In a reputational transaction between Wall Street and a newspaper, guess who wins?
So, the banks gained by association here; their rehabilitation into the broader society advances, even if a bit. Their reputations came in for some, if not laundering, certainly freshening up. Here was the Times treating them just like normal companies, like Pepsi.
But, as I’ve said, on Wall Street, nothing is ever for free, especially conference coin.
And my “dealbook” on this reputational transaction between the banks and the Times says it was definitely zero-sum.
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This goes back years to when the late "Punch" accepted the presidency of the Metropolitan Museum of Art, thereby presiding over a board of trustees, some of whom might in later years receive the paper's scrutiny. The actually effect may never be known, but it does make one wonder.
I disagree that Felix Salmon's point is well-taken. The big fish all know each other. The little fish seldom mingle in fact - the promotional theory would propose the opposite - with the big fish. The real point of this symposium is to promote Sorkin.
#1 Posted by Michael M Thomas, CJR on Fri 21 Dec 2012 at 09:49 AM