Bushjustified the invasion—code-named Oper- ation Just Cause—on national secunty grounds. Nonega, he said, was a drug dealer wh0 had declared war on the United States, threatened the lives Of Americans liVing in panama and now threatened the security Of the Panama Canal. None Of that was prove d true. Noriega had not threatene d Amenca, and a Panamanian attack on the canal was not even possible. Even without an invasion, the United States maintained Air Force and Navy bases; under the 1977 Panama Canal Treaty signed by Carter and Torrijos, the United States was responsible for security in the Canal Zone surrounding the waterway until December 31 , 1999 ・ As Ⅳビル記のな Latin America correspondent, I reported from Panama before, during and after the invasion. The United States spent hundreds 0f millions of dollars t0 attack a country that offered little resistance. Several miles from the city, billion-dollar stealth bombers hit a Pana- manian airfield tO stop a tiny air force that had no planes there. Residents Of Panama City were at home preparing for Christmas when the Amer- ican bombs blasted the unlucky neighborhood around Norie ga's military he adquarters, igniting fires that killed scores ofpeople. panama's police force and army dissolved, criminals broke out of jail, and 100ters rampaged through the city. After less than two weeks, it was over. More than 20 Americans soldiers and three civilians had died, while estimates of Panamanian casu- alties ranged from 300 tO more than も 000 , most Of them civilians. Once, during a reporting trip, I saw a charred human torso in a burned-out car and a heap Of corpses festering in an open room at the city morgue. Later, after し S. troops attacked a military academy, I saw the brains of young cadets splattered on the walls. The American pre s s grudgingly approved ofthe invasion. Mr. Bush was not obliged tO act," T んど Ⅳビル物ⅸ Times e ditorialize d the morning after, "but he was justified in doing so … . The president acted in response tO real risks. '' Bush got what he had wanted: Not long afterward, his poll numbers began tO rise. ln interviews, before, during and after the conflict, American civilian and military 0価 . CialS tOld me there was no Justification for the inva- sion. A top Drug Enforcement Administration offcial said Noriega had helped prosecute the drug war and safeguard the lives 0f し S. agents ・ Before the invasion, a former CIA station chief in Panama told offcials he would likely be able tO convmce Noriega tO leave power without a fight. He was not allowed to try. FRIEND OR FOE: Noriega was on the CIA'S payroll fO 「 years before the United States ac- cused him Of drug dealing and threat- ening the security Of America. NEWSWEEK 18 APR 比 14 , 2017

Newsweek 10WHaryard ElunkedEconomicsLBringMe.theHead0f-Paul. RY 1 4 . 0 4 . 2 0 1 7 ー N T E R N AT ー 0 N L MHEN 引しリ ONA ES 徳 WSWEEK (APR 14 # 15 ) APR 14 # 1 00 ドす 0 NEETTRUMP XTTAC K 市立文 160993110 一般 + 税 体 \ 1 , 300 誌 28222 ー 04 ー 05 / 29 / 17 4910282220477 01300 アメリカ合衆国 CZECH REP CZK180 DENMARK DKR50 DUBAI DH35 EGYPT ES 60.00 日 N [ AND ℃ 760 FRANCE C6.50 GERMANY 6.50 GIBRALTAR を 6.05 GREECE C6.25 HOLLAND C6.50 HUNGARY FTI. 800 IRELAND ℃ 6.25 ISRAELNlS35 江 A Ⅳ C6.50 JORDAN 」 D5.95 KUWAITKD3.OO LATVIA 6.50 LEBANON LLIO. 000 LITHUANIA 08.99 LUXEMBOURG €6.25 MALTA €6.50 MONTENEGRO C8.30 MOROCCO MDH70 NEW ZEALAND $ 14.00 NIGERIA $ 3.40C NORWAY NKR85 OMAN OR 3250 POLAND PLN28 PORTUGAL C6.50 QATARQR65 MALAYSIA RM29.50 ROMANIA LEI 42.00 SAUDI ARABIA SR35.00 SERBIA RSD1035 S LEONE SLL30 , 000 SINGAPORE $ 11.95 S [ OVAK 6.50 S し OVEN ー A も 8.50 SOUTH AFRICA R55.00 SPAIN €6.50 SWEDEN SKR60 SWITZERLAND CHF8.50 ・、ト TURKEY TL17 UK を 4.95 US $ Z99 ZIMBABWE ZWD4.00

