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4 Votes
10 Comments
Wall Street's Line Between Spinning and Lying
News Type: Opinion — Seeded on Sat Jul 19, 2008 6:00 PM EDT
Article Source: Wall Street Journaladvertisement
The fact is that for all information you need to consider the source. With corporate media the "news" needs to be viewed in terms of how the reporter benefits from public perception.
The most resent classic example was MSNBC's Jim Mad Money Cramer berating a caller for doubting the financial stability of Bear Sterns days before the collapse.
The clip–which you can see here–includes some fireworks as Gasparino and Quick clash over issues such as short-selling, lying and the future of brokerage houses. Here is a sample, from around the two-and-a-half minute mark onward.
Charlie Gasparino: I think that's a problem with these CEOs. We sit around and we talk about short-sellers… I think you have to look at some of these words of some of these CEOs. A perfect example is Lehman Brothers saying Einhorn is wrong, when Einhorn is right. Or Alan Schwartz coming on CNBC saying 'everything is okay.' I know for a fact at that time, everything was not okay.
Becky Quick: Isn't a case of how fast these things change and move? Especially in the case of financials….
Gasparino: I'd like to think that, but I don't believe it in a lot of these cases. They're spinning. I'm not saying they're lying. But they are clearly spinning. When Dick Fuld comes out or Erin Callan comes out and says, we don't need to raise more capital, Einhorn is wrong. People buy the stock based on that….and then they buy the stock and something happens in the end. When you look at the stock price when they were making those statements about Einhorn and you look at the stock price now, there's a problem. I would say the same thing with Merrill and I would say the same things with Bear Stearns. When Bear Stearns comes on and says everything is okay and everything's not okay, that's a problem.
Quick: But Charlie…in a situation like this, in a situation like this things change very quickly. You're accusing them of lying.
Gasparino: No I'm not….I will say this: these firms may not be lying, but they are spinning heavily.
Quick: That's a very fine line – spinning and lying. It's one thing to say, this is where we think we are right now….
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{"commentId":2232485,"authorDomain":"PamelaDrew"}
Here's the youtube video of Cramer saying, "No, no, no, don't sell Bear Sterns, it's fine!!" It is hard to know if folks like Cramer do know what they're talking about or if the corporate overlords just like to have loudmouthed reporters who will spout the party line out of ignorance.
In any case, individual investors who trust that the networks report anything that serves individual aims over the corporate agenda wil always end up getting burned. Unfortunately, too many financial planners and "experts" have little idea what really drives the market and rely on a handful of analysts who cover the sector, despite their good hearted intentions they can lead individuals to financial ruin.
{"commentId":2232485,"threadId":"316005","contentId":"1679610","authorDomain":"PamelaDrew"}
- 2 votes
#1 - Sat Jul 19, 2008 6:04 PM EDT{"commentId":2235930,"authorDomain":"SthPacific"}
MSNBC financial services are highly sus. They are expanding all over the world, with a notable deterioration in reporting by the media outlets that now have contracts with them. In the last six months they have been appearing more and more all over the world. Something very sus is happening here. It requires further investigation.
{"commentId":2235930,"threadId":"316005","contentId":"1679610","authorDomain":"SthPacific"}
- 3 votes
{"commentId":2235986,"authorDomain":"PamelaDrew"}
MSNBC financial services are highly sus.
The parent company is General Electric. We know the General's history, eh?
{"commentId":2235986,"threadId":"316005","contentId":"1679610","authorDomain":"PamelaDrew"}
- 3 votes
{"commentId":2236096,"authorDomain":"SthPacific"}
Rainbow peacock rules.
1. Never use the phrase ":Peak OIl"
2. Never use the term GMO and Monsanto in the same article.
3, Never use the term Global Warming without a disclaimer, like "Global warming is always a hot topic in liberal media circles" Also make sure there is plenty of links to electric cars and such things as produced by General Electric. All articles must show that We will just "Go on our Merry way"
{"commentId":2236096,"threadId":"316005","contentId":"1679610","authorDomain":"SthPacific"}
- 3 votes
{"commentId":2238279,"authorDomain":"PamelaDrew"}
Never use the term GMO and Monsanto in the same article.
Tee hee, rules never were my long suit and corporate rulers not my cup of tea before I hit thirty. Not surprisingly I got off to a bumpy start with our new parents by calling some babe a wench on the first day they announced the takeover.
She was the one wenchette, my more sensitive revised term, who got the Mike D McCain site story wrong and ragged on users with names like lucky dog as if a paycheck made her right no matter what. Calling BS got her feathers were ruffled and caused her to stop adding comments here. Since then my friends list on the corporate side hasn't grown much, but the casualties have mounted.
About two weeks ago some babe who was billed as a financial expert joined us for a "discussion" and at the appinted hour I was waiting with my qestions. She deleted me thinking the peacock rules and that one keystroke would put me in my place.
Bad call since some of us don't take that as the end of the discussion, another one bites the dust, so sad. The funniest part was I really tried to be tolerant and nice, on my best behavior so to speak. C'est la something. I'll take my chances with the rules and peacocks; it's the beautiful part of having everything to gain and nothing to lose by speaking truth to power. Lucky me!!
{"commentId":2238279,"threadId":"316005","contentId":"1679610","authorDomain":"PamelaDrew"}
- 3 votes
{"commentId":2243001,"authorDomain":"SthPacific"}
{"commentId":2243001,"threadId":"316005","contentId":"1679610","authorDomain":"SthPacific"}
- 3 votes
{"commentId":2243115,"authorDomain":"PamelaDrew"}
That's fabulous, winsome already seeded it!
http://winsomecowboy.newsvine.com/_news/2008/07/21/1682352-rendering-public-opinion-irrelevant-
{"commentId":2243115,"threadId":"316005","contentId":"1679610","authorDomain":"PamelaDrew"}
- 3 votes
{"commentId":2243128,"authorDomain":"politicalcenter"}
Would this article have been possible before News Corp bought the paper?
{"commentId":2243128,"threadId":"316005","contentId":"1679610","authorDomain":"politicalcenter"}
- 1 vote
#2 - Mon Jul 21, 2008 12:07 PM EDT{"commentId":2243214,"authorDomain":"PamelaDrew"}
Probably, an old friend of mine did a lot of investigative reporting for WSJ and they were rather committed to giving the folks on The Street and accurate view of what was happening inside. In fact the old WSJ was far more aggressive in their coverage of corporate malfeasance and the shift from aggressive coverage to politically correctness got so bad he finally left after more than a decade with a by line. I've never had other contacts on their staff so that's just a best guess.
{"commentId":2243214,"threadId":"316005","contentId":"1679610","authorDomain":"PamelaDrew"}
- 1 vote
{"commentId":2243570,"authorDomain":"SthPacific"}
{"canLink":false,"threadId":"316005","isPrivate":false}
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