John5:7thebiblicalproof-textforthedoctrineoftheTrinity.ErasmusSirIsaacNewtonandJohnLockeamongotherschallengedthetext’sauthenticity.WhenErasmuslefttheverseoutofthefirsteditionofhismonumentalGreekNewTestament1516hewasroundlycriticizedforencouragingheresiesschismsandconflicts.Erasmus’scriticsknewthatapproachingtheBibleinascholarlyfashionwasdangerous:eventhemostpiousattemptsatrationalunderstandingofscripturecouldresultinskepticismoratheism.HowcanoneappraisetheBiblecriticallyandstillmaintainitsauthority.InhisengagingandverythoroughbookDavidKatzexploresthewaysthisquestionwasaddressedinEnglandfromtheReformationonward.AprofessoratTelAvivUniversityKatzistheauthorofTheJewsintheHistoryofEngland1485-1850andahostofbooksandarticlesonearly-modemskepticismandreligion.InGod’sLastWordsKatzmaintainsthateveryerarespondstotheBibledifferentlybasedonshiftingculturalassumptionsandheexaminesthelensthroughwhichtheBiblewasreadinvarioushistoricalmoments.WhileReformationleadersacceptedthetransparencyoftheBible’smessagebythelate17thcenturythisviewcouldnolongerbemaintainedKatzstates.Duringthe18thcenturytheBiblecametoberegardedasjustanotherliterarytext--onewhichincreasinglyhadtoconformtocontemporarystandardsofrealism.AsDarwin’stheoriesbecamewidelyknown19th-centuryreadersappliedanevolutionarymodeltotheBibleandbeganmseeitastheproductofaprimitivementalityverydifferentfromtheirown.ThesenewwaysofreadingtheBibleseemedtodestroyitsauthoritycompletelyuntilthefundamentalistmovementreassertedtheoldProtestantbeliefintheBible’ssoleauthority.Katz’sattitudetotheadaptationofBibleis
Evenforoverachieverswhoareusedtomultitaskingtheideaofwatchingtwoversionsofthesametelevisionshowatthesametime--oneontelevisionandoneonacomputer—issomethingthatisprobablyforeigntomostpeopleovertheageof30.TotheeternallyyoungbrainsthatnmMTVhoweveritisthenextstepinreshapingtheirbusiness.BeginningthissummerwiththeMTVVideoMusicAwardsandcontinuinginthefallwiththecablechannel’sliveafternoonprogramTotalRequestLiveMTVwilloffertwosimultaneousversionsofeachshowoneontelevisionandanotherfocusingonabehind-the-scenesnarrativeonitsbroadbandchannelMTVOverdrive.WedotonsofresearchonouraudienceanditshowsthattheyareinstantmessagingandlisteningtomusicandwatchingTVallatthesametimesaidChristinaNormanpresidentofMTV.We’vedefinitelyseenthembecomemoreadeptatnavigatingthroughmultiplemedia.Theylivecomfortablyinseveralworldsatonce.TheOverdrivecomponentlocatedatmtv.comwillfeatureasortofvideodigressionthatwillcontinuetostreamlivewhilethetelevisionshowisbroadcastingcommercials.ForexampleifaviewerwantstowatchanentiremusicvideoafterasnippetisshownontheTotalRequestLivevideocountdownortakeabackstagetourwithJamieFoxxafterhefinisheshisonstageappearanceonthesetofT.R.L.astheshowisfamiliarlyknownOverdrivewillbetheplacetoturn.Doingthreethingsatoncewhenyou’re19yearsoldisnothardsaidDaveSirulnickanexecutivevicepresidentatMTVwhooverseesmultiplatformproductionnewsandmusic.LastThursdayatMTV’sstudiosinTimesSquareMr.SirulnickprovedadeptatdoingatleasttwothingsatoncedashingbetweentwocontrolroomsthatwerestepsawayfromeachotherjustdownthehallwayfromtheT.R.L.set.Itwasthesecondtest-runofsimultaneousproductionandineachcontrolroom-oneforOverdriveoneforT.R.L.—separatesetsofdirectorsandproducersguidedcameramenandtheshow’shostsknownasV.J.’sthroughtheirpaces.Noonethatweknowhasdonealivestreamofadifferentsignalofanexistingshow.Mr.Sirulnicksaid.It’saliveparallelexperienceonethatveryquicklyturnsintoanon-demandexperimentwithportionsofeachshowarchivcdandkeptontheOverdrivesiteforfanstoreplayatwill.MTVwilloffertwosimultaneousversionsofeachshowbytwochannelsinorderto
"BLOGGOPLC"announcesitspressofficeat7amLondontime"lastnightagreedtopurchaseJunkoIncofWichita."46AquotefromBloggo’sproudchairmansetsouthowwelltheAmericanpurchasefitstheBritishbuyer’sstrategy.AndtheBritishshareholderifheiswiseheadsforhisbrokerandtheexit. 47ThatrepeatedlyhasbeenthelessonofBritishincursionsintotheUnitedStates:fromattemptsinthe1950soffirmslikeAustinandMorristoselltheirutterlyill-suitedandoftenill-builtsmallcarsofthetimethroughEuropeanFerrieswhichinthe1980sboughtupseveralthousandacresnearDenverpresumablywithoutasking—untilitwentall-butbellyup—whetheracross-ChannelferryfirmreallyknewmoreaboutlandinColoradothanlocalreal-estatebuffsdid. EveninthelatereraofseriousdirectinvestmentBritishincursionshavehadaspottyrecord.TwoacademicsatXfiExeterUniversity’snewfinanceandinvestmentcentrehavenowputfiguresonit.AlanGregoryandSteveMcCorristonstudied197BritishtakeoversinAmericanearlyallthesignificantonesinmanufacturingandservicesbankingexcludedin1984-94.48Overafive-yearperiodfromthepurchasetheyfoundthecumulativereturntoshareholderswas27%lowerthan"normal"—iefor;similarcompaniesthathadstayedathome—andnotablyworsethanthetrivialdifferenceoveroneyearthatstockmarketsandacademicshavetendedtolookat. 49Thefigurewasalsoinnotablecontrasttocomparableonesfrom97takeoversintheEuropeanUnionand39elsewhereintheworld.ReturnsintheEUlookedbetterthannormalbutthefigureswerenotstatisticallysignificant;thoseintherestoftheworldwereboth32%better. 50YoumightexpecttheoppositegiventhatBritain’scorporatecultureismuchlikeAmerica’s.butsomewayfromthoseofmostEUcountries.SowhytheunexpectedoutcomeTheExeteracademicsdonotknowbutwouldlovetofindout—iftheycangettheresearchfunding. Thefigurewasalsoinnotablecontrasttocomparableonesfrom97takeoversintheEuropeanUnionand39elsewhereintheworld.
