Rewriting History!

BusinessWeek thrashes (and thrashes!) Coke in its December 20 cover story, even discounting some of the legendary Roberto Goizueta's achievements from 15 or 20 years ago—claiming they were partially chimeras of clever+ balance sheet engineering. Frankly, I was not overly surprised. I was never the fan of Goizueta's Coke that many were. (Fortune adored him, along with another fella, from GE, who also engineered the hell out of his balance sheet.) By contrast, I've been a long-time PepsiCo aficionado, and have and do far prefer Pepsi's boisterous, decentralized, entrepreneurial ways to those of their stately, centralized, sagging competitor from Atlanta.