Good monday afternoon to you. america today, we need jobs more than anything else. for the millions of americans already out of work, a bad situation continues to get worse. two million people have seen their unemployment benefits dry up as a result of a five-week impasse in washington.
That bill comes up for another vote this week, but that’s little comfort to all the people who have gone more than a month without any income. and those going through that are the poorest and the weakest in our country. meanwhile, 700,000 census workers about to join the unemployed when they’re no longer needed by the end of the summer. guess where there are jobs, wall street. the financial sector that led us into the worst recession since the great depression is hiring again.
They were the least affected industry through the entire final crisis. at the same time manufacturing jobs down 14%, construction down more than one-fifth, a whopping 22%. at what point will the american media, the american politicians and ultimately the american people get out of the denial of why there are no jobs in the country. connect the dots.
Continuing with the theme of naked short-selling, I have a video that was given to me last week that will allow people to see how naked short-selling can take place.
This video is only 31 seconds long and what it shows is a day-trader trying to sell short shares in a major NYSE-traded stock. To disguise the identity of the trader, I’ve had to edit out the name of the company in question — I’ll call it BANK X for short. What I can say is that the stock in question is one of America’s largest financial companies and the recipient of an enormous amount of public bailout money, so the fact that its stock can be manipulated is something that should be a concern to everyone.
What should we learn from the fact that “The Daily Show’s” Jon Stewart has in four evenings (123 and 4) exposed Jim Cramer in a way that, in any sane world, he would have been exposed a decade ago? To answer that, consider these associated facts: while the Jim Cramer constellation of journalists (Mitchell’s Media Mob) backed each other up while covering-up the subject of criminally abusive short selling by hedge funds to whom they were close, four channels of the media broke rank:
Rolling Out Magazine (”an UrbanStyle Weekly serving the African American community”) called me up a couple years ago and did precisely the fair, non-disorted interview of which the remainder of the New York financial media was entirely incapable;
Now, “The Daily Show” has broken ranks by stating the obvious: there are journalists shilling for favored hedge funds.
Could the lesson be that the first news organizations that can break ranks with the Party Line are either fringe (”Rolling Out Magazine” and “The Daily Show”) or the properties of billionaires (Bloomberg and Forbes) who cannot be intimidated?
Perhaps someday, a journalist will look into the pressures that were brought on news organizations (e.g., on Bloomberg leading up to their running “Phantom Shares”). Just a few weeks ago I got the story, again, from a journalist: “I was working on a story about naked short selling and Deep Capture. Then, suddenly I was stopped. It’s weird because I have been a journalist here for 9 years. I have built a great reputation with my editor, and have never had a story interfered with. But I got a couple months into this story, and suddenly I was stopped from above. I’ve never seen that happen before.” I replied, If you only knew how many times a journalist has said that to me in the last couple years….
The Columbia School of Journalism is our nation’s finest. They grant the Pulitzer Prize, and their journal, The Columbia Journalism Review, is the profession’s gold standard. CJR reporters are high priests of a decaying temple, tending a flame in a land going dark.
In 2006 a CJR editor (a seasoned journalist formerly with Time magazine in Asia, The Wall Street Journal Europe, and The Far Eastern Economic Review) called me to discuss suspicions he was forming about the US financial media. I gave him leads but warned, “Chasing this will take you down a rabbit hole with no bottom.” For months he pursued his story against pressure and threats he once described as, “something out of a Hollywood B movie, but unlike the movies, the evil corporations fighting the journalist are not thugs burying toxic waste, they are Wall Street and the financial media itself.”
His exposé reveals a circle of corruption enclosing venerable Wall Street banks, shady offshore financiers, and suspiciously compliant reporters at The Wall Street Journal, Fortune, CNBC, and The New York Times. If you ever wonder how reporters react when a journalist investigates them (answer: like white-collar crooks they dodge interviews, lie, and hide behind lawyers), or if financial corruption interests you, then this is for you. It makes Grisham read like a book of bedtime stories, and exposes a scandal that may make Enron look like an afternoon tea.