Danny Schechter - ColdType

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115 cial journalists should be more aware of how their coverage can affect sentiment, Financial Times editor Lionel Barber, and Alex Brummer, financial editor of the Daily Mail. The Select Committee said it would weigh whether financial journalists should exercise greater restraint during periods of market turbulence and whether any kind of reporting restrictions should be applied during such periods. The journalists it mentioned were largely on top of the story; countless others were not. Funny how there was no inquiry about lack of coverage of a pending crisis. Now, suddenly, it’s the media’s fault. What accounts for this media failure? I wrote to John Gittelsohn of California’s Orange County Register whose work on the mortgage fraud issues I admired. He wrote back indicting the media’s lack of depth and resources, the way our media system has cut back costly investigations because of our own financial crises. He cited another factor – fear of lawsuits. Businesses were eager to silence or suppress “bad press” in an era when so many wealthy companies had invested in sophisticated public relations. So what’s to be done? Hutton calls for the media to ask tougher questions, but that may not be enough – journalists need to be educated, or re-educated, in the dark arts of financial institutions. During an interview recently on the World Association of Newspapers’ editors weblog, the FT’s managing editor Daniel Bogler wrote, “It’s unfortunate that the financial literacy and understanding of how things work in the City and of basic accounting and so on, is actually very thin in financial journalism.” On the night I wrote this piece I chatted with a senior editor of the New York Times who deals with news ethics and practices. I set out my critique, arguing that despite a few early strong articles in the Times, most of the paper missed the runup to the crisis just as much of the press was uncritical of the run-up to the war in Iraq. I thought he would argue with me. He didn’t.
116 There is an unfortunate dialectic between financial failures and media failures. We as journalists may not be able to do much about the former but we must become more conscious of and be willing to do something about the latter. We were then at the end of the Bush era. We were expecting a new political order. Can we also hope for a new media order?
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“[This] may well turn out to be g
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Comments on The Crime of Our Time
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“Danny ranges wide over the polit
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THE CRIME OF OUR TIME WaS the econo
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Contents Preface By Larry Beinhart,
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PrefaCe By Larry Beinhart Dear Pros
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Boesky accepted a plea bargain. Thr
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MUsICaL PrefaCe/ soUnD traCK Plunde
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“Denial is the refusal to acknowl
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xx lies losing their homes. After a
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xxii analysis. There may be journo-
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xxiv “The investigation is the la
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xxvi then so clearly an economic bo
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xxviii I was well aware of all the
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xxx Special thanks to ColdType.net
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xxxii offs have taken a heavy toll
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xxxiv of failures were cited - a fa
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xxxvi borrowers would not be able t
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xxxviii any illusion that public or
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xl eclipses the S&L debacle in term
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xlii The requirement of a liquid fi
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xliv • This environment was enabl
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xlvi fundraiser, “This is an impr
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xlviii But there were many who saw
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l Commenting in the Atlantic magazi
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lii white-collar criminals build ar
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liv wrong doers are to be brought t
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CHAPTER 1 THE MADOFF MOMENT BEFORE:
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the SEC’s Division of Enforcement
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sands of clients had $65 billion. B
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‘How am I supposed to find the se
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Noting that “for decades, Mrs. Ma
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11 And what about the victims? What
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13 kerage called Cohmad) was a “p
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15 In early September 2009, the SEC
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in which we took them, along with h
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19 These suggestions may or may not
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21 ber #3 was Norman Schmidt who ra
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23 in this case, I would suspect th
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violent and physical crimes. If som
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about them, namely investigations a
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30 Times’ Gillian Tett worries th
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32 Over 730,000 counts of suspected
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34 didn’t think that they, how co
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36 So there you have it - the same
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38 The victims of corporate crimina
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40 attracted a slew of illustrious
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42 use the “borrowed” money to
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44 inside deals, require less artis
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46 “Because we measure the effect
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48 White House is not going to be t
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50 it; so they set it up, not as a
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CHAPTER 6 wHO sHOulD bE prOsEcuTED?
