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Bezos's Wife Rips New Book

Stephen Brashear/AP

Watch out Brad Stone—MacKenzie Bezos has her husband’s back. The wife of Amazon founder and CEO Jeff Bezos took to her husband's website to trash Stone's new tell-all The Everything Store. “The book is...full of techniques which stretch the boundaries of non-fiction,” MacKenzie wrote in her one-star review, accusing Stone of making up motives for her husband, who did not cooperate with the book. The book depicts Bezos and Amazon as hard-charging, insatiable, and excessively secretive.

KA-CHING

Container Store Lets Loose in IPO

Corey Lowenstein/Raleigh News & Observer/MCT, via Getty

It’s the year of the IPO and popular organization retailer The Container Store just cashed in.

In tech, the cloud may be all the rage when it comes to storage. But apparently the physical storage business is still holding hold its own.This past year has seen a lot of hot initial public offerings. And last Friday’s IPO by the Container Store, the big box retailer of small and medium-sized plastic boxes, was no exception. A retailer that specializes in storage items and organizing materials, the Container Store is well-known to millenials attempting to organize their college dorm rooms or seeking to create more elbow room in their cramped first apartments.

Fined

That’ll Be $1.2 Billion, Please

Seth Wenig/AP

The hedge fund SAC Capital has agreed to pay an eye-popping fine to settle insider-trading charges—just the latest scalp for a tough new regime of Wall Street sheriffs.

It’s getting more expensive to be rich. Taxes on the wealthy went up on January 1, 2013. The price of the highest-end condos in New York is rising. Tuition at elite private schools is soaring. And, so, too, is the cost of settling thorny investment-related regulatory and legal matters—which, for many in the corporate and financial world, is a cost of doing business.The latest billionaire to pay a hefty fine to get the government off his back is Steven A.

GOTCHA

SAC Capital Pleads Guilty

Louis Lanzano/AP

To insider trading.

For the first time in nearly thirty years, a Wall Street firm has admitted guilt for securities fraud. SAC Capital, the uber-successful hedge fund run by billionaire Steven A. Cohen, on Monday pled guilty to insider trading—and will cough up a record $1.2 billion penalty. As part of the deal, SAC will no longer manage money for investors outside the company, which essentially leaves it with just Cohen’s substantial fortune. The case against Cohen, a high-flying consumer of pricey art, was many years in the making and has many on Wall Street worried that the success will encourage authorities to go after other major corporations. It’s the first plea of its kind since the 1980s, when junk bond investor Michael Milken at Drexel Burham Lambert paid about $1 billion (adjusted for inflation) in fines. 

Read it at the New York Times

OOPS

Memo Warned Admin. on Health Care

Mandel Ngan/AFP/Getty

Three years ago.

Health-care adviser David Cutler warned in a May 2010 memo to Larry Summers that the White House did not have the “relevant members of the administration understand the president’s vision or have the capability to carry it out.” In particular, Cutler stressed his concerns that the people working to carry out the reform had little experience in the complicated world of startups—and the technology itself would pose a problem. Cutler also warned about the myriad difficulties in implementing the new regulations and policy objectives. Since launching a month ago, HealthCare.gov, the website where consumers can purchase insurance, is still the target of public and political ire.

Read it at CBS News

Excerpt

Randi Zuckerberg’s Reinvention

Bloomberg/AP

An excerpt from Randi Zuckerberg’s new book, ‘Dot Complicated,’ describes how she went from Mark Zuckerberg’s ‘ridiculous sister’ to the brains behind Facebook’s marketing strategy.

In the early days of Facebook, Mark Zuckerberg’s older sister moved from New York City to Menlo Park help grow the start-up. She spent years finding her role in the company amid a community of coders and the long shadow of her sibling.  In this chapter, excerpted from her upcoming book Dot Complicated (HarperOne, Nov. 5), she describes trading a capella antics for team-building leadership.And so I came to California and to Facebook.I officially joined on September 1, 2005.

Your Mission

New Media Moguls, Listen Up!

Andrew Harrer/Bloomberg, via Getty

The eBay and Amazon founders’ media investments are tremendous news for America’s vulnerable, who are typically ignored by traditional media. But the new ventures must take risks.

Perhaps the biggest news story in American journalism so far this year is the huge infusion of cash it has received, more than half a billion dollars, from American tech leaders. Founders of eBay, Amazon, and Facebook are among a growing group of tech entrepreneurs who want to build a bright new future for American media, and they are putting their minds—and their checkbooks—to the challenge. Pierre Omidyar’s $250 million investment in a new digital media company came on the heels of Jeff Bezos’s purchase of The Washington Post for a similar amount.

LONGREADS

Business Longreads for the Week of November 2, 2013

From the disappointment in the Obama technology failures to investor Dan Loeb’s secrets, The Daily Beast brings you best in business journalism from the past week.

How the iPod President Crashed: Obama’s Broken Technology Promise Ezra Klein – Bloomberg BusinessweekWith overwhelming support of millenials and technologically archaic opponents in 2008 and 2012, President Barack Obama and his team have long been considered tech-savvy Democrats. That tech know-how was supposed to extend from campaigns into modernizing the federal government and increasing its effectiveness. However, as the recent Obamacare rollout debacle showed, those predictions may have been overly sanguine.

Austerity

Walmart’s Food Stamps Trouble

Spencer Platt/Getty

The retail giant is as dependent on SNAP benefits as the poorest Americans. Why new cuts will be a double whammy for Bentonville—and anyone with a mutual fund.

Walmart is about to teach everybody a lesson in how austerity can affect the consumer economy—and quick.Food-stamp benefits are being cut starting today by about $5 billion this year, or about 5 percent. The number of people enrolled in the Supplemental Nutrition Assistance Program has exploded in the last several years, in part because the recession made a lot of Americans poorer, and hence eligible for the food stamps, and in part because the Obama administration expanded eligibility for the program in 2010.

Creative

Web Summit’s 15 Hottest Apps

Getty

Global techies flocked to Dublin to present their crazy digital inventions. Meet the newest ways to find a parking spot, make your kids do their chores, and upload beehive data.

On Wednesday and Thursday this week, the global tech world was in Dublin for the hottest tech trade fair of the moment, the Web Summit. Now in its fourth year, the Summit was closed out by a “fireside chat” between Paypal founder Elon Musk and Irish premier Enda Kenny, with a record total of 10,000 attendees from around the globe.Wednesday night in Dublin was kinda messy, in a free bar-meets-nerd way. Think Mardi Gras for geeks with flashing neon sunglasses and nite-glow cocktails.

Business

Daniel Gross

Latest from The Daily Beast

CDC: Vaccines Prevented 322M Diseases

CDC: Vaccines Prevented 322M Diseases

A new CDC report serves as a wake-up call for the importance of childhood vaccines.

SAY WHAT?

The Pols Who Praise Slavery

Historic Shame

Yes, France Is To Blame For Rwanda

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Viral Vid: Fingersnapping Super Mario

Yankee Bias?

GOP's Top Of Ticket Weakness In Dixie