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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
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
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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______.
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TheelephantsofThailandusednevertobeshortofworkhaulingtimber.Butmostofthecountry’sforestshavebeencutdownandloggingisnowbannedtosavethefewthatareleft.Thenumberofdomesticatedelephantsleftinthecountryisnowonly2500orso.downfromabout100000acenturyago.ThoughbeingthenationalanimalofThailandearnsanelephantplentyofrespectthisdoesnotputgrassonthetable.ThaielephantsthesedaystaketouristsontreksorperformincircusesandaresometimestobeseenbeggingforbananasonthestreetsofBangkok.Someofthe46elephantslivingattheThaiElephantConservationCentreaformergovernmentloggingcampnearLampanghavefoundanewlifeinmusic.TheThaiElephantOrchestraisthecreationoftwoAmericansRichardLairwhohasworkedwithAsianelephantsfor23yearsandDavidSoldieramusicianandneuroscientistwithatastefortheavant-garde.Theyprovidedsixofthecenter’selephantsaged7to18withavarietyofpercussionandwindinstruments.ThosefamiliarwithThaiinstrumentswillrecognizetheslitdrumsthegongthebowbassthexylophone-likerantsaswellasthethundersheet.Theonlydifferenceisthattheelephantversionsareabitstronger.Theelephantsaregivenacuetostartandthentheyprepare.Theyclearlyhaveastrongsenseofrhythm.Theyflaptheirearstothebeatswishtheirtailsandgenerallyrockbackandforth.Someaddtothemelodywiththeirowntrumpeting.Elephantmood-musiccouldhaveacommercialfutureMr.Soldierbelieves.HehasevenproducedaCDontheMulattalabel—itisavailableatwww.mulatta.org—with13elephanttracks.Itisrealelephantmusichesayswithonlythehumannoisesremovedbysoundengineers.ButisitmusicBobHallidaymusiccriticoftheBangkokPostsaysitis.Hecommendstheelephantsforbeingsocommunicative.Anyonenotknowingthatitwaselephantmusichesayswouldassumethathumanswereplaying.Someoftheelephantsinthebandhavealsotriedtheirhandatpaintingtendingtofavortheabstractovertherepresentationalstyle.Theirbroad-strokeacrylicpaintingslastyearhelpedraisesome$25000atacharityauctionatChristie’sinNewYorkandaLondongalleryhasalsotakensomeoftheirwork.TheseartsalestogetherwithprofitsfromtheCDarehelpingtokeepthecentregoing.AsecondCDisontheway.Itwillbelessclassicalmorepop.ThetwoAmericancreatedtheOrchestrainorderto______.
WomenaccordingtoChairmanMaoholduphalfthesky—butinCaliforniasomearebetterrewardedforthiseffortthanothers.AccordingtoanewstudyfromthePublicPolicyInstituteofCaliforniaAsianwomenbornintheUnitedStatesoutstripalltheirsistersintermsofearningpower.TheaveragehourlywageforAmerican-bornAsianladiesin2001thelatestyearwithreliablefigureswas$19.30withAmerican-bornwhitescomingnext.OnthebottomrungsoftheladdercameLatinas:ifbornabroadtheyearnedamere$10.40anhourthoughthiswascomfortablyaboveCalifornia’sthen$6.25minimumwage;ifborninAmericatheymanaged$15.10anhour.Educationisthebiggestreasonfortheethnicdisparities.Some55%ofCalifornia’sAmerican-bornAsianwomenhaveatleastabachelor’sdegreeandanimpressive84%ofthemeitherhavejobsorarelookingforthem.Bycontrastonly14%ofAmerican-bornHispanicwomenhaveabachelor’sdegreeandonly74%ofthemareinthelabourmarket.MeanwhileLatinasbornabroadareoftencondemnedtolow-payingjobsbyaneveninefficienteducationorapoorknowledgeofEnglish.MuchthesamecanbesaidofAsianwomenborninSouth-EastAsiaacategorythatincludesrefugeesfromLaosVietnamandCambodia.Theinstitutecalculatesthattheyearnedanaverageof$15.80almost$1lessthanotherforeign-bornAsians.ButeducationisnottheonlyfactorinplayforCalifornia’swomen.LargerfamiliesmakeitmoredifficultforLatinastogoouttoworkinthefirstplace;blacksoftenlivetoofarawaytocommutetowell-paidjobs;andjustasAsiansmaybenefitfromhighexpectationssoothergroupsmaysufferfromlowones.Theinstitutemakesanattemptheroicorpoliticallycorrecttoadjustforsuchfactorsimaginingforexamplethataforeign-bornLatinahasthesamefamilystructureeducationandplaceofresidenceastheaverageCalifornianwoman.Thatbringstheaveragewageforforeign-bornLatinasuptoamorerespectable$15.20;yetAmerican-bornAsiansstillruletheroost.ButbeforethegoldengirlsgettoohappytheinstitutereckonsthatCalifornianwomenofallsortstendtoearnroughly20%lessthantheirmenfolkdo.WhichoneisnotthereasonwhyAmerican-bornAsianwomenarepaidbetterthanLatinas
WhereisthesecondcentreofHollywoodfilmmakinginEurope.afterLondon*.Paris.orperhapsBerlinTryPrague.LastyearHollywoodspentover$200monshootingmoviescommercialsandpopvideosintheCzechcapital.Thisyear.allthebigstudioswillbeintown.MGMhasHart’sWarstarringBruceWillis;DisneyisshootingBlackSheepwithAnthonyHopkins;andFoxhasjustfinishedfilmingFromHellaJacktheRippersagastarringJohnnyDepp.PraguerstakeTinseltownintheirstride.OldladieslookedonlyslightlyconfusedlastmonthwhenthecobbledstreetsofMalaStranaPrague’soldquarterwereclearedofrealsnowandsprayedwithamorecinematicallypleasingchemicalalternativeforUniversal’sBourneIdentitya$50mthrillerstarringMattDamon.Thefilm’sproducerPatCrowleyreckonsadayfilminginPraguecostshim$100.000against$250000inParis.CzechcrewshesaysareprofessionalEnglish-speakingandnumerous.Theyarealsoabargain—40%cheaperthansimilarcrewsinLondonorLosAngelespointsoutMatthewStillman.theBritishbossofStillkingaPrague-basedproductionfirm.Mr.StillmanfoundedStillkingin1993afterarrivinginPraguewith$500andatypewriter.TodayHollywoodproducerscometothecompanyforcrewscateringlightsandmuchmore.Itclaimstohaveabouthalfofthelocalfilm-productionbusinessandthisyearhopesforrevenuesofover$50m.ThebiggestdrawtoPraguehoweverisBarrandov—oneofthelargestfilmstudiosinEuropewith11sound-stagesonsitephotolabsandtop-notchtechnicians.ItwasfoundedduringCzechoslovakia’spre-warfirstrepublicbyMilosHavelanuncleofthepresentCzechpresidentVaclavHavel.TheNazisexpandeditasaproductioncentreforpropagandaflicks—thesound-stagesarecourtesyofJosephGoebbels.ThencametheCommunistswiththeirownpropagandaandadmittedlyafewimpressivehomegrowndirectorssuchasMilosFormanwhobeganHollywood’smarchtoPraguebyfilmingAmadeusthere.ButitispartlythankstoBarrandovthatPragueremainssomewaybehindLondonasafilmcentre.ThestudiohassufferedfromdoubtfulmanagementandisalreadystretchedtocapacityYoucan’tevengetanofficetheremoansoneproducer.ItspresentowneralocalsteelcompanyiskeentosellbuttalkswithaCanadianinstitutionhavebeenthornynotleastbecausetheCzechgovernmentholdsagoldenshare.ShouldtheCanadiandealfallthroughStillkingsaysitwouldconsiderabidofitsown.PatCrowleyhaschosenPraguetobetheplaceforhisnewfilmjustbecause______.
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
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
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.
