Monday, April 23, 2007

Have Biz Journalists Sold Out to Corporate America?

One of my favorite publications, Corporate Crime Reporter, raises that issue in an article today. (Hat tip: Talking Biz News).

CCR is upset, and rightly so, by news that the Philadelphia Inquirer is letting a bank sponsor a front-page business news column.

I guess this must be part of the "new business model" of journalism that Mark Cuban was talking about when he created a website that supports itself by trading in advance of his reporter's work.

His idea was just dumb. This one is far more insidious. CCR observed:

It will be "100 percent based on our news judgment and prerogatives," [the Inquirer's editor] said.

We eagerly await critical reporting from the Inquirer on redlining in Philadelphia.

On the downside of mergers in the banking industry.

On enforcement actions brought against the company or its subsidiaries.

On how big corporations flex their civic muscle by buying naming rights to a new ballpark. It’s not the Philadelphia Phillies ballpark – it’s Citizens Bank Park.

On how bank credit card companies rip off consumers with outrageous fees.

On how bank ATM’s rip off consumers with out-of-network fees.

We won’t hold our breath.
Is CCR being unduly cynical? I don't think so.

© 2007 Gary Weiss. All rights reserved.


Wall Street Versus America was published by Penguin USA on April 6.
Click here for its listing and here for more information on the book, from my web site,

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