Alan"Ace"GreenbergchosehisnicknametoimprovehischanceswithgirlsattheUniversityofMissouri.Butitisanapt1ofhiswadingskillsonWallStreet.Thisweekasthe73-year-old2down3chairmanofBearStearnstheinvestmentbankwherehehasworkedsince1949isinahigh.It4anincreaseinpost-taxprofitsinthesecondquarterof43%onayearearlier5atimewhenmanyofitsWallStreetrivalshave6.OnJune26thMerrillLynch7awarningthatitsprofitsinthesecondquarterwouldfallbyhalffar8ofexpectations.GoldmanSachsandMorganStanleyhavealsoreportedlowerprofits. Strangethatthissurprised.9AlanGreenspan’sfreneticcuts10interestratestimesaregoodforunderwritersandwadersofbondscoreactivitiesforBearStearnsandLehmanBrothers11alsorecordedasharpincreaseinprofits.Ithasbeenaterrible12forequityunderwritersandforadvisersonthesmallamountsofmergersandacquisitionsM＆Athisyear. MerrillGoldmanandMorganStanleyarethreeoftheinvestmentbanksthatgained13duringtheboominequityandM＆Abusinessandtheyarenow14themost.OfthethreeMerrillisweakestinbonds.Itcut15itsfixed-incomeactivitiesafterthecollapseofLung-TermCapitalManagementLTCMin1998.AsithappensbothBearStearnsandLehmanhavelongbeencriticisedfortheirweaknessinequities. MrGreenbergisfamousforworryingabouteventhepriceofapaper-clipatBearStearns.Thisusedtoseemterribly16butthesedaysotherWallStreetfirmsare17aboutcosts.Lay-offsare18thoughnotyetalarmingly-notleastbecausebankssawhowMerrillLynchlost19whenthemarketsreboundedquicklyaftertheLTCMcrisis.Stilliffew20ofimprovementshowsoonexpectrealblood-lettingonWallStreet. 11
Oneofthecomicalmomentsintheearlyhistoryofprintingoccurredin1631whentheEnglishprinterRobertBarkerproducedaneditionofthescriptureswhichbecameknownasthe"WickedBible."Thiseditioncontainedamisprintoftheseventhcommandmem.Onethousandcopieswereprintedandreadyforpublicationbeforesomeonenoticedthatthecommandmenthadbeenchangedto"Thoushaltcommitadultery."Nothingmuchcameofit.Theprinterwasfinedthecopiesdestroyedandthemoralfiberofthenationremainedintact. Butwhathappenswhentheverseatissueisnotmerelyaprinter’serrorbutanancientinterpolationintoanevenmoreancienttextSuchwasthecasewith1John5:7thebiblicalproof-textforthedoctrineoftheTrinity.ErasmusSirIsaacNewtonandJohnLockeamongotherschallengedthetext’sauthenticity.WhenErasmuslefttheverseoutofthefirsteditionofhismonumentalGreekNewTestament1516hewasroundlycriticizedforencouragingheresiesschismsandconflicts.Erasmus’scriticsknewthatapproachingtheBibleinascholarlyfashionwasdangerous:eventhemostpiousattemptsatrationalunderstandingofscripturecouldresultinskepticismoratheism.HowcanoneappraisetheBiblecriticallyandstillmaintainitsauthority. InhisengagingandverythoroughbookDavidKatzexploresthewaysthisquestionwasaddressedinEnglandfromtheReformationonward.AprofessoratTelAvivUniversityKatzistheauthorofTheJewsintheHistoryofEngland1485-1850andahostofbooksandarticlesonearly-modemskepticismandreligion.InGod’sLastWordsKatzmaintainsthateveryerarespondstotheBibledifferentlybasedonshiftingculturalassumptionsandheexaminesthe"lensthroughwhichtheBiblewasread"invarioushistoricalmoments.WhileReformationleadersacceptedthetransparencyoftheBible’smessagebythelate17thcenturythisviewcouldnolongerbemaintainedKatzstates.Duringthe18thcenturytheBiblecametoberegardedasjustanotherliterarytext--onewhichincreasinglyhadtoconformtocontemporarystandardsofrealism.AsDarwin’stheoriesbecamewidelyknown19th-centuryreadersappliedanevolutionarymodeltotheBibleandbeganmseeitastheproductofaprimitivementalityverydifferentfromtheirown.ThesenewwaysofreadingtheBibleseemedtodestroyitsauthoritycompletelyuntilthefundamentalistmovementreassertedtheoldProtestantbeliefintheBible’ssoleauthority. WhatisthemeaningofinterpolationLine2ParA．2
ThenewshittheBritishHighCommissioninNairobiatnine-thirtyonaMondaymorning.SandyWoodrowtookitlikeabulletjawrigidchestoutsmackthroughhisdividedEnglishheart.Crikey.Sothat’showyoutakeabullet.PooroldSandy.HisEnglishheartmustbereallydividednow.Thisdeliriouslyhardboiledopeningsetsthetoneforwhat’stocome.WhitemischiefPshaw!Whiteplaguemorelikeit.SandyWoodrowisheadofchanceryattheBritishHighCommissioninNairobi.ThenewsthatneatlysubdivideshisheartasthenovelopensisthedeathofayoungbeautifulandidealisticlawyerturnedaidworkernamedTessaQuayle.TessahasbeenmurderedforlearningtoomuchaboutthedishonestpracticesofalargepharmaceuticalcompanyoperatinginAfrica.HerbodyisfoundatLakeTurkanainnorthernKenyaneartheborderwithSudan.Tessa’shusband.JustinisalsoaBritishdiplomatstationedinNairobi.UntilnowJustinhasbeenanobedientcivilservantcontenttotoetheofficialline—inshortahardworker.Butallthatchangesintheaftermathofhiswife’smurder.Fullofrighteousangerheresolvestogettothebottomofitcomewhatmay.TheConstantGardenerhasgotplentyoftensemomentsandsuddentwistsandcomescompletelywithshadowyfigureslurkinginthebush.Thereisafamiliartoneofgentlemanlyworld-wearinesstoitallwhichshouldkeepMr.leCarre’sfanshappy.ButthenovelisalsoanimpassionedattackonthecorruptionwhichallowsAfricatobeusedasasortoflaboratoryforthetestingofnewmedicines.ElsewhereMr.leCartehasdenouncedthecorporatecamhypocrisycorruptionandgreedofthepharmaceuticalindustry.Thispositionisexcitinglydramatizedinhisbookeveniftheabusesherailsagainstarenotexactlybreakingnews.InotherrespectsTheConstantGardenerislesssatisfactory.Mr.leCartecan’tseemtomakeuphismindwhetherhe’swritingathrilleroranexpose.InarecentarticlefortheNewYorkerhedescribedhiscreativeprocessasakindofdeliberatelytwistedjournalismwherenothingisquitewhatitisandwhereanyencountermaybefreelyrecastforitsdramaticpossibilities.SuchisthemethodemployedinTheConstantGardenerwhoseheroine.Mr.leCartesayswasinspiredbyanoldfriendofhis.Oneortwoprominentreal-lifeKenyanpoliticiansarementionedoftenenoughtobecomeineffect.charactersinthestory.AndinanoteattheendofthebookMr.leCanethanksthevariousdiplomatsdoctorspharmaceuticalexpertsandoldAfricahandswhogavehimadviceandassistancethoughinthesamebreathheinsiststhatthestaffoftheBritishmissioninNairobiarenodoubtalljollygoodeggswhobearnoresemblancewhatsoevertotheheartlessscoundrelsinhisstory.There’snothingwrongwithabitofartisticlicenseOfcourse.ButMr.leCarre’sequivocationaboutthenovel’srelationtofactunderminesitseffectivenessasaworkofsocialcriticismwhichisprettyclearlywhatitaspirestobe.TheConstantGardenerisacrackingthrillerbutaflawedexplorationofacomplicatedsetofpoliticalissues.TheConstantGardenerisa______.
[A]SeparationofHollinger [B]Profitsofnewspaper [C]Theidealbusinessmodel [D]Hollingerdeniestherumor [E]Difficulttoshareintheinternationalmarket [F]LordBlacksellshisremaininglocalnewspapersinCanada HEHASbeensellingnewspapertitlesinCanada.backinganewoneinNewYorkandtryingtoquashrumoursthatheissellingtheminBritain.WhatexactlyisConradBlackchairmanofHollingarex-CanadiannewlyennobledBritonupto 41._______________. LastmonthLordBlackofCrossharbour.asheisnowknownsoldhisremaininglocalnewspapersinCanada.Thiscameshortlyafterhehadoffloadedhisresidual50%stakeintheNationalPosttheCanadiandailypaperhefoundedonlyin1998toCanWestGlobalCommunications.ThisCanadianmediagrouphadalreadypickeduptheotherhalflastyearalongwithmostofLordBlack’sotherlocalnewspapersinthecountryfor$1.8billion. 42._______________. ShornofitsCanadianoperationsandapartfromthetinyJerusalemPostHollingerhasnowbeenpareddowntotwochiefassets:theChicagoSun-TimesplusabagfuloflocalpapersinthatareaandtheDailyTelegraphBritain’smostpopularbroadsheetpaper.Afterthegrouprecentlyreportedanetlossof$9millionfortheninemonthstoSeptember.excludingexceptionalitemsrumoursswirledthateventheTelegraphmightbeforsale. 43._______________. NotsosaysHollinger.AlthoughearningsattheTelegraphanditsSundaysisterarewelldownonlastyearandthepapersplantosackupto40editorialstafftheystillprovidemostofthegroup’sprofits."ThereisnosubstanceatalltothestorythattheTelegraphisforsale"saysDanielColsonHollinger’svice-chairman.IndeedhavingstemmedtheNationalPost’slossesandbookedagoodpriceforthesaleofmostofitsCanadianassetslastyearthegrouphascutitsheavydebtburdenandiswall-placedtolookfornewprojects. 44._______________. ButwhatEconomiesofscaleinthenewspapermarketarebestachievedwiththelocalandregionalpress.TheidealbusinessmodelsaysPeterKreiskyofMercerManagementConsultingisageographicalclusterofregionaltitles.Withlocalmonopolypowerthiscanbringdownthecostofpaperandinkofprintinganddistributionandofmarketing.HollingerenjoysmanyofthesebenefitsintheChicagoareawhereithas97papers. 45._______________. Butitisfarhardertoachievecost-sharingacrossinternationalborders.Mostnationalpapersarestillmnfromandownedintheirhomecountry.ThosethatbelongtoaninternationalownersuchasHollingerTonyO’Reilly’sIndependentNewsandMediaandRupertMurdoch’sNewsCorpconcentrateonEnglish-speakingmarkets. Yetowningnewspapersisasmuchtodowithkudosandinfluenceasitisaboutprofits.Althoughhewouldnotruleoutopportunitieseveninnon-English-speakingpartsofEuropeLordBlack’ssightsnowseemtobesetontheUnitedStates.HehasjustmadeasmallbetonanewqualitypaperTheNewYorkSunbyputtingin$2millionorabout13%ofthetotalinvestment.AlthoughHollingerstressesthatitisonlylooselyinvolvedtheprojectisneverthelessintriguing.TherehaslongbeenaviewthatNewYork.acityof8millionpeopleoughtmbeabletosupportmorethanoneall-roundqualitynewspaper;yettheNewYorkTimeswithacirculationof1.1millionhasnodirectcross-townrival.LordBlack’sexperienceoflaunchinganewtitleTheNationalPostinCanadamaybesalutary.Hemanagedtocreateafranchisefromnothinginacompetitivemarketandindoingsostirreduppoliticalcontroversyinconsensus-mindedCanada.ButitnevermadehimanymoneywhichmaybewhyhisbetonTheNewYorkSunissomodest.Buyingestablishedbutfalteringpaperswouldmakemoresense."TherewillbeinvestmentopportunitiesarisingfromthiseconomicdownturnthatH.advantageof"saysMrColson"notonlyinNewYorkbutelsewhereintheUS." 41
Directions: TheStudents’UnionofyourdepartmentisplanninganEnglishEvening.Youareaskedtoinviteoneofyourforeignteacherstojoinit.Writealettertohimwhichshouldcoverthefollowingpoints:1expressthepurposeofwritingthisletter;2statethetimeandplaceoftheEnglishEvening;3askhimtoprepareaperformance;4expressyoursincereappreciation.