TheelephantsofThailandusednevertobeshortofworkhaulingtimber.Butmostofthecountry’sforestshavebeencutdownandloggingisnowbannedtosavethefewthatareleft.Thenumberofdomesticatedelephantsleftinthecountryisnowonly2500orso.downfromabout100000acenturyago.ThoughbeingthenationalanimalofThailandearnsanelephantplentyofrespectthisdoesnotputgrassonthetable.ThaielephantsthesedaystaketouristsontreksorperformincircusesandaresometimestobeseenbeggingforbananasonthestreetsofBangkok.Someofthe46elephantslivingattheThaiElephantConservationCentreaformergovernmentloggingcampnearLampanghavefoundanewlifeinmusic.TheThaiElephantOrchestraisthecreationoftwoAmericansRichardLairwhohasworkedwithAsianelephantsfor23yearsandDavidSoldieramusicianandneuroscientistwithatastefortheavant-garde.Theyprovidedsixofthecenter’selephantsaged7to18withavarietyofpercussionandwindinstruments.ThosefamiliarwithThaiinstrumentswillrecognizetheslitdrumsthegongthebowbassthexylophone-likerantsaswellasthethundersheet.Theonlydifferenceisthattheelephantversionsareabitstronger.Theelephantsaregivenacuetostartandthentheyprepare.Theyclearlyhaveastrongsenseofrhythm.Theyflaptheirearstothebeatswishtheirtailsandgenerallyrockbackandforth.Someaddtothemelodywiththeirowntrumpeting.Elephantmood-musiccouldhaveacommercialfutureMr.Soldierbelieves.HehasevenproducedaCDontheMulattalabel—itisavailableatwww.mulatta.org—with13elephanttracks.Itisrealelephantmusichesayswithonlythehumannoisesremovedbysoundengineers.ButisitmusicBobHallidaymusiccriticoftheBangkokPostsaysitis.Hecommendstheelephantsforbeingsocommunicative.Anyonenotknowingthatitwaselephantmusichesayswouldassumethathumanswereplaying.Someoftheelephantsinthebandhavealsotriedtheirhandatpaintingtendingtofavortheabstractovertherepresentationalstyle.Theirbroad-strokeacrylicpaintingslastyearhelpedraisesome$25000atacharityauctionatChristie’sinNewYorkandaLondongalleryhasalsotakensomeoftheirwork.TheseartsalestogetherwithprofitsfromtheCDarehelpingtokeepthecentregoing.AsecondCDisontheway.Itwillbelessclassicalmorepop.Theelephantsdonotmakemoneyfrom______.
TheelephantsofThailandusednevertobeshortofworkhaulingtimber.Butmostofthecountry’sforestshavebeencutdownandloggingisnowbannedtosavethefewthatareleft.Thenumberofdomesticatedelephantsleftinthecountryisnowonly2500orso.downfromabout100000acenturyago.ThoughbeingthenationalanimalofThailandearnsanelephantplentyofrespectthisdoesnotputgrassonthetable.ThaielephantsthesedaystaketouristsontreksorperformincircusesandaresometimestobeseenbeggingforbananasonthestreetsofBangkok.Someofthe46elephantslivingattheThaiElephantConservationCentreaformergovernmentloggingcampnearLampanghavefoundanewlifeinmusic.TheThaiElephantOrchestraisthecreationoftwoAmericansRichardLairwhohasworkedwithAsianelephantsfor23yearsandDavidSoldieramusicianandneuroscientistwithatastefortheavant-garde.Theyprovidedsixofthecenter’selephantsaged7to18withavarietyofpercussionandwindinstruments.ThosefamiliarwithThaiinstrumentswillrecognizetheslitdrumsthegongthebowbassthexylophone-likerantsaswellasthethundersheet.Theonlydifferenceisthattheelephantversionsareabitstronger.Theelephantsaregivenacuetostartandthentheyprepare.Theyclearlyhaveastrongsenseofrhythm.Theyflaptheirearstothebeatswishtheirtailsandgenerallyrockbackandforth.Someaddtothemelodywiththeirowntrumpeting.Elephantmood-musiccouldhaveacommercialfutureMr.Soldierbelieves.HehasevenproducedaCDontheMulattalabel—itisavailableatwww.mulatta.org—with13elephanttracks.Itisrealelephantmusichesayswithonlythehumannoisesremovedbysoundengineers.ButisitmusicBobHallidaymusiccriticoftheBangkokPostsaysitis.Hecommendstheelephantsforbeingsocommunicative.Anyonenotknowingthatitwaselephantmusichesayswouldassumethathumanswereplaying.Someoftheelephantsinthebandhavealsotriedtheirhandatpaintingtendingtofavortheabstractovertherepresentationalstyle.Theirbroad-strokeacrylicpaintingslastyearhelpedraisesome$25000atacharityauctionatChristie’sinNewYorkandaLondongalleryhasalsotakensomeoftheirwork.TheseartsalestogetherwithprofitsfromtheCDarehelpingtokeepthecentregoing.AsecondCDisontheway.Itwillbelessclassicalmorepop.TheelephantsofThailandnowareshortoftheworktheyusedtodobecause______.