3 十 MARKET LAID BARE: Two tenets espoused by HBS, the primacy Of shareholder value and unrestricted compensation Of CEOS, set up a frenzied market that almost crashed the world economy in 2008. Lazonick was known tO be a critic Of Jensen S ideas on shareholder value, but a critic in the aca- demic sense—you sat across from each Other on a podium during a seminar, or you traded barbs in the gentlemanly forum 0f academic Journals. N0t this time. S ome sp arks flew during the s eminar, Lazonick recalls. Jensen was king 0f the hill, and he objected t0 me … daring t0 question him. He was livid that he had been set up in front of all his colleagues t0 be critiqued by an outsider. He t01d [HBS professor Thomas] McCraw not to invite me back, and I wasn't … for another 17 years. And keep in mind that the year before that, I had been president of the Busmess History Confer- IFEVERYB 〇 DYASSUMES e nc e.A-å avemoQoub Üab out YOU'REAWHORE,YOU MIGHT it, the most powerful man at HBS in the early 1990S was ASWELLGRABAS MUCH Michael ensen.... He was much mo re e ngage d with stu- dents, those students were all Y 〇 U'RESTIL 凵 N DEMAND. going t0 Wall Street, and Wall Street firms were all sending money back to HBS. The net effect of it all was that agency theory ren- dered business history irrelevant. Lazonick thinks his experience shows intellectual cowardice. "Almost immediately after they hired [Jensen] , shareholder value ideology quickly t00k a dominant position at HBS, even though, from their own experience, the vast maJority Of faculty mem- bers did not believe it. But there was absolutely zero critique. Even from those wh0 should have known better... there wasn t a peep. lt's quite sad. "B0th [Harvard President] Derek B0k and [HBS D e an] John McArthur should have known b etter, but they went out Of their way to recruit Jensen, says Lazonick. "I asked a member ofthe faculty wh0 is actually still there about it, and he said that McAr- thur thought th at's where th e money was, and hiring Jensen would bring in donations 仕 om Wall street. ” Lazonick saves hiS greater condemnatiorvTorAhos HBS who should have stopped the rise 0fJensen. "They had a NEWSWEEK 43 APR 比 14 , 2017

THE CHILEAN director Pablo Larrafn made his international breakthrough last year when his first English-language film, / ac 々 i ら earned rave revlews and an Oscar n01 れ lnatlon for its star, Natalie Portman. But l_,arralll S new biographical drama is even better. Like / ac た N リ da focuses on a short periOd in the life of a political luminary—in thiS case, Pablo Neruda, the Chilean poet and politician whO won the Nobel Prize for literature in 1971 and died in 1973. And, like / 4 衂 it examines hOW that luminary became a global icon. But 0f the two films, Ⅳ 4 is the richer, stranger and 1 れ ore experimental. lt has more laughs t00. PabIo Neruda goes on the run Skipping past the poet's poor childhood and ⅲ a slippery, postmodern biopic begins in Santiago, Chile, in 1948 , by which time the middle-aged Neruda (Luis Gnecco) is enJOYing the status that comes with Videla (Alfredo Castro), The running joke of bordellos and restaurants— being b0th a Communist bans the Communist party, the film, as written by he getS 1 れ ore and more irritated by the police's senator and the country s and Neruda has t0 go into Guillermo Calder6n, is most celebrated writer. ln hiding with his wife, Delia that the hunt is never quite failure tO catch him. parliament, even a ViS1t (Mercedes Morån). Not that as wild as the egotistical The police prefect tO the men s toilets is an he is t00 upset by this new Neruda would like it to be. responsible for this failure opportunity tO out-argue his chapter in his biography. He is flattered tO hear that iS Oscar Peluchonneau "This has tO become a wild colleagues. And at home, there are 300 policemen on (Gael Garcfa Bernal), hunt," he declares, relishing he throws bacchanalian his trail and is particularly an antagonist invented parties; portly, double- the prospect 0f dodging proud ofthe posters that by Calder6n. Like Peter the authoritie s and Sellers's lnspector CIouseau chinned and sporting a denounce him as a traltor. being feted as a daring, comb-over, he nevertheless We have tO save these, ” in the ~ た 2 のなん′ movles, revolutionary fugitive. dresses up as dashing Bernal's Peluchonneau he instructs one ofhis Whether this outlaw co-conspirators. "They Lawrence ofArabia. IS an earnest bumbler reputation will help the But then Neruda's may have historical value. with a moustache and a champagne socialism fedora. He's a boy dressed downtrodden Chileans he is But as he shunts from loses its bubble. Chile's supposed t0 be championing safe house tO safe house— up as a detective. ln an president, Gabriel Gonzålez IS another matter. exquisitelyjudged comic between regular jaunts tO N E W S W E E K 62 A p R 比 14 , 2 0 17 4 THE SCREENING ROOM Poet in Motion