ThenewshittheBritishHighCommissioninNairobiatnine-thirtyonaMondaymorning.SandyWoodrowtookitlikeabulletjawrigidchestoutsmackthroughhisdividedEnglishheart.Crikey.Sothat’showyoutakeabullet.PooroldSandy.HisEnglishheartmustbereallydividednow.Thisdeliriouslyhardboiledopeningsetsthetoneforwhat’stocome.WhitemischiefPshaw!Whiteplaguemorelikeit.SandyWoodrowisheadofchanceryattheBritishHighCommissioninNairobi.ThenewsthatneatlysubdivideshisheartasthenovelopensisthedeathofayoungbeautifulandidealisticlawyerturnedaidworkernamedTessaQuayle.TessahasbeenmurderedforlearningtoomuchaboutthedishonestpracticesofalargepharmaceuticalcompanyoperatinginAfrica.HerbodyisfoundatLakeTurkanainnorthernKenyaneartheborderwithSudan.Tessa’shusband.JustinisalsoaBritishdiplomatstationedinNairobi.UntilnowJustinhasbeenanobedientcivilservantcontenttotoetheofficialline—inshortahardworker.Butallthatchangesintheaftermathofhiswife’smurder.Fullofrighteousangerheresolvestogettothebottomofitcomewhatmay.TheConstantGardenerhasgotplentyoftensemomentsandsuddentwistsandcomescompletelywithshadowyfigureslurkinginthebush.Thereisafamiliartoneofgentlemanlyworld-wearinesstoitallwhichshouldkeepMr.leCarre’sfanshappy.ButthenovelisalsoanimpassionedattackonthecorruptionwhichallowsAfricatobeusedasasortoflaboratoryforthetestingofnewmedicines.ElsewhereMr.leCartehasdenouncedthecorporatecamhypocrisycorruptionandgreedofthepharmaceuticalindustry.Thispositionisexcitinglydramatizedinhisbookeveniftheabusesherailsagainstarenotexactlybreakingnews.InotherrespectsTheConstantGardenerislesssatisfactory.Mr.leCartecan’tseemtomakeuphismindwhetherhe’swritingathrilleroranexpose.InarecentarticlefortheNewYorkerhedescribedhiscreativeprocessasakindofdeliberatelytwistedjournalismwherenothingisquitewhatitisandwhereanyencountermaybefreelyrecastforitsdramaticpossibilities.SuchisthemethodemployedinTheConstantGardenerwhoseheroine.Mr.leCartesayswasinspiredbyanoldfriendofhis.Oneortwoprominentreal-lifeKenyanpoliticiansarementionedoftenenoughtobecomeineffect.charactersinthestory.AndinanoteattheendofthebookMr.leCanethanksthevariousdiplomatsdoctorspharmaceuticalexpertsandoldAfricahandswhogavehimadviceandassistancethoughinthesamebreathheinsiststhatthestaffoftheBritishmissioninNairobiarenodoubtalljollygoodeggswhobearnoresemblancewhatsoevertotheheartlessscoundrelsinhisstory.There’snothingwrongwithabitofartisticlicenseOfcourse.ButMr.leCarre’sequivocationaboutthenovel’srelationtofactunderminesitseffectivenessasaworkofsocialcriticismwhichisprettyclearlywhatitaspirestobe.TheConstantGardenerisacrackingthrillerbutaflawedexplorationofacomplicatedsetofpoliticalissues.Whichistheauthor’sattitudetoMr.LeCarte
Alan"Ace"GreenbergchosehisnicknametoimprovehischanceswithgirlsattheUniversityofMissouri.Butitisanapt1ofhiswadingskillsonWallStreet.Thisweekasthe73-year-old2down3chairmanofBearStearnstheinvestmentbankwherehehasworkedsince1949isinahigh.It4anincreaseinpost-taxprofitsinthesecondquarterof43%onayearearlier5atimewhenmanyofitsWallStreetrivalshave6.OnJune26thMerrillLynch7awarningthatitsprofitsinthesecondquarterwouldfallbyhalffar8ofexpectations.GoldmanSachsandMorganStanleyhavealsoreportedlowerprofits. Strangethatthissurprised.9AlanGreenspan’sfreneticcuts10interestratestimesaregoodforunderwritersandwadersofbondscoreactivitiesforBearStearnsandLehmanBrothers11alsorecordedasharpincreaseinprofits.Ithasbeenaterrible12forequityunderwritersandforadvisersonthesmallamountsofmergersandacquisitionsM＆Athisyear. MerrillGoldmanandMorganStanleyarethreeoftheinvestmentbanksthatgained13duringtheboominequityandM＆Abusinessandtheyarenow14themost.OfthethreeMerrillisweakestinbonds.Itcut15itsfixed-incomeactivitiesafterthecollapseofLung-TermCapitalManagementLTCMin1998.AsithappensbothBearStearnsandLehmanhavelongbeencriticisedfortheirweaknessinequities. MrGreenbergisfamousforworryingabouteventhepriceofapaper-clipatBearStearns.Thisusedtoseemterribly16butthesedaysotherWallStreetfirmsare17aboutcosts.Lay-offsare18thoughnotyetalarmingly-notleastbecausebankssawhowMerrillLynchlost19whenthemarketsreboundedquicklyaftertheLTCMcrisis.Stilliffew20ofimprovementshowsoonexpectrealblood-lettingonWallStreet. 17
GenoaisontheItalianRivierabutitssteelworkscontainerparksandoilterminalarenottheusualcharmsofamillionaires’playground.Evenso.formanywealthypeopleitwastheplacetobelastweekendtoseetheSaloneNautico’sfabulousdisplayofluxuryboatsandyachts. 47Withsome350000visitorstheeventisashop-windowforItaly’sboatbuilderswholeadthemarketinprovidingthesuper-richwithboatsstretchingbeyond24m79ft.Italy’sboatyardsmakemorethanathirdofallthefloatingpalacesaroundtheworld.Atthisyear’sshowAzimut-BenettiandFerretti-Rivathetwoleadingproducersdisplayedtheirlatestandmostopulentmodels. Italybuildsallkindsofpleasurecraftandtwo-thirdswortheurol.7billion$2.1billionlastyearareexported.48AccordingtoPaoloVitellichairmanoftheItalianboatbuilders’associationthewinningcombinationattheverytopofthemarketisstylefabricsskilledcarpentersfashiontechnologyandinnovation."Wearemastersintheseareas.Thebusinessistailor-madeforItalians."Heisunconcernedbyhighoilpricesandpartsoftheworldsailingintoeconomicdoldrums.Themarketforluxurygoodsseemsimpervioustothese. ThreefactorssaysMrVitelli.havehelpedthemarketgrow.49Boatbuildershaveraisedoutputbyswitchingtomodernproductiontechniques:moremarinashavebeenbuiltwhichmakeslifeeasierforowners;andthenumberofmillionaireswithmoneytosplurgeonpleasurecrafthasrisensharply.Theirpocketshavetobedeep.Azimut-Benetti.whichMrVitellifoundedin1969.offersarangeofcraft.Atthetopofitsfibreglass-hulledAzimutrangeisa35m116ftmotoryachtwhichcostseuro8.5m.Asteel-hulledBenettihowevermightcostfivetimesthat.MrVitelli’sbusinessreportednetprofitsofearo35monsalesofeuro403mlastyearanditisexpandingstrongly.50MeanwhilenewmarketslikeChinaandRussia.areopeningupandproducingtheirowncropofboatingmillionaires. Boatbuildershaveraisedoutputbyswitchingtomodernproductiontechniques:moremarinashavebeenbuiltwhichmakeslifeeasierforowners;andthenumberofmillionaireswithmoneytosplurgeonpleasurecrafthasrisensharply.
