Which of course, will go by its acronym . . .
Is the media coddling Banks and Brokers in their coverage? Gawker observes:
In July, when Richard Fuld was blaming rumormongers and short-sellers for troubles as Lehman Brothers, the Times ran a column by finance writer Andrew Ross Sorkin echoing his complaints and calling one of the rumors, that Barclays would acquire Lehman, "absurd." Today, with Barclays buying Lehman’s U.S. operations, the Times is still siding with investment banks over investors, depositors and others who benefit from the free flow of information. Here’s some data the paper won’t be providing about the mess on Wall Street, according to an article it published today:
"…said Lawrence Ingrassia, business editor of The Times. “We aren’t going to say, ‘Here are three or five institutions that might fail next week.’ It’s one thing to say an industrial company is having trouble paying its debts, and another thing to say it about a financial institution.”
The Wall Street Journal is also censoring itself on behalf of large banks. Its spokesman said the newspaper would "stay away from" the words "crash," "panic," "pandemonium" and "apocalypse."
Both interesting and amazing . . .
Hat tip Scott
Press Coddles Banks With Pulled Punches
Gawker, 8:41 AM on Mon Sep 22 2008
Gasparino vs Einhorn, Kohn & Ritholtz
TBP, June 05, 2008 | 01:52 PM
Amid Market Turmoil, Some Journalists Try to Tone Down Emotion
NYT, September 21, 2008
Category: Financial Press
Jeffrey Saut, chief investment strategist at Raymond James & Associates Inc., talks about the performance of equities and the impact of short covering on market activity, the outlook for a recession in 2009, and investment strategy.
click for video
Running time 03:50
00:00 Equity market: "lows are in for the year"
00:59 Outlook for recession in 2009; strategy
02:19 Performance of stock market, short coverings
Jeffrey Saut Sees Rising Odds for U.S. Recession in 2009: Video
Bloomberg, September 22, 2008 08:35 EDT
All of the bad loans made by various banks and mortgage underwriters are now being accepted by the Fed, or are potentially going to be bought by the Treasury Department. Why not us? We can’t we all turn in our crappy paper, stock in Exodus Communications or Pets.Com, and even old lawn furniture to the…Read More