Other key U. S. offcials resigned rather than participate in the war. General FrederickWoerner Jr. , based in panama as head 0fthe U. S. Southern Command,quitmfew months beforehand. Admi- ral WiIliam Crowe, chairman of J0int Chiefs of staff, also resigned. Some 0f the key players involved in the inva- sion went on tO play maJOr roles in the 2003 lraq War. Dick Cheney was the secretary of defense at the time, C01in Powell replaced crowe as the newly minte d chairm an 0f the J0int Chiefs, and Elliott Abrams was the State Department offcial leading the charge against Noriega. Ten days after the invasion, American troops seized Noriega at the Vatican Embassy, and U. S. marshals led him t0 Miami in chains. Only then did offlcials ⅲ Bush's Justice Department realize they needed some justification for the seizure and impnsonment 0f a foreign military leader. They dusted 0 代 a 1988 indictment that implied a criminal liaison between Nonega and Castro. They later dropped that charge and decided tO cobble together more specific claims about Noriega s connection t0 the Medellfn drug cartel. ln 1992 , Noriega was tried and convicted on eight drug traffcking and conspiracy counts in federal court in Miami. His 40-year sentence was reduced by 10 years after a former CIA sta- tion chief and a former し S. ambassador spoke on his behalf. By that time, I had already begun investigating the story. I found more than reasonable doubt about his guilt. The government prosecuted the case with the testimony Of 26 convicted drug traffckers who received plea bar- gains that allowed them to get out ofprison and, in some cases, keep their drug profits. One of them was Carlos Lehder, a neo- Nazi from Colombia, then the mo st important traffcker eve r captured by the United States. He had never met Noriega—and neither had the other dealers whO testified against him. し S. District Judge William Hoeveler, whO tried the case, invited 1 れ e tO hiS home after Noriega S conVICtion and sentencing for a series Of unusual talks in which heexpressed concern about how the trial and verdictwould be judged. ß'l hope, in the end, we'll be able t0 say that justice was served," he said. He and other し S. offcials took solace in the fact that even if the dru conviction was ues- tionable, Noriega was clearly a murderer. But the sources I interviewed raised serious questions about one charge against him. ln 1993 , NEWSWEEK 19 APR 比 14. 2017 Noriega was convicted in absentia in Panama Of conspiracy in the 1985 murder 0f Hugo Spada- fora, a political protégé turned opponent. A key piece Of evidence was that the National Secu- rity Agency had intercepted a remote telephone communication in which Noriega allegedly ordered the killing: "What d0 you do with a rabid dog 凛 . You cut offits head. MuItipIe U. S. sources told me the intercept did not exist. They said the NSA did not have the capability at that time tO capture commum- cafions between Nonega—who was in France when Spadafora was killed—and his minions in the Panamaman jungle. I determined that the charges had been made up part by a Panama- man newsp aper columnist and author, Guillermo Sånchez Borb6n. He admitted tO me he could cite no source for reporting the killing 0f Spadafora ⅲ a book, 加ど Time ビり ra 〃な , that he co-wrote with an Amencan expatnate, Richard KOSter. "lt is a political b00k, not a historical b00k," Sanchez Borb6n said. "lt has its inexactitudes. ” Noriega served more than 20 years behind bars in the United States, then in France and finally in Panama, which won his extradition ln A CHARRED HUMAN TOR O INA BURNED-OUT D A HEAP OF CORPSES FEST RING IN AN OPEN ROOM E CITY MORGUE. 2011. I cannot say that he did not commit crimes, including murders, although he told me any kill- mg on his watch tOOk place in the course Of mil- itary operations 、一 Nor can I sayhe never allowed drugs tO be dealt in panama, nor would I ever say that he was an enlightened leader. I can say that the charges against him in the United States were very thin. I also conc udedfthattowhatever degree Noriega was guiltY' this was a matter for Panama to determine, not the United States. ロ P A G E 0 N E / P A N A M A 3 AT T CAR I SA

