Word: fortresses
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...When Fortress Investment Group filed to become a publicly traded company earlier this month, it was the Wall Street equivalent of the CIA signing up for Facebook. Being open to the scrutiny of the public is antithetical to pretty much everything that a hedge-fund operator does. But the world of hedge funds isn't what it used to be. Once they were known for being secretive and small--for taking money from millionaires, making winning trades in exotic investments like swaps and warrants and collecting massive fees in near anonymity. The setup was disrupted only by an occasional, spectacular...
...Fortress, not just because of the IPO but also because the company joins, under one roof, hedge funds and private equity, the practice of buying and running companies. It's yet another sign that lines are blurring and hedgies are no longer the loners of the investment world. Eddie Lampert used his hedge fund to take over Kmart and Sears, then funneled the stores' cash flow into derivatives trades--which last quarter made $101 million, half the company's net income. Nelson Peltz used his to storm onto the board of H.J. Heinz. "By many different definitions," says William Goetzmann...
...acre Federal Correctional Complex, which was completed in 1994 on the outskirts of town, is a virtual theme park of penal experiences, ranging from a minimum-security camp for inside-traders and small-time pot dealers to the concrete fortress that was built to be the most secure prison in the country: the Administrative Maximum U.S. Penitentiary, or ADX for short. The inmates in ADX Florence include drug kingpins, gang leaders, hit men, snipers and, lately, more and more, international terrorists, including al-Qaeda shoe bomber Richard Reid; mastermind of the 1993 World Trade Center bombing Ramzi Yousef...
...First World War and its domination by machines?artillery, bombs, tanks, planes, machine guns?only underscored the humanity of the combatants. For Carlyon the war was "the biggest tragedy in our history." But those who took part did "astonishing things," he writes?like the capture of the heavily defended fortress of Mont St. Quentin by a few hundred Diggers. What Carlyon writes of them could stand for all the Australians on the western front: "The spirit of these men was extraordinary." And his book is a hymn...
...worshipping Bono? Absolutely not. No more so than we worship Martin Luther when we sing A Mighty Fortress Is Our God." PAIGE BLAIR, Episcopal priest in York Harbor, Maine, who created a worship service in which U2's songs are used as hymns...