Category Archives: Media watch

Bernanke Escalates Foodfight with Bloomberg: Score Bloomberg 1, Fed 0

It’s telling that the Fed was dumb enough to try upping the ante in its ongoing fight with Bloomberg News over the central bank’s refusal to disclose many critical details about its emergency lending programs during the crisis. Any poker player will tell you you don’t raise with a weak hand when the other side is pretty certain to call your bluff.

For those who have been too preoccupied with Europe to keep track of this wee contretemps, Bloomberg last week released a news story that received a great deal of follow through in the media and the blogosphere on the latest information it extracted from the Fed under duress.

Bernanke sent a letter that is pissy by the standards of Fed discourse to Tim Johnson, Richard Shelby, Spencer Bachus, and Barney Frank (the big dogs of banking in Congress). Given that Obama had to whip personally to get Bernanke reappointed, and that antipathy towards the central bank is a rare bipartisan cause, writing an aggrieved letter to powerful Congresscritters is not an obvious way to win friends and influence people.

And particularly a letter like this one. Get a load of how it begins:

NYT’s James Stewart Runs PR for Compromised SEC Chief Khuzami Against Judge Rakoff on Proposed $285 Million Citi CDO Settlement

Tom Adams, an attorney and former monoline executive, provided considerable input into this post.

There is nothing more useful to people in authority than when a writer with an established brand name does their propagandizing for them.

Harvard Law graduate and Pulitzer Prize winning author James B. Stewart penned a remarkable little piece in the New York Times over the weekend. Titled “Few Avenues for Justice in the Case Against Citi,” it contends that Judge Jed Rakoff’s ruling against a proposed $285 million SEC settlement with Citigroup over a $1 billion CDO (Class V Funding III) that delivered $700 million in losses to investors and $160 million in profits to Citi is misguided. Stewart argues, based on “some reporting,” that the SEC is unlikely to do better in the trial that Rakoff has forced on the agency by nixing the settlement.

We will look at the caliber of Stewart’s “reporting” in due course, since his article reads like dictation from the SEC’s head of enforcement Robert Khuzami (the SEC’s interests are aligned with Citi’s in wanting the settlement to go through). He either did not read or chose to ignore critical information in the underlying complaints, which the Rakoff ruling cites, and he also overlooked relevant cases.

“Validated Carbon Credits”: a Correction, a Confirmation, Questions, and No Hint of an Apology

The Gibraltar regulator confirms by email that James Richards company Baron Traders Limited is registered in Gibraltar.

Moron from Scam Companies “Validated Carbon Credits” and “Baron Traders Limited ” Threatens This Blog

By Richard Smith

I posted this a few days ago, about the screechingly obvious fake Gibraltar company Validated Carbon Credits, a trading name of Baron Traders Ltd and its lying “CEO” James Richards. Two comments to the post have caught my eye:

It´s obvious your posting is not only slanderous but based on pure conjecture without any circumstantial evidence whatsoever. Why is it you don´t have a “contact us” link? Did you even bother contacting the company / individuals to try and establish some facts?

This was purportedly by a lady called Karen Johnson, who guilelessly provides an email address, bubblybosun@gmail.com, which, a quick Google reveals, is a handle used by none other than James Richards, the aforementioned lying CEO. Rather than dwell on that, or on the fact that “she” evidently doesn’t understand the meanings of the words “circumstantial evidence” and “slanderous”, I responded as follows:

Draft Versions of a Mobile Website, and the Question of Mobile Devices v. Blogs

Just to let you know I wasn’t kidding when I said I was going to start moving on site improvements, reader Sven has developed draft versions of a mobile website. These still need some refining, but I wanted to give you a look-see and the opportunity to comment.

YOU NEED TO LOAD THEM ON A MOBILE DEVICE. Loading them on your desktop might be entertaining, but we want comments from people using it in the intended manner.

Validated Carbon Credits and Baron Traders Limited Have (Update: Briefly) Left the Building

The FT and a scammer respond to a Carbon Credits post at NC

Cheer Up, FTAdviser: At Least You Don’t Publish Threadbare Excuses from Scammers, Like Reuters Does

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By Richard Smith

Having hooted mildly at FTAdviser yesterday, for their somewhat skimpy fact checking, I found my eye caught today by a similar miss from Reuters (in bold):

“FTAdviser” Tricked Into Lending the Good Name of the Financial Times to Carbon Credit Scammers

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Doug Smith: One Way Journalism Paints Flawed Picture Of Poverty

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By Douglas K. Smith, author of On Value and Values: Thinking Differently About We In An Age Of Me

As a subscriber and well wisher for the critical role that might be fulfilled by The New York Times, I’m always disappointed when Times’ journalists substitute personal agendas for accuracy. This was glaringly on view last week when three reporters butchered the chance to shed light on the Census Bureau’s new “supplemental poverty measure”.

Wall Street Journal Stole From Advertisers via Circulation Scam

If you had any doubts the Murdoch’s NewsCorp was a criminal enterprise, this story by Nick Davies of the Guardian (who has been out in front on NewsCorp reporting) should settle it.

New Zealand Science Minister Mapp’s Sudden Disappearance from New Image’s Web Site

NZ Science Minister who praised New Image runs for cover…New Image spokesperson in a spin…New Image “stand by” colostrum quack cure testimonials but simultaneously repudiate them by taking them off their web site…New Image still flogging worthless fuel economy product Powerpill Fe-3 to Malaysia.

Business As Usual in New Zealand!

New York Fed to Take Propagandizing to New Level With More Intense Social Media Monitoring

We can all look forward to higher quality trolls in comments courtesy of the New York Fed (assuming we don’t have them already) thanks to a more thorough blogosphere/social media monitoring program the Fed is planing to launch (hat tip reader Tom via TPM):