INVESTMENT: Riding with Gaddafi

Three years ago, Libya's ascetic, rabidly anti-Western President Muammar Gaddafi flew into a rage about a mild satire of himself printed by the Turin daily La Stampa. He threatened to have Fiat, the Italian megacompany that owns La Stampa, put on the Arab boycott list unless it fired the paper's Jewish editor, Arrigo Levi. Fiat Chairman Giovanni Agnelli stood by Levi, and the matter was forgotten. Time and oil money, however, can change the political-economic balance of power, and last week Levi had a new story to print. Agnelli announced that he is taking on a new partner—of all people,...

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