Biz news quote hounds now under indictment

Gary Weiss writes on his blog about a former brokerage firm now under indictment for racketeering who were all over the business media several years ago to promote themselves.

Weiss writes, “Now, by any chance does the name ‘Joseph Stevens’ sound familiar? It may. For quite a few years, at precisely the time the crimes were allegedly being committed, these alleged racketeers have presented a legitimate front with the aid of the financial media.

“Thus we had Donald Selkin, head of equity research at the firm (and not accused of any wrongdoing), chatting it up with CNNfn back in 2004. A quick Google shows a host of financial publications similarly chewing the fat with Selkin as recently as last year (see this and this).

“Selkin is now with National Securities, which boasted recently: ‘Frequently quoted in financial media including Bloomberg, CNN/FN, and CBSMarketwatch websites, Newsday, Quick Nikkei News, and Asia Market News, Mr. Selkin has provided CNBC’s ‘Fair Market Report’ for the past twenty-six years.’ What a guy. Earns his keep, to be sure.

“Richard Suttmeier, who was chief market strategist at Stevens (and also not accused of nuthin’), was also all over the media.”

Read more here. Note that CNBC has only been around for 20 years, so it would be impossible for Selkin to be on the air for the past 26 years.