N E W W 0 R L D / A I A NEW LEASH ON LIFE Some of the best minds of our generation came tO the U. N. tO decide whether AI will turn humans into pets IN A ROOM at the United Nations overlooking New York's East River, at a table as long as a ten- nis court, around 70 Of the best minds in artificial intelligence recently ate a sea bass dinner and could not agre e on the impact OfAI and robots. This is perhaps the most vexing challenge of AI. There's a great deal of agreement around the notion that humans are cre ating a ge nie unlike any that's poofed out of a bottle so far—yet no consensus on what that genie will dO for us. Or to us. Will AI robots gobble all our j obs and re n- der us their pets? Tesla CEO EIon Musk thinks so. He Just announced his new company, Neuralink, which will explore adding AI-programmed chips tO brains SO people don't become little more than pe sky annoyances tO thinking machine s. At the し N. forum, organized by AI investor Mark Minevich, IPsoft CEO Chetan Dube said AI will have 10 times the impact of any technol- ogy in history in one-fifth the time. He threw around figures in the hundreds oftrillions ofdol- lars when talking about AI's effect on the global economy. The gathered AI chiefs from compa- nies such as Faceb00k, Google, IBM, Airbnb and Samsung nodded their heads. ls such lightning-fast change g00 譱 who knows? Even IPsoft's stated mission sounds like a double-edged ax. The company's website says it wants 。 to power the world with intelligent sys- tems, eliminate routine work and free human talent tO focus on creating value through innova- tion. ” That no doubt sounds awesome to a CEO. To a huge chunk of the population, though, it could come across as happy-speak for a pink slip. Apparently, if you re getting paid a regular wage tO dO "routine work,' you're about to get "freed" 仕 om that tedious job ofyours, and then you had better 。 innovate" ifyou want tO, you know, eat. The folks from IBM talked about how its Wat- son AI will help doctors sift through much more information when diagnosmg p atle nts, and it WIII constantly le arn from all the data, so its thinking will improve. But won t the AI start to do a better jOb than doctors and make the humans unneces- sary? No, the IBMers said. The AI will improve the doctors, so they can help us all be healthier. Hedge fund guys said robottrading systemswill make better investing decisions faster, lmprovlng returns. They didn't seem t00 worried about their caree rs , even though some hedge fund s guided solely by AI are already outperforming human hedge fund managers. Yann LeCun, Facebook's AI chief and one ofthe most respected AI practi- tioners, says AI will be used t0 discover and help eliminate biases and bring people together—yet for now, AI gets accused of uncovenng our indi- vidual biases and servlng up content that con- firms and hardens them, the reby making half the country mad at the other half. Grete Faremo, executive director ofthe United Nations Off1ce for project Services, beseeched te chnologists tO slow down a bit and make sure BY KEVIN MANEY 当 @kmaney NEWSW ・ EEK 48 APR 比 14 , 2017

