As my colleague Julie Tilsner told me when she sent this story to me, Dow Jones' (NYSE: DJ) request for a correction from the Wall Street Journal is so rife with irony that it's hard to provide any real commentary.
The Journal reported that Dow Jones director Christopher Bancroft was seeking to have his legal fees covered as part of a deal to support the agreement to be acquired by Rupert Murdoch's News Corp. (NYSE: NWS). Dow Jones, the newspaper's parent, is seeking an unspecified correction to that story. The newspaper has declined to print a correction.
According to Mr. Bancroft, "It's been painted in the press now that negotiations are about Chris Bancroft getting his legal fees. That's not factual." Hmm... Well Zac Bissonnette thinks Chris Bancroft is just upset about being cast in a greedy light by his own newspaper.
In a memo to partner, Bancroft wrote "What I want for my constituencies regarding the News Corp offer to merge with Dow Jones is: 1. The Wall Street Journal has the best editorial protection negotiable; 2. My family receives the same net for the Dow Jones Class B shares as the Dow Jones 'A' common shares received," he said in the letter seen by Reuters."
Congratulations to the Wall Street Journal's editors for not caving in to Bancroft's desire to have a correction made just to avoid making him sound greedy. Hopefully they will have the same courage in future editorial battles with Mr. Murdoch.
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Reader Comments (Page 1 of 1)
8-03-2007 @ 8:00PM
theTmanxkl said...
How long before China, and Japan give up on the United States altoghether?
Yes it is true that these nations depend on the money faucets made famous by Alan Greenspan(who may go down in history as one of the most irresponsible fed chairmen ever-if not downright dirty.) But how long before china finds people to argue that the chinese themselves could do better using their own money?? How long before the Chinese start doing what wall street is doing?
Japan is a strange nation-to say the least-and they will always have need of resources-as does china. But unlike the Chinese, who are in fact, COMMUNISTS!!!-the Japanese are actually capitalists.
In reality, they would not mind doing the "management" themselves, and could easily develope a very powerful financial community of their own in Asia, and Australia, with ultimate connections to RUSSIA! What I am saying is that if we go down, THERE IS EVERY REASON TO BELIEVE THAT THE ASIANS ARE GOING TO ABANDONE US!!!
What do they really need to do this? ONe thing only I think: the Arabs. The Arabian community has OIL. No matter how you cut it a lot of money, and power is wrapped up in that. What if one day the Asiansoffered the Saudis, Iranians and Emirateset al an offer they could not refuse! Join us, invest with us, and if perhaps Europe eventually joins, we have more than half the world with enormous resources, and much talent(even if a little conservative!)
What I am saying folks is that the world may not really need a people who are really really really good at using and mostly wasting other people's resources-namely us.This is crunch time folks. This is when we find out what we are really worth if anything. We assume that IPHONE and IPOD is really important(the media machine spends days and weeks pumping up the propaganda for these "breakthroughs" in modern capitalism. Want my opinion? I think these things are just gadgets.I think the Japanese make better products, and with china in their yard, could make them way way cheaper!!!! No gimmicks, no bull, no nonsense. Just performance. (How long before china, india, japan and europe develope an operating system far more reliable than Microsoft's? Anyone who knows computers knows that Linux is a far superior system, how long before the Indians and chinese and Europeans stop working for microsoft and start working for themselves???)
Look around you we are really really really good at gimmicks. At meaningless little titilations, and silly excitations that in the end fly into space and eventually on to the back seat of a car, or a bed in a motel on a lonely road to nowhere. Does the world really need a player? If they want to screw one another, couldn't they just do that on their own? Do you really need a middle man to get screwed out of your money? Think I'm joking? Do a little traveling abroad, Europe would suffice. See how they really feel about our gimmicky world. For the most part these people really dont buy it. They dont buy anything about us; not our greed, not our hysteria, not our media, not our hypocricy, not our brutality and seeming indiference to the lives of others!!! Yeah you think that cruel that we should be so ugly? It's a lot crueler if you are an Iraqi girl of seventeen!!!
Or for that matter a Palestinian boy growing up in hell. Things are not what they are portrayed as in our media. Things are seriously ugly with America. Very ugly.
Rupert is working hard. He knows that to put up a profitable circus, YOU REALLY NEED THE MIRRORS, AND THE SMOKE!!! But the Cat is comming and the Cat has made it clear she is tired of this boring, costly, fraudulent show being put on by our mass media. Our people are in debt, and to the Cat this is serious business. She is not happy with the distributions. So the corporate media buys Barrack Obama. Rupert buys himself a news paper. Nice. Gimmicks. More smoke, more mirrors. Maybe that wont cut it anymore. Maybe the music's over, and we ought to just turn on the lights.
Iraq is not the end, but it is a true and disturbing nightmare that we must awaken from, however painful. I think the time is comming for a real real good dose of pure reality. We Americans have been dreaming a little too much I think.
Whether we wake up or not, I dont think the rest of the world is going to be willing to pay for this tired, long overdone show-which I personally believe has been tasteless of late, and in most cases quite stupid, even brutally so. Come the Cat, we are likely looking at some muscle building here in our own home, down in the basement, alone with our thoughts, our scars, and our disillusionment. Just what we need.
Just what we need.