WomenaccordingtoChairmanMaoholduphalfthesky—butinCaliforniasomearebetterrewardedforthiseffortthanothers.AccordingtoanewstudyfromthePublicPolicyInstituteofCaliforniaAsianwomenbornintheUnitedStatesoutstripalltheirsistersintermsofearningpower.TheaveragehourlywageforAmerican-bornAsianladiesin2001thelatestyearwithreliablefigureswas$19.30withAmerican-bornwhitescomingnext.OnthebottomrungsoftheladdercameLatinas:ifbornabroadtheyearnedamere$10.40anhourthoughthiswascomfortablyaboveCalifornia’sthen$6.25minimumwage;ifborninAmericatheymanaged$15.10anhour.Educationisthebiggestreasonfortheethnicdisparities.Some55%ofCalifornia’sAmerican-bornAsianwomenhaveatleastabachelor’sdegreeandanimpressive84%ofthemeitherhavejobsorarelookingforthem.Bycontrastonly14%ofAmerican-bornHispanicwomenhaveabachelor’sdegreeandonly74%ofthemareinthelabourmarket.MeanwhileLatinasbornabroadareoftencondemnedtolow-payingjobsbyaneveninefficienteducationorapoorknowledgeofEnglish.MuchthesamecanbesaidofAsianwomenborninSouth-EastAsiaacategorythatincludesrefugeesfromLaosVietnamandCambodia.Theinstitutecalculatesthattheyearnedanaverageof$15.80almost$1lessthanotherforeign-bornAsians.ButeducationisnottheonlyfactorinplayforCalifornia’swomen.LargerfamiliesmakeitmoredifficultforLatinastogoouttoworkinthefirstplace;blacksoftenlivetoofarawaytocommutetowell-paidjobs;andjustasAsiansmaybenefitfromhighexpectationssoothergroupsmaysufferfromlowones.Theinstitutemakesanattemptheroicorpoliticallycorrecttoadjustforsuchfactorsimaginingforexamplethataforeign-bornLatinahasthesamefamilystructureeducationandplaceofresidenceastheaverageCalifornianwoman.Thatbringstheaveragewageforforeign-bornLatinasuptoamorerespectable$15.20;yetAmerican-bornAsiansstillruletheroost.ButbeforethegoldengirlsgettoohappytheinstitutereckonsthatCalifornianwomenofallsortstendtoearnroughly20%lessthantheirmenfolkdo.WhatdoesitmeanbyruletheroostLine4Lastparagraph
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
Inbrand-newofficeswithastill-emptygameroomandenoughspacetotripletheirstaffofnearly30atrioofentrepreneursisleadinganInternetstart-upwithanimprobablemission:toout-GoogleGoogle.ThethreestartedPowersetacompanywhoseaimistodeliverbetteranswersthananyothersearchengine—includingGoogle—bylettinguserstypequestionsinplainEnglish.AndtheyhavemadebelieversofSiliconValleyinvestorswhosefortunesturnonidentifyingthenextbigthing. Powersetishardlyalone.41.AndWikiaIncacompanystartedbyafounderofWikipediaplanstodevelopasearchenginethat.likethepopularWeb-basedencyclopediawouldbebuiltbyacommunityofprogrammersandusers.42.ItalsoshowshowmuchthenewInterneteconomyresemblesaplanetarysystemwhereeverythingandeveryoneorbitsaroundsearchingeneralandaroundGoogleinparticular. SiliconValleyisfilledwithstart-upswhosemainbusinesspropositionistobeboughtbyGoogleorforthatmatterbyYahooorMicrosoft.Countlessotherstart-upsrelyonGoogleastheirprimarydriveroftrafficoronGoogle’spowerfuladvertisingsystemastheirprimarysourceofincome.VirtuallyallnewcompaniescompotewithGoogleforscarceengineeringtalent.43 "Thereiswaytoomuchobsessionwithsearchasifitweretheendoftheworld."saidEstherDysonawell-knowntechnologyinvestorandforecaster."Googleequalsmoneyequalssearchequalssearchadvertising;itallgetscombinedasifthisisthelastgreatbusinessmodel."ItmaynotbethelastgreatbusinessmodelbutGooglehasprovedthatsearchlinkedtoadvertisingisaverylargeandlucrativebusinessandeveryone—includingMs.DysonwhoinvestedasmallsuminPowerset—seemstowantapieceofit. Sincethebeginningof2004venturecapitalistshaveputnearly$350millionintonofewerthan79start-upsthathadsomethingtodowithInternetsearchaccordingtotheNationalVentureCapitalAssociationanindustrygroup. 44SinceGoogle’sstatedmissionistoorganizealloftheworld’sinformationtheymaystillfindthemselvesinthesearchgiant’scrosshairs.ThatisnotnecessarilybadasbeingacquiredbyGooglecouldbeafinancialbonanzaforsomeoftheseentrepreneursandinvestors. 