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May 25, 2011 11:49 AM
Squawk on the Street’s Haines Dies at 65
CNBC’s Mark Haines died unexpectedly Tuesday night at age 65. Haines was the founding anchor of the network’s popular Squawk Box program and co-anchor of Squawk on the Street with Erin Burnett, who recently left CNBC for CNN. From CNBC’s report on Haines’ death: CNBC President Mark Hoffman called Haines a "building block" of the financial network's programming. Hoffman...
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October 12, 2012 03:57 AM
A Web survey isn’t a poll, CNBC
The network's tweet creates a misleading media narrative on the veep debate
Whoever was running the CNBC Twitter feed last night didn't know the difference between a scientific poll and a Web poll: [POLL RESULTS] Who do you think won the VP Debate? Paul Ryan: 56%, Joe Biden: 36%, Neither: 8%. #CNBC2012— CNBC (@CNBC) October 12, 2012 As I'm writing this, that misinformation has been retweeted 4,838 times, favorited 405. Eh, it's...
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March 11, 2011 12:21 PM
A Zombie Lie Is Born
CNBC's false welfare-state story spreads far and wide
Two days ago I fisked a false report from CNBC that said more than a third of all wages and salaries are now government handouts. That kind of a report, based on a study by an outfit called TrimTabs Investment Research, is genetically engineered to go viral. I closed my post with this pessimistic note: This one will presumably be...
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May 20, 2011 04:21 PM
Adventures With CNBC Anchors’ Statistics
CNBC’s Joe Kernen reports the news in the morning in a fast-paced environment where it’s difficult to be 100% accurate. If you write a book, by contrast, you have the time to make sure you get things right. So it’s good to see that now Kernen is plugging his book, he has no time for baseless factoids. Oh, who am...
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August 16, 2012 02:44 AM
Audit Notes: Bill Black on CNBC, LAT eyes Ryan’s budget, robosigning
The ex-regulator might as well have been beamed in by the Curiosity rover
Bill Black goes on CNBC and shreds Maria Bartiromo and Bethany McLean on whether Goldman Sachs (and others) could and should have been prosecuted for fraud related to the financial crisis: If there's damage in the green room, I'd like to imagine it's from Black banging his head on the wall afterward, yelling repeatedly, "No it's not a great point—it's...
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October 9, 2012 12:15 PM
Audit Notes: BLS BS, another print turnaround forecast, deficits
The LAT and CNBC let Jack Welch frame the jobs numbers
Don't miss Brendan Nyhan's excellent review of coverage of the unemployment-numbers conspiracy theory kicked off by Jack Welch on Friday. And I've got two more examples of poor press coverage to point out on this issue. The Los Angeles Times gave the nutty, evidence-free assertion the he said/she said treatment on the front of the business pages. Here's the lede:...
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June 29, 2012 08:07 PM
Audit Notes: Insufferable in Aspen, Libor, Amazon Marketplace
Ending universal suffrage intrigues a CNBCer
CNBC's John Carney finally heard an idea that intrigued him at the Aspen Ideas Festival: Ending universal suffrage: His argument had two parts. The first was that some people simply are not ready for democracy. They have no functional conception of the state in their minds, much less an understanding of representative, deliberative democracy. Some are so poor that they...
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July 26, 2012 11:36 PM
Audit Notes: more NOLA rumblings, Journatic, well-squawked
A new buyer emerges in New Orleans, Quick and Sorkin did good, etc.
—Can we agree at this point that Advance Publications’s attempt to sell its plans for dramatic newsroom cuts and ramped up online news production at the Times-Picayune as a bold leap into the future—in effect, putting digital lipstick on a hamster—is not going over so well down in the Crescent City? First, there was the generalized uproar. Then, the...
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September 6, 2012 06:50 AM
Audit Notes: NYT yacht coverage, Diluted tech stocks, CNBC
How stock options obscure what companies like Facebook are really worth
The New York Times takes a tough look at a pressing issue in our struggling economy: "How to Keep Yachting Expenses Manageable." Another risk is that you buy the wrong boat for the waters where you want to cruise. Jeff Vrana, who oversees one man’s five yachts, the largest of which is a 192-foot Lurssen called Ronin, said new buyers...
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July 12, 2012 06:50 AM
Audit Notes: Reuters on Chesapeake, Krugman on CNBC, Waldman on banks
The wire uncovers more emails showing potential collusion between competitors
Reuters continues its tremendous investigation into natural gas giant Chesapeake Energy and its CEO Aubrey McClendon. Brian Grow and Joshua Schneyer report on yet more Chesapeake emails between it and its competitor Encana: The emails show the competitors traded information about whether Encana was halting new land leasing in Michigan in 2010, and the information prompted Chesapeake to dramatically change...
