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Highlights of the
July 9, 2007
Issue of FORTUNE
Available on newsstands July 2, full stories are available at www.FORTUNE.com.
COVER STORY: WHO BUSINESS IS BETTING ON, by Nina Easton, page 45 These are strangely fluid political times, with long-held alliances shifting under the weight of an unpopular president, an unpopular war, and no obvious White House heir on either side. And CEOs are up for grabs on both sides for business support. A FORTUNE survey of where business leaders are lining up in the 2008 race, based on dozens of interviews with top executives, reveals a concerted push by Democratic candidates to secure the blessing of big business while they continue to take their swipes at corporate America on behalf of the little guy, and Senator Clinton is leading the pack. Even at this early stage in the primary race, the business endorsements of Clinton alone rival — in size, scope, and prestige — the list of CEOs publicly supporting the Kerry-Edwards ticket in the 2004 general election. FORTUNE's exclusive survey goes behind the scenes from Wall Street to Silicon Valley to find surprising alliances and how they were forged.
MR. FIX-IT, by Marcia Vickers, page 56 Mitt Romney is filthy rich, he's handsome, and he's the first honest-to-God businessman to have a real shot at the White House in 40 years. If the election were based on résumé bullet points, the guy would be a shoo-in. That's not how it works, of course. As we'll see, Romney has felt the need to downplay his career highlights. Some in his party worry he's too pragmatic — that he's not ideological enough. And there's his Mormon faith, which, like it or not, probably hurts his chances. But his business skills have come in handy. In recent polls he's the leading Republican candidate in both New Hampshire and Iowa, which is impressive, considering that he started without the name recognition of John McCain or Rudy Giuliani. Given Romney's business acumen, it's no surprise he's assembled one of the most successful political money machines ever. But no matter how whiz-bang Romney's fundraising tactics are, his biggest stumbling block is probably himself. XEROX'S INVENTOR-IN-CHIEF, by Geoff Colvin, page 65 Xerox, a company that was built on a world-changing innovation — xeroxography — lost its way for a while in the Digital Revolution. But recent years have been better. One key to the turnaround: Xerox has become an innovation power again, producing new technologies that can read, understand, route, and protect documents, among other things. Leading that effort is Sophie Vandebroek, the company's chief technology officer since late 2005. Her task is to keep Xerox at the leading edge of infotech progress in ways that make shareholders richer. She recently talked to FORTUNE's Geoff Colvin about the difference between invention and innovation; why Xerox employs anthropologists; how to make girls passionate about engineering; and much else.
ATTACK OF THE MUTANT RICE, by Marc Gunther, page 74 Back in the spring of 2001, a 64-year-old Texas rice farmer named Jacko Garrett watched a fleet of 18-wheelers haul away truckloads of rice that he had grown with great care. Garrett's rice was genetically modified, part of an experiment that was brought to an abrupt halt by its sponsor, a North Carolina-based biotechnology company called Aventis Crop Science. By 2001, Aventis Crop Science was living a biotech nightmare. So dumping the Texas rice was a no-brainer. And everyone forgot about Jack Garrett's rice. But in January of 2006, small amounts of genetically engineered rice turned up in a shipment that was tested by a French customer of Riceland Foods, a big rice mill based in Stuttgart, Ark. By the time the U.S. Department of Agriculture announced the contamination last August, the tainted rice was everywhere. And then... the tests that had been put in place uncovered a second contamination, and then a third. Yes, it's the attack of the mutant rice, and it's spreading. Where's the regulation? Can it be stopped? FORTUNE explores the issue. THE NEW HARVEY WEINSTEIN, by Tim Arango, page 84 During the 25 years Harvey Weinstein and his brother, Bob, were building Miramax Films, they were fixtures at the Cannes Film Festival, perhaps the most high-wattage event in the movie business, and the Academy Awards. But the last time Harvey made a big splash in Cannes was three years ago with the premiere of Fahrenheit 9/11. Since then the brothers have endured a nasty divorce from the former corporate parent, Walt Disney Co., and then put up their own shingle, the Weinstein Co., with $1.2 billion of Wall Street's money. But they've yet to replicate their past success at wringing large profits from small movies, in part because Harvey had ambitions of conquering worlds beyond film. Therein lies the trouble. Harvey wanted to be a media titan, the next Rupert Murdoch, staking claims to the Internet, cable television, and fashion. But as the acquisitions piled up, box office suffered. FORTUNE has learned that the Weinstein Co. board of directors has stepped up its oversight and is searching for a top executive to run day-to-day operations. FORTUNE's Tim Arango reports. CHASING THE CUBS John C. Canning, Jr., a Chicago-based buyout artist, may be commissioner Bud Selig's choice to become the Cub's next owner. In Selig's mind, Canning has three things going for him. He has deep pockets to buy the team, he has Chicago roots, and, as part owner of the Milwaukee Brewers (he'd have to sell that stake), he's already a familiar face to the league's owners. "I have enormous respect for John Canning, both as a person and as a businessman. But it's a process that will be fair and open," says Selig. "The Cubs are one of our treasures. It's a storied franchise with legions of fans all over. The only thing I would hope for is an owner who is very protective of the franchise and represents the city of Chicago well." DEPARTMENTS FIRST: Metal Madness Scrap prices are motivating thieves, and nothing is safe: manhole covers, beer kegs—even urns. COLUMNS: Here Comes the Sun Kevin Wall taps Al Gore and other rock stars to join the fight against global warming. How I'd Fix the World Bank Advice for incoming president Robert Zoellick from influential economist JEFFREY SACHS: Roll Up Your Sleeves and Plant Some Seeds What starving Africa needs is action, not ideology. INVESTING: A Sunny Second Half Investors got skittish as bond yields rose in June. But top strategists say interest rates won't batter stocks now, and there are still opportunities to be had in 2007. BUSINESS LIFE: Macau Now As a new wave of over-the-top resorts hits the gambling kingdom, Clay Chandler explores the Vegas of Asia. Joy Ride Maserati's Quattroporte Automatic: an iconic four-door sedan with sex appeal.
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Erin Clinton
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