We have the best readers in all of finance. Yes, they have names like "MostOffensive," but they catch big ones for us now and then.
The reality is that the media can do far more damage far more quickly than short sellers ever will. Shall we call for them to face criminal charges for their poor judgment as well?
Editor's NoteA front-page article on Thursday reported on discussions the investment bank Morgan Stanley has had with possible merger partners. It cited two people who were said to have been briefed on a conversation in which John J. Mack, chief executive of Morgan Stanley, had told Vikram S. Pandit, Citigroup's chief executive, that "we need a merger partner or we're not going to make it."
After the article appeared, Morgan Stanley vigorously denied that Mr. Mack had made the comment, as did Citigroup, which had declined to comment on Wednesday. The two people whom The Times cited now say that because they were not present during the discussions, they cannot confirm that Mr. Mack in fact made the statement. The Times should have asked Morgan Stanley for comment and should not have used the quotation without verifying that the two people had direct knowledge of any comments made by Mr. Mack.
Corrections [New York Times] (Via DealBreaker reader "MostOffensive")
Posted by guest , Sep 19, 2008 11:31AM
too long, didn't merge
Posted by guest , Sep 19, 2008 11:37AM
http://www.talklikeapirate.com/
AAARRRGH! can we be havin a post in prober dialect ye scurvvy wench?
Posted by guest , Sep 19, 2008 11:40AM
The media in this country is an embarrassment and it starts with the New York Slimes. Stupid liberal morons with no understanding of the world of finance or economics.
/steps down off soapbox
Posted by guest , Sep 19, 2008 11:41AM
Short the NY Times....turd burglars.
Posted by guest , Sep 19, 2008 11:41AM
3 Looks like finance people dont understnd the world of finance either.
Posted by guest , Sep 19, 2008 11:47AM
Buy gold. It is the one true savior in a world of inflated fiat currency. Buy gold.
Posted by guest , Sep 19, 2008 11:47AM
I honestly feel bad for Lehman employees.
Posted by guest , Sep 19, 2008 11:51AM
Mack only wishes he hadn't said it out loud. Thieving bastard.
Posted by diablo , Sep 19, 2008 11:51AM
The whole story sounded fishy to me. I didn't believe that the Times had a real first hand account of that conversation.
However, that doesn't change the fact that Mack is looking for a buyer. The reasons for that are known (to a certain extent). Cox and Paulson intervening in the market is not going to change the fundamentals of MS, it's just giving them more time. How much? Only a handful of people know and I don't expect any of them to make that information public in any way.
Posted by guest , Sep 19, 2008 11:55AM
Thank God someone has finally called out the financial press in this big clusterfuck. The NYT and Wall Street Journal have basically been the equivalent of the National Enquirer with terrible repercussions
Posted by FUNdamental , Sep 19, 2008 12:01PM
who needs carney! We have each other!!
Posted by guest , Sep 19, 2008 12:03PM
10....National Enquirer is usually right!
Posted by guest , Sep 19, 2008 12:10PM
The media has become politicized.
Posted by guest , Sep 19, 2008 12:15PM
The National Enquirer's front page today is a picture of Osama Bin Laden and Dick Fuld sharing a can of beans in a cave...
Posted by The Notorious BSC , Sep 19, 2008 12:19PM
YARRR!! Tis true, tis true. A travesty it be, to be sure. Damn ye blasted, vile, sensationalistic, scurvy media sons o' whores to deepest depths o' Davy Jones'! Where me vessel still sea-worthy, I'd send ye t' Old Nick!! AVAST!!
http://longorshortcapital.com/piratery-corp-inc-third-quarter-update-call.htm
(Heh. Poopdeck.)
Posted by MostOffensive , Sep 19, 2008 12:33PM
haha the name comes from being told last summer at Cain by a bouncer that I was "the most offensive person in entire world"
Posted by guest , Sep 19, 2008 12:40PM
@16
What did you do to warrant that?
Posted by guest , Sep 19, 2008 1:21PM
I amn not surprised that the NYT is making up stories. It is not be the first time.
But I would be surprised if:
1) The "two people" mentioned by the paper had not shorted MS before (if not them, some friend of theirs at some HF)
2) They are will not send some cash -if they manage to cover in time- to (some relative of) the author of the article.
Posted by guest , Sep 19, 2008 1:23PM
Mel Epstein ? Who is he ? What was the track record for Brown University fund over last 20 years , per year ? More to come
Posted by guest , Sep 19, 2008 1:24PM
I amn not surprised that the NYT is making up stories. It is not be the first time.
But I would be surprised if:
1) The "two people" mentioned by the paper had not shorted MS before (if not them, some friend of theirs at some HF)
2) They are will not send some cash -if they manage to cover in time- to (some relative of) the author of the article.
Posted by guest , Sep 19, 2008 1:29PM
Mel Epstein ? Who is he ? What was the track record for Brown University fund over last 20 years , per year ? More to come
Posted by guest , Sep 19, 2008 1:32PM
Mel Epstein ? Who is he ? What was the track record for Brown University fund over last 20 years , per year ? More to come
Posted by guest , Sep 19, 2008 3:40PM
"The reality is that the media can do far more damage far more quickly than short sellers ever will. Shall we call for them to face criminal charges for their poor judgment as well?"
-- of course, your logic is fatally flawed. Unlike short sellers and other market manipulators, financial journalists are not making profits from trades that they have knowingly affected with false information. Duh.
Posted by guest , Sep 19, 2008 5:52PM
This is an absolutely horrendous correction - and hopefully The Times will do something about it - but like the previous comment, to compare the media to short sellers is purely idiotic. In order for there to be any criminal charges you'd have to prove that The Times intended to maliciously injure the subjects in question.
There's no question The Times' lack of fact-checking in this situation was abhorrent, but let's also remember that the media makes mistakes and 99% of the time is not intentionally trying to harm anyone.
Posted by guest , Sep 22, 2008 9:45PM
Intent? Our modern media and their postmodern journalist spawn are awash in a dominant culture of malicious and reckless indifference. What does "Intent" have to with anything? These incompetent arbiters of "good" still manage to do plenty of harm by sloth alone. Scrape these parasites off the information and we will all be much better off.
Posted by guest , Sep 22, 2008 10:27PM
Talk mis / disinformation (up your sleeve or into your shoe or something); but, get your facts straight:
Who cares if "financial journalists are not making profits from trades" or not? That's beside the point; a newspaper is a bizthness; and, as such, it makes profits (or, in some glaring blaring cases, rakes 'em or takes 'em or simply shakes 'em down) or not.
Believe you me; the wronged parties in this egregiosity are not the ones making the profits in this case; but, someone or something is, n'est-ce pas?
Duh yourself (a favour; think before you spill your ink)! Yikes!
Posted by guest , Sep 22, 2008 11:34PM
"There's no question The Times' lack of fact-checking in this situation was abhorrent, but let's also remember that the media makes mistakes and 99% of the time is not intentionally trying to harm anyone."
Tell it to McCain-Palin. Especially the latter.
Chris