ThenewshittheBritishHighCommissioninNairobiatnine-thirtyonaMondaymorning.SandyWoodrowtookitlikeabulletjawrigidchestoutsmackthroughhisdividedEnglishheart.Crikey.Sothat’showyoutakeabullet.PooroldSandy.HisEnglishheartmustbereallydividednow.Thisdeliriouslyhardboiledopeningsetsthetoneforwhat’stocome.WhitemischiefPshaw!Whiteplaguemorelikeit.SandyWoodrowisheadofchanceryattheBritishHighCommissioninNairobi.ThenewsthatneatlysubdivideshisheartasthenovelopensisthedeathofayoungbeautifulandidealisticlawyerturnedaidworkernamedTessaQuayle.TessahasbeenmurderedforlearningtoomuchaboutthedishonestpracticesofalargepharmaceuticalcompanyoperatinginAfrica.HerbodyisfoundatLakeTurkanainnorthernKenyaneartheborderwithSudan.Tessa’shusband.JustinisalsoaBritishdiplomatstationedinNairobi.UntilnowJustinhasbeenanobedientcivilservantcontenttotoetheofficialline—inshortahardworker.Butallthatchangesintheaftermathofhiswife’smurder.Fullofrighteousangerheresolvestogettothebottomofitcomewhatmay.TheConstantGardenerhasgotplentyoftensemomentsandsuddentwistsandcomescompletelywithshadowyfigureslurkinginthebush.Thereisafamiliartoneofgentlemanlyworld-wearinesstoitallwhichshouldkeepMr.leCarre’sfanshappy.ButthenovelisalsoanimpassionedattackonthecorruptionwhichallowsAfricatobeusedasasortoflaboratoryforthetestingofnewmedicines.ElsewhereMr.leCartehasdenouncedthecorporatecamhypocrisycorruptionandgreedofthepharmaceuticalindustry.Thispositionisexcitinglydramatizedinhisbookeveniftheabusesherailsagainstarenotexactlybreakingnews.InotherrespectsTheConstantGardenerislesssatisfactory.Mr.leCartecan’tseemtomakeuphismindwhetherhe’swritingathrilleroranexpose.InarecentarticlefortheNewYorkerhedescribedhiscreativeprocessasakindofdeliberatelytwistedjournalismwherenothingisquitewhatitisandwhereanyencountermaybefreelyrecastforitsdramaticpossibilities.SuchisthemethodemployedinTheConstantGardenerwhoseheroine.Mr.leCartesayswasinspiredbyanoldfriendofhis.Oneortwoprominentreal-lifeKenyanpoliticiansarementionedoftenenoughtobecomeineffect.charactersinthestory.AndinanoteattheendofthebookMr.leCanethanksthevariousdiplomatsdoctorspharmaceuticalexpertsandoldAfricahandswhogavehimadviceandassistancethoughinthesamebreathheinsiststhatthestaffoftheBritishmissioninNairobiarenodoubtalljollygoodeggswhobearnoresemblancewhatsoevertotheheartlessscoundrelsinhisstory.There’snothingwrongwithabitofartisticlicenseOfcourse.ButMr.leCarre’sequivocationaboutthenovel’srelationtofactunderminesitseffectivenessasaworkofsocialcriticismwhichisprettyclearlywhatitaspirestobe.TheConstantGardenerisacrackingthrillerbutaflawedexplorationofacomplicatedsetofpoliticalissues.ThecharactersinTheConstantGardenerareNOT______.
Alan"Ace"GreenbergchosehisnicknametoimprovehischanceswithgirlsattheUniversityofMissouri.Butitisanapt1ofhiswadingskillsonWallStreet.Thisweekasthe73-year-old2down3chairmanofBearStearnstheinvestmentbankwherehehasworkedsince1949isinahigh.It4anincreaseinpost-taxprofitsinthesecondquarterof43%onayearearlier5atimewhenmanyofitsWallStreetrivalshave6.OnJune26thMerrillLynch7awarningthatitsprofitsinthesecondquarterwouldfallbyhalffar8ofexpectations.GoldmanSachsandMorganStanleyhavealsoreportedlowerprofits. Strangethatthissurprised.9AlanGreenspan’sfreneticcuts10interestratestimesaregoodforunderwritersandwadersofbondscoreactivitiesforBearStearnsandLehmanBrothers11alsorecordedasharpincreaseinprofits.Ithasbeenaterrible12forequityunderwritersandforadvisersonthesmallamountsofmergersandacquisitionsM＆Athisyear. MerrillGoldmanandMorganStanleyarethreeoftheinvestmentbanksthatgained13duringtheboominequityandM＆Abusinessandtheyarenow14themost.OfthethreeMerrillisweakestinbonds.Itcut15itsfixed-incomeactivitiesafterthecollapseofLung-TermCapitalManagementLTCMin1998.AsithappensbothBearStearnsandLehmanhavelongbeencriticisedfortheirweaknessinequities. MrGreenbergisfamousforworryingabouteventhepriceofapaper-clipatBearStearns.Thisusedtoseemterribly16butthesedaysotherWallStreetfirmsare17aboutcosts.Lay-offsare18thoughnotyetalarmingly-notleastbecausebankssawhowMerrillLynchlost19whenthemarketsreboundedquicklyaftertheLTCMcrisis.Stilliffew20ofimprovementshowsoonexpectrealblood-lettingonWallStreet. 13
Alan"Ace"GreenbergchosehisnicknametoimprovehischanceswithgirlsattheUniversityofMissouri.Butitisanapt1ofhiswadingskillsonWallStreet.Thisweekasthe73-year-old2down3chairmanofBearStearnstheinvestmentbankwherehehasworkedsince1949isinahigh.It4anincreaseinpost-taxprofitsinthesecondquarterof43%onayearearlier5atimewhenmanyofitsWallStreetrivalshave6.OnJune26thMerrillLynch7awarningthatitsprofitsinthesecondquarterwouldfallbyhalffar8ofexpectations.GoldmanSachsandMorganStanleyhavealsoreportedlowerprofits. Strangethatthissurprised.9AlanGreenspan’sfreneticcuts10interestratestimesaregoodforunderwritersandwadersofbondscoreactivitiesforBearStearnsandLehmanBrothers11alsorecordedasharpincreaseinprofits.Ithasbeenaterrible12forequityunderwritersandforadvisersonthesmallamountsofmergersandacquisitionsM＆Athisyear. MerrillGoldmanandMorganStanleyarethreeoftheinvestmentbanksthatgained13duringtheboominequityandM＆Abusinessandtheyarenow14themost.OfthethreeMerrillisweakestinbonds.Itcut15itsfixed-incomeactivitiesafterthecollapseofLung-TermCapitalManagementLTCMin1998.AsithappensbothBearStearnsandLehmanhavelongbeencriticisedfortheirweaknessinequities. MrGreenbergisfamousforworryingabouteventhepriceofapaper-clipatBearStearns.Thisusedtoseemterribly16butthesedaysotherWallStreetfirmsare17aboutcosts.Lay-offsare18thoughnotyetalarmingly-notleastbecausebankssawhowMerrillLynchlost19whenthemarketsreboundedquicklyaftertheLTCMcrisis.Stilliffew20ofimprovementshowsoonexpectrealblood-lettingonWallStreet. 9
Alan"Ace"GreenbergchosehisnicknametoimprovehischanceswithgirlsattheUniversityofMissouri.Butitisanapt1ofhiswadingskillsonWallStreet.Thisweekasthe73-year-old2down3chairmanofBearStearnstheinvestmentbankwherehehasworkedsince1949isinahigh.It4anincreaseinpost-taxprofitsinthesecondquarterof43%onayearearlier5atimewhenmanyofitsWallStreetrivalshave6.OnJune26thMerrillLynch7awarningthatitsprofitsinthesecondquarterwouldfallbyhalffar8ofexpectations.GoldmanSachsandMorganStanleyhavealsoreportedlowerprofits. Strangethatthissurprised.9AlanGreenspan’sfreneticcuts10interestratestimesaregoodforunderwritersandwadersofbondscoreactivitiesforBearStearnsandLehmanBrothers11alsorecordedasharpincreaseinprofits.Ithasbeenaterrible12forequityunderwritersandforadvisersonthesmallamountsofmergersandacquisitionsM＆Athisyear. MerrillGoldmanandMorganStanleyarethreeoftheinvestmentbanksthatgained13duringtheboominequityandM＆Abusinessandtheyarenow14themost.OfthethreeMerrillisweakestinbonds.Itcut15itsfixed-incomeactivitiesafterthecollapseofLung-TermCapitalManagementLTCMin1998.AsithappensbothBearStearnsandLehmanhavelongbeencriticisedfortheirweaknessinequities. MrGreenbergisfamousforworryingabouteventhepriceofapaper-clipatBearStearns.Thisusedtoseemterribly16butthesedaysotherWallStreetfirmsare17aboutcosts.Lay-offsare18thoughnotyetalarmingly-notleastbecausebankssawhowMerrillLynchlost19whenthemarketsreboundedquicklyaftertheLTCMcrisis.Stilliffew20ofimprovementshowsoonexpectrealblood-lettingonWallStreet. 7
Directions: Supposeyouareamemberofstaffatthelibraryinyouruniversity.Yourlibraryplanstopurchasesomenewbooks.Writealettertothepublishinghousewhichincludes:1thepurposeofwritingtheletter;2anenquiryaboutdetailedinformationonthenewbooks;3anenquiryaboutapossiblediscount.Youshouldwriteabout100words.Donotsignyourownnameattheendoftheletter.Use"LiMing"instead.Youdonotneedtowritetheaddress.