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ecause of a failure of a number of
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state, in the grip of the early-Rea
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CHAPTER 7 iNVEsTigATiNg FiNANciAl c
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estimate the strength of hostile el
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former executives running the feder
Page 124 and 125: As readers know, I have stated many
Page 126 and 127: CHAPTER 8 cOuNT 1: prEDATOrY subpri
Page 128 and 129: I interviewed him at length. He is
Page 130 and 131: In the November 2006 study we expla
Page 132 and 133: They write: 73 Those who are allege
Page 134 and 135: 75 fact, mechanically more interest
Page 136 and 137: General Andrew Cuomo labels as a sc
Page 138 and 139: 79 It is hard not to feel that her
Page 140: 81 Research Service Report in Augus
Page 143 and 144: 84 a little piece of the layer of a
Page 145 and 146: 86 A former Vice President of Stand
Page 147 and 148: 88 sion in which he examined one ho
Page 150 and 151: CHAPTER 11 cOuNT TwO: wAll sTrEET c
Page 152 and 153: 93 tion, vast resources were transf
Page 154 and 155: Flanders then asked Black to bring
Page 156 and 157: CHAPTER 12 COUNT THREE: THE INSURER
Page 158 and 159: AIG’s later role in escalating th
Page 160 and 161: 101 BILL MOYERS: Is it possible tha
Page 162 and 163: 103 you might have seen an opportun
Page 164: 105 not a question most media outle
Page 167 and 168: 108 eling but there was no discussi
Page 169 and 170: 110 scamming them - and there is tr
Page 171 and 172: 112 earnings were being created. Th
Page 173: 114 out at his former colleagues du
Page 177 and 178: 118 advertising money sloshing arou
Page 179 and 180: 120 It was startling to watch a Fox
Page 181 and 182: 122 I pressed Starkman on whether t
Page 184 and 185: CHAPTER 15 THE BEAR STEARNS “BLEE
Page 186 and 187: as collateral to obtain overnight l
Page 188 and 189: 129 DS: Around 11 am they watch the
Page 190 and 191: 131 was financing and forcing the b
Page 192 and 193: 133 hearing about a mortgage being
Page 194 and 195: 135 Bamber replied, “Absolutely,
Page 196 and 197: 137 www.huffingtonpost.com/ellen-br
Page 198: STEWART: But isn’t that financial
Page 201 and 202: 142 this was a turning point in the
Page 203 and 204: 144 the credit-market collapse that
Page 205 and 206: 146 Shock Doctrine, in which a majo
Page 207 and 208: 148 Doctor Housing Bubble, Lehman B
Page 209 and 210: 150 management of internal risk and
Page 211 and 212: 152 In the aftermath of his company
Page 213 and 214: 154 the price of oil kept rising sh
Page 215 and 216: 156 The government has machinery in
Page 217 and 218: 158 The reports on it are sketchy,
Page 219 and 220: 160 system. And while there is some
Page 221 and 222: 162 tronically printed cash and buy
Page 223 and 224: 164 this is where all the money is
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166 “Bernanke is being praised fo
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CHAPTER 18 THE TESTOSTERONE FACTOR
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171 prostitutes exposed in each win
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173 “Sexualize?” I asked him, h
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175 There was another cultural phen
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178 non-governmental think tanks re
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180 $5 BILLION IN POLITICAL CONTRIB
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182 ing the post of Treasury Secret
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184 AP explained. “The report sai
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186 In Obama’s speeches across th
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188 financial system because if you
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190 ing at a snail’s pace.) Johns
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192 parency for derivatives as a re
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194 structure of the economy itself
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196 predators are not getting away
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198 current big finance) vs. centri
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200 tions of power still associate
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202 all trapped inside the bubble a
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204 officials who knowingly misled
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206 The chances of a just outcome a
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208 Wall Street’s behavior may be
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210 are not ones we can count on. W
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212 Schechter’s professional jour
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214 1999 A Hero for All: Nelson Man
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From the Author of PLUNDER, WHEN NE
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Danny Schechter - ColdType

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