album locked away in a cupboard. "lt was actually a very nice room where all my clothes were kept, she says. Cupboard or dressing room, why did she need to hide her writing in it? "I had two young kids, was married tO a prolific songwriter, and I was shy. And she hadn't wanted to exploit her relationship with White.When he first overheard her singing, she says, I was mortified. TO his credit, he wouldn't let it go and pushed me offthe cliff." lt must have taken guts tO step out from the shadow Of White's musl- cal prowess, but Elson found a way, and eventually he produced her first album—released in 2010 and titled The G ん 0 立Ⅳん 0 Ⅳ 4 , which was the nickname those school bullies had given her. A year later, Elson and White announced an ami- cable parting 0f the ways. Later, leaked legal corre- spondence implied that their relations soured during the two years it t00k t0 finalize their split. The pain 0f divorce can make anybody react in ways they wouldn't normally," she says. "That goes for the both Of us. What is written isn't what you feel, it's a legal tactic. ” Six years on, the new album, DO わ犬お , is Elson's digging-deep record. "I wanted to be vul- nerable, ” she says, "because that's how I felt, and there was a sense Of freedom and fearlessness in owning up tO it. ” The title is borrowe d from a Sam Shepard poem, and it symbolizes her twin paths as wild woman zigzagging around the glob e and down- home Tennessee mom. l'd come home to Nashville and be in bed by 9 : 30 , up at 6 with the kids, then go to New York, and in my loneliness l'd go and have fun with my friends, until I was in my hotel room at 2 in the morning, thinking, I just want tO go home. lt is tempting tO assume the album is all ab out her experiences with White, but as she points out, l've lived a pretty big life, even post-divorce.Jack and I split up almost five years ago. There's been a 10t 0f other things that have happened. ” She will admit, however, the void left by divorce is a theme. lt's hard with songs, because you don't want tO censor what's coming out. " But she is protective Of White, and ofthe understanding they've come to. Elson's current emphasis on truth-telling extends t0 the fashion world. She recently retweeted a report ofill-treatment ofyoung models at a catwalk casting ・ "lt drives me out Of my mind," she says. Last year, EIson herselfwas canceled from a fashion show—for being “ t00 big. "The wh01e experience was pain- fully humiliating. I felt ugly, fat and insecure. I called 1 れ y agent and burst intO tears and was like, ・ l'm t00 01d to be going through this. '" The truth is, neither her age nor her perceived size iS relevant. She'S mak- ing her music, and making it well; Elson no longer needs to be anyone's do Ⅱ . ロ DoubIe Rosesls out now; 1965RECORDS. CO. UK NEWSWEEK 58 APRIL 14 , 2017 THE TASTER Essenziale, Florence The 31-year-old Tuscan chefSimone Cipriani recently hung up his apron—albeit briefly— taking time out ofthe kitchen t0 model for the artisan bag label Qvin Florence. His new restaurant, Essenziale, which opened last fall in the Oltrarno area ofFlorence, is equally fashionable. And personable: Simone and his team COOk their take on traditional Tuscan recipes on a central raised daiS and present dishes tO the diners themselves, breaking down the barrier between kitche n and dining r00n1. IN THE ROOM lnacityknownfor restaurants filled with hanging hams and wicker wine bottles, a no-frills converted garage comes as a surprise. A vast industrial-style open space, with wooden beams and metal skylights," says The F / 0 尾厩ⅲら before being distracted by the dais where "the chefpresides. ' why distracte d ~ Cipriani, according tO ALuxuryTraveIBlog.com/ is "a dead ringer for Adam Levine. ” (Ofpop band Maroon 5. But you knew th at, right?) 0 N TH E TAB LE As the name suggests, the food here is all about simplicity. And good 100kS. The RiboIIita BubbIe, a vegetable and tapioca stew なル尾 d 4 わ 0 リの , struck C ひ″尾 F r れな〃 0 as a nutrltious C リロ〃 420 リ′ 4 [poverty cuisine] dish ”—served enticingly "in a big glass with a big straw. " Eater.com zoomed in on the use ofdehydrated f00ds, delighting ⅲ the "dried tomato... umami flavor bombs ” before it sighed and added that thiS was an expenence tO engage all senses. ん 4 C ″じⅲ 4 な 4 〃 4 fell for the rib-eye, a steak massaged with melted fat... so tender, ” while La R リわわ〃 ca thought the entire EssenziaIe offering "beautiful, cheerful and lively. " plus, it said, "the food's good t00. ー N BR IEF A feast for your tastebuds. And for your eyes. —HELENFARRELL を Around も 70 は 60 ) pe 「 person fO 「 dinner; set price brunch も 28 は 25 ) : ESSENZIALE.ME