45.Powersetrecentlyreceived$12.5millioninfinancing.HakiawhichlikePowersetistryingtocreatea"naturallanguage"searchenginegot$16million.Another$16millionwenttoSnapwhichhasfocusedonpresentingsearchresultsinamorecompellingwayandisexperimentingwithanewadvertisingmodel.AndChaCha.whichusespaidresearchersthatactasvirtualreferencelibrarianstoprovideanswerstousers’queries.got$6.1million. Stillrecenthistorysuggeststhatgainingtractionisgoingtobedifficult.Ofdozensofsearchstart-upsthatwereintroducedinrecentyearsnonehadmorethana1percentshareoftheUnitedStatessearchmarketinNovember.accordingtoNielsenNetRatingsaresearchfirmthatmeasuresInternettraffic. [A]Powersetcouldpossiblystealaleadifitimprovessearchresultsbyasignificantmeasurewithnaturallanguageandsimultaneouslyincorporatesanear-equivalenttoGoogle’sexistingcapabilities. [B]EvenasGooglecontinuestooutmaneuveritsmainsearchrivalsYahooandMicrosoftplentyofnewcomers—withnameslikehakiaChaChaandSnap--aretryingtobeatthecompanyatitsowngame. [C]TheseambitiousquestsreflecttherenewedoptimismsweepingtechnologycenterslikeSiliconValleyandfuelinganascentInternetboom. [D]ButinthecurrentboomthereismoneyevenforthosewiththeaudaciousgoalofbecomingabetterGooSe. [E]AnddiviningGoogle’snextmovehasbecomeafixationforscoresoftechnologyblogsandafavoriteparlorgameamongtechnologyinvestors. [F]AnoverwhelmingmajorityarenottryingtotakeGoogleheadonbutratherarefocusingonspecializedslicesofthesearchworldlikesearchingforvideosblogpostingsormedicalinformation. [G]TheventurecapitalistsmadetheinvestmentbasedonanassumptionthatPowersetwouldcompletethelicensingdeal 41
WhereisthesecondcentreofHollywoodfilmmakinginEurope.afterLondon*.Paris.orperhapsBerlinTryPrague.LastyearHollywoodspentover$200monshootingmoviescommercialsandpopvideosintheCzechcapital.Thisyear.allthebigstudioswillbeintown.MGMhasHart’sWarstarringBruceWillis;DisneyisshootingBlackSheepwithAnthonyHopkins;andFoxhasjustfinishedfilmingFromHellaJacktheRippersagastarringJohnnyDepp.PraguerstakeTinseltownintheirstride.OldladieslookedonlyslightlyconfusedlastmonthwhenthecobbledstreetsofMalaStranaPrague’soldquarterwereclearedofrealsnowandsprayedwithamorecinematicallypleasingchemicalalternativeforUniversal’sBourneIdentitya$50mthrillerstarringMattDamon.Thefilm’sproducerPatCrowleyreckonsadayfilminginPraguecostshim$100.000against$250000inParis.CzechcrewshesaysareprofessionalEnglish-speakingandnumerous.Theyarealsoabargain—40%cheaperthansimilarcrewsinLondonorLosAngelespointsoutMatthewStillman.theBritishbossofStillkingaPrague-basedproductionfirm.Mr.StillmanfoundedStillkingin1993afterarrivinginPraguewith$500andatypewriter.TodayHollywoodproducerscometothecompanyforcrewscateringlightsandmuchmore.Itclaimstohaveabouthalfofthelocalfilm-productionbusinessandthisyearhopesforrevenuesofover$50m.ThebiggestdrawtoPraguehoweverisBarrandov—oneofthelargestfilmstudiosinEuropewith11sound-stagesonsitephotolabsandtop-notchtechnicians.ItwasfoundedduringCzechoslovakia’spre-warfirstrepublicbyMilosHavelanuncleofthepresentCzechpresidentVaclavHavel.TheNazisexpandeditasaproductioncentreforpropagandaflicks—thesound-stagesarecourtesyofJosephGoebbels.ThencametheCommunistswiththeirownpropagandaandadmittedlyafewimpressivehomegrowndirectorssuchasMilosFormanwhobeganHollywood’smarchtoPraguebyfilmingAmadeusthere.ButitispartlythankstoBarrandovthatPragueremainssomewaybehindLondonasafilmcentre.ThestudiohassufferedfromdoubtfulmanagementandisalreadystretchedtocapacityYoucan’tevengetanofficetheremoansoneproducer.ItspresentowneralocalsteelcompanyiskeentosellbuttalkswithaCanadianinstitutionhavebeenthornynotleastbecausetheCzechgovernmentholdsagoldenshare.ShouldtheCanadiandealfallthroughStillkingsaysitwouldconsiderabidofitsown.Stillkingisacompany______.
