Matt Stoller, A Billionaire Explains Why American Business Now Feels like the Mafia, BIG, June 5, 2026.
The article opens:
In 1981, a consultant named Elmer Smalling, an expert in pay-TV systems, was negotiating on behalf of Jefferson City, Missouri, to see about better prices for residents. Across the table was an executive for a giant corporation named TCI, which had 25% of the U.S. cable market and was known for the hard-charging tactics of its CEO, John Malone. The negotiations were not going well, because the city was thinking of taking away the franchise and going with someone else. Paul Alden, one of Malone’s subordinates, lived up to that reputation.
“We know where you live, where your office is and who you owe money to,” he told Smalling. ”We are having your house watched and we are going to use this information to destroy you. You made a big mistake messing with T.C.I. We are the largest cable company around [.] We are going to see that you are ruined professionally.”
The bulk of the article is a review of Malone's autobiography, Born to Be Wired: Lessons from a Lifetime Transforming Television, Wiring America for the Internet, and Growing Formula One, Discovery, Sirius XM, and the Atlanta Braves, 2025.
Stoller observes:
And this book, while not honest, is as close as I’ve ever seen to getting to the core of how the billionaires who took over American society really think. Malone’s book helped me understand the generation of media billionaires, before the tech oligarchs, who had to contend with the dying embers of New Deal regulations. And they knew a world where it wasn’t ok to do what they were trying to do, and yet they did it anyway, with energy, creativity, and a malevolent zeal to make the world safe for capital.
I'll give you three paragraphs from the review:
At age 27, he presented to the AT&T board of directors something that was then novel in corporate governance. He argued for them to buy back their own stock, which would reduce the total number of shares and thus increase earnings per share. The Chair of AT&T at the time, Fred Kappel, rejected the suggestion, while congratulating Malone on a fabulous presentation. Kappel told him, “If in your whole career, you can do a single thing that changes the Ma Bell system in even the smallest way, you would be very successful.”
It was a jarring moment for Malone. Though a rising star at AT&T, he realized he’d have to leave Bell Labs because it wouldn’t satisfy his need for control. But it’s also, unwittingly, the moment we see a young aggressive corporate leader’s reaction to that of an executive who was genuinely engaged in caretaking of a vast enterprise. Bell Labs had violated what would become a cardinal rule for Malone, which is that its leaders valued the corporation itself over the efficient use of capital in maximizing returns. Malone told his colleagues that Bell Labs, the legendary scientific lab, was a bureaucratic mess, a dinosaur, headed for extinction.
When he left Bell Labs for McKinsey, Malone writes as if it is an act of rebellion. “I wondered whether I had just jumped from the biggest, safest vessel I would ever board,” he wrote, “I felt ill.” This kind of odd faux rebellious streak courses through the book.
That middle paragraph is about a man who's sold his soul to Homo economicus.
There's much more in the article.
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