A Letter From the Publisher: Nov. 9, 1987

"How did you get so lucky?" an old journalistic rival asked Stanley Cloud, TIME's deputy Washington bureau chief. "Reporters usually follow the news. You've worked it out so that the news follows you." Indeed, no sooner had Cloud taken on the job in June than the biggest stories of the year rushed out to welcome him, including the Iran-contra hearings and the stock-market crash. With Bureau Chief Strobe Talbott, Cloud was responsible for deploying 17 correspondents to cover those events, as well as the unfolding 1988 presidential sweepstakes.

Last year Cloud had resigned as executive editor of the Los Angeles Herald...

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