On June 30, BUSINESS WEEK will be receiving an important accolade: a Gerald Loeb Award for Distinguished Business & Financial Journalism honoring our May 13, 1996, Cover Story "Abuse of Power." The Loeb awards, presented by the John E. Anderson Graduate School of Management at UCLA, are the most prestigious in business journalism. BUSINESS WEEK had two other entries make it to the finals: "The Mob on Wall Street" (Dec. 16, 1996) and a series of stories that included "Warning! Bogus Aircraft Parts" (June 10, 1996).
We are especially proud of "Abuse of Power." Reported and written by Mark Maremont and edited by Senior Editor Jane Sasseen, the story was the result of a six-month investigation that started with a tip.
An insider at Astra USA Inc., the subsidiary of Swedish pharmaceutical giant Astra, called Maremont and told him a tale of rampant sexual harassment that stemmed straight from the CEO's office. Soon, Maremont began digging, interviewing some 70 current or former Astra employees.
His story led to a huge shakeup at Astra USA. Days before publication, the company suspended its U.S. chief, Lars Bildman. In February, the U.S. Equal Employment Opportunity Commission completed a probe that found Astra had harassed numerous women and engaged in a coverup. Settlement talks are under way.
"The Mob on Wall Street," by Senior Writer Gary Weiss, was another high-impact investigative story. In March, the National Association of Securities Dealers told Congress it was probing securities firms and suspicious stock trading documented in our story. Willy Stern's pieces on air safety revealed that bogus parts were being sold to airlines and raised questions about regulators.
The Loeb win caps an awards season that includes a Computer Press Assn. prize for "Inside Microsoft," a July 15, 1996, Cover Story. And as we reported earlier, BUSINESS WEEK was a finalist in the National Magazine Awards' general excellence category again this year after winning for two of the previous three years.
We are happy to have these awards and even happier that they demonstrate how effectively we are doing our job for you, our readers.