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
EventohiscontemporariesRochesterwasalegendaryfigureOneoftheyoungestandmosthandsomecourtiersoftherestoredCharlesⅡ.hewasthefavoriteofakingwhosewitlasciviousnessandseriousintellectualinterestsheshared.HewasbanishedfromcourtseveraltimesbutCharles’spleasureinhisconversationalwaysresultedinhisrecall.Hisauthenticadventuresincludedtheattemptedabductionofanheiresswhomhelatermarriedsmashingaphallic-shapedsundialintheroyalgardensduringadrunkencelebrityandaviolentquarrelwiththewatchatEpsominwhichoneofhiscompanionswaskilled.Quiteapartfromhisreputationasapoet.hewasfetedinthewritingsofhisfriendsnotablyinSirGeorgeEtherege’scomedyTheManofMode.Justbeforehediedin1680.attheageof33.destroyedbyalcoholismandsyphilis.Rochester’slegendtookasurprisingturn.AfteraseriesofconversationswithanAnglicanrationalistdivine.GilbertBurnertheskepticallibertinemadeadeath-bedconversionwhichwascelebratedinthedevotionalliteratureofthesucceedingcentury.Charmingasitis.theRochesterlegendhasalwaysbeenadistractionIthasresultedinmanyapocryphalstoriesanduncertainattributionsanditcanstilldivertattentionfromthepoetry.ItisRochester’sachievementasapoetwhichcommandsourinterestandmakeshimsomethingmorethanaluridlycolorfulperiodfigure.ForallthebrevityofhiscareerRochesterisacrucialfigureinthedevelopmentofEnglishversesatireandfileHoratianepistleastudentofhiselderFrenchcontemporaryBoileau.andanimportantexemplarforlaterpoetsasdifferentasAlexanderPopeandAnneFinchCountessofWinchilsea.CephasGoldsworthy’sTheSatyrgivesusthelegend.AlthoughtherearenofootnotestosourcesthebookshowssomeacquaintancewithmodemRochesterscholarshipanditsrejectionofspuriousversefromhiscanon—butonlyintermittently.AnecdotesconcerningRochesterandhiscronyGeorgeVilliersDukeofBuckingham.areretailedwithoutanyindicationthattheyhaveinfact.beendiscredited;poemsnolongerattributedtoRochesterarecitedasiftheywereauthentic.Mr.Goldsworthyquotesliberallyfromthepoetrybutrepeatedlyreadsitasstraightforwardautobiography.ForexamplewearetoldthatMydearmistresshasaheartisaddressedto.ElizabethBarryanactresswhichisincautiousgiventheuncertaindatingofthissongandindeedofmostofRochester’spoems.Moregenerallywhileofcoursesomeofthesatiresincludereferencestoactualpersonsasoftenasnotin17th-centurylovepoetrytheemotionisgenuinebuttheaddresseeisfictitious.AlesssimplisticwaytorelateRochester’spoetrytohislifewouldbetoreadtheformerasanexploiationofwhatitmeanstoliveaccordingtolibertinevalues.Inhisbestsatiresandevensomeofthelyricshearticulatedananti-rational.nihilisticvisionscarcelyfoundelsewhereinEnglishverse.Suchataskbelongstoacriticalbiography.ThereisnomistakingMr.Goldsworthy’senthusiasmforhissubjectbuthisbookisessentiallybiographyasentertainment.RochesterwasNOT______.
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

During its formative years, the inner solar system was a rough-and-tumble place. There were a couple...

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