firms made an average of $ 2.7 million. By 2000 , it was up tO $ 14 million. StOCk options as a percentage ofcompensation rose from 19 percent in the 1980S tO nearly 50 percent in 2000. What alSO increased: short-termlsm and the tendency for executives tO manage earnings, aggressive accounting tO give Wall street analysts a smooth ” earnings tra- jectory on which tO base their forecasts. Jensen was right that CEO compensation would nse in the case ofoutperformance, but he was wrong about the fact that CEOs would suddenly be at risk of being fired for underperformance. The compe n- sation Of America S corporate execufives ShOt up in the 1990S , regardless of—and sometimes in spite Of— their performance. Jensen's finance-based theory Ofthe corporation lost significant credibility in the wake 0f the 200 た 2010 financial crisis. Specifically, observed Gerald Davis, the ideas that financial markets are "infor- mationally effcient" and that "it is appropriate for corporate governance mechanisms tO guide corpo- T H E 一霹朝一まま鶩弱朝ま罍 G 〇 L D E N N E W S W E E K HE flRM AUT H E N E Ⅳ Y 〇 R K TIM ES B E ST S E は 灯 E D 」 FMcDON)AA D ÅORAL FAILURE oftheMB ー = 2 一 M ほ S OF CA 円 TALISM HARVARD BUSINESS SCHOOL, PA S S P 〇 R T 42 rations toward share price as their North Star ” were revealed t0 be, well, extremely misguided. "The merits Of this view are debatable," wrote Davis; less SO are the hazards tO the economy when it is broadly accepted by executives, investors, and poli- cymakers. lndeed, some would go so far as t0 argue that the financial view of the corporation helped create the criSlS we are ln no 、 A.,T. There iS no doubt that finance and financial markets are central tO what public corporations dO. What is less clear is that an ownership society is a workable model for pro spe rity and se curity. Way back in 1951 , the chairman ofStandard Oil of New Jersey—the company founded by the ultimate robber baron, John D. Rockefeller—said: "The job of management iS tO maintain an equitable and work- ing balance among the claims Ofthe various directly affected interest groups... stockholder, employees, customers, and the public at large. ” During the Je n- sen era, many people forgot about that. But then we all sort ofremembered it again. Even shareholder-friendly Jack WeIch, the longtime CEO of GeneraI Electric, eventually came around. ln March 2009 , he told the F ⅲ 4 〃 Times, "On the face of it, shareholder value is the dumbest idea in the world. Shareholder value is a result, not a strat- egy … . Your malll constituencies are your employ- ees, your customers and your products. Managers and investors should not set share pnce increases as their overarching goal ・・ Short-term profits should be allied with an increase in the long-term value 0f a company ・ Maybe, just maybe, we re not all whores. Rendering Business History 「 e 厄 a れ t EVEN WHEN people started to get a little nervous about the effects of shareholder capitalism on the American economy, Jensen wasn t apologetic. lndeed, he went in the other direction, ripping intO fellow members of the HBS faculty if they strayed t00 far from his orthodoxy. William Lazonick got an HBS faculty post in 1984 at the invitation of AIfred Chandler, followed by a stint as president of the school's Business History Conference. He made the mistake 0f challenging the new king of finance when in 1992 he presented his paper "Controlling the Market for Corporate Control: The Historical Significance ofManagerial Capitalism' ln a semmar centered on the work ofJensen. 十 CLASSES DISMISSED:In his book, McDonald argues that the Harvard Business SchooIturned its back 0 「 de 「 tO draw ⅲ more WaII Street money. on the philosophy it had espoused fo 「 75 years in A P R 比 14. 2 017