Enoughisneverenoughnotwhenthegovernmentbelievesthatitcaninvadeyourprivacywithoutrepercussions.TheJusticeDepartmentwantsafederaljudgetoforceGoogletoturnovermillionsofprivateInternetsearches.GoogleisrightlyfightingthedemandbutthegovernmentsaysAmericaOnlineYahooandMSNMicrosoft’sOnlineService.havealreadycompliedwithsimilarrequests.Thisisnotaboutnationalsecurity.TheJusticeDepartmentismakingthisbaldfacedgrabtotrytosupportanonlinepornographylawthathasbeenblockedoncebytheSupremeCourt.Andit’snotthefirsttimewe’veseenthissortofbehavior.ThegovernmenthaszealouslyprotectedthePatriotAct’spowertoexaminelibraryrecords.ItsoughttheprivatemedicalhistoriesofaselectedgroupofwomensayingitneededtheinformationtodefendthePartial-BirthAbortionBanActinthefederalcourts.ThefurorisstillragingoverPresidentBush’sdecisionmpermitspyingonAmericanswithoutwarrants.AndthegovernmentnowwantswhatcouldbebillionsofsearchtermsenteredintoGoogle’swebpagesandpossiblyamillionwebsiteaddressestogoalongwiththem.ProtectingminorsfromthenastiermaterialontheInternetisavalidgoal:thecourtshaveaskedthegovernmenttotestwhethertechnologiesforfilteringoutthebadstuffareeffective.Andthegovernmenthasn’taskedforusers’personaldatathistimearound.What’sfrighteningisthattheJusticeDepartmentistryingonceagaintodigupinformationfirstandanswerquestionslaterifatall.HadGooglenotresistedthegovernment’sattempttoseizerecordswouldthepublichaveeverfoundabouttherequestThebattleraisesthequestionofhowmuch.ofourpersonalinformationcompaniesshouldbeallowedtoholdontointhefirstplace.WithoutmuchthoughtInternetusershavehandedovervastquantitiesofprivateinformationtocorporations.Manypeopledon’trealizethatsomeharmlesslynamedcookiesinpersonalcomputersallowcompaniestotrackvisitstovariouswebsites.Internetuserspermittheire-mailtobereadbypeopleandmachinesinwaystheywouldnevertoleratefortheirold-fashionedmail.AndmuchofthatinformationisnowcollectedandstoredbycompanieslikeGoogle.WhenpressedonprivacyissuesGooglewhoseinformalmottoisDon’tbeevil—saysitcanbetrustedwiththisinformation.Butprofilingconsumers’behaviorispotentiallyprofitableforcompanies.Andoncecataloguedinformationcanbeabusedbythegovernmentaswell.Eitherwaytheindividualcitizenloses.Intheopeningparagraphtheauthorintroduceshistopicby______.
Alan"Ace"GreenbergchosehisnicknametoimprovehischanceswithgirlsattheUniversityofMissouri.Butitisanapt1ofhiswadingskillsonWallStreet.Thisweekasthe73-year-old2down3chairmanofBearStearnstheinvestmentbankwherehehasworkedsince1949isinahigh.It4anincreaseinpost-taxprofitsinthesecondquarterof43%onayearearlier5atimewhenmanyofitsWallStreetrivalshave6.OnJune26thMerrillLynch7awarningthatitsprofitsinthesecondquarterwouldfallbyhalffar8ofexpectations.GoldmanSachsandMorganStanleyhavealsoreportedlowerprofits. Strangethatthissurprised.9AlanGreenspan’sfreneticcuts10interestratestimesaregoodforunderwritersandwadersofbondscoreactivitiesforBearStearnsandLehmanBrothers11alsorecordedasharpincreaseinprofits.Ithasbeenaterrible12forequityunderwritersandforadvisersonthesmallamountsofmergersandacquisitionsM＆Athisyear. MerrillGoldmanandMorganStanleyarethreeoftheinvestmentbanksthatgained13duringtheboominequityandM＆Abusinessandtheyarenow14themost.OfthethreeMerrillisweakestinbonds.Itcut15itsfixed-incomeactivitiesafterthecollapseofLung-TermCapitalManagementLTCMin1998.AsithappensbothBearStearnsandLehmanhavelongbeencriticisedfortheirweaknessinequities. MrGreenbergisfamousforworryingabouteventhepriceofapaper-clipatBearStearns.Thisusedtoseemterribly16butthesedaysotherWallStreetfirmsare17aboutcosts.Lay-offsare18thoughnotyetalarmingly-notleastbecausebankssawhowMerrillLynchlost19whenthemarketsreboundedquicklyaftertheLTCMcrisis.Stilliffew20ofimprovementshowsoonexpectrealblood-lettingonWallStreet. 5
Evenforoverachieverswhoareusedtomultitaskingtheideaofwatchingtwoversionsofthesametelevisionshowatthesametime--oneontelevisionandoneonacomputer—issomethingthatisprobablyforeigntomostpeopleovertheageof30.TotheeternallyyoungbrainsthatnmMTVhoweveritisthenextstepinreshapingtheirbusiness. BeginningthissummerwiththeMTVVideoMusicAwardsandcontinuinginthefallwiththecablechannel’sliveafternoonprogram"TotalRequestLive"MTVwilloffertwosimultaneousversionsofeachshowoneontelevisionandanotherfocusingonabehind-the-scenesnarrativeonitsbroadbandchannelMTVOverdrive. "WedotonsofresearchonouraudienceanditshowsthattheyareinstantmessagingandlisteningtomusicandwatchingTVallatthesametime"saidChristinaNormanpresidentofMTV."We’vedefinitelyseenthembecomemoreadeptatnavigatingthroughmultiplemedia.Theylivecomfortablyinseveralworldsatonce." TheOverdrivecomponentlocatedatmtv.comwillfeatureasortofvideodigressionthatwillcontinuetostreamlivewhilethetelevisionshowisbroadcastingcommercials.Forexampleifaviewerwantstowatchanentiremusicvideoafterasnippetisshownonthe"TotalRequestLive"videocountdownortakeabackstagetourwithJamieFoxxafterhefinisheshisonstageappearanceonthesetof"T.R.L."astheshowisfamiliarlyknownOverdrivewillbetheplacetoturn. "Doingthreethingsatoncewhenyou’re19yearsoldisnothard"saidDaveSirulnickanexecutivevicepresidentatMTVwhooverseesmultiplatformproductionnewsandmusic. LastThursdayatMTV’sstudiosinTimesSquareMr.Sirulnickprovedadeptatdoingatleasttwothingsatoncedashingbetweentwocontrolroomsthatwerestepsawayfromeachotherjustdownthehallwayfromthe"T.R.L."set. Itwasthesecondtest-runofsimultaneousproductionandineachcontrolroom-oneforOverdriveonefor"T.R.L".—separatesetsofdirectorsandproducersguidedcameramenandtheshow’shostsknownasV.J.’sthroughtheirpaces. "Noonethatweknowhasdonealivestreamofadifferentsignalofanexistingshow."Mr.Sirulnicksaid."It’saliveparallelexperienceonethatveryquicklyturnsintoanon-demandexperiment"withportionsofeachshowarchivcdandkeptontheOverdrivesiteforfanstoreplayatwill. V.J3rdline7thparA．means
Alan"Ace"GreenbergchosehisnicknametoimprovehischanceswithgirlsattheUniversityofMissouri.Butitisanapt1ofhiswadingskillsonWallStreet.Thisweekasthe73-year-old2down3chairmanofBearStearnstheinvestmentbankwherehehasworkedsince1949isinahigh.It4anincreaseinpost-taxprofitsinthesecondquarterof43%onayearearlier5atimewhenmanyofitsWallStreetrivalshave6.OnJune26thMerrillLynch7awarningthatitsprofitsinthesecondquarterwouldfallbyhalffar8ofexpectations.GoldmanSachsandMorganStanleyhavealsoreportedlowerprofits. Strangethatthissurprised.9AlanGreenspan’sfreneticcuts10interestratestimesaregoodforunderwritersandwadersofbondscoreactivitiesforBearStearnsandLehmanBrothers11alsorecordedasharpincreaseinprofits.Ithasbeenaterrible12forequityunderwritersandforadvisersonthesmallamountsofmergersandacquisitionsM＆Athisyear. MerrillGoldmanandMorganStanleyarethreeoftheinvestmentbanksthatgained13duringtheboominequityandM＆Abusinessandtheyarenow14themost.OfthethreeMerrillisweakestinbonds.Itcut15itsfixed-incomeactivitiesafterthecollapseofLung-TermCapitalManagementLTCMin1998.AsithappensbothBearStearnsandLehmanhavelongbeencriticisedfortheirweaknessinequities. MrGreenbergisfamousforworryingabouteventhepriceofapaper-clipatBearStearns.Thisusedtoseemterribly16butthesedaysotherWallStreetfirmsare17aboutcosts.Lay-offsare18thoughnotyetalarmingly-notleastbecausebankssawhowMerrillLynchlost19whenthemarketsreboundedquicklyaftertheLTCMcrisis.Stilliffew20ofimprovementshowsoonexpectrealblood-lettingonWallStreet. 19
