Media May Have Played a Role in Madoff Scandal, Says CNBC Contributor
Is it possible the financial media played a role in facilitating the alleged $50 billion Bernard Madoff Ponzi scheme? An interesting theory by Jon Najarian, CNBC analyst and cofounder of optionMONSTER, contends that they very well may have unwittingly done just that. Madoff, he believes, used media publicity to lure investors to his scheme. As Najarian explained on CNBC's Dec. 22 "Fast Money,"…
AP Flunks 'Meltdown 101' in Comparing US and Foreign Car Companies
You would think from reading yesterday afternoon's report by the Associated Press's Tom Murphy that companies like Toyota, Nissan, and Honda are not that far from finding themselves in the situations US taxpayer bailout recipients General Motors and Chrysler are in. Murphy tries mightily to make the foreign-owned companies' situations look serious, at one point even putting out the howler that…
Madoff Gives Us Lots to Think About This Christmas
This is a timely op-ed from Dan Gainor of BMI.Christmastime is the time of giving. So we can thank Bernie Madoff for giving Americans some special gifts this holiday season.Yes, I said thank him. OK, maybe not a lot. But the one-time financial wizard's downfall is a morality tale that provides so many lessons it's almost impossible to know where to start. If you've been living under a rock, the…
Chavez Plans Expropriation of Nearly Complete Megamall; AP Avoids Key
Hugo Chavez has announced that he plans to expropriate a huge and nearly complete shopping mall in Caracas. The Spanish language web page of Constructora Sambil that describes the project (pictured at the right) says that it's 21,600 square meters. Chavez appears to have no idea what he will do with it. The Associated Press's Ian James apparently had no idea what to do with that shocking bit of…
New York Times Blames Housing and Financial Crisis on Bush
UPDATE AT END OF POST: White House issues statement concerning "Irresponsible Reporting by New York Times."It's official: the housing and financial crisis gripping the nation is President George W. Bush's fault.So said the New York Times Sunday in a 4900-word, front page hit piece entitled "The Reckoning - Bush's Philosophy Stoked Mortgage Bonfire."And what was this heinous, catastrophic…
BDS Media Meme Destroyed: Weak Dollar Doesn't Mean Higher Oil
As oil and gasoline prices rose throughout much of this decade, a popular media meme was that a lower dollar was largely to blame.By making this dubious connection, press outlets could point fingers at Bush economic policies thereby distracting the public from the reality that decades of liberal environmental constraints on oil exploration and refinery construction led to an inevitable and…
Kudlow Lashes Out at Bailouts in Wake of Autos/Bush Proposal
Feeling a little bailout fatigue? Tired of the assault on the taxpayer from the federal government to pacify those influenced by the United Auto Workers? CNBC's Larry Kudlow feels your pain. Call this red meat for the troubled anti-bailout soul. Kudlow, now performing a role as a co-host on CNBC's mid-morning program "The Call," blasted the Union Auto Worker, President George W. Bush, Treasury…
Former Airlines CEO: What Makes the Automakers 'Exempt from Reality
It's special treatment for automakers, according to a former airline executive. Gordon Bethune, the former CEO of Continental Airlines (NYSE:CAL), now a CNBC contributor, told CNBC's "Squawk Box" on Dec. 19 the political process is being substituted for what otherwise should be a bankruptcy judge in determining the fate of the big three automakers. "Wow, what makes them exempt from reality?…
ABC’s Ultimate Financial Hardship Story: Selling Your Body for Medic
Just how bad is the economy? ABC's "World News with Charles Gibson" went all the way to Edwardsburg, Mich. to find out. The Dec. 18 broadcast of "World News" highlighted a new economic indicator - the increase in the number of people willing to lend their body to science for money. "We're going to turn next to some of the extreme measures that some Americans are taking because of the…
GM PR Advisor Appears as 'Auto Analyst' to Argue for Bailout
Full disclosure, you can take the day off. CBS's "The Early Show" included a statement in its Dec. 18 report on the Big 3 bailout from "auto industry analyst," Dan McGinn. Letting the massive car companies fail "would be like 10 Katrinas hitting America at the same time," McGinn asserted. "The American public understands that." What the report didn't say is that McGinn is also an adviser…
Maddow Frustrated by Lower Goldman Sachs Tax Rate, Leaves Words Out of
In an attempt to play Main Street against Wall Street, Rachel Maddow mocked and criticized the rate at which Goldman Sachs was taxed this year. The MSNBC host of "The Rachel Maddow Show" lamented that the investment bank Goldman Sachs, which reported a $2.12 billion dollar loss for the fourth quarter ending Nov. 28, paid only 1 percent in taxes for the entire year during her Dec. 18 show. "Five…
AP Photogs and Journos Withholding Bylines; World Somehow Survives
No, it's a not a story from the Onion. It's AFP reporting on the actions of Associated Press photographers and journalists:US news agency staff stage 'byline strike' Journalists and photographers at the US news agency the Associated Press (AP) are withholding their bylines to protest management's stance in contract talks, their union said. "Staffers recognize the tough times, but they also…
One Year Later: Murdoch's WSJ Purchase Not So Bad Says CNBC Panel
Rupert Murdoch has his critics - from those who think his papers are too tabloid-ish - The Sun, The New York Post - to those who find his cable television networks too right-leaning for their tastes. And back in 2007, there was a fear that his purchase of The Wall Street Journal would result in a hybrid of his newspapers and his cable news channels. However, a year after Murdoch's acquisition,…
ChiTrib Hits Burger King for 'Ugly Americanism
Burger King is an Ugly American corporate villain that has raped the "pristine digestive systems" of so-called Whopper Virgins the world over.Sounds like an Onion article, right? Try the Chicago Tribune:Burger King's "Whopper Virgins" ad campaign is the company's latest salvo in its long food fight with rival McDonald's. But it appears to have missed the mark. Critics have heaped a super-size…