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October 23, 2012 06:50 AM
Audit Notes: What’s Social Security worth?, another CNBC ‘poll,’ Greg Smith
An excellent personal-finance story from the Journal
What would Social Security coverage look like if the press covered it more like personal finance reporters cover IRAs and 401(k)s? The Wall Street Journal's Ellen Schultz shows us with a great piece on Social Security that cuts through the propaganda that's falsely convinced so many people that they won't ever draw benefits: Despite widespread gloom over the health of...
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November 13, 2012 06:50 AM
Audit Notes: Whinin’ Dimon, Elizabeth Warren, WSJ on Petraeus
JPMorgan CEO takes to CNBC for consolation
I got a chuckle from Mark Gongloff's Huffington Post piece on Jamie Dimon taking his anti-administration whining to the friendly confines of CNBC: Dimon on Friday afternoon did his whining on CNBC, which has become a sort of Dr. Phil for aggrieved CEOs in the wake of the national catastrophe that is Obama's reelection, according to CNBC. Dimon played some...
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June 8, 2012 01:52 AM
Audit Notes: Whither The Guardian, Blodget breathes fire, CNBC flop
The New Statesman profiles editor Alan Rusbridger
This long New Statesman profile of Guardian editor Alan Rusbridger, which also delves into the financial woes of his paper, is very good: The Guardian of today is almost entirely Rusbridger’s creation. Not in the sense that he strides around the office in the style of the Daily Mail editor, Paul Dacre, issuing orders, remaking front pages and dictating captions...
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April 8, 2011 12:30 AM
Becky Quick Thinks the Fed Is Too Focused on Jobs
That makes no sense historically or in the current context
CNBC's Becky Quick uses her Fortune column to argue that the Federal Reserve should break the law. The law says the Federal Reserve has to focus on two mandates: Keeping prices stable and keeping unemployment below 4 percent. That's what Congress said in the Humphrey-Hawkins Full Employment Act. Quick, bizarrely, thinks that the Fed focuses too much on the full-employment...
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December 30, 2011 01:36 AM
Best of 2011: Ryan Chittum
The Audit's deputy editor picks his top CJR stories from the past year
Rupert Murdoch and the Corporate Culture of News Corp. On the pressing question of how much Rupert Murdoch is a part of the corrupt culture at News Corporation, I wrote that Murdoch is the culture. Nodding to Jay Rosen, I posited that its entire reason for being is to reflect, imitate, and amplify Murdoch himself, which is how a single...
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November 15, 2011 03:57 PM
Bloomberg Gives Newt Another Frannie Headache
Executives contradict Gingrich's account of his advice
Newt Gingrich has a Frannie problem. The former Speaker of the House used to work for Freddie Mac but is trying to win the nomination of a party that believes that government meddling in the form of the quasi-governmental Frannie, along with laws like the Community Reinvestment Act, were the primary drivers (some say the only drivers) of the housing...
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June 11, 2012 02:20 PM
CNBC graphic of the day, Greek bond yield edition
Martin Wolf, the anti-CNBC, makes an appearance
Martin Wolf appeared on CNBC today, which is never a good idea. Between all the swishing noises and flashing graphics, it was pretty hard to understand what he was saying — and in any case, the questions from Andrew Ross Sorkin were generally of the form “tell me what’s going to happen in the future”, rather than “analyze what...
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March 9, 2011 10:20 AM
CNBC Misleads on “Welfare State” Dominance
Bad math overstates government payouts
(UPDATE: See my follow-up post here: A Zombie Lie Is Born: CNBC’s false welfare-state story spreads far and wide.) There are so many things wrong with this CNBC "Fast Money" story it's hard to know where to begin. But let’s start with the headline: Welfare State: Handouts Make Up One-Third of U.S. Wages I guess the first thing to point...
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March 3, 2011 01:02 PM
CNBC Pushes the Financial-Terrorism Nonsense
"Really good information" on why "outside forces may have" caused the 2008 Crash
I took the hammer to The Washington Times the other day for a dumb story on a report that says terrorists may have caused the financial crash of 2008. Now the best thing I can say for The Washington Times's is that it isn't known for its business journalism. Neither is Glenn Beck, and as predicted, Fox News loaded the...
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August 29, 2012 12:13 PM
CNBC: kid gloves for bankers, boxing gloves for bank critics
Interviews with Barofsky, Spitzer, and Krugman underscore the network's capture
We're all for aggressively skeptical interviewing—I've often wished we could import Brits to do our presidential interviews, for instance. But it's a problem when one group of people get interviewed adversarially and another group gets deferential treatment. That contrast has been clear on CNBC in the last few weeks in a series of interviews with liberal bank critics Neil Barofsky,...
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