GenoaisontheItalianRivierabutitssteelworkscontainerparksandoilterminalarenottheusualcharmsofamillionaires’playground.Evenso.formanywealthypeopleitwastheplacetobelastweekendtoseetheSaloneNautico’sfabulousdisplayofluxuryboatsandyachts. 47Withsome350000visitorstheeventisashop-windowforItaly’sboatbuilderswholeadthemarketinprovidingthesuper-richwithboatsstretchingbeyond24m79ft.Italy’sboatyardsmakemorethanathirdofallthefloatingpalacesaroundtheworld.Atthisyear’sshowAzimut-BenettiandFerretti-Rivathetwoleadingproducersdisplayedtheirlatestandmostopulentmodels. Italybuildsallkindsofpleasurecraftandtwo-thirdswortheurol.7billion$2.1billionlastyearareexported.48AccordingtoPaoloVitellichairmanoftheItalianboatbuilders’associationthewinningcombinationattheverytopofthemarketisstylefabricsskilledcarpentersfashiontechnologyandinnovation."Wearemastersintheseareas.Thebusinessistailor-madeforItalians."Heisunconcernedbyhighoilpricesandpartsoftheworldsailingintoeconomicdoldrums.Themarketforluxurygoodsseemsimpervioustothese. ThreefactorssaysMrVitelli.havehelpedthemarketgrow.49Boatbuildershaveraisedoutputbyswitchingtomodernproductiontechniques:moremarinashavebeenbuiltwhichmakeslifeeasierforowners;andthenumberofmillionaireswithmoneytosplurgeonpleasurecrafthasrisensharply.Theirpocketshavetobedeep.Azimut-Benetti.whichMrVitellifoundedin1969.offersarangeofcraft.Atthetopofitsfibreglass-hulledAzimutrangeisa35m116ftmotoryachtwhichcostseuro8.5m.Asteel-hulledBenettihowevermightcostfivetimesthat.MrVitelli’sbusinessreportednetprofitsofearo35monsalesofeuro403mlastyearanditisexpandingstrongly.50MeanwhilenewmarketslikeChinaandRussia.areopeningupandproducingtheirowncropofboatingmillionaires. Withsome350000visitorstheeventisashop-windowforItaly’sboatbuilderswholeadthemarketinprovidingthesuper-richwithboatsstretchingbeyond24m79ft.
Enoughisneverenoughnotwhenthegovernmentbelievesthatitcaninvadeyourprivacywithoutrepercussions.TheJusticeDepartmentwantsafederaljudgetoforceGoogletoturnovermillionsofprivateInternetsearches.GoogleisrightlyfightingthedemandbutthegovernmentsaysAmericaOnlineYahooandMSNMicrosoft’sOnlineService.havealreadycompliedwithsimilarrequests.Thisisnotaboutnationalsecurity.TheJusticeDepartmentismakingthisbaldfacedgrabtotrytosupportanonlinepornographylawthathasbeenblockedoncebytheSupremeCourt.Andit’snotthefirsttimewe’veseenthissortofbehavior.ThegovernmenthaszealouslyprotectedthePatriotAct’spowertoexaminelibraryrecords.ItsoughttheprivatemedicalhistoriesofaselectedgroupofwomensayingitneededtheinformationtodefendthePartial-BirthAbortionBanActinthefederalcourts.ThefurorisstillragingoverPresidentBush’sdecisionmpermitspyingonAmericanswithoutwarrants.AndthegovernmentnowwantswhatcouldbebillionsofsearchtermsenteredintoGoogle’swebpagesandpossiblyamillionwebsiteaddressestogoalongwiththem.ProtectingminorsfromthenastiermaterialontheInternetisavalidgoal:thecourtshaveaskedthegovernmenttotestwhethertechnologiesforfilteringoutthebadstuffareeffective.Andthegovernmenthasn’taskedforusers’personaldatathistimearound.What’sfrighteningisthattheJusticeDepartmentistryingonceagaintodigupinformationfirstandanswerquestionslaterifatall.HadGooglenotresistedthegovernment’sattempttoseizerecordswouldthepublichaveeverfoundabouttherequestThebattleraisesthequestionofhowmuch.ofourpersonalinformationcompaniesshouldbeallowedtoholdontointhefirstplace.WithoutmuchthoughtInternetusershavehandedovervastquantitiesofprivateinformationtocorporations.Manypeopledon’trealizethatsomeharmlesslynamedcookiesinpersonalcomputersallowcompaniestotrackvisitstovariouswebsites.Internetuserspermittheire-mailtobereadbypeopleandmachinesinwaystheywouldnevertoleratefortheirold-fashionedmail.AndmuchofthatinformationisnowcollectedandstoredbycompanieslikeGoogle.WhenpressedonprivacyissuesGooglewhoseinformalmottoisDon’tbeevil—saysitcanbetrustedwiththisinformation.Butprofilingconsumers’behaviorispotentiallyprofitableforcompanies.Andoncecataloguedinformationcanbeabusedbythegovernmentaswell.Eitherwaytheindividualcitizenloses.Whatcanbeinferredfromthelastparagraph
"BLOGGOPLC"announcesitspressofficeat7amLondontime"lastnightagreedtopurchaseJunkoIncofWichita."46AquotefromBloggo’sproudchairmansetsouthowwelltheAmericanpurchasefitstheBritishbuyer’sstrategy.AndtheBritishshareholderifheiswiseheadsforhisbrokerandtheexit. 47ThatrepeatedlyhasbeenthelessonofBritishincursionsintotheUnitedStates:fromattemptsinthe1950soffirmslikeAustinandMorristoselltheirutterlyill-suitedandoftenill-builtsmallcarsofthetimethroughEuropeanFerrieswhichinthe1980sboughtupseveralthousandacresnearDenverpresumablywithoutasking—untilitwentall-butbellyup—whetheracross-ChannelferryfirmreallyknewmoreaboutlandinColoradothanlocalreal-estatebuffsdid. EveninthelatereraofseriousdirectinvestmentBritishincursionshavehadaspottyrecord.TwoacademicsatXfiExeterUniversity’snewfinanceandinvestmentcentrehavenowputfiguresonit.AlanGregoryandSteveMcCorristonstudied197BritishtakeoversinAmericanearlyallthesignificantonesinmanufacturingandservicesbankingexcludedin1984-94.48Overafive-yearperiodfromthepurchasetheyfoundthecumulativereturntoshareholderswas27%lowerthan"normal"—iefor;similarcompaniesthathadstayedathome—andnotablyworsethanthetrivialdifferenceoveroneyearthatstockmarketsandacademicshavetendedtolookat. 49Thefigurewasalsoinnotablecontrasttocomparableonesfrom97takeoversintheEuropeanUnionand39elsewhereintheworld.ReturnsintheEUlookedbetterthannormalbutthefigureswerenotstatisticallysignificant;thoseintherestoftheworldwereboth32%better. 50YoumightexpecttheoppositegiventhatBritain’scorporatecultureismuchlikeAmerica’s.butsomewayfromthoseofmostEUcountries.SowhytheunexpectedoutcomeTheExeteracademicsdonotknowbutwouldlovetofindout—iftheycangettheresearchfunding. ThatrepeatedlyhasbeenthelessonofBritishincursionsintotheUnitedStates:fromattemptsinthe1950soffirmslikeAustinandMorristoselltheirutterlyill-suitedandoftenill-builtsmallcarsofthetimethroughEuropeanFerrieswhichinthe1980sboughtupseveralthousandacresnearDenverpresumablywithoutasking—untilitwentall-butbellyup—whetheracross-ChannelferryfirmreallyknewmoreaboutlandinColoradothanlocalreal-estatebuffsdid.
