Word: editor
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Dates: during 2000-2009
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...Portfolio was supposed to bring the flair of Condé Nast (whose premier titles include Vogue, Vanity Fair and Glamour) to the drab, buttoned-up world of business journalism. So big-name writers and editors were lured away from prominent publications, including editor in chief Joanne Lipman, who came over from the Wall Street Journal. She got the usual Condé Nast perks: a car and driver, an office decorated in the style of her choice, business- or first-class plane tickets everywhere. (See the best magazine covers of the past year...
...also given sufficient moola to hire top-tier talent, who were put on handsome retainers. Tom Wolfe was rumored to be paid $12 a word; Michael Lewis $50K an article. David Margolick was poached from Vanity Fair, where the contributing editor's retainer was well into six figures. Less renowned staff writers were said to make over $150,000 a year. Deputy editor Amy Stevens was making north of $400,000, several colleagues said. Even some of the bloggers were hitting the $120,000 mark...
...high-profile failure bringing relieved smiles to execs at other business magazines? Not so much. More like there-but-for-the-grace-of-God head-shaking. Andrew Serwer, managing editor of Portfolio competitor Fortune, declined to gloat at the news: "I feel bad anytime any magazine closes and people lose their jobs," he said...
Richard Stengel, MANAGING EDITOR...
Caldwell is a senior editor at the Weekly Standard. His book Reflections on the Revolution in Europe will be published in July...