Big 3 Censor Investment Banks’ ‘Best Quarter in Modern History’

July 22nd, 2020 9:07 AM

You wouldn’t know watching ABC, CBS and NBC evening news shows that top investment banks reported record revenues in the second quarter.

The Big Three censored the story in a way that would make Orwell proud.

Last week, Wall Street’s five biggest investment banks disclosed “$45 billion in revenue from trading and dealmaking units, marking those businesses’ best quarter in modern history,” Bloomberg News reported Friday, July 17. ABC World News Tonight with David Muir (Tom Llamas filling in), CBS Evening News with Norah O’Donnell and NBC Nightly News with Lester Holt all censored the story Friday evening. In fact, when banks started releasing their impressive second-quarter earnings individually last week, The Big Three gave those banks’ performances zero coverage. [Emphasis added.]

Morgan Stanley “posted its highest revenue and profit ever,” according to Bloomberg News. Bloomberg News also noted that JPMorgan Chase “blew past the revenue record its traders notched in the first quarter—topping it by 34% in the second quarter.” Goldman Sachs’s second-quarter earnings were also a “blowout,” notching the bank’s “biggest earnings outperformance in nearly a decade,” CNBC reported July 15.

Big results indicate both a spike in the stock market and good news for investors who own shares in those banks as well.

These networks are stuck in an ongoing marathon of being derelict when it comes to reporting good market news that doesn’t fit their anti-Trump agenda.

When homebuilders recently saw the “strongest June sales since the last housing boom,” The Big Three censored that story. This was the “largest annual gain since homebuilding began again following the epic housing crash a decade ago,” CNBC reported July 13.

When news broke that the May jobs numbers were revised upward by a whopping 5.825 million, ABC World News Tonight, CBS Evening News and NBC Nightly News censored that story also. They also censored when U.S. stocks “wrapped up their best quarter in more than 20 years.”

The Big Three even censored news on the Nasdaq Composite stock index’s “historic” close above the 10,000 mark “for the first time” June 10. The same evening news shows also ignored when the Nasdaq topped 10,000 for the first time June 9.

The deliberate ignorance about good market news reveals how biased and anti-Trump journalism has become.

Contact ABC News (818-460-7477), CBS News (212-975-3247) and NBC News (212- 664-6192) and tell them to stop censoring good economic news!

MRC News Analyst Nicholas Fondacaro contributed to this report.