Columnist responds to criticism of banking coverage
July 23, 2008
Houston Chronicle business columnist Loren Steffy responded Wednesday to criticism of business journalists by a regulator on how the banking crisis is being covered.
Steffy writes, “Earlier this week, John Reich, who heads the Office of Thrift Supervision — a bureaucracy that inherited some of the FHLB’s responsibilities — deemed media coverage of the banking burnout ‘reprehensible’ in a speech to an industry conference in Florida this week.
“He blasted reporters for ‘staking out’ banks, interviewing customers and stoking public fears, saying journalists were ‘seemingly oblivious to the fact that they could drive otherwise healthy banks to fail and push troubled institutions away from potential solutions toward ruin.’
“Banks shouldn’t fail just because someone asks questions. If they do, consumers have reason to be worried, even if their deposits are insured.
“Maybe he doesn’t read his own signs. ‘Supervision’ is part of his office’s name.Yet where was the supervision of IndyMac Bank, a California thrift that failed this month, and other home lenders who were doling out loans to borrowers who didn’t deserve them?”
OLD Media Moves
Columnist responds to criticism of banking coverage
July 23, 2008
Houston Chronicle business columnist Loren Steffy responded Wednesday to criticism of business journalists by a regulator on how the banking crisis is being covered.
Steffy writes, “Earlier this week, John Reich, who heads the Office of Thrift Supervision — a bureaucracy that inherited some of the FHLB’s responsibilities — deemed media coverage of the banking burnout ‘reprehensible’ in a speech to an industry conference in Florida this week.
“He blasted reporters for ‘staking out’ banks, interviewing customers and stoking public fears, saying journalists were ‘seemingly oblivious to the fact that they could drive otherwise healthy banks to fail and push troubled institutions away from potential solutions toward ruin.’
“Banks shouldn’t fail just because someone asks questions. If they do, consumers have reason to be worried, even if their deposits are insured.
“Maybe he doesn’t read his own signs. ‘Supervision’ is part of his office’s name.Yet where was the supervision of IndyMac Bank, a California thrift that failed this month, and other home lenders who were doling out loans to borrowers who didn’t deserve them?”
Read more here.
Full-Time
CT Mirror seeks an environment and energy reporter
November 8, 2024
Media News
Harnessing the power of AI at Dow Jones
November 8, 2024
Media News
Houston energy reporter Drane moves to investigations team
November 8, 2024
Full-Time
Houston Chronicle seeks an energy transformation reporter
November 8, 2024
Highlighted News
Business Insider founder Blodget is leaving company
November 8, 2024
Subscribe to TBN
Receive updates about new stories in the industry daily or weekly.