1. “There is no other way to say it — AT&T hiring Michael Cohen as a political consultant was a big mistake.”

That was Randall Stephenson, above right, the company’s chief executive, in a memo to employees on the decision to hire Mr. Cohen as a consultant on AT&T’s bid to buy Time Warner.

The company paid $600,000 to Mr. Cohen, President Trump’s longtime personal lawyer who is now under investigation by federal prosecutors. Mr. Stephenson insisted that “everything we did was done according to the law and entirely legitimate,” but still a “serious misjudgment.”