ForeignfinancierscomplainingaboutthelegalwarstheywilllaunchtorecoverbaddebtsinRussiararelymeanmuch.Theexpenseofalawsuit1thesatisfaction;thechancesofgettinganymoneyare2. YetNogaacompanyownedbyNessimGaona78-year-oldbusinessman3inGenevahasbeensuingtheRussiangovernmentsince1993attemptingto4Russianassetsabroad.AtMr.Gaon’srequestbailiffslastweekverynearly5twoofRussia’smostadvancedwarplanesattheParisair6.Theorganisers7offtheRussianauthoritiesandtheplanesflewhomejust8time.9near-missesincludeasail-trainingshiptheSedovnuclear-wasteshipmentsandthepresident’splane. Mr.Gaon.whosepreviousbusinesspartnersincluderegimesinNigeriaandSudanputan10clauseinhisoriginalexportdeals:Russiamustabandonitssovereignimmunity.AnarbitrationcourtinStockholmhasfoundinhis11sofartothe12of$110millionoutofatotal13of$420million.Othercourts14theworldhavelethimhavea15atanyRussianassets16reach. Theoddthingis17Russia.nowawashwithcashdoesnotsimplypayup.Mr.Gaonsayshewastoldatonepointthata10%18onthedebttosomeonehighupinthefinanceministrywouldsolvethings.19offMr.Gaoncostsmuchinlegalfees.NotacceptinginternationaljudgmentssitsillwiththecurrentKremlinline20theruleoflaw.Mr.GaonsayshisnextmovewillbetoseizeRussia’sembassyinParis. 1
Alan"Ace"GreenbergchosehisnicknametoimprovehischanceswithgirlsattheUniversityofMissouri.Butitisanapt1ofhiswadingskillsonWallStreet.Thisweekasthe73-year-old2down3chairmanofBearStearnstheinvestmentbankwherehehasworkedsince1949isinahigh.It4anincreaseinpost-taxprofitsinthesecondquarterof43%onayearearlier5atimewhenmanyofitsWallStreetrivalshave6.OnJune26thMerrillLynch7awarningthatitsprofitsinthesecondquarterwouldfallbyhalffar8ofexpectations.GoldmanSachsandMorganStanleyhavealsoreportedlowerprofits. Strangethatthissurprised.9AlanGreenspan’sfreneticcuts10interestratestimesaregoodforunderwritersandwadersofbondscoreactivitiesforBearStearnsandLehmanBrothers11alsorecordedasharpincreaseinprofits.Ithasbeenaterrible12forequityunderwritersandforadvisersonthesmallamountsofmergersandacquisitionsM＆Athisyear. MerrillGoldmanandMorganStanleyarethreeoftheinvestmentbanksthatgained13duringtheboominequityandM＆Abusinessandtheyarenow14themost.OfthethreeMerrillisweakestinbonds.Itcut15itsfixed-incomeactivitiesafterthecollapseofLung-TermCapitalManagementLTCMin1998.AsithappensbothBearStearnsandLehmanhavelongbeencriticisedfortheirweaknessinequities. MrGreenbergisfamousforworryingabouteventhepriceofapaper-clipatBearStearns.Thisusedtoseemterribly16butthesedaysotherWallStreetfirmsare17aboutcosts.Lay-offsare18thoughnotyetalarmingly-notleastbecausebankssawhowMerrillLynchlost19whenthemarketsreboundedquicklyaftertheLTCMcrisis.Stilliffew20ofimprovementshowsoonexpectrealblood-lettingonWallStreet. 1
[A]SeparationofHollinger [B]Profitsofnewspaper [C]Theidealbusinessmodel [D]Hollingerdeniestherumor [E]Difficulttoshareintheinternationalmarket [F]LordBlacksellshisremaininglocalnewspapersinCanada HEHASbeensellingnewspapertitlesinCanada.backinganewoneinNewYorkandtryingtoquashrumoursthatheissellingtheminBritain.WhatexactlyisConradBlackchairmanofHollingarex-CanadiannewlyennobledBritonupto 41._______________. LastmonthLordBlackofCrossharbour.asheisnowknownsoldhisremaininglocalnewspapersinCanada.Thiscameshortlyafterhehadoffloadedhisresidual50%stakeintheNationalPosttheCanadiandailypaperhefoundedonlyin1998toCanWestGlobalCommunications.ThisCanadianmediagrouphadalreadypickeduptheotherhalflastyearalongwithmostofLordBlack’sotherlocalnewspapersinthecountryfor$1.8billion. 42._______________. ShornofitsCanadianoperationsandapartfromthetinyJerusalemPostHollingerhasnowbeenpareddowntotwochiefassets:theChicagoSun-TimesplusabagfuloflocalpapersinthatareaandtheDailyTelegraphBritain’smostpopularbroadsheetpaper.Afterthegrouprecentlyreportedanetlossof$9millionfortheninemonthstoSeptember.excludingexceptionalitemsrumoursswirledthateventheTelegraphmightbeforsale. 43._______________. NotsosaysHollinger.AlthoughearningsattheTelegraphanditsSundaysisterarewelldownonlastyearandthepapersplantosackupto40editorialstafftheystillprovidemostofthegroup’sprofits."ThereisnosubstanceatalltothestorythattheTelegraphisforsale"saysDanielColsonHollinger’svice-chairman.IndeedhavingstemmedtheNationalPost’slossesandbookedagoodpriceforthesaleofmostofitsCanadianassetslastyearthegrouphascutitsheavydebtburdenandiswall-placedtolookfornewprojects. 44._______________. ButwhatEconomiesofscaleinthenewspapermarketarebestachievedwiththelocalandregionalpress.TheidealbusinessmodelsaysPeterKreiskyofMercerManagementConsultingisageographicalclusterofregionaltitles.Withlocalmonopolypowerthiscanbringdownthecostofpaperandinkofprintinganddistributionandofmarketing.HollingerenjoysmanyofthesebenefitsintheChicagoareawhereithas97papers. 45._______________. Butitisfarhardertoachievecost-sharingacrossinternationalborders.Mostnationalpapersarestillmnfromandownedintheirhomecountry.ThosethatbelongtoaninternationalownersuchasHollingerTonyO’Reilly’sIndependentNewsandMediaandRupertMurdoch’sNewsCorpconcentrateonEnglish-speakingmarkets. Yetowningnewspapersisasmuchtodowithkudosandinfluenceasitisaboutprofits.Althoughhewouldnotruleoutopportunitieseveninnon-English-speakingpartsofEuropeLordBlack’ssightsnowseemtobesetontheUnitedStates.HehasjustmadeasmallbetonanewqualitypaperTheNewYorkSunbyputtingin$2millionorabout13%ofthetotalinvestment.AlthoughHollingerstressesthatitisonlylooselyinvolvedtheprojectisneverthelessintriguing.TherehaslongbeenaviewthatNewYork.acityof8millionpeopleoughtmbeabletosupportmorethanoneall-roundqualitynewspaper;yettheNewYorkTimeswithacirculationof1.1millionhasnodirectcross-townrival.LordBlack’sexperienceoflaunchinganewtitleTheNationalPostinCanadamaybesalutary.Hemanagedtocreateafranchisefromnothinginacompetitivemarketandindoingsostirreduppoliticalcontroversyinconsensus-mindedCanada.ButitnevermadehimanymoneywhichmaybewhyhisbetonTheNewYorkSunissomodest.Buyingestablishedbutfalteringpaperswouldmakemoresense."TherewillbeinvestmentopportunitiesarisingfromthiseconomicdownturnthatH.advantageof"saysMrColson"notonlyinNewYorkbutelsewhereintheUS." 43
Alan"Ace"GreenbergchosehisnicknametoimprovehischanceswithgirlsattheUniversityofMissouri.Butitisanapt1ofhiswadingskillsonWallStreet.Thisweekasthe73-year-old2down3chairmanofBearStearnstheinvestmentbankwherehehasworkedsince1949isinahigh.It4anincreaseinpost-taxprofitsinthesecondquarterof43%onayearearlier5atimewhenmanyofitsWallStreetrivalshave6.OnJune26thMerrillLynch7awarningthatitsprofitsinthesecondquarterwouldfallbyhalffar8ofexpectations.GoldmanSachsandMorganStanleyhavealsoreportedlowerprofits. Strangethatthissurprised.9AlanGreenspan’sfreneticcuts10interestratestimesaregoodforunderwritersandwadersofbondscoreactivitiesforBearStearnsandLehmanBrothers11alsorecordedasharpincreaseinprofits.Ithasbeenaterrible12forequityunderwritersandforadvisersonthesmallamountsofmergersandacquisitionsM＆Athisyear. MerrillGoldmanandMorganStanleyarethreeoftheinvestmentbanksthatgained13duringtheboominequityandM＆Abusinessandtheyarenow14themost.OfthethreeMerrillisweakestinbonds.Itcut15itsfixed-incomeactivitiesafterthecollapseofLung-TermCapitalManagementLTCMin1998.AsithappensbothBearStearnsandLehmanhavelongbeencriticisedfortheirweaknessinequities. MrGreenbergisfamousforworryingabouteventhepriceofapaper-clipatBearStearns.Thisusedtoseemterribly16butthesedaysotherWallStreetfirmsare17aboutcosts.Lay-offsare18thoughnotyetalarmingly-notleastbecausebankssawhowMerrillLynchlost19whenthemarketsreboundedquicklyaftertheLTCMcrisis.Stilliffew20ofimprovementshowsoonexpectrealblood-lettingonWallStreet. 15
