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While it is doubtless tempting for Washington to deliver a few tired lectures about the virtues of freedom and democracy and leave it at that, there is a much better way to target the vulnerabilities of Putin. Instead of dispensing sermons, Washington should play the role of muckraker and mount an information-oriented campaign of unpleasant truth telling. And that campaign should be directed at the dark beating heart of the Putin regime—in which Putin can best be understood not as a conventional government leader but as CEO of a shadowy and increasingly global financial empire that might be called “Kremlin, Inc.”