work ofmidcentury thinkers at HBS, the faculty stood almost alone ⅲ insisting that characte r had a part tO play in manage ment. Until it decided t0 hire the man who thought manage rs had no character at all. The U れ ho ツ Birth 0f CO 「 po 「 ate Raiders BY THE LATE 1970S , after nearly three-quarters Ofa century Of existence, Harvard Business SchOOl had carved out a nice little niche in the management universe. lt had proved itself a dependable supplier 0f prescreened and highly motivated graduates t0 big business. HBS was still a dependable supplier 0f highly motivated graduates in the 1980S , but they weren't going tO big business anymore. They were headed to Wall Street and consulting ・ HBS also continued to put a high gloss on the management myth 0f the day, but those myths were increasingly finance-related, in particular the [whereas] moral virtue is immoral when it does not. Even in 2005 , Bakan was able t0 find a professor at HBS who was willing to channel Friedman's "brand oftynicism lthat isJ old-fashioned mean-spirited, and out of touch with re ality. ” According t0 the n- HBS professor Debora Spar, corporations are not institutions set up tO be moral entities.... They are institutions which really only have one nusslon, and that is tO increase shareholder value. Just a small sample ofpeople wh0've actually "set up corporations would seem tO suggest that such a blanket statement is entirely without merit. Yvon Chouinard, the CEO 0f patagonia, certainly had a larger misslon in mind. J0hn Mackey, co-founder 0 ハ MhoIe Foods, wouldn't agree with that premise. lt also seems likely that the founders of Harvard, itself a corporation, wouldn't have either. What's trulyunfortunate is that ifone considers the TOO PIGGY TO FAIL: PubIic outrage over the rapacious practices that led t0 the 2008 financial crisis spurred the Occupy WaII Street movement but brought about few changes. BILL ーー物 IONAIRE 日 6 NEWSWEEK 37 APR 比 14. 2017

A 」 UST WAR? Bush was seeing IOW app 「 0 引 ratings and being called a "wimp' when he decided to send 25 , 000 し S. t 「 00P5 tO Panama. cartels and sometimes conflated the commumsts "WHAT DO YOU DO and the narcos. At one point, he declared, "Latin peoples by the millions" might eventually flee WITH A RABID DOG? … communism to the south and thre aten the Ameri- YOU CUT OFF ITS HEAD. ” can heartland. (But even Reagan did not advocate bullding a wall. ) 。 Rather than talking about put- ting up a fence, ” he said, "why don't we work out some recognition Of our mutual problems ln 1989 , the outgoing Reagan administration an embarrassment tO the U. S. due tO his pro- had charged that Panama was a maJOr trans- Nazi sentiments during World War Ⅱ . Despite fer point for cocaine shipments en route tO the charges 0f election fraud, Secretary 0f State United States. (Then—and now—most U. S. - George Shultz and former PresidentJimmy Car- bound cocalne came intO the country through ter—who as an offcial election observer would later critlcize Noriega for corruption—attended other Central American countnes and Mexico. ) Barletta's inauguration. That May, four months after Bush took offce, ln the fall 0f1989 , Bush's inability to deal with Panama held its own presidential election.While voters went tO the polls every five years, the mili- Noriega contributed tO his 10W approval rat- tary had controlled the government since a 1968 ings: lt made him 100k weak, a charge that had followed him for years. ln 1980,William Loeb, coup. Noriega annulled the election when the U. S. -backed candidate appeared to win. the right-wing publisher of the Ⅳビル Ha 襯ん尾 U れあれも d , had derided Bush as -"an incom- He had reason t0 think he could get away W1th petent wimp," and the wordstuck. -His political uch tinkeringeThe Reagan administration did opponents 0ften referred t0 his lvy League ped- not complain during the previous presidential igree and implied he was not capable 0f taking election in 1984 , in which Noriega s candidate, strong military action. NOW Noriega was defying Nicolås Barletta, was declared the winner by a narrow margin. The leading can 1 ate, ormer appeanng in print. On December 20 , 1989 , Bush President Arnulf0 Arias, had been deposed sent 25 , 000 troops intO Panama. three times (often with U. S. support) and was NEWSWEEK 17 APRlL14, 2017