Enoughisneverenoughnotwhenthegovernmentbelievesthatitcaninvadeyourprivacywithoutrepercussions.TheJusticeDepartmentwantsafederaljudgetoforceGoogletoturnovermillionsofprivateInternetsearches.GoogleisrightlyfightingthedemandbutthegovernmentsaysAmericaOnlineYahooandMSNMicrosoft’sOnlineService.havealreadycompliedwithsimilarrequests.Thisisnotaboutnationalsecurity.TheJusticeDepartmentismakingthisbaldfacedgrabtotrytosupportanonlinepornographylawthathasbeenblockedoncebytheSupremeCourt.Andit’snotthefirsttimewe’veseenthissortofbehavior.ThegovernmenthaszealouslyprotectedthePatriotAct’spowertoexaminelibraryrecords.ItsoughttheprivatemedicalhistoriesofaselectedgroupofwomensayingitneededtheinformationtodefendthePartial-BirthAbortionBanActinthefederalcourts.ThefurorisstillragingoverPresidentBush’sdecisionmpermitspyingonAmericanswithoutwarrants.AndthegovernmentnowwantswhatcouldbebillionsofsearchtermsenteredintoGoogle’swebpagesandpossiblyamillionwebsiteaddressestogoalongwiththem.ProtectingminorsfromthenastiermaterialontheInternetisavalidgoal:thecourtshaveaskedthegovernmenttotestwhethertechnologiesforfilteringoutthebadstuffareeffective.Andthegovernmenthasn’taskedforusers’personaldatathistimearound.What’sfrighteningisthattheJusticeDepartmentistryingonceagaintodigupinformationfirstandanswerquestionslaterifatall.HadGooglenotresistedthegovernment’sattempttoseizerecordswouldthepublichaveeverfoundabouttherequestThebattleraisesthequestionofhowmuch.ofourpersonalinformationcompaniesshouldbeallowedtoholdontointhefirstplace.WithoutmuchthoughtInternetusershavehandedovervastquantitiesofprivateinformationtocorporations.Manypeopledon’trealizethatsomeharmlesslynamedcookiesinpersonalcomputersallowcompaniestotrackvisitstovariouswebsites.Internetuserspermittheire-mailtobereadbypeopleandmachinesinwaystheywouldnevertoleratefortheirold-fashionedmail.AndmuchofthatinformationisnowcollectedandstoredbycompanieslikeGoogle.WhenpressedonprivacyissuesGooglewhoseinformalmottoisDon’tbeevil—saysitcanbetrustedwiththisinformation.Butprofilingconsumers’behaviorispotentiallyprofitableforcompanies.Andoncecataloguedinformationcanbeabusedbythegovernmentaswell.Eitherwaytheindividualcitizenloses.Byintroducingtheexampleofgovernmentseekingprivatemedicalinformationtheauthorintendstoshow______.
[A]SeparationofHollinger [B]Profitsofnewspaper [C]Theidealbusinessmodel [D]Hollingerdeniestherumor [E]Difficulttoshareintheinternationalmarket [F]LordBlacksellshisremaininglocalnewspapersinCanada HEHASbeensellingnewspapertitlesinCanada.backinganewoneinNewYorkandtryingtoquashrumoursthatheissellingtheminBritain.WhatexactlyisConradBlackchairmanofHollingarex-CanadiannewlyennobledBritonupto 41._______________. LastmonthLordBlackofCrossharbour.asheisnowknownsoldhisremaininglocalnewspapersinCanada.Thiscameshortlyafterhehadoffloadedhisresidual50%stakeintheNationalPosttheCanadiandailypaperhefoundedonlyin1998toCanWestGlobalCommunications.ThisCanadianmediagrouphadalreadypickeduptheotherhalflastyearalongwithmostofLordBlack’sotherlocalnewspapersinthecountryfor$1.8billion. 42._______________. ShornofitsCanadianoperationsandapartfromthetinyJerusalemPostHollingerhasnowbeenpareddowntotwochiefassets:theChicagoSun-TimesplusabagfuloflocalpapersinthatareaandtheDailyTelegraphBritain’smostpopularbroadsheetpaper.Afterthegrouprecentlyreportedanetlossof$9millionfortheninemonthstoSeptember.excludingexceptionalitemsrumoursswirledthateventheTelegraphmightbeforsale. 43._______________. NotsosaysHollinger.AlthoughearningsattheTelegraphanditsSundaysisterarewelldownonlastyearandthepapersplantosackupto40editorialstafftheystillprovidemostofthegroup’sprofits."ThereisnosubstanceatalltothestorythattheTelegraphisforsale"saysDanielColsonHollinger’svice-chairman.IndeedhavingstemmedtheNationalPost’slossesandbookedagoodpriceforthesaleofmostofitsCanadianassetslastyearthegrouphascutitsheavydebtburdenandiswall-placedtolookfornewprojects. 44._______________. ButwhatEconomiesofscaleinthenewspapermarketarebestachievedwiththelocalandregionalpress.TheidealbusinessmodelsaysPeterKreiskyofMercerManagementConsultingisageographicalclusterofregionaltitles.Withlocalmonopolypowerthiscanbringdownthecostofpaperandinkofprintinganddistributionandofmarketing.HollingerenjoysmanyofthesebenefitsintheChicagoareawhereithas97papers. 45._______________. Butitisfarhardertoachievecost-sharingacrossinternationalborders.Mostnationalpapersarestillmnfromandownedintheirhomecountry.ThosethatbelongtoaninternationalownersuchasHollingerTonyO’Reilly’sIndependentNewsandMediaandRupertMurdoch’sNewsCorpconcentrateonEnglish-speakingmarkets. Yetowningnewspapersisasmuchtodowithkudosandinfluenceasitisaboutprofits.Althoughhewouldnotruleoutopportunitieseveninnon-English-speakingpartsofEuropeLordBlack’ssightsnowseemtobesetontheUnitedStates.HehasjustmadeasmallbetonanewqualitypaperTheNewYorkSunbyputtingin$2millionorabout13%ofthetotalinvestment.AlthoughHollingerstressesthatitisonlylooselyinvolvedtheprojectisneverthelessintriguing.TherehaslongbeenaviewthatNewYork.acityof8millionpeopleoughtmbeabletosupportmorethanoneall-roundqualitynewspaper;yettheNewYorkTimeswithacirculationof1.1millionhasnodirectcross-townrival.LordBlack’sexperienceoflaunchinganewtitleTheNationalPostinCanadamaybesalutary.Hemanagedtocreateafranchisefromnothinginacompetitivemarketandindoingsostirreduppoliticalcontroversyinconsensus-mindedCanada.ButitnevermadehimanymoneywhichmaybewhyhisbetonTheNewYorkSunissomodest.Buyingestablishedbutfalteringpaperswouldmakemoresense."TherewillbeinvestmentopportunitiesarisingfromthiseconomicdownturnthatH.advantageof"saysMrColson"notonlyinNewYorkbutelsewhereintheUS." 45
Alan"Ace"GreenbergchosehisnicknametoimprovehischanceswithgirlsattheUniversityofMissouri.Butitisanapt1ofhiswadingskillsonWallStreet.Thisweekasthe73-year-old2down3chairmanofBearStearnstheinvestmentbankwherehehasworkedsince1949isinahigh.It4anincreaseinpost-taxprofitsinthesecondquarterof43%onayearearlier5atimewhenmanyofitsWallStreetrivalshave6.OnJune26thMerrillLynch7awarningthatitsprofitsinthesecondquarterwouldfallbyhalffar8ofexpectations.GoldmanSachsandMorganStanleyhavealsoreportedlowerprofits. Strangethatthissurprised.9AlanGreenspan’sfreneticcuts10interestratestimesaregoodforunderwritersandwadersofbondscoreactivitiesforBearStearnsandLehmanBrothers11alsorecordedasharpincreaseinprofits.Ithasbeenaterrible12forequityunderwritersandforadvisersonthesmallamountsofmergersandacquisitionsM＆Athisyear. MerrillGoldmanandMorganStanleyarethreeoftheinvestmentbanksthatgained13duringtheboominequityandM＆Abusinessandtheyarenow14themost.OfthethreeMerrillisweakestinbonds.Itcut15itsfixed-incomeactivitiesafterthecollapseofLung-TermCapitalManagementLTCMin1998.AsithappensbothBearStearnsandLehmanhavelongbeencriticisedfortheirweaknessinequities. MrGreenbergisfamousforworryingabouteventhepriceofapaper-clipatBearStearns.Thisusedtoseemterribly16butthesedaysotherWallStreetfirmsare17aboutcosts.Lay-offsare18thoughnotyetalarmingly-notleastbecausebankssawhowMerrillLynchlost19whenthemarketsreboundedquicklyaftertheLTCMcrisis.Stilliffew20ofimprovementshowsoonexpectrealblood-lettingonWallStreet. 3
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