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Recent Press Releases (U.S. and international) for magazine issues and staff changes may be found below. Please note that for many issues there exists only a highlights sheet, while for others there may also be a full press release. The cover of FORTUNE's current issue is pictured at right. Please contact the appropriate communications staff member with any questions.
Highlights of the
April 1, 2007
Issue of FORTUNE
Available on newsstands March 26, full stories are available at www.FORTUNE.com.
Dropping the Ball, by Bethany McLean, page 21 Amid the chaos of the escalating subprime mortgage crisis, the three major credit-rating agencies—Fitch, Moody's, and Standard & Poor's—have been voices of calm. They've downgraded only a sliver of the debt backed by such mortgages, and they say they expect the mess to stay safely confined to the subprime sector. But what if they're wrong? It's not just their reputations, already tarnished by their failure to give investors timely warning of the Enron and WorldCom implosions that are at stake, but possibly the housing market itself.
Planet Cipriani, by John Brodie, page 86 Giuseppe Cipriani—international playboy and bon vivant, grandson of the founder of Harry's Bar in Venice—is trying to transform his family restaurant business into a global luxury brand. But even as he bets millions on hotel and condo projects in Miami and Los Angeles , he's had to watch his name dragged through the tabloid mud in New York . “Listen, you cannot be in the restaurant business in New York and not have that stuff come up once in a while,” says Stanley S. Arkin, a criminal-defense attorney who is a longtime friend and occasional legal advisor of Cipriani's. “But what you have here is an extraordinary man who could become the Ralph Lauren of the restaurant business.”
The Reinvention of Nelson Peltz, by Shawn Tully, page 76 Nelson Peltz is a force of nature—and one of the more compelling characters on the business stage today. He is the antithesis of fast-moving corporate raiders like Carl Icahn and Ron Perelman. His goal isn't to grab a quick buck by forcing targets to over-leverage their balance sheets to pay for huge share buybacks or special dividends—it's to build value through improving operations. He's worked his magic at Snapple and Wendy's as well as Heinz—and in a move announced days ago, he's set his sights on the world's largest confectionery company, Cadbury Schweppes. Unlike voracious private-equity firms, Peltz plies his trade in the public markets, where ordinary investors can share the gains. The former takeover titan is now a brand builder—and maybe even the shareholder's new best friend.
POLITICS: Opening the Capitalist Mind, by Matt Miller, page 38 John Edwards says we need to raise taxes to fix health care, and you can bet that Barack Obama and Hillary Clinton will eventually say so too. Their red-blooded Republican foes will counter that raising taxes is always and everywhere evil, because it hurts the economy. Well, suppose there was a way to square this circle, courtesy of a $500 billion health-related tax hike that could save the economy? And suppose that conservative economists would actually be okay with the idea? Too good to be true? Welcome to the “opening of the capitalist mind.”
Silicon Siberia , by Brett Forrest, page 33 Akademgorodok— Academy Town —a former Soviet center for science is experiencing a tech boom. This place, called the Silicon Forest , won't pass for Silicon Valley anytime soon. Private high tech has expanded from a $10 million business a decade ago to a still-tiny $150 million industry last year, with the number of firms growing 15% annually. But there is enough softly priced expertise for Intel, IBM, and Schlumberger to make camp here. And in a signal of Akademgorodok's broadening reach and legitimacy, a local IT firm is producing a web portal for Oprah Winfrey .
DEPARTMENTS FIRST Lazard A titillating new history of the firm has its alumni abuzz. Castro's Revenge A Cuban oil rush, right off Florida , and U.S. drillers can't join in. INVESTING Volatility? No Big Deal The recent market plunges and unimpressive rebounds are no reason to panic. But they're a good excuse to tweak your portfolio for tougher times. BUSINESS LIFE The Art of the Deal Forget Wall Street —the art market is the hottest game in town. Joy Ride The last true Lamborghini: raw power—and a few kinks.
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